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Marketable Securities | 6 Months Ended
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Jun. 30, 2012
Marketable Securities [Abstract] |
MARKETABLE SECURITIES | NOTE C – MARKETABLE SECURITIES The Company classifies its securities as available-for-sale and therefore is required to adjust securities to fair value at each reporting date. All costs and both realized and unrealized gains and losses on securities are determined on a specific identification basis. The following is a summary of available-for-sale securities at June 30, 2012 and December 31, 2011:
($ in thousands) |  |  |  |  | 2012 |  |  | 2011 |
Marketable Securities: |  | Fair Value Hierarchy |  |  | Cost |  |  | Estimated Fair Value |  |  | Cost |  |  | Estimated Fair Value |
Certificates of deposit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
with unrecognized losses for less than 12 months |  |  |  |  |  | $ | 1,902 |  |  | $ | 1,893 |  |  | $ | 3,646 |  |  | $ | 3,605 |
with unrecognized losses for more than 12 months |  |  |  |  |  |  | 103 |  |  |  | 103 |  |  |  | — |  |  |  | — |
with unrecognized gains |  |  |  |  |  |  | 4,324 |  |  |  | 4,360 |  |  |  | 3,525 |  |  |  | 3,551 |
Total Certificates of deposit |  |  | Level 1 |  |  |  | 6,329 |  |  |  | 6,356 |  |  |  | 7,171 |  |  |  | 7,156 |
US Treasury and agency notes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
with unrecognized losses for less than 12 months |  |  |  |  |  |  | 6,293 |  |  |  | 6,236 |  |  |  | 4,352 |  |  |  | 4,338 |
with unrecognized losses for more than 12 months |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 1,002 |  |  |  | 1,000 |
with unrecognized gains |  |  |  |  |  |  | 14,723 |  |  |  | 14,844 |  |  |  | 16,479 |  |  |  | 16,660 |
Total US Treasury and agency notes |  |  | Level 2 |  |  |  | 21,016 |  |  |  | 21,080 |  |  |  | 21,833 |  |  |  | 21,998 |
Corporate notes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
with unrecognized losses for less than 12 months |  |  |  |  |  |  | 4,739 |  |  |  | 4,707 |  |  |  | 9,230 |  |  |  | 9,098 |
with unrecognized losses for more than 12 months |  |  |  |  |  |  | 821 |  |  |  | 818 |  |  |  | 1,539 |  |  |  | 1,494 |
with unrecognized gains |  |  |  |  |  |  | 26,052 |  |  |  | 26,460 |  |  |  | 19,369 |  |  |  | 19,738 |
Total Corporate notes |  |  | Level 2 |  |  |  | 31,612 |  |  |  | 31,985 |  |  |  | 30,138 |  |  |  | 30,330 |
Municipal notes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
with unrecognized losses for less than 12 months |  |  |  |  |  |  | 1,058 |  |  |  | 1,048 |  |  |  | 1,177 |  |  |  | 1,165 |
with unrecognized losses for more than 12 months |  |  |  |  |  |  | 952 |  |  |  | 944 |  |  |  | 881 |  |  |  | 873 |
with unrecognized gains |  |  |  |  |  |  | 7,516 |  |  |  | 7,622 |  |  |  | 6,964 |  |  |  | 7,044 |
Total Municipal notes |  |  | Level 2 |  |  |  | 9,526 |  |  |  | 9,614 |  |  |  | 9,022 |  |  |  | 9,082 |
|  |  |  |  |  | $ | 68,483 |  |  | $ | 69,035 |  |  | $ | 68,164 |  |  | $ | 68,566 |
We evaluate our securities for other-than-temporary impairment based on the specific facts and circumstances surrounding each security valued below its cost. Factors considered include the length of time the securities have been valued below cost, the financial condition of the issuer, industry reports related to the issuer, the severity of any decline, our intention not to sell the security, and our assessment as to whether it is not more likely than not that we will be required to sell the security before a recovery of its amortized cost basis. We then segregate the loss between the amounts representing a decrease in cash flows expected to be collected, or the credit loss, which is recognized through earnings, and the balance of the loss which is recognized through other comprehensive income. At