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MARKETABLE SECURITIES
 3 Months Ended
Mar. 31, 2015
Available-For-Sale Securities  
MARKETABLE SECURITIES
5.
MARKETABLE SECURITIES
 
Marine Products’ marketable securities are held with a large, well-capitalized financial institution. Management determines the appropriate classification of debt securities at the time of purchase and reevaluates such designations as of each balance sheet date.  Debt securities are classified as available-for-sale because the Company does not have the intent to hold the securities to maturity. Available-for-sale securities are stated at their fair values, with the unrealized gains and losses, net of tax, reported as a separate component of stockholders’ equity.  The cost of securities sold is based on the specific identification method.  Realized gains and losses, declines in value judged to be other than temporary, interest and dividends on available-for-sale securities are included in interest income.
 
The net realized gains and the reclassification of net realized gains from other comprehensive income are as follows:
 
 
Three months ended
  
 
March 31,
  
(in thousands)
  
2015
    
2014
  
Net realized gain
   $ 21     $ 2  
Reclassification of net realized gains from other comprehensive income
   $ 21     $ 2  
 
Gross unrealized gains (losses) on marketable securities are as follows:
 
   
March 31, 2015
    
December 31, 2014
  
   
Gross unrealized
    
Gross unrealized
  
(in thousands)
  
Gains
    
(Losses)
    
Gains
    
(Losses)
  
Municipal Obligations
   $ 99     $ (10 )   $ 121     $ (31 )
Corporate Obligations
     20       (2 )     1       (6 )
    $ 119     $ (12 )   $ 122     $ (37 )
 
The amortized cost basis, fair value and net unrealized gains on the available-for-sale securities are as follows:
 
   
March 31, 2015
    
December 31, 2014
  
Type of Securities
  
Amortized 
Cost Basis
    
Fair 
Value
    
Net 
Unrealized 
Gains
    
Amortized 
Cost Basis
    
Fair 
Value
    
Net 
Unrealized 
Gains
(Losses)
  
(in thousands)
                                    
Municipal Obligations
   $ 29,253     $ 29,342     $ 89     $ 31,990     $ 32,080     $ 90  
Corporate Obligations
     5,499       5,517       18       5,409       5,404       (5 )
Total
   $ 34,752     $ 34,859     $ 107     $ 37,399     $ 37,484     $ 85  
 
Municipal obligations consist primarily of municipal notes rated A- or higher ranging in maturity from less than one year to over 6 years.  Corporate obligations consist primarily of debentures and notes issued by other companies ranging in maturity from one to six years.  These securities are rated A- or higher.  Investments with remaining maturities of less than 12 months are considered to be current marketable securities.  Investments with remaining maturities greater than 12 months are considered to be non-current marketable securities. The Company’s non-current marketable securities are scheduled to mature between 2016 and 2021.