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INVESTMENTS | 9 Months Ended
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Sep. 30, 2012
INVESTMENTS |
INVESTMENTS |
3. INVESTMENTS The following table summarizes the Company’s investments at:
September 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: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit |  | $ | 17,015 |  |  | $ | 2 |  |  | $ | - |  |  | $ | 17,017 |  |  | $ | - |  |  | $ | - |
Municipal securities |  | 253,283 |  |  | - |  |  | 46 |  |  | 253,237 |  |  | 46 |  |  | - |
U.S. government agency securities |  | 29,982 |  |  | 3 |  |  | - |  |  | 29,985 |  |  | - |  |  | - |
Available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Variable rate demand notes |  | 6,501 |  |  | - |  |  | - |  |  | 6,501 |  |  | - |  |  | - |
Long-term: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Auction rate securities |  | 3,310 |  |  | - |  |  | - |  |  | 3,310 |  |  | - |  |  | - |
Total |  | $ | 310,091 |  |  | $ | 5 |  |  | $ | 46 |  |  | 310,050 |  |  | $ | 46 |  |  | $ | - |
Trading |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Auction rate securities |  |  |  |  |  |  |  |  |  |  | 873 |  |  |  |  |  |  |
Long-term: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Auction rate securities |  |  |  |  |  |  |  |  |  |  | 16,572 |  |  |  |  |  |  |
Total |  |  |  |  |  |  |  |  |  |  | $ | 327,495 |  |  |  |  |  |  |
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 |  |  |  |  |  |  |
During the three- and nine-months ended September 30, 2012 and the year ended December 31, 2011, realized gains or losses recognized on the sale of investments were not significant. The Company recognized a net gain (loss) through earnings on its trading securities as follows:
|  | Three-Months Ended September 30, |  | Nine-Months Ended September 30,
|  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
(Loss) on transfer from available-for-sale to trading |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | (2,439 | )
Gain on trading securities sold |  | 27 |  |  | 1,335 |  |  | 1,100 |  |  | 3,351 |
Gain (loss) on trading securities held |  | 80 |  |  | (1,220 | ) |  | 579 |  |  | (1,201 | )
Gain (loss) on trading securites |  | $ | 107 |  |  | $ | 115 |  |  | $ | 1,679 |  |  | $ | (289 | )
The Company’s investments at September 30, 2012 and December 31, 2011 in U.S. Treasuries, certificates of deposit, corporate bonds, municipal securities, U.S. government agency securities and variable rate demand notes (“VRDNs”) carried investment grade credit ratings. VRDNs are floating rate municipal bonds with embedded put options that allow the bondholder to sell the security at par plus accrued interest. All of the put options are secured by a pledged liquidity source. While they are classified as marketable investment securities, the put option allows the VRDNs to be liquidated at par on a same day, or more generally on a seven day, settlement basis. A portion of the Company’s investments at September 30, 2012 and December 31, 2011 in municipal, educational or other public body securities with an auction reset feature (“auction rate securities”) also carried investment grade credit ratings. The following table summarizes the underlying contractual maturities of the Company’s investments at:
|  | September 30, 2012 |  | December 31, 2011
|  | Amortized Cost |  | Fair Value |  |  | Amortized Cost |  |  | Fair Value |
Less than 1 year: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasuries |  | $ | - |  |  | $ | - |  |  | $ | 8,034 |  |  | $ | 8,039 |
Certificates of deposit |  | 17,015 |  |  | 17,017 |  |  | 29,034 |  |  | 29,035 |
Corporate bonds |  | - |  |  | - |  |  | 2,022 |  |  | 2,022 |
Municipal securities |  | 253,283 |  |  | 253,237 |  |  | 284,605 |  |  | 284,541 |
U.S. government agency securities |  | 29,982 |  |  | 29,985 |  |  | 16,005 |  |  | 16,007 |
Due 1 - 10 years: |  |  |  |  |  |  |  |  |  |  |  |
Variable rate demand notes |  | - |  |  | - |  |  | 5,775 |  |  | 5,775 |
Due 11 - 20 years: |  |  |  |  |  |  |  |  |  |  |  |
Variable rate demand notes |  | 3,000 |  |  | 3,000 |  |  | 12,716 |  |  | 12,716 |
Auction rate securities |  | 10,896 |  |  | 10,896 |  |  | 5,158 |  |  | 5,158 |
Due 21 - 30 years: |  |  |  |  |  |  |  |  |  |  |  |
Variable rate demand notes |  | 2,501 |  |  | 2,501 |  |  | 27,902 |  |  | 27,902 |
Auction rate securities |  | 9,859 |  |  | 9,859 |  |  | 25,134 |  |  | 25,134 |
Due 31 - 40 years: |  |  |  |  |  |  |  |  |  |  |  |
Variable rate demand notes |  | 1,000 |  |  | 1,000 |  |  | 12,532 |  |  | 12,532 |
Auction rate securities |  | - |  |  | - |  |  | 5,559 |  |  | 5,559 |
Total |  | $ | 327,536 |  |  | $ | 327,495 |  |  | $ | 434,476 |  |  | $ | 434,420 |

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- Definition Tabular disclosure of investments in certain debt and equity securities (and certain other trading assets) which include all debt and equity securities (other than those equity securities accounted for under the equity or cost methods of accounting) with readily determinable fair values. Other trading assets include assets that are carried on the balance sheet at fair value and held for trading purposes. A debt security represents a creditor relationship with an enterprise that is in the form of a security. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. An entity may opt to provide the reader with additional narrative text to better understand the nature of investments in debt and equity securities (and other trading assets). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27405-111563 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Equity Security -URI http://asc.fasb.org/extlink&oid=6511694 -Topic 320 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27161-111563 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Debt Security -URI http://asc.fasb.org/extlink&oid=6509901 -Topic 320 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 115 -Paragraph 3, 19, 20, 21, 22, 137 -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. Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27232-111563 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27290-111563 + Details
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