June 30, 2012, the fair market value of investment securities exceeded the cost basis by $552,000. The cost basis includes any other-than-temporary impairments that have been recorded for the securities. None have been recorded at June 30, 2012. The Company has determined that any unrealized losses in the portfolio are temporary as of June 30, 2012. The Company believes that market factors such as, changes in interest rates, liquidity discounts, and premiums required by market participants rather than an adverse change in cash flows or a fundamental weakness in credit quality of the issuer have led to the temporary declines in value. In the future based on changes in the economy, credit markets, financial condition of issuers, or market interest rates, this could change. As of June 30, 2012, the adjustment to accumulated other comprehensive income (loss) in consolidated equity for the temporary change in the value of securities reflects an increase in the market value of available-for-sale securities of $91,000, which includes estimated taxes of $60,000. As of June 30, 2012, the Company’s gross unrealized holding gains equal $672,000 and gross unrealized holding losses equal $120,000. On June 30, 2012, the average maturity of certificates of deposits was 2.77 years, the average maturity of U.S. Treasury and agency securities was 2.31 years, the average maturity of corporate notes was 2.16 years and the average maturity of municipal notes was 2.40 years. Currently, the Company has no securities with a remaining term to maturity of greater than five years. The following tables summarize the maturities, at par, of marketable securities by year:
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
At June 30, 2012 |  | 2012 |  |  | 2013 |  |  | 2014 |  |  | 2015 |  |  | 2016 |  |  | Total |
Certificates of deposit |  | $ | 200 |  |  | $ | 1,255 |  |  | $ | 1,627 |  |  | $ | 2,739 |  |  | $ | 301 |  |  | $ | 6,122 |
U.S. Treasury and agency notes |  |  | 671 |  |  |  | 8,785 |  |  |  | 8,982 |  |  |  | 2,633 |  |  |  | — |  |  |  | 21,071 |
Corporate notes |  |  | 2,377 |  |  |  | 11,416 |  |  |  | 7,097 |  |  |  | 8,334 |  |  |  | 1,313 |  |  |  | 30,537 |
Municipal notes |  |  | 710 |  |  |  | 2,305 |  |  |  | 4,345 |  |  |  | 1,760 |  |  |  | 100 |  |  |  | 9,220 |
|  | $ | 3,958 |  |  | $ | 23,761 |  |  | $ | 22,051 |  |  | $ | 15,466 |  |  | $ | 1,714 |  |  | $ | 66,950 |
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
At December 31, 2011 |  | 2012 |  |  | 2013 |  |  | 2014 |  |  | 2015 |  |  | 2016 |  |  | Total |
Certificates of deposit |  | $ | 1,536 |  |  | $ | 1,255 |  |  | $ | 1,627 |  |  | $ | 2,526 |  |  | $ | — |  |  | $ | 6,944 |
U.S. Treasury and agency notes |  |  | 4,734 |  |  |  | 10,285 |  |  |  | 5,856 |  |  |  | 936 |  |  |  | — |  |  |  | 21,811 |
Corporate notes |  |  | 3,450 |  |  |  | 11,231 |  |  |  | 8,923 |  |  |  | 5,584 |  |  |  | — |  |  |  | 29,188 |
Municipal notes |  |  | 860 |  |  |  | 2,505 |  |  |  | 4,145 |  |  |  | 1,160 |  |  |  | — |  |  |  | 8,670 |
|  | $ | 10,580 |  |  | $ | 25,276 |  |  | $ | 20,551 |  |  | $ | 10,206 |  |  | $ | — |  |  | $ | 66,613 |
The Company’s investments in corporate notes are with companies that have an investment grade rating from Standard & Poor’s.

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- Definition Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27232-111563 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.2,12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6871852&loc=d3e26626-111562 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27161-111563 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6871852&loc=d3e26610-111562 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.4) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 + Details
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