Marketable Securities

9 Months Ended

Sep. 30, 2011

Marketable Securities

Marketable Securities

(2) Marketable Securities

Fair value accounting standards define fair value 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. The following fair value hierarchy prioritizes the inputs used to measure fair value into three levels, with Level 1 being of the highest priority. The three levels of inputs used to measure fair value are as follows:

Level 1 –	Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level 2 –	Include other inputs that are directly or indirectly observable in the marketplace.
Level 3 –	Unobservable inputs which are supported by little or no market activity.

The level in the fair value hierarchy within which a fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety.

The following table presents the placement in the fair value hierarchy of assets that are measured at fair value on a recurring basis at period end:

			Level 1		Level 2		Level 3
Assets at September 30, 2011:	Total		Quoted prices in active markets for identical assets		Significant other observable inputs		Significant unobservable inputs
Common stock	$	295		295		0		0
Government and agency securities		25,908		25,908		0		0
Total available-for-sale securities	$	26,203		26,203		0		0

			Level 1		Level 2		Level 3
Assets at September 30, 2010:	Total		Quoted prices in active markets for identical assets		Significant other observable inputs		Significant unobservable inputs
Common stock	$	160		160		0		0
State and municipal bonds		5,166		0		5,166		0
Government and agency securities		24,481		24,481		0		0
Total available-for-sale securities	$	29,807		24,641		5,166		0

There were no transfers between levels during the nine months ended September 30, 2011 and 2010.

As of September 30, 2011 and September 30, 2010 our financial assets that are measured at fair value on a recurring basis consisted of common stock and debt securities. The government and agency securities have a maturity of twelve months. The debt securities are classified as marketable securities.

Marketable securities, all treated as available-for-sale securities at period end, consist of the following:

September 30, 2011:	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Common stock	$	198		97		0		295
Government and agency securities		25,850		58		0		25,908
Total available-for-sale securities	$	26,048		155		0		26,203

September 30, 2010:	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Common stock	$	183		0		(23	)		160
State and municipal bonds		5,179		0		(13	)		5,166
Government and agency securities		24,400		81		0			24,481
Total available-for-sale securities	$	29,762		81		(36	)		29,807

The unrealized gains and losses recorded in accumulated other comprehensive income and the realized gains and losses recorded in earnings were immaterial during the periods reported in these consolidated financial statements.

Future maturities of our available-for-sale securities consist of the following:

	Less than 12 months				Greater than 12 months
September 30, 2011:	Amortized cost		Fair value		Amortized cost		Fair value
Common stock	$	198		295		0		0
Government and agency securities		25,850		25,908		0		0
Total available-for-sale securities	$	26,048		26,203		0		0