3. CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

A summary of the Company’s cash equivalents and short-term investments at March 31, 2016 is as follows (in thousands):

	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Cash Equivalents:
Money market funds	$	105,508	$	—	$	—		$	105,508
Certificates of deposit		1,833		—		—			1,833
	$	107,341	$	—	$	—		$	107,341
Short-Term Investments:
Government agency bonds	$	24,017	$	4	$	(3	)	$	24,018
Corporate bonds		4,358		—		—			4,358
Municipal securities		38,228		5		(6	)		38,227
Certificates of deposit		11,310		2		—			11,312
	$	77,913	$	11	$	(9	)	$	77,915

A summary of the Company’s cash equivalents and short-term investments at December 31, 2015 is as follows (in thousands):

	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Cash Equivalents:
Money market funds	$	101,664	$	—	$	—		$	101,664
Certificates of deposit		1,909		—		—			1,909
	$	103,573	$	—	$	—		$	103,573
Short-Term Investments:
Government agency bonds	$	15,142	$	—	$	(21	)	$	15,121
Corporate bonds		7,403		—		(8	)		7,395
Municipal securities		41,694		6		(19	)		41,681
Certificates of deposit		17,828		—		(5	)		17,823
	$	82,067	$	6	$	(53	)	$	82,020

The contractual maturity dates for the Company’s available-for-sale investments that are classified as short-term investments in the consolidated balance sheets are one year or less from the respective balance sheet dates.