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INVESTMENTS | 3 Months Ended
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Mar. 31, 2017
INVESTMENTS |
INVESTMENTS | 3. INVESTMENTS The following table summarizes the Company’s investments at:
March 31, 2017 |  | Amortized Cost |  | Gross Unrealized Holding Gains |  | Gross Unrealized Holding Losses |  | Fair Value |  | Continuous Unrealized Loss Position less than 12 Months |  | Continuous Unrealized Loss Position greater than 12 Months
Available-for-sale |  |  |  |  |  |  |  |  |  |  |  |
Short-term: |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | $ | 50,623 |  | $ | - |  | $ | - |  | $ | 50,623 |  | $ | - |  | $ | -
Certificates of deposit |  | 3,164 |  | - |  | - |  | 3,164 |  | - |  | -
Municipal securities |  | 119,833 |  | 2 |  | 56 |  | 119,779 |  | 54 |  | -
U.S. government agency securities |  | 10,076 |  | - |  | 6 |  | 10,070 |  | 6 |  | -
Variable rate demand notes |  | 25,730 |  | - |  | - |  | 25,730 |  | - |  | -
Long-term: |  |  |  |  |  |  |  |  |  |  |  |
Municipal securities |  | 478 |  | - |  | 1 |  | 477 |  | 1 |  | -
Total |  | $ | 209,904 |  | $ | 2 |  | $ | 63 |  | $ | 209,843 |  | $ | 61 |  | $ | -
December 31, 2016 |  | Amortized Cost |  | Gross Unrealized Holding Gains |  | Gross Unrealized Holding Losses |  | Fair Value |  | Continuous Unrealized Loss Position less than 12 Months |  | Continuous Unrealized Loss Position greater than 12 Months
Available-for-sale |  |  |  |  |  |  |  |  |  |  |  |
Short-term: |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | $ | 40,382 |  | $ | - |  | $ | - |  | $ | 40,382 |  | $ | - |  | $ | -
Municipal securities |  | 140,379 |  | - |  | 181 |  | 140,198 |  | 181 |  | -
U.S. government agency securities |  | 26,057 |  | - |  | 6 |  | 26,051 |  | 6 |  | -
Variable rate demand notes |  | 13,923 |  | - |  | - |  | 13,923 |  | - |  | -
Long-term: |  |  |  |  |  |  |  |  |  |  |  |
Municipal securities |  | 2,403 |  | - |  | 9 |  | 2,394 |  | 9 |  | -
Total |  | $ | 223,144 |  | $ | - |  | $ | 196 |  | $ | 222,948 |  | $ | 196 |  | $ | -
During the three-months ended March 31, 2017 and 2016, realized gains or losses recognized on the sale of investments were not significant. The Company’s investments at March 31, 2017 and December 31, 2016 in commercial paper, certificates of deposit, municipal securities, U.S. government agency securities and/or variable rate demand notes (“VRDNs”) carried investment grade credit ratings. VRDNs are floating rate municipal bonds with embedded put options that allow the bondholder to sell the security at par plus accrued interest. All of the put options are secured by a pledged liquidity source. While they are classified as marketable investment securities, the put option allows the VRDNs to be liquidated at par on a same day, or more generally, on a seven day settlement basis. The following table summarizes the underlying contractual maturities of the Company’s investments at:
|  | March 31, 2017 |  | December 31, 2016
|  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Less than 1 year: |  |  |  |  |  |  |  |
Commercial paper |  | $ | 50,623 |  | $ | 50,623 |  | $ | 40,382 |  | $ | 40,382
Certificates of deposit |  | 3,164 |  | 3,164 |  | - |  | -
Municipal securities |  | 119,833 |  | 119,779 |  | 140,379 |  | 140,198
U.S. government agency securities |  | 10,076 |  | 10,070 |  | 26,057 |  | 26,051
Due 1 -10 years: |  |  |  |  |  |  |  |
Municipal securities |  | 478 |  | 477 |  | 2,403 |  | 2,394
Variable rate demand notes |  | 3,917 |  | 3,917 |  | 3,917 |  | 3,917
Due 11 - 20 years: |  |  |  |  |  |  |  |
Variable rate demand notes |  | 13,808 |  | 13,808 |  | 6,003 |  | 6,003
Due 21 - 30 years: |  |  |  |  |  |  |  |
Variable rate demand notes |  | 4,002 |  | 4,002 |  | 4,003 |  | 4,003
Due 31 - 40 years: |  |  |  |  |  |  |  |
Variable rate demand notes |  | 4,003 |  | 4,003 |  | - |  | -
Total |  | $ | 209,904 |  | $ | 209,843 |  | $ | 223,144 |  | $ | 222,948

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