Investment Securities (Tables)

3 Months Ended

Mar. 31, 2013

	Amortized		Unrealized	Unrealized
March 31, 2013	cost		gains	losses		Fair value
	(in thousands)
Available for sale securities:
Mortgage-backed securities	$	9	1	—		10
Corporate bonds	30,190		208	(1	)	30,397
Affiliated mutual funds	69,239		5,533	(49	)	74,723
	$	99,438	5,742	(50	)	105,130

Trading securities:
Mortgage-backed securities						42
Municipal bonds						501
Corporate bonds						12,049
Common stock						48
Affiliated mutual funds						57,838
						70,478
Total investment securities						$	175,608

	Amortized		Unrealized	Unrealized
December 31, 2012	cost		gains	losses		Fair value
	(in thousands)
Available for sale securities:
Mortgage-backed securities	$	9	1	—		10
Corporate bonds	30,408		248	(3	)	30,653
Affiliated mutual funds	73,443		3,749	(1,090	)	76,102
	$	103,860	3,998	(1,093	)	106,765

Trading securities:
Mortgage-backed securities						44
Municipal bonds						501
Corporate bonds						12,112
Common stock						37
Affiliated mutual funds						56,683
						69,377
Total investment securities						$	176,142

Summary of investments with fair values below carrying values

	Less than 12 months				12 months or longer			Total
			Unrealized		Fair	Unrealized		Fair	Unrealized
March 31, 2013	Fair value		losses		value	losses		value	losses
	(in thousands)
Corporate bonds	$	5,800	(1	)	—	—		5,800	(1	)
Affiliated mutual funds	—		—		3,177	(49	)	3,177	(49	)
Total temporarily impaired securities	$	5,800	(1	)	3,177	(49	)	8,977	(50	)

	Less than 12 months				12 months or longer			Total
			Unrealized		Fair	Unrealized		Fair	Unrealized
December 31, 2012	Fair value		losses		value	losses		value	losses
	(in thousands)
Corporate bonds	$	997	(3	)	—	—		997	(3	)
Affiliated mutual funds	23,478		(469	)	5,604	(621	)	29,082	(1,090	)
Total temporarily impaired securities	$	24,475	(472	)	5,604	(621	)	30,079	(1,093	)

Schedule of available for sale securities by maturity date

Mortgage-backed securities and corporate bonds accounted for as available for sale and held as of March 31, 2013 mature as follows:

	Amortized cost		Fair value
	(in thousands)
Within one year	$	18,811	18,850
After one year but within five years	11,379		11,547
After five years but within 10 years	9		10
	$	30,199	30,407

Schedule of trading securities by maturity date

Mortgage-backed securities, municipal bonds and corporate bonds accounted for as trading and held as of March 31, 2013 mature as follows:

	Fair value
	(in thousands)
Within one year	$	2,504
After one year but within five years	9,546
After five years but within 10 years	542
	$	12,592

Schedule of fair value of investment securities

March 31, 2013	Level 1		Level 2	Level 3	Total
	(in thousands)
Mortgage-backed securities	$	—	52	—	52
Municipal bonds	—		501	—	501
Corporate bonds	—		42,446	—	42,446
Common stock	48		—	—	48
Affiliated mutual funds	132,561		—	—	132,561
Total	$	132,609	42,999	—	175,608

December 31, 2012	Level 1		Level 2	Level 3	Total
	(in thousands)
Mortgage-backed securities	$	—	54	—	54
Municipal bonds	—		501	—	501
Corporate bonds	—		42,765	—	42,765
Common stock	37		—	—	37
Affiliated mutual funds	132,785		—	—	132,785
Total	$	132,822	43,320	—	176,142

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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