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MARKETABLE SECURITIES | 9 Months Ended
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Sep. 30, 2019
MARKETABLE SECURITIES |
MARKETABLE SECURITIES | 6. MARKETABLE SECURITIES During the first quarter of 2019, the Company changed its investment strategy and as of September 30, 2019, no longer held investments in marketable securities. The Company held investments in marketable securities for a short duration in the first quarter of 2019. During 2018, Marine Products’ marketable securities were held with a large, well-capitalized financial institution. Management determined the appropriate classification of debt securities at the time of purchase and reevaluated such designations as of each balance sheet date. Debt securities were classified as available-for-sale because the Company did not have the intent to hold the securities to maturity. Available-for-sale debt securities were 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 was 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 debt securities have been included in interest income. The net realized gains (losses) and the reclassification of net realized gains (losses) from other comprehensive income are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended | ​ | Nine months ended
​ | ​ | September 30, | ​ | September 30,
(in thousands) |  | 2019 |  | 2018 |  | 2019 |  | 2018
Net realized gain (loss) | ​ | $ | — | ​ | $ | (16) | ​ | $ | 4 | ​ | $ | (36)
Reclassification of net realized gains from other comprehensive income | ​ | $ | — | ​ | $ | (16) | ​ | $ | 4 | ​ | $ | (36)
​ Gross unrealized gains (losses) on marketable securities are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2019 | ​ | December 31, 2018
​ | ​ | Gross unrealized | ​ | Gross unrealized
(in thousands) |  | Gains |  | (Losses) |  | Gains |  | (Losses)
Municipal Obligations | ​ | $ | — | ​ | $ | — | ​ | $ | 2 | ​ | $ | (2)
Corporate Obligations | ​ |  | — | ​ |  | — | ​ |  | 1 | ​ |  | (10)
​ | ​ | $ | — | ​ | $ | — | ​ | $ | 3 | ​ | $ | (12)
​ There were no available-available-for sale securities as of September 30, 2019. The amortized cost basis, fair value and net unrealized gains on the available-for-sale debt securities as of December 31, 2018 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2018
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Net
​ | ​ | Amortized | ​ | Fair | ​ | Unrealized
Type of Securities |  | Cost Basis |  | Value |  | Losses
(in thousands) |  | ​ |  |  | ​ |  |  | ​ |
Municipal Obligations | ​ | $ | 1,490 | ​ | $ | 1,490 | ​ | $ | —
Corporate Obligations | ​ |  | 6,184 | ​ |  | 6,175 | ​ |  | (9)
Total | ​ | $ | 7,674 | ​ | $ | 7,665 | ​ | $ | (9)
​

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 + Details
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