Cash, Cash Equivalents and Marketable Securities (Tables)

6 Months Ended

Jun. 30, 2012

Cash, Cash Equivalents and Marketable Securities [Abstract]

Schedule of cash and cash equivalents

The following table summarizes our cash and investments in cash equivalents and marketable securities held by investment managers and overnight investments:

	June 30,			December 31,
	2012			2011
	(in thousands)
Overnight Holdings
Money market funds (cash equivalents)	$	26,579		$	71,350
Investment Holdings
Money market funds (cash equivalents)		59,348			59,587
Marketable securities		57,182			56,987
		143,109			187,924
Cash held in demand accounts		110,920			113,968
Outstanding checks		(16,257	)		(33,697	)
Total cash, cash equivalents and marketable securities	$	237,772		$	268,195
Cash and cash equivalents	$	180,590		$	211,208
Marketable securities		57,182			56,987
	$	237,772		$	268,195

Schedule of fair value assets and liabilities measured on recurring basis

The following table summarizes the levels of fair value measurements of our financial assets:

	Fair Value Measurements
	(in thousands)
	June 30,
	2012		Level 1		Level 2		Level 3
Money market funds	$	85,927	$	85,927	$	-	$	-
Municipal bonds		57,182		-		57,182		-
Total	$	143,109	$	85,927	$	57,182	$	-

	Fair Value Measurements
	(in thousands)
	December 31,
	2011		Level 1		Level 2		Level 3
Money market funds	$	130,937	$	130,937	$	-	$	-
Municipal bonds		56,987		-		56,987		-
Total	$	187,924	$	130,937	$	56,987	$	-

Schedule of available for sale securities reconciliation

The following is a summary of our available-for-sale marketable securities:

			Gross		Gross
	Amortized		Unrealized		Unrealized			Estimated
	Cost		Gains		Losses			Fair Value
			(in thousands)
June 30, 2012:
Municipal bonds	$	57,083	$	114	$	(15	)	$	57,182
December 31, 2011:
Municipal bonds	$	56,945	$	90	$	(48	)	$	56,987

Contractual maturities of marketable securities

As of June 30, 2012, the contractual maturities of our marketable securities were as follows:

	Amortized Cost		Estimated Fair Value
	(in thousands)
Less than one year	$	30,597	$	30,620
One to five years		26,486		26,562
Total	$	57,083	$	57,182