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Marketable Securities
 12 Months Ended
Dec. 31, 2011
Marketable Securities  
Marketable Securities

Note 2 Marketable Securities

The Company's marketable securities are all classified as available-for-sale. FASB has established three levels of inputs that may be used to measure fair value:

Level 1 Observable inputs such as quoted prices in active markets for identical assets or liabilities;

Level 2 Observable inputs, other than Level 1 inputs in active markets, that are observable either directly

or indirectly; and

Level 3 Unobservable inputs for which there is little or no market data, which require the reporting entity

to develop its own assumptions.

The Company's marketable securities valued using Level 1 inputs include highly liquid equity securities, for which quoted market prices are available. The Company's bond portfolio is valued using Level 2 inputs. The Company's bonds are valued using a combination of pricing for similar securities, recently executed transactions, cash flow models with yield curves and other pricing models utilizing observable inputs, which are considered Level 2 inputs.

 

For Level 2 investment valuation, the Company utilizes standard pricing procedures of its investment brokerage firm(s) which include various third party pricing services such as FT Interactive Data, Reuters, Bloomberg and JP Morgan Pricing Direct. These procedures also require specific price monitoring practices as well as pricing review reports, valuation oversight and pricing challenge procedures to maintain the most accurate representation of investment fair market value.

 

Marketable securities, as of December 31, 2011 and December 25, 2010, consisted of:

          Gross     Gross        
          Unrealized     Unrealized        
(dollars in thousands)   Amortized     Holding     Holding     Fair  
December 31, 2011   Cost     Gains     Losses     Value  
Available-for-sale:                                
Level 1                                
Equity securities   $ 1,713     $ 7,735     $  —     $ 9,448  
                                 
Level 2                                
Municipal bonds     78,388       1,512        —       79,900  
                                 
    $ 80,101     $ 9,247     $  —     $ 89,348  

          Gross     Gross        
          Unrealized     Unrealized        
(dollars in thousands)   Amortized     Holding     Holding     Fair  
December 25, 2010   Cost     Gains     Losses     Value  
Available-for-sale:                                
Level 1                                
Equity securities   $ 1,756     $ 8,368     $ —     $ 10,124  
                                 
Level 2                                
Municipal bonds     15,623       12       —       15,635  
                                 
    $ 17,379     $ 8,380     $  —     $ 25,759  

Maturities of marketable securities classified as available-for-sale at December 31, 2011, were as follows:

    Amortized     Fair  
(dollars in thousands)   Cost     Value  
Available-for-sale:                
Due after one year through five years   $ 53,412     $ 53,459  
Due after five years through ten years     23,479       24,944  
Due after ten years     1,497       1,497  
Equity securities     1,713       9,448  
                 
    $ 80,101     $ 89,348