Marketable Securities

3 Months Ended

Mar. 31, 2012

Marketable Securities [Abstract]

Marketable Securities

(2) Marketable Securities

We follow a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1) and the lowest priority to measurements involving unobservable inputs (Level 3). The three levels of the fair value hierarchy are as follows:

• Level 1 inputs are observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

• Level 2 inputs include other inputs that are directly or indirectly observable in the marketplace.

• Level 3 inputs are 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:

March 31, 2012:	Total		Level 1		Level 2		Level 3
Common stock	$	347		347		0		0
Government and agency securities		26,847		26,847		0		0
Total available-for-sale securities	$	27,194		27,194		0		0

December 31, 2011:	Total		Level 1		Level 2		Level 3
Common stock	$	320		320		0		0
Government and agency securities		26,845		26,845		0		0
Total available-for-sale securities	$	27,165		27,165		0		0

March 31, 2011:	Total		Level 1		Level 2		Level 3
Common stock	$	337		337		0		0
State and municipal bonds		4,548		0		4,548		0
Government and agency securities		25,871		25,871		0		0
Total available-for-sale securities	$	30,756		26,208		4,548		0

There were no transfers between levels during the three month periods ended March 31, 2012 and March 31, 2011.

As of March 31, 2012, December 31, 2011, and March 31, 2011, 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.

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

March 31, 2012:	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Common stock	$	197		150		0			347
Government and agency securities		26,857		0		(10	)		26,847
Total available-for-sale securities	$	27,054		150		(10	)		27,194

December 31, 2011:	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Common stock	$	197		123		0			320
Government and agency securities		26,851		0		(6	)		26,845
Total available-for-sale securities	$	27,048		123		(6	)		27,165

March 31, 2011:	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Common stock	$	183		154		0			337
State and municipal bonds		4,560		0		(12	)		4,548
Government and agency securities		25,851		20		0			25,871
Total available-for-sale securities	$	30,594		174		(12	)		30,756

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
March 31, 2012:	Amortized cost		Fair value		Amortized cost		Fair value
Common stock	$	197		347		0		0
Government and agency securities		26,857		26,847		0		0
Total available-for-sale securities	$	27,054		27,194		0		0