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MARKETABLE SECURITIES
 12 Months Ended
Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]  
MARKETABLE SECURITIES
MARKETABLE SECURITIES
The Company's marketable securities as of December 31, 2015 were comprised of available-for-sale marketable securities which are carried at fair value, with the unrealized gains and losses reported in accumulated other comprehensive income (loss). The amortized cost of debt securities in this category are adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion is included in interest income. Realized gains and losses and declines in value judged to be other-than-temporary, if any, on available-for-sale securities are included in other income or expense. The cost of securities sold is based on the specific identification method. Interest and dividends on securities classified as available-for-sale are included in interest income. As of December 31, 2014, the Company owned available-for-sale marketable equity securities that were carried at fair value which have subsequently been sold.
Marketable securities consist of the following (in thousands):
 
December 31,
 
2015
 
2014
Marketable Equity Securities:
 
 
 
Common Stock
$
—

 
$
9,556

Marketable Other than Equity Securities:
 
 
 
Commercial paper
31,864

 
—

Corporate debt securities
125,547

 
—

Securities of government sponsored entities
34,388

 
—

Total Marketable Securities:
$
191,799

 
$
9,556


The following is a summary of short-term marketable securities classified as available-for-sale as of December 31, 2015 (in thousands):
 
Contractual Maturity (in years)
 
Amortized Cost
 
Unrealized Gains
 
Unrealized Losses
 
Aggregate Estimated Fair Value
Marketable Other than Equity Securities:
 
 
 
 
 
 
 
 
 
Commercial paper
Less than 1
 
$
31,899

 
$
6

 
$
(41
)
 
$
31,864

Corporate debt securities
Less than 1
 
43,464

 
—

 
(78
)
 
43,386

Total maturity less than 1 year
 
 
75,363

 
6

 
(119
)
 
75,250

Corporate debt securities
1 to 2
 
82,557

 
—

 
(396
)
 
82,161

Securities of government-sponsored entities
1 to 2
 
34,522

 
2

 
(136
)
 
34,388

Total maturity 1 to 2 years
 
 
117,079

 
2

 
(532
)
 
116,549

Total available-for-sale securities
 
 
$
192,442

 
$
8

 
$
(651
)
 
$
191,799


The following is a summary of short-term marketable securities classified as available-for-sale as of December 31, 2014 (in thousands):
 
Cost
 
Unrealized Gains
 
Unrealized Losses
 
Estimated Fair Value
Marketable Equity Securities:
 
 
 
 
 
 
 
Common Stock
$
5,160

 
$
4,499

 
$
(103
)
 
$
9,556

Total available-for-sale securities
$
5,160

 
$
4,499

 
$
(103
)
 
$
9,556


During 2015, 2014 and 2013, the Company recognized a loss of $0.3 million, a gain of $2.3 million and a gain of $0.4 million on marketable securities, respectively. The Company had proceeds from the sale or maturity of marketable securities of $10.0 million, $6.5 million and $4.4 million for 2015, 2014 and 2013, respectively. For the year ended December 31, 2015 the Company reclassifed $0.3 million from Other Comprehensive Income (Loss) to the Statement of Operations
The primary objective of the Company’s investment portfolio is to enhance overall returns while preserving capital and liquidity. The Company’s investment policy limits interest-bearing security investments to certain types of instruments issued by institutions with primarily investment grade credit ratings and places restrictions on maturities and concentration by asset class and issuer.
The Company reviews the available-for-sale investments for other-than-temporary declines in fair value below cost basis each quarter and whenever events or changes in circumstances indicate that the cost basis of an asset may not be recoverable. This evaluation is based on a number of factors, including the length of time and the extent to which the fair value has been below the cost basis and adverse conditions related specifically to the security, including any changes to the credit rating of the security, and the intent to sell, or whether the Company will more likely than not be required to sell the security before recovery of its amortized cost basis. The assessment of whether a security is other-than-temporarily impaired could change in the future due to new developments or changes in assumptions related to any particular security. As of December 31, 2015 and 2014, the Company believed the cost basis for available-for-sale investments were recoverable in all material respects and there were no investments in an unrealized loss position for longer than 12 months.