3. INVESTMENTS

The following table summarizes the Company’s investments at:

September 30, 2013	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:
Certificates of deposit	$	6,515	$	-	$	-	$	6,515	$	-	$	-
Municipal securities	302,059		56		-		302,115		-		-
Total	$	308,574	$	56	$	-	308,630		$	-	$	-

Trading
Short-term:
Auction rate securities							6,998
Long-term:
Auction rate securities							9,725
Total							$	325,353

December 31, 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	$	16,040	$	-	$	-	$	16,040	$	-	$	-
Certificates of deposit	2,201		-		-		2,201		-		-
Municipal securities	77,038		-		11		77,027		11		-
Available-for-sale
Long-term:
Auction rate securities	3,310		2,483		-		5,793		-		-
Total	$	98,589	$	2,483	$	11	101,061		$	11	$	-

Trading
Short-term:
Auction rate securities							1,763
Long-term:
Auction rate securities							15,600
Total							$	118,424

During the nine-months ended September 30, 2013, the Company recognized $2.5 million of realized gains on the sale of available-for-sale investments. Realized gains or losses on the sale of all other investments during the nine-months ended September 30, 2013 were not significant. During the year ended December 31, 2012, realized gains or losses recognized on the sale of investments were not significant.

The Company recognized a net gain through earnings on its trading securities as follows:

	Three-Months Ended September 30,				Nine-Months Ended September 30,
	2013		2012		2013		2012
Gain on transfer from available-for-sale to trading	$	-	$	-	$	-	$	-
Gain on trading securities sold	140		27		140		1,100
Gain on trading securities held	71		80		468		579
Gain on trading securites	$	211	$	107	$	608	$	1,679

The Company’s investments at September 30, 2013 and December 31, 2012 in U.S. Treasuries, certificates of deposit and/or municipal securities carried investment grade credit ratings. All of the Company’s investments at September 30, 2013 in municipal, educational or other public body securities with an auction reset feature (“auction rate securities”) also carried investment grade credit ratings. A portion of the Company’s investments at December 31, 2012 in auction rate securities carried investment grade credit ratings.

The following table summarizes the underlying contractual maturities of the Company’s investments at:

	September 30, 2013				December 31, 2012

	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Less than 1 year:
U.S. Treasuries	$	-	$	-	$	16,040	$	16,040
Certificates of deposit	6,515		6,515		2,201		2,201
Municipal securities	302,059		302,115		77,038		77,027
Due 11 - 20 years:
Auction rate securities	10,861		10,861		10,748		10,748
Due 21 - 30 years:
Auction rate securities	5,862		5,862		9,925		12,408
Total	$	325,297	$	325,353	$	115,952	$	118,424