Marketable Securities

6 Months Ended

Jun. 30, 2016

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

3. Marketable Securities

The Company has classified its marketable securities as available-for-sale securities. These securities are carried at estimated fair value with unrealized holding gains and losses included in accumulated other comprehensive income/loss in stockholders’ equity until realized. Gains and losses on marketable security transactions are reported on the specific-identification method. Dividend and interest income are recognized when earned.

The amortized cost, gross unrealized holding gains, gross unrealized holding losses, and fair value for available-for-sale securities by major security type and class of securities at June 30, 2016 and December 31, 2015 were as follows: 

	Amortized cost		Gross unrealized holding gains		Gross unrealized holding losses			Estimated fair value
June 30, 2016
Available-for-sale securities:
Corporate bonds and notes	$	20,232	$	247	$	(19	)	$	20,460
Municipal bonds		6,917		51		(0	)		6,968
Total available-for-sale securities	$	27,149	$	298	$	(19	)	$	27,428

	Amortized cost		Gross unrealized holding gains		Gross unrealized holding losses			Estimated fair value
December 31, 2015
Available-for-sale securities:
Corporate bonds and notes	$	20,827	$	50	$	(133	)	$	20,744
Municipal bonds		5,608		18		(5	)		5,621
Total available-for-sale securities	$	26,435	$	68	$	(138	)	$	26,365

 Maturities of marketable securities classified as available-for-sale securities were as follows at June 30, 2016:

	Amortized cost		Estimated fair value
June 30, 2016
Due within one year	$	7,129	$	7,141
Due after one year through five years		19,045		19,287
Due after five years through ten years		975		1,000
Total available-for-sale securities	$	27,149	$	27,428

Debt securities in an unrealized loss position as of June 30, 2016 were not deemed impaired at acquisition and subsequent declines in fair value are not deemed attributed to declines in credit quality. Management believes that it is more likely than not that the securities will receive a full recovery of par value. The available-for-sale marketable securities in a gross unrealized loss position as of June 30, 2016 are summarized as follows: 

	Less than 12 months					More than 12 months					Total
(In thousands)	Estimated fair value		Gross unrealized holding losses			Estimated fair value		Gross unrealized holding losses			Estimated fair value		Gross unrealized holding losses
As of June 30, 2016
Corporate bonds and notes	$	1,930	$	(6	)	$	1,424	$	(12	)	$	3,354	$	(18	)
Municipal bonds		767		(1	)		-		-			767		(1	)
	$	2,697	$	(7	)	$	1,424	$	(12	)	$	4,121	$	(19	)