Note 3. Inventories

The components of inventories are summarized below (in thousands):


	September 30,		December 31,
	2017		2016
Inventories:
Raw materials	$	21,000	$	17,485
Work in process		17,178		20,410
Finished goods		2,590		2,257
	$	40,768	$	40,152

As of September 30, 2017 and December 31, 2016, carrying values of inventories were net of inventory reserves of $12.9 million and $12.0 million, respectively, for excess and obsolete inventory and $263,000 and $254,000, respectively, for lower of cost or net realizable value reserves.