MARKETABLE SECURITIES

9 Months Ended

Sep. 30, 2012

MARKETABLE SECURITIES

3. MARKETABLE SECURITIES

(in thousands)	September 30, 2012
	Amortized                 Cost		Unrealized                 Gains		Unrealized                 Losses		Fair Value
Municipal bonds	$	28,700		79		(4)	$	28,775
Corporate bonds		14,212		105		—		14,317
Government sponsored enterprise bonds		2,000		—		—		2,000
	$	44,912		184		(4)	$	45,092

(in thousands)	December 31, 2011
	Amortized                 Cost		Unrealized                 Gains		Unrealized                 Losses		Fair Value
Municipal bonds	$	27,968		74		(2)	$	28,040
Corporate bonds		15,058		16		(34)		15,040
Government sponsored enterprise bonds		8,001		2		(4)		7,999
	$	51,027		92		(40)	$	51,079

The Company considers debt securities with maturities of three months or less from the purchase date to be cash equivalents. Interest is recorded when earned. All of the Company’s investments are classified as available-for-sale and are carried at fair value with unrealized gains and losses recorded as a component of accumulated other comprehensive income, net of related income taxes.

As of September 30, 2012, remaining maturities of marketable debt securities ranged from November 2012 to December 2014, with a weighted-average remaining maturity of approximately 11 months.