3. Short term investments - available for sale

	December 31,			December 31,
	2013			2012
	(in thousands)

At start of year	$	76,183		$	54,940
Additions		172,168			102,575
Disposals		(109,795	)		(82,193	)
Unrealized capital gain/(loss) - investments		(239	)		861

At end of year	$	138,317		$	76,183

The Company classifies its short term investments as available for sale. Short term investments comprise highly liquid investments with maturities of greater than three months and minimum “A-” rated fixed and floating rate securities. Short term investments at December 31, 2013 have an average maturity of 1.6 years compared to 1.7 years at December 31, 2012. The investments are reported at fair value with unrealized gains or losses reported in a separate component of shareholders’ equity. Any differences between the cost and fair value of investments are represented by accrued interest. The fair value of short term investments are represented by level 1 fair value measurements – quoted prices in active markets for identical assets.