Marketable Securities - Unrestricted

9 Months Ended

Sep. 30, 2011

Marketable Securities - Unrestricted

Marketable Securities - Unrestricted

Note 5: Marketable Securities - Unrestricted

Marketable securities consist of fixed income securities with remaining maturities of greater than three months at the date of purchase, debt securities and equity securities.  For the three and nine months ended September 30, 2011, it was determined that some of the Marketable Securities had other than temporary impairments of approximately $79,000 and $258,000, respectively, which has been included with interest and other income for reporting purposes.  At September 30, 2011, all of these securities were classified as available for sale investments and $21,600,000 were measured as Level 1 instruments and $8,560,000 were measured as level 2 instruments of the fair value measurements standard (see Note 12: Fair Value).

Securities classified as available for sale consisted of:

September 30, 2011

(in thousands)

Securities	Cost		Unrealized Gains		Unrealized Losses			Recorded Value		Short-Term Investments		Long Term Investments
Mutual Funds	$	22,210	$	0	$	(610	)	$	21,600	$	21,600	$	0
Certificates of Deposit		2,528		11		(10	)		2,529		1,566		963
Corporate Bonds		6,211		0		(181	)		6,030		4,536		1,494
Totals	$	30,949	$	11	$	(801	)	$	30,159	$	27,702	$	2,457

December 31, 2010

(in thousands)

Securities	Cost		Unrealized Gains		Unrealized Losses			Recorded Value		Short-Term Investments		Long Term Investments
Mutual Funds	$	22,200	$	0	$	(490	)	$	21,710	$	21,710	$	0
Certificates of Deposit		4,327		12		(5	)		4,334		2,052		2,282
Corporate Bonds		13,092		0		(444	)		12,648		8,173		4,475
Foreign Bonds		2,822		0		(47	)		2,775		754		2,021
Totals	$	42,441	$	12	$	(986	)	$	41,467	$	32,689	$	8,778

Unrealized losses on investments

Investments with continuous unrealized losses for less than 12 months and 12 months or greater and their related fair values were as follows:

September 30, 2011

(in thousands)

	Less Than 12 Months					12 Months or Greater					Totals
Securities	Fair Values		Unrealized Losses			Fair Values		Unrealized Losses			Total Fair Value		Total Unrealized Losses
Mutual Funds	$	21,600	$	(610	)	$	0	$	0		$	21,600	$	(610	)
Certificates of Deposit		102		(1	)		416		(9	)		518		(10	)
Corporate Bonds		0		0			3,259		(181	)		3,259		(181	)
Totals	$	21,702	$	(611	)	$	3,675	$	(190	)	$	25,377	$	(801	)

December 31, 2010

(in thousands)

	Less Than 12 Months					12 Months or Greater				Totals
Securities	Fair Values		Unrealized Losses			Fair Values		Unrealized Losses		Total Fair Value		Total Unrealized Losses
Mutual Funds	$	21,710	$	(490	)	$	0	$	0	$	21,710	$	(490	)
Certificates of Deposit		721		(5	)		0		0		721		(5	)
Corporate Bonds		12,649		(444	)		0		0		12,649		(444	)
Foreign Bonds		2,775		(47	)		0		0		2,775		(47	)
Totals	$	37,855	$	(986	)	$	0	$	0	$	37,855	$	(986	)

Unrealized losses from fixed-income securities are primarily attributable to changes in interest rates and/or a reduction in their rating of credit worthiness as determined by independent financial rating services.  Unrealized losses from domestic and international equities are due to market price movements.  Management does not believe any remaining losses represent other than temporary impairment based on our evaluation of available evidence as of September 30, 2011.