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Marketable Securities
 9 Months Ended
Sep. 30, 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 September 30, 2017 and December 31, 2016 were as follows:

 

    Amortized cost     Gross
unrealized
holding gains		     Gross
unrealized
holding losses		     Estimated
fair value		  
September 30, 2017                                
Available-for-sale securities:                                
Corporate bonds and notes   $ 14,446     $ 65     $ (52 )   $ 14,459  
Municipal bonds     5,974       9       (9 )     5,974  
Total available-for-sale securities   $ 20,420     $ 73     $ (61 )   $ 20,433  

  

    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 September 30, 2017:

 

    Amortized
cost		   Estimated
fair value
September 30, 2017        
Due within one year   $ 3,945     $ 3,953  
Due after one year through five years     16,475       16,480  
Total available-for-sale securities   $ 20,420     $ 20,433  

 

Debt securities in an unrealized loss position as of September 30, 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, although there can be no assurance that such recovery will occur. 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 September 30, 2017                        
Corporate bonds and notes   $ 4,288     $ (24 )   $ 2,148     $ (27 )   $ 6,436     $ (51 )
Municipal bonds     3,157       (5 )     566       (5 )     3,723       (10 )
Total   $ 7,445     $ (29 )   $ 2,714     $ (32 )   $ 10,159     $ (61 )