Note 2 - Cash, Cash Equivalents and Marketable Investments

9 Months Ended

Sep. 30, 2017

Notes to Financial Statements

Cash, Cash Equivalents, and Marketable Securities [Text Block]

Note

2.

Cash, Cash Equivalents and Marketable Investments

The Company invests its cash primarily in money market funds, commercial paper, corporate notes and bonds, municipal bonds, and debt securities issued by the U.S. government and its agencies. The Company considers all highly liquid investments, with an original maturity of

three

months or less at the time of purchase, to be cash equivalents. Investments with maturities of greater than

three

months at the time of purchase are accounted for as “available-for-sale,” are carried at fair value with unrealized gains and losses reported as a component of stockholders

’ equity, are held for use in current operations and are classified in current assets as “marketable investments.”

The following tables summarize the components, and the unrealized gains and losses position, related to the Company

’s cash, cash equivalents and marketable investments (in thousands):

September 30, 2017	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Cash and cash equivalents:
Cash	$	6,703	$	—	$	—		$	6,703
Money market funds		1,636		—		—			1,636
Commercial paper		6,445		—		—			6,445
Total cash and cash equivalents		14,784		—		—			14,784
Marketable investments:
U.S. government notes		5,133		—		(4	)		5,129
U.S. government agencies		—		—		—			—
Municipal securities		201		—		—			201
Commercial paper		15,942		1		(1	)		15,942
Corporate debt securities		14,419		9		(8	)		14,420
Total marketable investments		35,695		10		(13	)		35,692
Total cash, cash equivalents and marketable investments	$	50,479	$	10	$	(13	)	$	50,476

December 31, 2016	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Cash and cash equivalents:
Cash	$	6,672	$	—	$	—		$	6,672
Money market funds		6,053		—		—			6,053
Commercial paper		1,050		—		—			1,050
Total cash and cash equivalents		13,775		—		—			13,775
Marketable investments:
U.S. government notes		8,403		4		(9	)		8,398
U.S. government agencies		3,918		—		(2	)		3,916
Municipal securities		1,325		—		—			1,325
Commercial paper		12,299		2		(2	)		12,299
Corporate debt securities		14,366		3		(8	)		14,361
Total marketable investments		40,311		9		(21	)		40,299
Total cash, cash equivalents and marketable investments	$	54,086	$	9	$	(21	)	$	54,074

As of

September 30, 2017

and

December 31, 2016,

total gross unrealized losses were

$13,000

and

$21,000,

respectively, and were related to interest rate changes on available-for-sale marketable investments. The Company has concluded that it is more- likely- than-

not

that the securities will be held until maturity or the recovery of their cost basis.

No

securities were in an unrealized loss position for more than

12

months.

The following table summarizes the contractual maturities of the Company

’s available-for-sale securities, classified as marketable investments as of

September 30, 2017 (

in thousands):

	Amount
Due in less than one year	$	30,410
Due in 1 to 3 years		5,282
Total marketable investments	$	35,692