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Note 7 - Marketable Securities
 12 Months Ended
Dec. 31, 2017
Notes to Financial Statements  
Investment [Text Block]
Note
7
– Marketable Securities
 
The Company invests in short-term and long-term agency, municipal, corporate and other debt securities. The securities are categorized as held-to-maturity and are recorded at amortized cost. Categorization as held-to-maturity is based on the Company
’s ability and intent to hold these securities to maturity. Information regarding the Company’s short-term and long-term marketable securities as of
December 
31,
2017
and
2016
is as follows:
 
       
   
December 31, 2017
  
(in thousands)
  
Amortized
Cost
    
Unrealized
Gains
    
Unrealized
Losses
    
Fair Value
  
                                 
U.S. government agency securities
   $
32,320
     $
-
     $
(199
 )   $
32,121
  
Corporate debt securities
    
29,806
      
-
      
(128
 )    
29,678
  
U.S. municipal securities
    
28,364
      
-
      
(104
 )    
28,260
  
Certificates of deposit/time deposits
    
3,968
      
-
      
(32
 )    
3,936
  
Total marketable securities
   $
94,458
     $
-
     $
(463
 )   $
93,995
  
                                 
 
       
   
December 31, 2016
  
(in thousands)
  
Amortized
Cost
    
Unrealized
Gains
    
Unrealized
Losses
    
Fair Value
  
                                 
U.S. government agency securities
   $
31,706
     $
1
     $
(141
 )   $
31,566
  
Corporate debt securities
    
38,490
      
2
      
(147
 )    
38,345
  
U.S. municipal securities
    
46,578
      
1
      
(187
 )    
46,392
  
Certificates of deposit/time deposits
    
7,182
      
12
      
(22
 )    
7,172
  
Total marketable securities
   $
123,956
     $
16
     $
(497
 )   $
123,475
  
                                 
 
Fair values for the corporate debt securities are primarily determined based on quoted market prices (Level
1
). Fair values for the U.S. municipal securities, U.S. government agency securities and certificates of deposit are primarily determined using dealer quotes or quoted market prices for similar securities (Level
2
).
 
The Company tests for other than temporary losses on a quarterly basis and has considered the unrealized losses indicated above to be temporary in nature. The investment policy adopted by the Company dictates that only investments in quality, highly rated debt securities are permitted. Those unrealized losses displayed above are the result of macroeconomic factors and are indicative of neither the quality of the underlying security nor the issuer
’s ability to pay its debt. The Company intends, and has the ability, to hold the investments to maturity and recover the full principal.
 
Classification of marketable securities as current or non-current is based upon the security
’s maturity date as of the date of these financial statements.
 
The
December 31,
201
7
balance of held-to-maturity debt securities by contractual maturity is shown in the following table at amortized cost. Actual maturities
may
differ from contractual maturities because the issuers of the securities
may
have the right to prepay obligations without prepayment penalties.
 
       
   
December 31,
  
(in thousands)
  
2017
  
         
Due in one year or less
   $
57,424
  
Due after one year through five years
    
37,034
  
Total marketable securities
   $
94,458