v3.3.1.900

Financial Instruments | 12 Months Ended
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Dec. 31, 2015
Financial Instruments |
Financial Instruments | 4. Financial Instruments The Company elected to invest a portion of its cash assets in conservative, income earning, liquid investments effective September 2015. Cash equivalents and investments, all of which are classified as available-for-sale securities, consisted of the following:
|  | December 31, 2015 |  | December 31, 2014 |
|  | Amortized Cost |  | Gross Unrealized Gain |  | Gross Unrealized (Loss) |  | Estimated Fair Value |  | Amortized Cost |  | Gross Unrealized Gain |  | Gross Unrealized (Loss) |  | Estimated Fair Value |
|  | (in thousands) |
Money market deposits |  | $ | 5,966 |  | $ | — |  | $ | — |  | $ | 5,966 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
U.S. Treasury securities |  |  | 104,537 |  |  | 1 |  |  | (725) |  |  | 103,813 |  |  | — |  |  | — |  |  | — |  |  | — |
U.S. agency securities |  |  | 79,491 |  |  | — |  |  | (638) |  |  | 78,853 |  |  | — |  |  | — |  |  | — |  |  | — |
Municipal securities |  |  | 18,974 |  |  | 2 |  |  | (56) |  |  | 18,920 |  |  |  |  |  |  |  |  |  |  |  |  |
Total |  | $ | 208,968 |  | $ | 3 |  | $ | (1,419) |  | $ | 207,552 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
Classified as: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents |  |  |  |  |  |  |  |  |  |  | $ | 5,966 |  |  |  |  |  |  |  |  |  |  | $ | — |
Short-term investments |  |  |  |  |  |  |  |  |  |  |  | 201,586 |  |  |  |  |  |  |  |  |  |  |  | — |
Total |  |  |  |  |  |  |  |  |  |  | $ | 207,552 |  |  |  |  |  |  |  |  |  |  | $ | — |
The Company invests in U.S. Treasuries, U.S. agency and high quality municipal bonds which mature at par and are all paying their coupons on schedule. Thus the Company has determined there is currently no other than temporary impairment of our investments, and will continue to recognize unrealized losses and gains in other comprehensive income. As of December 31, 2015, the Company has 73 investments in an unrealized loss position in its portfolio. The Company earned interest income of $0.3 million during the year ended December 31, 2015. The following table summarizes the Company’s portfolio of available-for-sale securities by contractual maturity as of December 31, 2015:
|  | December 31, 2015 |
|  | Amortized Cost |  | Fair Value |
|  | (in thousands) |
Less than one year |  | $ | 55,128 |  | $ | 55,010 |
Greater than one year but less than five years |  |  | 153,840 |  |  | 152,542 |
Total |  | $ | 208,968 |  | $ | 207,552 |

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