Marketable Securities

9 Months Ended

Sep. 30, 2016

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

Marketable Securities

Our marketable securities as of September 30, 2016 included fixed income investments classified as available for sale. At September 30, 2016 and December 31, 2015, the fair value of the fixed income securities totaled approximately $832,000 and $5.3 million, respectively.

The following is a summary of available-for-sale securities as of the end of the periods presented (in thousands)

	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Balance at December 31, 2015
Mutual Funds	$	5,312	$	—	$	(6	)	$	5,306
Balance at September 30, 2016
Mutual Funds	$	832	$	—	$	—		$	832

Purchases of marketable securities during the nine months ended September 30, 2016 and September 30, 2015 totaled $405,000 and $18.9 million, respectively. The proceeds from the sale of marketable securities totaled $4.9 million and $16.3 million during the nine months ended September 30, 2016 and September 30, 2015, respectively.

The realized gains arising during the three and nine months ended September 30, 2016 totaled $3,000 and $12,000, respectively. The Company incurred unrealized holding gains on investments of $1,000 and $6,000 during the three and nine months ended September 30, 2016, respectively.

The realized gains (losses) arising during the three and nine months ended September 30, 2015 totaled $(2,000) and $(9,000), respectively. The Company incurred unrealized holding gains (losses) on investments of $(7,000) and $(1,000) during the three and nine months ended September 30, 2015, respectively.

As of September 30, 2016 our marketable securities investments had an effective maturity of 0.8 years and an average effective duration of 0.14 years. The majority of our marketable securities are invested in investment-grade corporate bonds.