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Cash Equivalents and Investments
 3 Months Ended
Mar. 31, 2017
Investments, Debt and Equity Securities [Abstract]  
Cash Equivalents and Investments

2. Cash Equivalents and Investments:

As of March 31, 2017 and December 31, 2016, the Company’s cash equivalents consisted entirely of money market funds totaling $5.8 million and $12.4 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, 2017 and December 31, 2016 are summarized as follows (in thousands):

 

     March 31, 2017      December 31, 2016  
     Short-Term      Long-Term      Short-Term      Long-Term  

Municipal debt securities

    $ 9,158      $ 50,761      $ 10,306      $ 46,513  

Federal home loan securities

      1,000        32,749        —          28,747  

Certificates of deposit

      980        3,715        980        3,715  
  

 

 

     

 

 

     

 

 

     

 

 

  
   $ 11,138      $ 87,225      $ 11,286      $ 78,975  
  

 

 

     

 

 

     

 

 

     

 

 

  

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

 

     March 31, 2017      December 31, 2016  

Due after one year through five years

    $ 80,619      $ 70,005  

Due after five years through seven years

      6,606        8,970  
  

 

 

     

 

 

  
   $ 87,225      $ 78,975