Marketable Securities

12 Months Ended

Dec. 31, 2011

Marketable Securities

Note 2 – Marketable Securities

As of July 2, 2010, the Company amended the terms of the trust used to fund the Supplemental Executive Retirement Plan (the “SERP”)(see Note 6 - Employee Retirement Benefit Plans).  As a result, the marketable securities previously held in the trust are in a custodial account with the former trustee from which it continues to pay the SERP benefits and are available for other working capital requirements if necessary. The Company has classified its marketable securities as available for sale. Prior to the July 2, 2010 amendment, the investments were presented as long-term restricted marketable securities.

Realized gains on marketable securities totaled $94 and $319 for the years ended December 31, 2011 and 2010, respectively. The following tables summarize the Company’s marketable securities’ adjusted cost, gross unrealized gains (losses) and fair value:

	December 31, 2011
	Adjusted		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
Mutual funds - equity securities	$	1,488	$	15	$	(202	)	$	1,301
Mutual funds - debt securities		309		8		(3	)		314
Money market mutual funds		51		-		-			51
Total	$	1,848	$	23	$	(205	)	$	1,666

	December 31, 2010
	Adjusted		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
Mutual funds - equity securities	$	1,859	$	143	$	(139	)	$	1,863
Mutual funds - debt securities		443		16		(1	)		458
Money market mutual funds		55		-		-			55
Total	$	2,357	$	159	$	(140	)	$	2,376

The Company considers the declines in market value of its marketable securities to be temporary in nature.  The investments consist of mutual funds selected according to an asset allocation policy of diversification and long-term growth.   When evaluating the investments for other-than-temporary impairment, the Company reviews factors such as the length of time and extent to which fair value has been below cost basis, the financial condition of the issuer and any changes thereto, and the Company’s intent to sell the investment before recovery of the investment’s amortized cost basis. During the years ended December 31, 2011 and 2010, the Company did not recognize any other-than-temporary impairment charges on outstanding securities. As of December 31, 2011, the Company does not consider any of its investments to be other-than-temporarily impaired.

Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs according to valuation methodologies used to measure fair value:

Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2—Observable inputs (other than Level 1) that are directly or indirectly observable in the marketplace.

Level 3—Unobservable inputs which are supported by little or no market activity.

Marketable securities are classified within Level 1 because the underlying investments have readily available market prices.

Marketable securities measured at fair value on a recurring basis are summarized below:

Description	December 31, 2011		Level 1		Level 2		Level 3
Assets:
Mutual funds - equity securities	$	1,301	$	1,301	$	-	$	-
Mutual funds - debt securities		314		314		-		-
Money market mutual funds		51		51		-		-
Total	$	1,666	$	1,666	$	-	$	-

Description	December 31, 2010		Level 1		Level 2		Level 3
Assets:
Mutual funds - equity securities	$	1,863	$	1,863	$	-	$	-
Mutual funds - debt securities		458		458		-		-
Money market mutual funds		55		55		-		-
Total	$	2,376	$	2,376	$	-	$	-