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MARKETABLE SECURITIES

3 Months Ended

Mar. 31, 2020

MARKETABLE SECURITIES

MARKETABLE SECURITIES

6.    MARKETABLE SECURITIES

During the first quarter of 2019, the Company changed its investment strategy and as of March 31, 2019, no longer held investments in marketable securities. The Company held investments in marketable securities for a short duration in the first quarter of 2019. Marine Products’ marketable securities were held with a large, well-capitalized financial institution. Management determined the appropriate classification of debt securities at the time of purchase and reevaluated such designations as of each balance sheet date. Debt securities were classified as available-for-sale because the Company did not have the intent to hold the securities to maturity. Available-for-sale debt securities were stated at their fair values, with the unrealized gains and losses, net of tax, reported as a separate component of stockholders’ equity. The cost of securities sold was based on the specific identification method. Realized gains and losses, declines in value judged to be other than temporary, interest and dividends on available-for-sale debt securities have been included in interest income. There were no available-for sale securities as of March 31, 2020 and December 31, 2019.

The net realized gains (losses) and the reclassification of net realized gains (losses) from other comprehensive income are as follows:

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​	​	​	​	​	​	​
​	​	Three months ended
​	​	March 31,
(in thousands)		2020			2019
Net realized gain	​	$	—	​	$	4
Reclassification of net realized gains from other comprehensive income	​	$	—	​	$	4

​

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- Definition

The entire disclosure for investments in certain debt and equity securities.

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