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Cash Equivalents and Investments
 3 Months Ended
Mar. 31, 2015
Investments, Debt and Equity Securities [Abstract]  
Cash Equivalents and Investments
2. Cash Equivalents and Investments:

As of March 31, 2015 and December 31, 2014, the Company’s cash equivalents consisted entirely of money market funds with a fair value of $5.3 million and $5.1 million, respectively.

 

Investments consist of municipal debt securities, federal home loan securities and certificates of deposit. Investments with remaining maturities of less than one year are classified as short-term investments. Investments classified as long-term have maturities of one year to seven years.

The Company intends and has the ability to hold its held-to-maturity securities to maturity, and therefore carries such investments at amortized cost in accordance with the provisions of the accounting guidance for investments in debt and equity securities.

Investments held at March 31, 2015 and December 31, 2014 are summarized as follows (in thousands):

 

     March 31, 2015      December 31, 2014  
     Short-Term      Long-Term      Short-Term      Long-Term  

Municipal debt securities

    $ 6,273       $ 35,316       $ 5,539       $ 35,827   

Federal home loan securities

      —           27,261         —           27,030   

Certificates of deposit

      496         1,225         496         1,225   
  

 

 

     

 

 

     

 

 

     

 

 

  
$ 6,769    $ 63,802    $ 6,035    $ 64,082   
  

 

 

     

 

 

     

 

 

     

 

 

  

Contractual maturities of long-term investments are summarized as follows (in thousands):

 

     March 31, 2015      December 31, 2014  

Due after one year through five years

    $ 59,552       $ 54,959   

Due after five years through seven years

      4,250         9,123   
  

 

 

     

 

 

  
$ 63,802    $ 64,082