Note C - Investments Available For Sale

12 Months Ended

Dec. 31, 2011

Available-for-sale Securities [Table Text Block]

NOTE C – 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 at December 31 were as follows (in thousands):

	2011		2010
Corporate Notes and Bonds	$	2,024	$	47,005
U.S. Treasury Notes		0		15,068
U.S. Government Corporations and Agencies		0		3,502
Accrued interest income		33		702
Total investments available for sale	$	2,057	$	66,277

At December 31, 2011 gross unrealized holding losses were $3,000 and at December 31, 2010, gross unrealized holding gains were $151,000 and gross unrealized holding losses were $60,000.  Included in comprehensive income were changes in net unrealized losses of $62,000 for the year ended December 31, 2011 and changes in net unrealized holding gains of $36,000 for the year ended December 31, 2010.    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.

During the year ended December 31, 2011, the Company received proceeds from the sale of investments available for sale of $25,852,000 and the related gain on sale was $13,000.  During the year ended December 31, 2010, the Company received proceeds from the sale of investments available for sale of $6,002,000 and the related gain on sale was not significant.  There were no sales of investments available for sale during the year ended December 31, 2009.  Realized gain and losses are recognized using the actual cost of the instrument.

Investments by contractual maturities as of December 31, 2011 were as follows (in thousands):

Within one year	$	2,057
After one year through five years		0
After five years through ten years		0
After ten years		0
	$	2,057