4. Investments

6 Months Ended

Jun. 30, 2017

Investments Schedule [Abstract]

Investments

As of June 30, 2017, we held investments in certificates of deposit, commercial paper, corporate bonds and equity securities that are required to be measured for disclosure purposes at fair value on a recurring basis. The certificates of deposit, commercial paper and corporate bonds are considered held-to-maturity and are recorded at amortized cost in the accompanying consolidated balance sheet. The equity security is considered available for sale and recorded at fair value in the accompanying consolidated balance sheet with the unrealized gains and losses recorded as a component of other comprehensive income. These investments are considered Level 2 investments. We consider as current assets those investments which will mature in the next 12 months including interest receivable on the long-term corporate bonds. The remaining investments are considered non-current assets including our investment in equity securities we intend to hold longer than 12 months. The fair values of these Level 2 investments were estimated using recently executed transactions and market price quotations. The amortized cost and fair value of our investments, 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 June 30, 2017:
Short-term Investments:
Certificates of Deposit	$	18,107	$	1	$	(2	)	$	18,106
Commercial Paper	$	8,960	$	--	$	(4	)	$	8,956
Corporate bonds	$	6	$	--	$	--		$	6
Long-term Investments
Corporate bonds	$	5,000	$	--	$	(63	)	$	4,937
Equity investments	$	5,675	$	--	$	(629	)	$	5,046

			Gross Unrealized
	Cost		Gains		Losses			Fair Value
As of December 31, 2016:
Short-term Investments:
Certificates of Deposit	$	24,000	$	9	$	--		$	24,009
Corporate bonds	$	80	$	--	$	--		$	80
Long-term Investments
Corporate bonds	$	5,000	$	--	$	(287	)	$	4,713
Equity investments	$	5,675	$	--	$	(730	)	$	4,945

The above long-term corporate bonds represent an investment in one issuer at June 30, 2017. The unrealized loss for this investment relates to a rise 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 12 months.

The certificates of deposit have maturities greater than one month but shorter than eleven months. The commercial paper securities have maturities from one month to less than eight months. The corporate bonds will mature in 47.5 months.