4. INVESTMENTS

The following table summarizes the Company’s investments at:

September 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	$	2,504	$	-	$	-	$	2,504	$	-	$	-
Commercial paper	1,000		-		-		1,000		-		-
Municipal securities	579,695		123		-		579,818		-		-
Long-term:
Municipal securities	28,419		4		-		28,423		-		-
Total	$	611,618	$	127	$	-	611,745		$	-	$	-
Trading
Short-term:
Auction rate securities							4,842
Long-term:
Auction rate securities							-
Total							$	616,587

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 nine-months ended September 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 September 30,				Nine-Months Ended September 30,
	2014		2013		2014		2013
Gain on trading securities sold	$	630	$	140	$	900	$	140
Gain (loss) on trading securities held	18		71		(167)		468
Gain on trading securites	$	648	$	211	$	733	$	608

The Company’s investments at September 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 September 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:

	September 30, 2014				December 31, 2013

	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Less than 1 year:
Certificates of deposit	$	2,504	$	2,504	$	22,045	$	22,045
Commercial paper	1,000		1,000		5,991		5,991
Municipal securities	579,695		579,818		367,819		367,867
Due 1 - 10 years:
Municipal securities	28,419		28,423		-		-
Due 11 - 20 years:
Auction rate securities	4,842		4,842		11,102		11,102
Due 21 - 30 years:
Auction rate securities	-		-		5,082		5,082
Total	$	616,460	$	616,587	$	412,039	$	412,087