Cash, Cash Equivalents and Investments

The following tables summarize the Company's cash, cash equivalents, and held-to-maturity investments at March 31, 2017 and December 31, 2016 (in thousands):



	As of March 31, 2017
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Cash and Cash Equivalents		Short-Term Investments		Long-Term Investments
Cash	$	22,879	$	—	$	—		$	22,879	$	22,879	$	—	$	—

Level 1:
Money market funds	19,095		—		—			19,095		19,095		—		—
Corporate bonds	22,893		—		(26		)	22,867		—		22,893		—
Subtotal	41,988		—		(26		)	41,962		19,095		22,893		—

Level 2:
State and municipal obligations	6,392		—		(1		)	6,391		—		6,392		—
Certificates of deposit	345		—		—			345		—		345		—
Subtotal	6,737		—		(1		)	6,736		—		6,737		—
Total	$	71,604	$	—	$	(27	)	$	71,577	$	41,974	$	29,630	$	—



	As of December 31, 2016
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Cash and Cash Equivalents		Short-Term Investments		Long-Term Investments
Cash	$	32,802	$	—	$	—		$	32,802	$	32,802	$	—	$	—

Level 1:
Money market funds	7,849		—		—			7,849		7,849		—		—
Corporate bonds	33,379		—		(57		)	33,322		—		33,379		—
Subtotal	41,228		—		(57		)	41,171		7,849		33,379		—

Level 2:
State and municipal obligations	14,477		—		(10		)	14,467		—		14,243		234
Certificates of deposit	793		—		—			793		—		793		—
Subtotal	15,270		—		(10		)	15,260		—		15,036		234
Total	$	89,300	$	—	$	(67	)	$	89,233	$	40,651	$	48,415	$	234

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, 2017.

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, 2017 by contractual maturity (in thousands):



	Amortized Cost		Fair Value
Due in less than one year	$	29,630	$	29,603
Due after one year, through two years	—		—
Due after two years	—		—
Total short-term and long-term investments	$	29,630	$	29,603