(7) Investments

The Company’s available-for-sale investments at fair value consisted of the following at September 30, 2016 and December 31, 2015:


	September 30, 2016
			Gross		Gross		Estimated
			Unrealized		Unrealized		Fair
	Cost		(Losses)		Gain		Value
	(In thousands)
Short-term investments – corporate bonds		22,603		(13)		1		22,591
Short-term investments – municipal bonds		7,257		—		8		7,265
Total short-term investments		29,860		(13)		9		29,856
Long-term investments – municipal bonds		1,405		—		3		1,408
Total long-term investments		1,405		—		3		1,408
Total investments	$	31,265	$	(13)	$	12	$	31,264


	December 31, 2015
			Gross		Gross		Estimated
			Unrealized		Unrealized		Fair
	Cost		(Losses)		Gains		Value
	(In thousands)
Short-term investments – commercial paper	$	3,973	$	—	$	1	$	3,974
Short-term investments – corporate bonds		24,600		(25)		—		24,575
Short-term investments – municipal bonds		5,025		—		—		5,025
Total short-term investments		33,598		(25)		1		33,574
Long-term investments – corporate bonds		21,289		(103)		—		21,186
Long-term investments – municipal bonds		5,818		(9)		2		5,811
Total long-term investments		27,107		(112)		2		26,997
Total investments	$	60,705	$	(137)	$	3	$	60,571

The Company had no realized gains or losses from available-for-sale securities in the nine months ended September 30, 2016 and 2015. There were no losses or other-than-temporary declines in value included in “Interest income” on the Company’s condensed statements of operations and comprehensive loss for any securities for the nine months ended September 30, 2016 and 2015. The Company had no auction rate securities as of September 30, 2016 and December 31, 2015. See Note 4, “Financial Instruments,” and Note 6, “Fair Value of Assets and Liabilities” for additional information related to the Company’s investments.