Marketable Securities

12 Months Ended

Dec. 31, 2016

Investments, Debt and Equity Securities [Abstract]

The marketable securities held by the Company as of December 31, 2016, included fixed income investments classified as available for sale. At December 31, 2016 and December 31, 2015, the fair value of the fixed income securities totaled approximately $389,000 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 December 31, 2016
Mutual Funds	$	389	$	—	$	—		$	389

Purchases of marketable securities during the twelve months ended December 31, 2016 and December 31, 2015 totaled $741,000 and $25.2 million, respectively. The proceeds from the sale of marketable securities totaled $5.7 million and $20.9 million during the fiscal year ended December 31, 2016 and December 31, 2015, respectively.

The realized gains arising during the fiscal year ended months ended December 31, 2016 and December 31, 2015, totaled $12,000 and $189,000, respectively. The Company incurred unrealized holding gains on investments of $6,000 and $0 during the fiscal year ended months ended December 31, 2016 and December 31, 2015, respectively.

As of December 31, 2016, the investments held as marketable securities had an effective maturity of 0.7 years and an average effective duration of 0.12 years. The majority of the Company's marketable securities are invested in investment-grade corporate bonds.