SHORT-TERM AND LONG-TERM INVESTMENTS

9 Months Ended

Sep. 30, 2012

Notes To Consolidated Financial Statement [Abstract]

SHORT-TERM AND LONG-TERM INVESTMENTS

7.       SHORT-TERM AND LONG-TERM INVESTMENTS

The Company's policy for its short-term and long-term investments is to establish a high-quality portfolio that preserves principal, meets liquidity needs, avoids inappropriate concentrations and delivers an appropriate yield in relationship to the Company's investment guidelines and market conditions. Short-term and long-term investments consist of corporate and various government agency and municipal debt securities. The Company's investments in auction rate floating securities consist of investments in student loans. Management classifies the Company's short-term and long-term investments as available-for-sale. Available-for-sale securities are carried at fair value with unrealized gains and losses reported in stockholders' equity. Realized gains and losses and declines in value judged to be other than temporary, if any, are included in other expense in the condensed consolidated statement of operations. A decline in the market value of any available-for-sale security below cost that is deemed to be other than temporary, results in impairment of the fair value of the investment. Except for impairments related to the illiquidity of the Company's auction rate floating securities, other-than-temporary impairmentsare charged to earnings and a new cost basis for the security is established. Premiums and discounts are amortized or accreted over the life of the related available-for-sale security. Dividends and interest income are recognized when earned. The cost of securities sold is calculated using the specific identification method. At September 30, 2012, the Company has recorded the estimated fair value of available-for-sale securities in short-term and long-term investments of approximately $629.8million and $12.8million, respectively.

Available-for-sale securities consist of the following at September 30, 2012 (in thousands):

	September 30, 2012
							Other-Than-
			Gross		Gross		Temporary
			Unrealized		Unrealized		Impairment		Fair
	Cost		Gains		Losses		Losses		Value
Corporate notes and bonds	$	323,691	$	2,674	$	(8)	$	-	$	326,357
Federal agency notes and bonds		254,072		324		(15)		-		254,381
Auction rate floating securities		17,350		-		(4,572)		-		12,778
Asset-backed securities		49,008		63		(1)		-		49,070
Total securities	$	644,121	$	3,061	$	(4,596)	$	-	$	642,586
	December 31, 2011
							Other-Than-
			Gross		Gross		Temporary
			Unrealized		Unrealized		Impairment		Fair
	Cost		Gains		Losses		Losses		Value
Corporate notes and bonds	$	138,554	$	161	$	(549)	$	-	$	138,166
Federal agency notes and bonds		125,092		221		(24)		-		125,289
Auction rate floating securities		17,400		-		(4,607)		-		12,793
Asset-backed securities		9,527		-		(8)		-		9,519
Total securities	$	290,573	$	382	$	(5,188)	$	-	$	285,767

During the three and nine months ended September 30, 2012, gross realized gains on sales of available-for-sale securities totaled approximately $0.1 million. During the three and nine months ended September 30, 2012, there were no significant gross realized losses on sales of available-for-sale securities. During the three and nine months ended September 30, 2011, gross realized gains on sales of available-for-sale securities totaled approximately $0.1 million. During the three and nine months ended September 30, 2011, there were no significant gross realized losses on sales of available-for-sale securities. Gross unrealized gains and lossesare determined based on the specific identification method. The net adjustment to unrealized gains during the nine months ended September 30, 2012, on available-for-sale securities included in stockholders' equity totaled approximately $2.1 million.The amortized cost and estimated fair value of the available-for-sale securities at September 30, 2012, by maturity,are shown below (in thousands):

	September 30, 2012
			Estimated
	Cost		Fair Value
Available-for-sale
Due in one year or less	$	309,421	$	311,520
Due after one year through five years		317,350		318,288
Due after 10 years		17,350		12,778
	$	644,121	$	642,586

Expected maturities will differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties, and the Company views its available-for-sale securities as available for current operations.At September 30, 2012, approximately $12.8 million in estimated fair value expected to mature greater than one year has been classified as long-term investments since these investments are in an unrealized loss position, and management has both the ability and intent to hold these investments until recovery of fair value, which may be maturity.

As of September 30, 2012, the Company's investments included auction rate floating securities with a fair value of $12.8 million. The Company's auction rate floating securities are debt instruments with a long-term maturity and with an interest rate that is reset in short intervals through auctions. The negative conditions in the credit markets from 2008 through the firstnine months of 2012have prevented some investors from liquidating their holdings, including their holdings of auction rate floating securities. During the three months ended March 31, 2008, the Company was informed that there was insufficient demand at auction for the auction rate floating securities. As a result, these affected auction rate floating securities are now considered illiquid, and the Company could be required to hold them until they are redeemed by the holder at maturity. The Company may not be able to liquidate the securities until a future auction on these investments is successful.

The following table shows the gross unrealized losses and the fair value of the Company's investments, with unrealized losses that are not deemed to be other-than-temporarily impaired aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2012 (in thousands):

	Less Than 12 Months				Greater Than 12 Months
			Gross				Gross
	Fair		Unrealized		Fair		Unrealized
	Value		Loss		Value		Loss
Corporate notes and bonds	$	24,412	$	(8)	$	-	$	-
Federal agency notes and bonds		28,965		(15)		-		-
Auction rate floating securities		-		-		12,778		(4,572)
Asset-backed securities		12,019		(1)		-		-
Total securities	$	65,396	$	(24)	$	12,778	$	(4,572)

As of September 30, 2012, the Company has concluded that the unrealized losses on its investment securities are temporary in nature and are caused by changes in credit spreads and liquidity issues in the marketplace.  Available-for-sale securities are reviewed quarterly for possible other-than-temporary impairment. This review includes an analysis of the facts and circumstances of each individual investment such as the severity of loss, the expectation for that security's performance and the creditworthiness of the issuer.  Additionally, the Company does not intendto sell and it is not more-likely-than-not that the Company will be required to sell any of the securities before the recovery of their amortized cost basis.