MARKETABLE SECURITIES

6 Months Ended

Jun. 30, 2012

MARKETABLE SECURITIES

MARKETABLE SECURITIES

NOTE 4—MARKETABLE SECURITIES

        At June 30, 2012, current available-for-sale marketable securities are as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(In thousands)
Corporate debt securities	$	26,420	$	56	$	—		$	26,476
States of the U.S. and state political subdivisions		111,541		598		(18	)		112,121
Total debt securities		137,961		654		(18	)		138,597
Total marketable securities	$	137,961	$	654	$	(18	)	$	138,597

        At December 31, 2011, current available-for-sale marketable securities are as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(In thousands)
Corporate debt securities	$	48,621	$	99	$	(15	)	$	48,705
States of the U.S. and state political subdivisions		111,758		587		(22	)		112,323
Total debt securities		160,379		686		(37	)		161,028
Equity security		4,656		11		—			4,667
Total marketable securities	$	165,035	$	697	$	(37	)	$	165,695

        The net unrealized gains in the tables above are included in "Accumulated other comprehensive loss" in the accompanying consolidated balance sheet.

        The contractual maturities of debt securities classified as available-for-sale at June 30, 2012 are as follows:

	Amortized Cost		Estimated Fair Value
	(In thousands)
Due in one year or less	$	65,966	$	66,125
Due after one year through five years		71,995		72,472
Total	$	137,961	$	138,597

        The following table summarizes investments in marketable debt securities (6 in total at June 30, 2012) that have been in a continuous unrealized loss position for less than twelve months:

	June 30, 2012					December 31, 2011
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
	(In thousands)
Corporate debt securities	$	—	$	—		$	12,920	$	(15	)
States of the U.S. and state political subdivisions		11,281		(18	)		11,711		(22	)
Total	$	11,281	$	(18	)	$	24,631	$	(37	)

        At June 30, 2012 and December 31, 2011, there are no investments in marketable securities that have been in a continuous unrealized loss position for twelve months or longer.

        Substantially all of the Company's marketable debt securities are rated investment grade. The gross unrealized losses on the marketable debt securities relate to changes in interest rates. Because the Company does not intend to sell any marketable debt securities, and it is not more likely than not that the Company will be required to sell any marketable debt securities, before recovery of their amortized cost bases, which may be maturity, the Company does not consider any of its marketable debt securities to be other-than-temporarily impaired at June 30, 2012.

        The following table presents the proceeds from maturities and sales of current and non-current available-for-sale marketable securities and the related gross realized gains and losses:

	Three Months Ended June 30,				Six Months Ended June 30,
	2012		2011		2012		2011
	(In thousands)
Proceeds from maturities and sales of available-for-sale marketable securities	$	21,376	$	215,139	$	47,777	$	413,904
Gross realized gains		15		1,022		1,798		1,916
Gross realized losses		—		—		—		(18	)

        Gross realized gains and losses from the maturities and sales of available-for-sale marketable securities are included in "Other (expense) income, net" in the accompanying consolidated statement of operations.

        The specific-identification method is used to determine the cost of securities sold and the amount of unrealized gains and losses reclassified out of accumulated other comprehensive income into earnings. Unrealized gains, net of tax, reclassified out of accumulated other comprehensive income (loss) into other (expense) income, net related to the maturities and sales of available-for-sale securities for the three and six months ended June 30, 2012, were less than $0.1 million and $0.7 million, respectively. Unrealized gains, net of tax, reclassified out of accumulated other comprehensive income (loss) into other (expense) income, net related to the maturities and sales of available-for-sale securities for the three and six months ended June 30, 2011, were $1.3 million and $1.4 million, respectively.