Short Term Investments

9 Months Ended

Sep. 30, 2016

Investments Schedule [Abstract]

Short Term Investments

SHORT TERM INVESTMENTS

Short-term investments at September 30, 2016 consisted of U.S Treasury Bills totaling $32.0 million that mature through March 16, 2017.  Short-term investments at December 31, 2015 consisted of U.S. Treasury Bills totaling $43.0 million that matured through April 14, 2016. The interest rate on the U.S. Treasury Bills is less than one percent. The investments are classified as held-to-maturity and recorded at cost plus accrued interest, which approximates fair value. The fair value of the U.S. Treasury Bills at September 30, 2016 and December 31, 2015 were classed as Level 1 as they are traded with sufficient frequency and volume to enable us to obtain pricing information on an ongoing basis. For further discussion of fair value, refer to Note 14, Fair Value of Financial Instruments.