2.INVESTMENTS

The following table summarizes the Company’s investments at:

December 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:
Commercial paper	$	19,482	$	(2)	$	-	$	19,480	$	-	$	-
Municipal securities	744,542		105		-		744,647		-		-
U.S. Government Agencies	9,199		(1)		-		9,198		-		-
Lont-term:
Municipal securities	42,940		10		-		42,950		-		-
Available-for-sale
Short-term:
Variable rate demand notes	4,001		-		-		4,001		-		-
Total	$	820,164	$	112	$	-	820,276		$	-	$	-
Trading
Short-term:
Auction rate securities							3,910
Long-term:
Auction rate securities							-
Total							$	824,186

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 year ended December 31, 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. During the year ended December 31, 2012, realized gains or losses recognized on the sale of investments were not significant.

The Company recognized a net gain through earnings on its trading securities as follows for the years ended:

	2014		2013		2012
Gain (loss) on transfer from available-for-sale to trading	$	-	$	-	$	-
Gain on trading securities sold	978		255		1,130
(Loss) gain on trading securities held	(177)		816		753
Gain on trading securites	$	801	$	1,071	$	1,883

The Company’s investments at December 31, 2014 and 2013 in certificates of deposit, commercial paper, municipal securities, U.S. government agency securities and/or variable rate demand notes (“VRSNs”) carried investment grade credit ratings. VRDNs are floating rate municipal bonds with embedded put options that allow the bondholder to sell the security at par plus accrued interest. All of the put options are secured by a pledged liquidity source. While they are classified as marketable investment securities, the put option allows the VRDNs to be liquidated at par on a same day, or more generally on a seven day, settlement basis. All of the Company’s investments at December 31, 2014 and 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:

	December 31, 2014				December 31, 2013

	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Less than 1 year:
U.S. Treasuries	$	-	$	-	$	-	$	-
Certificates of deposit	-		-		22,045		22,045
Commercial paper	19,482		19,480		5,991		5,991
Municipal securities	744,542		744,647		367,819		367,867
U.S. government agency securities	9,199		9,198		-		-
Due 1 -10 years:
Municipal securities	42,940		42,950		-		-
Due 11 - 20 years:
Auction rate securities	3,910		3,910		11,102		11,102
Due 21 - 30 years:
Variable rate demand notes	4,001		4,001		-		-
Auction rate securities	-		-		5,082		5,082
Total	$	824,074	$	824,186	$	412,039	$	412,087