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INVESTMENTS | 6 Months Ended
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Jun. 30, 2014
INVESTMENTS |
INVESTMENTS | 3. INVESTMENTS The following table summarizes the Company’s investments at:
June 30, 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 |  | $ | 6,007 |  | $ | - |  | $ | - |  | $ | 6,007 |  | $ | - |  | $ | - |
Commercial paper |  | 9,996 |  | - |  | - |  | 9,996 |  | - |  | - |
Municipal securities |  | 431,597 |  | 76 |  | - |  | 431,673 |  | - |  | - |
Long-term: |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal securities |  | 45,232 |  | 24 |  | - |  | 45,256 |  | - |  | - |
Total |  | $ | 492,832 |  | $ | 100 |  | $ | - |  | 492,932 |  | $ | - |  | $ | - |
Trading |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term: |  |  |  |  |  |  |  |  |  |  |  |  |
Auction rate securities |  |  |  |  |  |  |  | 6,369 |  |  |  |  |
Long-term: |  |  |  |  |  |  |  |  |  |  |  |  |
Auction rate securities |  |  |  |  |  |  |  | 6,450 |  |  |  |  |
Total |  |  |  |  |  |  |  | $ | 505,751 |  |  |  |  |
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 |  |  |  |  |
During the three- and six-months ended June 30, 2014, realized gains or losses recognized on the sale of investments were not significant. 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. The Company recognized a net gain through earnings on its trading securities as follows:
|  | Three-Months Ended June 30, |  | Six-Months Ended June 30, |
|  | 2014 |  | 2013 |  | 2014 |  | 2013 |
Gain on trading securities sold |  | $ | 138 |  | $ | - |  | $ | 269 |  | $ | - |
(Loss) gain on trading securities held |  | (121) |  | 392 |  | (185) |  | 399 |
Gain on trading securites |  | $ | 17 |  | $ | 392 |  | $ | 84 |  | $ | 399 |
The Company’s investments at June 30, 2014 and December 31, 2013 in certificates of deposit, commercial paper and/or municipal securities carried investment grade credit ratings. All of the Company’s investments at June 30, 2014 and 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. The following table summarizes the underlying contractual maturities of the Company’s investments at:
|  | June 30, 2014 |  | December 31, 2013 |
|  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value |
Less than 1 year: |  |  |  |  |  |  |  |  |
Certificates of deposit |  | $ | 6,007 |  | $ | 6,007 |  | $ | 22,045 |  | $ | 22,045 |
Commercial paper |  | 9,996 |  | 9,996 |  | 5,991 |  | 5,991 |
Municipal securities |  | 431,597 |  | 431,673 |  | 367,819 |  | 367,867 |
Due 1 - 10 years: |  |  |  |  |  |  |  |  |
Municipal securities |  | 45,232 |  | 45,256 |  | - |  | - |
Due 11 - 20 years: |  |  |  |  |  |  |  |  |
Auction rate securities |  | 12,773 |  | 12,773 |  | 11,102 |  | 11,102 |
Due 21 - 30 years: |  |  |  |  |  |  |  |  |
Auction rate securities |  | 46 |  | 46 |  | 5,082 |  | 5,082 |
Total |  | $ | 505,651 |  | $ | 505,751 |  | $ | 412,039 |  | $ | 412,087 |

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