Investments

12 Months Ended

Dec. 31, 2016

Investments

Investments

3. Investments

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

	December 31, 2016
			Gross		Gross		Estimated
			Unrealized		Unrealized		Fair
	Cost		(Losses)		Gain		Value
	(In thousands)
Short-term investments – corporate bonds	$	19,740	$	(11)	$	—	$	19,729
Short-term investments – municipal bonds		8,624		(6)		—		8,618
Total short-term investments		28,364		(17)		—		28,347
Total investments	$	28,364	$	(17)	$	—	$	28,347

	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 2016, 2015 or 2014. There were no losses or other-than-temporary declines in value included in “Interest income” for any securities for the three years ended December 31, 2016. The Company had no auction rate securities as of December 31, 2016 and 2015. See Notes 2(f) and 2(m).