Investment Securities (Tables)

12 Months Ended

Dec. 31, 2011

Investment Securities

Schedule of investment securities

2011	Amortized cost		Unrealized gains		Unrealized losses		Fair value
	(in thousands)
Available for sale securities:
Mortgage-backed securities	$	9		2		-		11
Municipal bonds		2,549		-		(13)		2,536
Corporate bonds		45,893		170		(89)		45,974
Affiliated mutual funds		51,456		2,738		(5,379)		48,815
	$	99,907		2,910		(5,481)		97,336
Trading securities:
Mortgage-backed securities								63
Municipal bonds								500
Corporate bonds								17,319
Common stock								37
Affiliated mutual funds								20,242
								38,161
Total investment securities								135,497

2010	Amortized cost		Unrealized gains		Unrealized losses		Fair value
	(in thousands)
Available for sale securities:
U.S. treasury bills(1)	$	56,961						56,961
Mortgage-backed securities		10		2		-		12
Municipal bonds		2,729		-		(185)		2,544
Affiliated mutual funds		28,633		5,662		(37)		34,258
	$	88,333		5,664		(222)		93,775
Trading securities:
Commercial paper								4,997
U.S. treasury bills(1)								60,958
Mortgage-backed securities								73
Municipal bonds								487
Corporate bonds								50
Common stock								201
Affiliated mutual funds								32,070
								98,836
Total investment securities								192,611

(1)

U.S. treasury bills at December 31, 2010 had maturities of less than 180 days at the date of purchase.

Summary of investments with fair values below carrying values

	Less than 12 months				12 months or longer				Total
	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
	(in thousands)
Municipal bonds	$	-		-		2,536		(13)		2,536		(13)
Corporate bonds		16,769		(89)		-		-		16,769		(89)
Affiliated mutual funds		36,801		(5,362)		209		(17)		37,010		(5,379)
Total temporarily impaired securities	$	53,570		(5,451)		2,745		(30)		56,315		(5,481)

Schedule of available for sale securities by maturity date

	Amortized cost		Fair value
	(in thousands)
Within one year	$	14,680		14,619
After one year but within 10 years		32,770		32,913
After 10 years		1,001		989
	$	48,451		48,521

Schedule of trading securities by maturity date

	Fair value
	(in thousands)
Within one year	$	5,081
After one year but within 10 years		12,738
After 10 years		63
	$	17,882

Schedule of fair value of investment securities

2011	Level 1		Level 2		Level 3		Total
	(in thousands)
Mortgage-backed securities	$	-		74		-		74
Municipal bonds		-		3,036		-		3,036
Corporate bonds		-		63,293		-		63,293
Common stock		37		-		-		37
Affiliated mutual funds		69,057		-		-		69,057
Total	$	69,094	$	66,403	$	-	$	135,497

2010	Level 1		Level 2		Level 3		Total
	(in thousands)
Commercial paper	$	4,997		-		-		4,997
U.S. treasury bills		117,919		-		-		117,919
Mortgage-backed securities		-		85				85
Municipal bonds		-		3,031		-		3,031
Corporate bonds		-		50		-		50
Common stock		201		-		-		201
Affiliated mutual funds		66,328		-		-		66,328
Total	$	189,445	$	3,166	$	-	$	192,611