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INVESTMENTS (Tables)
3 Months Ended
Mar. 31, 2014
INVESTMENTS  
Summary of investments in held-to-maturity, available-for-sale and trading securities

 

March 31, 2014

 

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

 

 $

22,043

 

 $

-

 

 $

-

 

 $

22,043

 

 $

-

 

 $

-

Commercial paper

 

9,990

 

-

 

-

 

9,990

 

-

 

-

Municipal securities

 

400,504

 

25

 

-

 

400,529

 

-

 

-

Total

 

 $

432,537

 

 $

25

 

 $

-

 

432,562

 

 $

-

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading

 

 

 

 

 

 

 

 

 

 

 

 

Short-term:

 

 

 

 

 

 

 

 

 

 

 

 

Auction rate securities

 

 

 

 

 

 

 

6,395

 

 

 

 

Long-term:

 

 

 

 

 

 

 

 

 

 

 

 

Auction rate securities

 

 

 

 

 

 

 

8,131

 

 

 

 

Total

 

 

 

 

 

 

 

 $

447,088

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Schedule of net gain recognized through earnings on trading securities

 

 

 

Three-Months Ended
March 31,

 

 

 

2014

 

 

2013

 

Gain on trading securities sold

 

 $

131

 

 

 $

-

 

(Loss) gain on trading securities held

 

(64

)

 

6

 

Gain on trading securites

 

 $

67

 

 

 $

6

 

 

Summarizes the underlying contractual maturities of the Company's investments

 

 

 

March 31, 2014

 

December 31, 2013

 

 

 

Amortized Cost

 

Fair Value

 

Amortized Cost

 

Fair Value

 

Less than 1 year:

 

 

 

 

 

 

 

 

 

Certificates of deposit

 

 $

22,043

 

 $

22,043

 

 $

22,045

 

 $

22,045

 

Commercial paper

 

9,990

 

9,990

 

5,991

 

5,991

 

Municipal securities

 

400,504

 

400,529

 

367,819

 

367,867

 

Due 11 - 20 years:

 

 

 

 

 

 

 

 

 

Auction rate securities

 

11,053

 

11,053

 

11,102

 

11,102

 

Due 21 - 30 years:

 

 

 

 

 

 

 

 

 

Auction rate securities

 

3,473

 

3,473

 

5,082

 

5,082

 

Total

 

 $

447,063

 

 $

447,088

 

 $

412,039

 

 $

412,087