XML 23 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
Marketable Securities
3 Months Ended
Mar. 31, 2012
Marketable Securities [Abstract]  
Marketable Securities [Text Block]
Marketable Securities
The Company has evaluated its investment policies and determined that all of its investment securities are to be classified as available-for-sale.  Available-for-sale securities are carried at fair value, with the unrealized gains and losses reported in Stockholders’ Equity under the caption “Accumulated other comprehensive loss.”  Realized gains and losses on available-for-sale securities are included in “Other income (expense).”  The Company records other-than-temporary impairment charges for its available-for-sale investments when it intends to sell the securities, it is more-likely-than not that it will be required to sell the securities before a recovery, or when it does not expect to recover the entire amortized cost basis of the securities.  The cost of securities sold is based on the specific identification method.
As of March 31, 2012, the Company held one auction-rate security with a fair value of $336. The underlying asset of the Company’s auction-rate security consisted of a municipal bond with an auction reset feature. Due to auction failures in the marketplace, the Company will not have access to these funds unless (a) future auctions occur and are successful, (b) the security is called by the issuer, (c) the Company sells the security in an available secondary market, or (d) the underlying note matures. Currently, there are no active secondary markets. As of March 31, 2012, the Company has recorded a cumulative temporary unrealized impairment loss of $164 within “Accumulated other comprehensive loss” based upon its assessment of the fair value of this security. The Company believes that this impairment is temporary as it does not intend to sell this security, the Company will not be required to sell this security before recovery, and the Company expects to recover the amortized cost basis of this security.
The Company has determined that the gross unrealized losses on its marketable securities at March 31, 2012 and December 31, 2011 are temporary in nature. The Company reviews its investment portfolio to identify and evaluate investments that have indications of possible impairment. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, credit quality and the Company’s ability and intent to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value.
    
At March 31, 2012 and December 31, 2011, marketable securities are categorized as follows:
 

Amortized Cost

Gross Unrealized Holding Gains

Gross Unrealized Holding Losses

Fair Value
March 31, 2012

 

 

 

 

Municipal notes and bonds

$
84,253


$
70


$
(10
)

$
84,313

Auction rate securities

500




(164
)

336

Total marketable securities

$
84,753


$
70


$
(174
)

$
84,649

December 31, 2011

 

 

 

 

Municipal notes and bonds

$
70,475


$
60


$
(10
)

$
70,525

Auction rate securities

500




(137
)

363

Total marketable securities

$
70,975


$
60


$
(147
)

$
70,888


     The amortized cost and estimated fair value of marketable securities classified by the maturity date listed on the security, regardless of the Condensed Consolidated Balance Sheet classification, is as follows at March 31, 2012 and December 31, 2011:
 

March 31, 2012

December 31, 2011
 

Amortized Cost

Fair Value

Amortized Cost

Fair Value
Due within one year

$
72,336


$
72,376


$
59,469


$
59,509

Due after one through five years

11,292


11,317


10,587


10,599

Due after five through ten years

521


517


314


312

Due after ten years

604


439


605


468

Total marketable securities

$
84,753


$
84,649


$
70,975


$
70,888


The following table summarizes the estimated fair value and gross unrealized holding losses of marketable securities, aggregated by investment instrument and period of time in an unrealized loss position at March 31, 2012 and December 31, 2011:  
 
 
In Unrealized Loss Position For Less Than 12 Months
 
In Unrealized Loss Position For Greater Than 12 Months
 
 
Fair Value

Gross Unrealized Losses
 
Fair Value

Gross Unrealized Losses
March 31, 2012
 





 





Municipal notes and bonds
 
$
14,835


$
(10
)
 
$


$

Auction rate securities
 



 
336


(164
)
Total
 
$
14,835


$
(10
)
 
$
336


$
(164
)
December 31, 2011
 





 





Municipal notes and bonds
 
7,291


(10
)
 



Auction rate securities
 



 
363


(137
)
Total
 
$
7,291


$
(10
)
 
$
363


$
(137
)

See Note 2 for additional discussion regarding the fair value of the Company’s marketable securities.