2. Investments

12 Months Ended

Dec. 31, 2015

Investments Schedule [Abstract]

Investments

As of December 31, 2015 and 2014, we held certain investments that were required to be measured for disclosure purposes at fair value on a recurring basis. These investments were considered Level 2 investments. We consider as current assets those investments which will mature in the next 12 months. The remaining investments are considered non-current assets including our investment in equity securities which we intend to hold longer than 12 months.

The amortized cost and fair value of our investments that are being accounted for as held-to-

maturity securities, and the related gross unrealized gains and losses, were as follows as of the dates shown below (in thousands):

			Gross Unrealized
	Cost		Gains		Losses			Fair value
As of December 31, 2015:
Short-term Investments:
Corporate bonds	$	44	$	--	$	--		$	44
Long-term Investments:
Corporate bonds	$	5,555	$	--	$	(30	)	$	5,525
As of December 31, 2014:
Short-term Investments:
Corporate bonds	$	3,084	$	--	$	(6	)	$	3,078
Long-term Investments:
Corporate and government bonds	$	18,428	$	21	$	(292	)	$	18,157

The above long-term corporate bonds represent investments in two issuers at December 31, 2015. One of these bonds experienced a significant decline in market value over the past twelve months due to a changed outlook for the issuer resulting from a major economic decline in its industry. In the fourth quarter of 2015, we determined based upon disclosures by the issuer, that more likely than not, we will be required to sell or exchange the bond before recovery of its amortized cost.  Therefore, we then recorded an impairment loss on this bond of $2.4 million reducing the carrying value of the bond to its market value at December 31, 2015. This loss is reported as other income (loss) on our income statement. The unrealized loss for the other issuer relates to rises in interest rates which resulted in a lower market price for that security. This investment has not been in a loss position for more than twelve months. The total carrying value of these investments is reviewed quarterly for changes in circumstance or the occurrence of events that suggest our investment may not be recoverable. At December 31, 2015, the length of time until maturity of these securities ranged from 35 to 46 months.

The cost and fair value of our investments that are being accounted for as available-for-sale securities, and the related gross unrealized loss reflected in accumulated other comprehensive income (loss), were as follows as of the dates shown below (in thousands):

			Gross Unrealized
	Cost		Gains		Losses		Fair value
As of December 31, 2015:
Long-term Investments:
Equity investments	$	3,876	$	435	$	--	$	4,311

As of December 31, 2014:
Long-term Investments:
Equity investments	$	3,708	$	--	$	(376	)	$	3,332

Our accumulated other comprehensive income (loss) is comprised solely of unrealized losses on our available-for-sale securities, net of tax.