Investments

12 Months Ended

Dec. 31, 2012

Investments [Abstract]

Investments [Text Block]

4. INVESTMENTS

Investments in Marketable Equity Securities.Investments in marketable equity securitiesatDecember 31, 2012and 2011consist of the following:

(in thousands)	2012		2011
Total cost	$	195,832	$	169,271
Net unrealized gains		184,255		133,930
Total Fair Value	$	380,087	$	303,201

At December 31,2012 and 2011, the Company owned 2,214 shares of Berkshire Hathaway Inc. (Berkshire) Class A common stock and 424,250 shares of Berkshire Class B common stock, respectively. The Company's ownership of Berkshire accounted for $334.9 million, or 88%, and $286.4 million, or 94%, of the total fair value of the Company's investments in marketable equity securities at December 31, 2012 and December 31, 2011, respectively.

Berkshire is a holding company owning subsidiaries engaged in a number of diverse business activities, the most significant of which consists of property and casualty insurance businesses conducted on both a direct and reinsurance basis. Berkshire also owns approximately 23% of the common stock of the Company. The chairman, chief executive officer and largest shareholder of Berkshire, Mr. Warren Buffet, was a member of the Company's Board of Directors until May 2011, at which time Mr. Buffet retired from the Company's Board. The Company's investment in Berkshire common stock is less than 1% of the consolidated equity of Berkshire. At December 31, 2012 and 2011, the unrealized gain related to the Company's Berkshire stock investment totaled $177.6 million and $129.1 million, respectively.

At the end of 2012, the Company's investment in Strayer Education, Inc. had been in an unrealized loss position for almost six months. The Company evaluated this investment for other-than-temporary impairment based on various factors, including the duration and severity of the unrealized loss; the reason for the decline in value; the potential recovery period; and the Company's ability and intent to hold the investment. Based on thisevaluation, the Company concluded that the unrealized loss was other-than-temporary and recorded an $18.0 million write-down of the investment.

At the end of the first quarter of 2011, the Company's investment in Corinthian Colleges, Inc. had been in an unrealized loss position for over six months. The Company evaluated this investment for other-than-temporary impairment based on various factors, including the duration and severity of the unrealized loss; the reason for the decline in value; the potential recovery period; and the Company's ability and intent to hold the investment. Based on this evaluation, the Company concluded the unrealized loss was other-than-temporary and recorded a $30.7 million write-down of the investment. The investment continued to decline, and in the third quarter of 2011, the Company recorded an additional $23.1 million write-down of the investment.

The Company invested $45.0 million in marketable equity securities during2012. There were no new investments of marketable equity securities in 2011 and 2010.During 2012, proceeds from sales of marketable equity securities were $2.0 million, and net realized gains on such sales were $0.5 million.There were no sales of marketable equity securities during 2011and 2010.

Investments in Affiliates.At the end of 2012, the Company holds a 16.5% interest in Classified Ventures, LLC, which owns and operates several leading businesses in the online classified advertising space, and several other investments.

In the third quarter of 2011, the Company recorded impairment charges of $9.2 million on the Company's interest in Bowater Mersey Paper Company Limited as a result of the challenging economic environment for newsprint producers. During the fourth quarter of 2012, the Company sold its 49% interestin the common stock of Bowater Mersey Paper Company Limited for a nominal amount; no loss was recorded as the investment had previously been written down to zero.