2. Cash, cash equivalents, and investments

The following is a summary of cash, cash equivalents and held-to-maturity investments by type at March 31, 2014 and December 31, 2013 (in thousands):


	March 31, 2014									December 31, 2013
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Cash and money market funds	$	44,897	$	—	$	—		$	44,897	$	42,226	$	—	$	—		$	42,226
State and municipal obligations		15,213		24		—			15,237		10,807		14		—			10,821
Corporate bonds		14,781		5		(19	)		14,767		7,743		2		(14	)		7,731
Certificates of deposit		2,616		—		—			2,616		2,619		—		—			2,619

Total cash, cash equivalents and investments	$	77,507	$	29	$	(19	)	$	77,517	$	63,395	$	16	$	(14	)	$	63,397

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, 2014. 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 March 31, 2014 by contractual maturity (in thousands):


	Amortized Cost		Fair Value
Due in less than one year	$	17,700	$	17,706
Due after one year, through two years		14,674		14,677

Total short-term and long-term investments	$	32,374	$	32,383

Fair Value Measurement

The following table presents information about the Company’s investments that are measured at fair value as of March 31, 2014, 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	$	40,827	$	40,827	$	—	$	—	$	40,827
Money market funds		4,070		4,070		—		—		4,070
Certificates of deposit		2,616		—		2,616		—		2,616
Corporate bonds		14,781		14,767		—		—		14,767
State and municipal obligations		15,213		—		15,237		—		15,237

Total cash, cash equivalents and investments	$	77,507	$	59,664	$	17,853	$	—	$	77,517