Cash, Cash Equivalents and Investments

The following tables summarize the Company's cash, cash equivalents, and held-to-maturity investments at March 31, 2016 and December 31, 2015 (in thousands):



	As of March 31, 2016
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Cash and Cash Equivalents		Short-Term Investments		Long-Term Investments
Cash	$	51,485	$	—	$	—		$	51,485	$	51,485	$	—	$	—

Level 1:
Money market funds	1,880		—		—			1,880		1,880		—		—
Corporate bonds	36,878		7		(28		)	36,857		—		29,619		7,259
Subtotal	38,758		7		(28		)	38,737		1,880		29,619		7,259

Level 2:
State and municipal obligations	20,465		11		(2		)	20,474		—		18,060		2,405
Certificates of deposit	3,355		—		—			3,355		—		3,010		345
Subtotal	23,820		11		(2		)	23,829		—		21,070		2,750
Total	$	114,063	$	18	$	(30	)	$	114,051	$	53,365	$	50,689	$	10,009



	As of December 31, 2015
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Cash and Cash Equivalents		Short-Term Investments		Long-Term Investments
Cash	$	57,137	$	—	$	—		$	57,137	$	57,137	$	—	$	—

Level 1:
Money market funds	2,389		—		—			2,389		2,389		—		—
Corporate bonds	36,406		—		(70		)	36,336		—		35,677		729
Subtotal	38,795		—		(70		)	38,725		2,389		35,677		729

Level 2:
State and municipal obligations	19,002		11		(9		)	19,004		—		12,000		7,002
Certificates of deposit	3,371		—		—			3,371		—		2,577		794
Subtotal	22,373		11		(9		)	22,375		—		14,577		7,796
Total	$	118,305	$	11	$	(79	)	$	118,237	$	59,526	$	50,254	$	8,525

The Company believes the unrealized losses on the Company’s investments are due to interest rate fluctuations. As these investments are either short-term in nature, are expected to be redeemed at par value, and/or because the Company has the ability and intent to hold these investments to maturity, the Company does not consider these investments to be other than temporarily impaired at March 31, 2016.

The following table summarizes the amortized cost and fair value of the short-term and long-term investments held by the Company at March 31, 2016 by contractual maturity (in thousands):



	Amortized Cost		Fair Value
Due in less than one year	$	50,689	$	50,675
Due after one year, through two years	10,009		10,011
Due after two years	—		—
Total short-term and long-term investments	$	60,698	$	60,686