MARKETABLE SECURITIES

12 Months Ended

Dec. 31, 2012

MARKETABLE SECURITIES

3. MARKETABLE SECURITIES

(in thousands)	December 31, 2012
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Marketable securities:
Municipal bonds	$	30,488		48		(10	)	$	30,526
Corporate bonds		14,853		83		(2	)		14,934
Marketable securities	$	45,341		131		(12	)	$	45,460
(in thousands)	December 31, 2011
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Marketable securities:
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
Marketable securities	$	51,027		92		(40	)	$	51,079

The Company considers debt securities with maturities of three months or less when purchased, 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 December 31, 2012, remaining maturities of marketable debt securities ranged from January 2013 to January 2015, with a weighted-average remaining maturity of approximately 11 months.