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INVESTMENTS (Tables)
 12 Months Ended
Dec. 31, 2013
INVESTMENTS  
Summary of investments in held-to-maturity, available-for-sale and trading securities

 

 

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

 

 

 

 

 
Schedule of net gain (loss) recognized through earnings on trading securities

 

 

 

 

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

)
Summarizes the underlying contractual maturities of the Company's investments

 

 

 

 

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