Marketable Securities

3 Months Ended

Mar. 31, 2012

4.	Marketable Securities

The Company's marketable securities consist of both trading (including securities held by a broker-dealer affiliate) and available-for-sale securities. The composition of the Company's marketable securities is summarized as follows:

March 31, 2012


*($ in thousands)*	Cost		Unrealized Loss			Unrealized Gain		Fair Value
Trading:
Sponsored mutual funds and variable insurance funds	$	9,224	$	(877	)	$	1,442	$	9,789
Equity securities		3,469		—			519		3,988
Available-for-sale:
Sponsored closed-end funds		2,382		(41	)		168		2,509

Total marketable securities	$	15,075	$	(918	)	$	2,129	$	16,286

December 31, 2011


*($ in thousands)*	Cost		Unrealized Loss			Unrealized Gain		Fair Value
Trading:
Sponsored mutual funds and variable insurance funds		9,195		(1,263	)		1,048		8,980
Equity securities		3,434		(3	)		115		3,546
Available-for-sale:
Sponsored closed-end funds		2,240		(38	)		267		2,469

Total marketable securities	$	14,869	$	(1,304	)	$	1,430	$	14,995

At March 31, 2012 and December 31, 2011, all of the Company's financial instruments that are measured at fair value, which consist solely of mutual funds, marketable securities and non-qualified retirement plan assets in a rabbi trust in the amount of $3.2 million and $2.8 million, respectively, utilize a Level 1 valuation technique which, as defined in ASC 820, Fair Value Measurements and Disclosures, is quoted prices in active markets for identical assets or liabilities.

- Definition

Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets.

+ References+ Details