Investments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2013

Investments and Fair Value Measurements [Abstract]

The following tables summarize the composition of our investments at June 30, 2013 and December 31, 2012 (in thousands):

							Classification on Balance Sheet
June 30, 2013	Amortized Cost		Unrealized Gains (Losses)		Aggregate Fair Value		Cash and cash equivalents		Short-term available-for-sale securities		Long-term available-for-sale securities
Auction rate securities ("ARS"), greater than one year	$	1,000	$	(284)	$	716	$	-	$	-	$	716
Money market funds, ninety days or less		50		-		50		50		-		-
Municipal securities¹
One year or less²		43,093		(109)		42,984		-		42,984		-
After one year through three years		2,517		2		2,519		-		2,519		-
Greater than three years		6,019		(164)		5,855		-		5,855		-
Total	$	52,679	$	(555)	$	52,124	$	50	$	51,358	$	716

							Classification on Balance Sheet
December 31, 2012	Amortized Cost		Unrealized Gains (Losses)		Aggregate Fair Value		Cash and cash equivalents		Short-term available-for-sale securities		Long-term available-for-sale securities
ARS, greater than one year	$	1,000	$	(277)	$	723	$	-	$	-	$	723
Money market funds, ninety days or less		1,150		-		1,150		1,150		-		-
Municipal securities¹
One year or less²		26,885		(1)		26,884		-		26,884		-
After one year through three years		1,345		7		1,352		-		1,352		-
Greater than three years		3,884		2		3,886		-		3,886		-
Total	$	34,264	$	(269)	$	33,995	$	1,150	$	32,122	$	723

¹Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

²Amounts include short-term municipal security funds that do not have a set maturity date. The aggregate fair value of short-term municipal securities was $42.1 million and $26.1 million as of June 30, 2013, and December 31, 2012, respectively.

Fair value by balance sheet grouping

The following table details the fair value measurements of assets and liabilities within the three levels of the fair value hierarchy at June 30, 2013 and December 31, 2012 (in thousands):

			Fair Value Measurements at Reporting Date Using
June 30, 2013	Fair Market Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Financial assets:
ARS	$	716	$	-	$	-	$	716
Money market funds		50		50		-		-
Municipal securities¹		51,358		51,358		-		-
Foreign currency exchange contracts		36		-		36		-
Total financial assets	$	52,160	$	51,408	$	36	$	716
Financial liabilities:
Foreign currency exchange contracts		447		-		447		-
Total financial liabilities	$	447	$	-	$	447	$	-


			Fair Value Measurements at Reporting Date Using
December 31, 2012	Fair Market Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Financial assets:
ARS	$	723	$	-	$	-	$	723
Money market funds		1,150		1,150		-		-
Municipal securities¹		32,122		32,122		-		-
Foreign currency exchange contracts		952		-		952		-
Total financial assets	$	34,947	$	33,272	$	952	$	723
Financial liabilities:
Foreign currency exchange contracts		115		-		115		-
Total financial liabilities	$	115	$	-	$	115	$	-

¹At June 30, 2013, municipal securities consisted of an 82/11/7 percent split between holdings in short-term municipal security funds, municipal revenue bonds and municipal general obligation bonds, respectively. At December 31, 2012, municipal securities consisted of an 82/12/6 split between holdings in short-term municipal security funds, municipal revenue bonds and municipal general obligation bonds, respectively. The underlying credit rating of the municipal securities at June 30, 2013 and December 31, 2012 were A+, A1 or better as defined by S&P 500 and Moody's, respectively.

Fair value of Level 3 assets measured on a recurring basis

Fair value measurements on a recurring basis using Level 3 inputs consist of one available-for-sale ARS. The following table presents a reconciliation for the three and six months ended June 30, 2013 and 2012, of available-for-sale ARS measured at fair value on a recurring basis using Level 3 inputs (in thousands):

	Six months ended				Three months ended
	June 30,				June 30,
	2013		2012		2013		2012
Beginning balance	$	723	$	700	$	729	$	703
Total realized / unrealized losses:
Included in earnings		-		-		-		-
Included in OCI		(7)		14		(13)		11
Sales and settlements		-		-		-		-
Ending balance	$	716	$	714	$	716	$	714

Reclassification Out Of Accumulated Other Comprehensive Income [Table Text Block]

Unrealized gains or losses related to available-for-sale securities are recorded in accumulated other comprehensive income ("AOCI"). When securities are sold and a realized gain or loss is recognized, the amount is reclassified from AOCI to the income statement. For the three and six months ended June 30, 2013 and 2012, the amounts of net realized gains recognized in the income statement for the sale of investments were as follows (in thousands):

Location of gain reclassed from AOCI	Gain reclassed from AOCI
	Three and six months ended June 30,
	2013		2012
Interest and dividend income	$	8	$	239

Realized gains and losses included in accumulated other comprehensive income

The following table summarizes the balances of AOCI and the gain (loss) recognized in other comprehensive income ("OCI") related to unrealized gains and losses for available-for-sale securities in the periods indicated (in thousands):

	Accumulated Other Comprehensive Income (Loss)
	Available-for-sale securities
	2013		2012
Balance, January 1,	$	(180)	$	135
Other comprehensive income, net of income taxes		(186)		(27)
Balance, June 30,	$	(366)	$	108

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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-Name Statement of Financial Accounting Standard (FAS)

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-Publisher FASB

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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