Investments

Investments consist of mutual funds, United States corporate debt securities, municipal bonds and an equity investment in the Company's affiliated entity PLS at March 31, 2016 and December 31, 2015. The Company classifies all investments as available-for-sale, as the sale of such investments may be required prior to maturity to implement management strategies. Available-for-sale securities are recorded at fair value, based on current market valuations. Unrealized gains and losses on available-for-sale securities are excluded from earnings and are reported as a separate component of other comprehensive income (loss) until realized. Realized gains and losses are included in non-operating other income (expense) on the condensed consolidated statement of operations and are derived using the specific identification method for determining the cost of the securities sold. During the three months ended March 31, 2016 and 2015, a minimal amount of net realized loss on investments was recorded. The Company assessed each of its investments on an individual basis to determine if any decline in fair value was other-than-temporary. Interest and dividends on investments classified as available-for-sale are included in interest and other income, net, in the condensed consolidated statements of operations. As of March 31, 2016, the Company had 43 available-for-sale securities in a gross unrealized loss position of which 9 were in such position for longer than 12 months.

The following is a summary of available-for-sale securities as of March 31, 2016 and December 31, 2015:



		As of March 31, 2016
	Contractual Maturity (in years)	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Mutual funds	---	$	78,572,862	$	113,561	$	(117,133	)	$	78,569,290
US corporate debt securities	Less than 2	26,509,854		11,272		(27,766		)	26,493,360
Municipal bonds	Less than 1	100,793		—		(61		)	100,732
Investment in affiliated entity (PLS)	---	—		5,026,917		—			5,026,917
Total investments		$	105,183,509	$	5,151,750	$	(144,960	)	$	110,190,299



		As of December 31, 2015
	Contractual Maturity (in years)	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Mutual funds	---	$	78,571,294	$	435	$	(185,737	)	$	78,385,992
US corporate debt securities	Less than 2	26,923,855		—		(54,452		)	26,869,403
Municipal bonds	Less than 1	101,936		—		(54		)	101,882
Investment in affiliated entity (PLS)	---	—		5,045,915		—			5,045,915
Total investments		$	105,597,085	$	5,046,350	$	(240,243	)	$	110,403,192