Note 4 - Investments Available for Sale

6 Months Ended

Jun. 30, 2011

Available-for-sale Securities [Table Text Block]

4. Investments Available for Sale

The Company’s investments are classified as available for sale and are stated at fair value.  The Company’s investments available for sale were as follows (in thousands):

	June 30, 2011		December 31, 2010
U.S. Treasury Notes	$	5,004	$	15,068
U.S. Government Corporations and Agencies		1,502		3,502
Corporate Notes and Bonds		10,991		47,005
Accrued interest income		233		702
Total investments available for sale	$	17,730	$	66,277

At June 30, 2011 and 2010, gross unrealized holding gains were $24,000 and $132,000, respectively, and gross unrealized holding losses were $2,000 and $146,000, respectively.  Included in comprehensive income were changes in unrealized holding losses of $45,000 and $34,000 for the six and three months ended June 30, 2011, respectively.  Included in comprehensive income were changes in unrealized holding losses of $33,000 and $49,000 for the six and three months ended June 30, 2010, respectively.  The Company capitalizes any premiums paid or discounts received and amortizes the premiums or accretes the discounts on a straight-line basis over the remaining term of the security.  Investments by contractual maturities as of June 30, 2011 were as follows (in thousands):

Within one year	$	16,225
After one year through five years		1,505
After five years through ten years		0
After ten years		0
	$	17,730

During the six and three months ended June 30, 2011, the Company received proceeds from the sale of investments available for sale of $23,812,000 and $12,853,000, respectively, and related gains on sale of $12,000 and $6,000, respectively.  There were no sales of investments available for sale during the six and three months ended June 30, 2010.  Realized gains and losses are recognized using the actual cost of the investment.