2. INVESTMENTS

The following table summarizes the Company’s investments at:

December 31, 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	$	22,045		$	-		$	-		$		22,045	$		-	$		-
Commercial paper	5,991			-			-			5,991			-			-
Municipal securities	367,819			48			-			367,867			-			-
Total	$	395,855		$	48		$	-		395,903			$		-	$		-
Trading
Short-term:
Auction rate securities										6,392
Long-term:
Auction rate securities										9,792
Total										$		412,087

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 year ended December 31, 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 year ended December 31, 2013 were not significant. During the years ended December 31, 2012 and 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 for the years ended:

	2013		2012		2011
(Loss) on transfer from available-for-sale to trading	$	-	$	-	$	(2,438	)
Gain on trading securities sold	255		1,130		2,604
Gain (loss) on trading securities held	816		753		(210		)
Gain (loss) on trading securites	$	1,071	$	1,883	$	(44	)

The Company’s investments at December 31, 2013 and 2012 in U.S. Treasuries, certificates of deposit, commercial paper and/or municipal securities carried investment grade credit ratings. All of the Company’s investments at December 31, 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:

	December 31, 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	22,045		22,045		2,201		2,201
Commercial paper	5,991		5,991		-		-
Municipal securities	367,819		367,867		77,038		77,027
U.S. government agency securities	-		-		-		-
Due 11 - 20 years:
Auction rate securities	11,102		11,102		10,748		10,748
Due 21 - 30 years:
Auction rate securities	5,082		5,082		9,925		12,408
Total	$	412,039	$	412,087	$	115,952	$	118,424