2. Cash, Cash Equivalents and Investments

The following is a summary of cash, cash equivalents and held-to-maturity investments by type at December 31 (in thousands):


	December 31, 2013									December 31, 2012
			Gross		Gross							Gross		Gross
	Amortized		Unrealized		Unrealized			Fair		Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value		Cost		Gains		Losses			Value
Cash and money market funds	$	42,226	$	—	$	—		$	42,226	$	36,127	$	—	$	—		$	36,127
State and municipal obligations		10,807		14		—			10,821		—		—		—			—
Corporate bonds		7,743		2		(14	)		7,731		1		—		—			1
Certificate of deposit		2,619		—		—			2,619		1,680		—		(1	)		1,679

Total cash, cash equivalents and investments	$	63,395	$	16	$	(14	)	$	63,397	$	37,808	$	—	$	(1	)	$	37,807

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 December 31, 2013. None of Company’s investments have been in an unrealized loss position for more than one year

The following table summarizes the amortized cost and fair value of the short-term and long-term investments held by the Company at December 31, 2013 by contractual maturity (in thousands):


	Amortized Cost		Fair Value
Due in less than one year	$	9,101	$	9,103
Due after one year, through two years		12,023		12,022

Total short-term and long-term investments	$	21,124	$	21,125

Fair Value Measurement

During the year ended December 31, 2013, the Company changed how it categorizes certain instruments within the fair value hierarchy. Municipal bonds and certificates of deposits are now reported as valued using Level 2 valuation techniques, due to less than active trading for these instruments. Money market funds and corporate bonds are valued using Level 1 techniques. In prior periods, the Company considered all instruments as valued using Level 1 valuation techniques.

The following table presents information about the Company’s investments that are measured at fair value as of December 31, 2013, and indicates the fair value hierarchy of the valuation (in thousands):


	Amortized Cost		Quoted Prices in Active Markets for Identical Assets (Level 1)		Siginificant Other Observable Inputs (Level 2)		Significant Unbservable Inputs (Level 3)		Total Fair Value
Cash	$	37,196	$	37,196	$	—	$	—	$	37,196
Money market funds		5,030		5,030		—		—		5,030
Certificates of deposit		2,619		—		2,619		—		2,619
Corporate bonds		7,743		7,732		—		—		7,732
State and municipal obligations		10,807		—		10,820		—		10,820

Total cash, cash equivalents and investments	$	63,395	$	49,958	$	13,439	$	—	$	63,397