INVESTMENTS (Tables)
|
6 Months Ended |
Jun. 30, 2012
|
INVESTMENTS |
|
Summary of investments in held-to-maturity, available-for-sale and trading securities |
June 30, 2012 |
|
Amortized
Cost |
|
|
Gross
Unrealized
Holding
Gains |
|
|
Gross
Unrealized
Holding
Losses |
|
|
Fair
Value |
|
|
Continuous
Unrealized
Loss Position
less than 12
Months |
|
|
Continuous
Unrealized
Loss Position
greater than 12
Months |
|
Held-to-Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasuries |
|
|
$ |
15,325 |
|
|
|
$ |
– |
|
|
|
$ |
– |
|
|
|
$ |
15,325 |
|
|
|
$ |
– |
|
|
|
$ |
– |
|
Certificates of deposit |
|
38,087 |
|
|
– |
|
|
– |
|
|
38,087 |
|
|
– |
|
|
– |
|
Municipal securities |
|
343,100 |
|
|
– |
|
|
124 |
|
|
342,976 |
|
|
124 |
|
|
– |
|
U.S. government agency securities |
|
23,992 |
|
|
– |
|
|
– |
|
|
23,992 |
|
|
– |
|
|
– |
|
Available-for-sale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Variable rate demand notes |
|
30,559 |
|
|
– |
|
|
– |
|
|
30,559 |
|
|
– |
|
|
– |
|
Long-term: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auction rate securities |
|
3,310 |
|
|
– |
|
|
– |
|
|
3,310 |
|
|
– |
|
|
– |
|
Total |
|
|
$ |
454,373 |
|
|
|
$ |
– |
|
|
|
$ |
124 |
|
|
454,249 |
|
|
|
$ |
124 |
|
|
|
$ |
– |
|
Trading |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auction rate securities |
|
|
|
|
|
|
|
|
|
|
– |
|
|
|
|
|
|
|
Long-term: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auction rate securities |
|
|
|
|
|
|
|
|
|
|
17,563 |
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
$ |
471,812 |
|
|
|
|
|
|
|
December 31, 2011 |
|
Amortized
Cost |
|
|
Gross
Unrealized
Holding
Gains |
|
|
Gross
Unrealized
Holding
Losses |
|
|
Fair
Value |
|
|
Continuous
Unrealized
Loss Position
less than 12
Months |
|
|
Continuous
Unrealized
Loss Position
greater than 12
Months |
|
Held-to-Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasuries |
|
|
$ |
8,034 |
|
|
|
$ |
5 |
|
|
|
$ |
— |
|
|
|
$ |
8,039 |
|
|
|
$ |
— |
|
|
|
$ |
— |
|
Certificates of deposit |
|
29,034 |
|
|
1 |
|
|
— |
|
|
29,035 |
|
|
— |
|
|
— |
|
Corporate bonds |
|
2,022 |
|
|
— |
|
|
— |
|
|
2,022 |
|
|
— |
|
|
— |
|
Municipal securities |
|
284,605 |
|
|
— |
|
|
64 |
|
|
284,541 |
|
|
64 |
|
|
— |
|
U.S. government agency securities |
|
16,005 |
|
|
2 |
|
|
— |
|
|
16,007 |
|
|
— |
|
|
— |
|
Available-for-sale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Variable rate demand notes |
|
58,924 |
|
|
— |
|
|
— |
|
|
58,924 |
|
|
— |
|
|
— |
|
Long-term: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auction rate securities |
|
3,320 |
|
|
— |
|
|
— |
|
|
3,320 |
|
|
— |
|
|
— |
|
Total |
|
|
$ |
401,944 |
|
|
|
$ |
8 |
|
|
|
$ |
64 |
|
|
401,888 |
|
|
|
$ |
64 |
|
|
|
$ |
— |
|
Trading |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auction rate securities |
|
|
|
|
|
|
|
|
|
|
12,658 |
|
|
|
|
|
|
|
Long-term: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auction rate securities |
|
|
|
|
|
|
|
|
|
|
19,874 |
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
$ |
434,420 |
|
|
|
|
|
|
| | | |
|
Schedule of net (loss) gain recognized through earnings on trading securities |
|
|
Three-Months Ended
June 30, |
|
Six-Months Ended
June 30, |
|
|
|
2012 |
|
|
2011 |
|
|
2012 |
|
|
2011 |
|
(Loss) on transfer from available-for-sale to trading |
|
|
$ |
- |
|
|
|
$ |
(2,439 |
) |
|
|
$ |
- |
|
|
|
$ |
(2,439 |
) |
Gain on trading securities sold |
|
54 |
|
|
1,919 |
|
|
1,088 |
|
|
2,046 |
|
(Loss) gain on trading securities held |
|
(255 |
) |
|
(133 |
) |
|
498 |
|
|
19 |
|
(Loss) gain on trading securites |
|
|
$ |
(201 |
) |
|
|
$ |
(653 |
) |
|
|
$ |
1,586 |
|
|
|
$ |
(374 |
) | | |
|
Summarizes the underlying contractual maturities of the Company's investments |
|
|
June 30, 2012 |
|
December 31, 2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortized Cost |
|
|
Fair Value |
|
|
Amortized Cost |
|
|
Fair Value |
Less than 1 year: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasuries |
|
|
$ |
15,325 |
|
|
|
$ |
15,325 |
|
|
|
$ |
8,034 |
|
|
|
$ |
8,039 |
|
Certificates of deposit |
|
38,087 |
|
|
38,087 |
|
|
29,034 |
|
|
29,035 |
|
Corporate bonds |
|
- |
|
|
- |
|
|
2,022 |
|
|
2,022 |
|
Municipal securities |
|
343,100 |
|
|
342,976 |
|
|
284,605 |
|
|
284,541 |
|
U.S. government agency securities |
|
23,992 |
|
|
23,992 |
|
|
16,005 |
|
|
16,007 |
|
Due 1 - 10 years: |
|
|
|
|
|
|
|
|
|
|
|
|
Variable rate demand notes |
|
900 |
|
|
900 |
|
|
5,775 |
|
|
5,775 |
|
Due 11 - 20 years: |
|
|
|
|
|
|
|
|
|
|
|
|
Variable rate demand notes |
|
6,801 |
|
|
6,801 |
|
|
12,716 |
|
|
12,716 |
|
Auction rate securities |
|
4,571 |
|
|
4,571 |
|
|
5,158 |
|
|
5,158 |
|
Due 21 - 30 years: |
|
|
|
|
|
|
|
|
|
|
|
|
Variable rate demand notes |
|
15,082 |
|
|
15,082 |
|
|
27,902 |
|
|
27,902 |
|
Auction rate securities |
|
16,302 |
|
|
16,302 |
|
|
25,134 |
|
|
25,134 |
|
Due 31 - 40 years: |
|
|
|
|
|
|
|
|
|
|
|
|
Variable rate demand notes |
|
7,776 |
|
|
7,776 |
|
|
12,532 |
|
|
12,532 |
|
Auction rate securities |
|
- |
|
|
- |
|
|
5,559 |
|
|
5,559 |
|
Total |
|
|
$ |
471,936 |
|
|
|
$ |
471,812 |
|
|
|
$ |
434,476 |
|
|
|
$ |
434,420 |
| | |
|