Investments

3 Months Ended

Mar. 31, 2017

Investments

Investments

(7) Investments

The Company’s available-for-sale investments at fair value consisted of the following at March 31, 2017 and December 31, 2016:

	March 31, 2017
			Gross		Gross		Estimated
			Unrealized		Unrealized		Fair
	Cost		(Losses)		Gain		Value
	(In thousands)
Short-term investments – corporate bonds	$	4,477	$	(1)	$	—	$	4,476
Short-term investments – municipal bonds		7,092		(1)		1		7,092
Total short-term investments		11,569		(2)		1		11,568
Total investments	$	11,569	$	(2)	$	1	$	11,568

	December 31, 2016
			Gross		Gross		Estimated
			Unrealized		Unrealized		Fair
	Cost		(Losses)		Gains		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

The Company had no realized gains or losses from available-for-sale securities in the three months ended March 31, 2017 and 2016. 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 three months ended March 31, 2017 and 2016. The Company had no auction rate securities as of March 31, 2017 and December 31, 2016. See Note 4, “Financial Instruments,” and Note 6, “Fair Value of Assets and Liabilities” for additional information related to the Company’s investments.