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Investments (Tables)

9 Months Ended

Sep. 30, 2015

Fair Value Disclosures [Abstract]

Summary of Investments

Investments consist of the following as of September 30, 2015 and December 31, 2014 (dollars in thousands):

		September 30, 2015
						Gross Unrealized
		Cost				Gain				(Loss)				Fair Value
Short-term investments (available for sale):
Municipal bonds		$	2,795			$	—			$	(27	)		$	2,768
Non-governmental debt securities			86,932				11				(115	)			86,828
Treasury and federal agencies			27,179				21				(6	)			27,194
Total short-term investments			116,906				32				(148	)			116,790
Long-term investments (available for sale):
Municipal bond			7,850				—				(476	)			7,374
Total investments (available for sale)		$	124,756			$	32			$	(624	)		$	124,164

		December 31, 2014
						Gross Unrealized
		Cost				Gain				(Loss)				Fair Value
Short-term investments (available for sale):
Municipal bonds		$	6,880			$	1			$	(56	)		$	6,825
Non-governmental debt securities			98,400				1				(271	)			98,130
Treasury and federal agencies			17,928				6				(31	)			17,903
Total short-term investments			123,208				8				(358	)			122,858
Long-term investments (available for sale):
Municipal bond			7,850				—				(476	)			7,374
Total investments (available for sale)		$	131,058			$	8			$	(834	)		$	130,232

Investments Measured at Fair Value on Recurring Basis

Investments measured at fair value on a recurring basis subject to the disclosure requirements of FASB ASC Topic 820 – Fair Value Measurements at September 30, 2015 and December 31, 2014 were as follows (dollars in thousands):

		As of  September 30, 2015
		Level 1				Level 2				Level 3				Total
Municipal bonds		$	—			$	2,768			$	7,374			$	10,142
Non-governmental debt securities			—				86,828				—				86,828
Treasury and federal agencies			—				27,194				—				27,194
Totals		$	—			$	116,790			$	7,374			$	124,164
		As of  December 31, 2014
		Level 1				Level 2				Level 3				Total
Municipal bonds		$	—			$	6,825			$	7,374			$	14,199
Non-governmental debt securities			—				98,130				—				98,130
Treasury and federal agencies			—				17,903				—				17,903
Totals		$	—			$	122,858			$	7,374			$	130,232

Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3)

The following table presents a rollforward of our assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as defined in FASB ASC Topic 820 for the year to date ended September 30, 2015 (dollars in thousands):

Balance at December 31, 2014		$	7,374
Unrealized gain (loss)			—
Balance at September 30, 2015		$	7,374

X

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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