Note 4 - Investments Available for Sale

3 Months Ended

Mar. 31, 2012

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.  There were no investments available for sale at March 31, 2012.  The Company’s investments available for sale at December 31, 2011 were as follows (in thousands):

	December 31, 2011
Corporate Notes and Bonds	$	2,024
Accrued interest income		33
Total investments available for sale	$	2,057

At March 31, 2011, gross unrealized holding gains were $86,000 and gross unrealized holding losses were $12,000.  Comprehensive income increased $1,000 and decreased $12,000 for the three months ended March 31, 2012 and 2011, 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.

During the three months ended March 31, 2012, the Company received proceeds from the sale of investments available for sale of $1,013,000 and the related gain on sale was insignificant and during the three months ended March 31, 2011, the Company received proceeds from the sale of investments available for sale of $10,959,000 and a related gain on sale of $6,000.  Realized gains and losses are recognized using the actual cost of the investment.