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Marketable Securities
 3 Months Ended
Mar. 31, 2017
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities

3. Marketable Securities

 

The Company has classified its marketable securities as available-for-sale securities. These securities are carried at estimated fair value with unrealized holding gains and losses included in accumulated other comprehensive income/loss in stockholders’ equity until realized. Gains and losses on marketable security transactions are reported on the specific-identification method. Dividend and interest income are recognized when earned.

 

The amortized cost, gross unrealized holding gains, gross unrealized holding losses, and fair value for available-for-sale securities by major security type and class of securities at March 31, 2017 and December 31, 2016 were as follows:

 

    Amortized cost     Gross
unrealized
holding gains		     Gross
unrealized
holding losses		     Estimated
fair value		  
March 31, 2017                                
Available-for-sale securities:                                
Corporate bonds and notes   $ 19,426     $ 73     $ (97 )   $ 19,402  
Municipal bonds     7,573       9       (20 )     7,562  
Total available-for-sale securities   $ 26,999     $ 82     $ (117 )   $ 26,964  

 

    Amortized cost     Gross
unrealized
holding gains		     Gross
unrealized
holding losses		     Estimated
fair value		  
December 31, 2016                                
Available-for-sale securities:                                
Corporate bonds and notes   $ 20,028     $ 64     $ (122 )   $ 19,970  
Municipal bonds     6,463       6       (44 )     6,425  
Total available-for-sale securities   $ 26,491     $ 70     $ (166 )   $ 26,395  

 

Maturities of marketable securities classified as available-for-sale securities were as follows at March 31, 2017:

 

    Amortized
cost		     Estimated
fair value		  
March 31, 2017                
Due within one year   $ 5,857     $ 5,862  
Due after one year through five years     21,142       21,102  
Total available-for-sale securities   $ 26,999     $ 26,964  

 

Debt securities in an unrealized loss position as of March 31, 2017 were not deemed impaired at acquisition and subsequent declines in fair value are not deemed attributed to declines in credit quality. Management believes that it is more likely than not that the securities will receive a full recovery of par value. The available-for-sale marketable securities with continuous gross unrealized loss position for less than 12 months and 12 months or greater and their related fair values were as follows:

 

    Less than 12 months     More than 12 months     Total  
(In thousands)   Estimated fair value     Gross
unrealized
holding
losses		     Estimated
fair value		     Gross
unrealized
holding
losses		     Estimated fair value     Gross
unrealized
holding
losses		  
As of March 31, 2017                                                
Corporate bonds and notes   $ 10,664     $ (87 )   $ 1,030     $ (10 )   $ 11,694     $ (97 )
Municipal bonds     4,981       (20 )     419       —       5,400       (20 )
                                                 
Total   $ 15,645     $ (107 )   $ 1,449     $ (10 )   $ 17,094     $ (117 )