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MARKETABLE EQUITY SECURITIES
 6 Months Ended
Jun. 30, 2011
MARKETABLE EQUITY SECURITIES [Abstract]  
MARKETABLE EQUITY SECURITIES
NOTE C:  MARKETABLE EQUITY SECURITIES
The Company accounts for its marketable securities in accordance with ASC Topic 320, Investments-Debt and Equity Securities. ASC Topic 320 requires companies to classify their investments as trading, available-for-sale or held-to-maturity. The Company's investments in marketable securities are classified as either trading or available-for-sale and consist of equity securities. Management determines the appropriate classification of these securities at the time of purchase and re-evaluates such designation as of each balance sheet date. The cost of securities sold is based on the specific identification method and interest and dividends on securities are included in non-operating income.

Marketable equity securities classified as available-for-sale are carried at fair value, with the unrealized gains and losses, net of tax, included as a component of accumulated other comprehensive income in shareholders' equity. Realized gains and losses, declines in value judged to be other-than-temporary on available-for-sale securities, and increases or decreases in value on trading securities, if any, are included in the determination of net income. A quarterly evaluation is performed in order to judge whether declines in value below cost should be considered temporary and when losses are deemed to be other-than-temporary. Several factors are considered in this evaluation process including the severity and duration of the decline in value, the financial condition and near-term outlook for the specific issuer and the Company's ability to hold the securities.

For the quarter ended June 30, 2011, the evaluation resulted in an impairment charge of approximately $193,000 in the Company's non-operating income (expense) in its statement of operations. For the quarter ended June 30, 2010, the evaluation resulted in an impairment charge of approximately $1,000 in the Company's non-operating income (expense) in its statement of operations.

For the six-month period ended June 30, 2011, the evaluation resulted in an impairment charge of approximately $193,000 in the Company's non-operating income (expense) in its statement of operations. For the six-month period ended June 30, 2010, the evaluation resulted in an impairment charge of approximately $60,000 in the Company's non-operating income (expense) in its statement of operations.
 
The following table sets forth cost, market value and unrealized gain/(loss) on equity securities classified as available-for-sale and equity securities classified as trading as of June 30, 2011 and December 31, 2010.

   
June 30, 2011
  
December 31, 2010
 
   
(in thousands)
 
Available-for-sale securities
      
Fair market value
 $18,521  $18,101 
Cost
  11,142   11,000 
Unrealized gain
 $7,379  $7,101 
          
Trading securities
        
Fair market value
 $153  $172 
Cost
  157   157 
Unrealized (loss) gain
 $(4) $15 
          
Total
        
Fair market value
 $18,674  $18,273 
Cost
  11,299   11,157 
Unrealized gain
 $7,375  $7,116 
 
        

The following table sets forth the gross unrealized gains and losses on the Company's marketable securities that are classified as available-for-sale as of June 30, 2011 and December 31, 2010.

   
June 30, 2011
  
December 31, 2010
 
   
(in thousands)
 
Available-for-sale securities
      
Gross unrealized gains
 $7,435  $7,333 
Gross unrealized losses
  (56)  (232)
Total unrealized gains (losses)
 $7,379  $7,101 
          

As of June 30, 2011 and December 31, 2010, the total net unrealized gain, net of deferred income taxes, in accumulated other comprehensive income was approximately $4,644,000 and $4,406,000, respectively.

As of June 30, 2011, the Company's marketable securities that are classified as trading had gross recognized losses of approximately $5,000 and gross recognized gains of approximately $1,000. The following table shows recognized gains (losses) in market value for securities classified as trading during the first six months of 2011 and 2010.

   
June 30, 2011
  
June 30, 2010
 
   
(in thousands)
 
Trading securities
      
Recognized gain (loss) at beginning of period
 $14  $63 
Recognized gain (loss) at end of period
  (4)  64 
Change in net recognized (loss) gain
 $(18) $1 
          
Change in net recognized gain (loss), net of taxes
 $(11) $1 
          

The following table shows the Company's realized gains during the first six months of 2011 and 2010 on certain securities which were held as available-for-sale.

   
June 30, 2011
  
June 30, 2010
 
   
(in thousands)
 
Realized gains
      
Sales proceeds
 $966  $- 
Cost of securities sold
  189   - 
Realized gains
 $777  $- 
          
Realized gains, net of taxes
 $489  $- 
          

The following table shows the Company's investments' approximate gross unrealized losses and fair value of those securities in a loss position at June 30, 2011 and December 31, 2010. These investments consist of equity securities. As of June 30, 2011 and December 31, 2010 there were no investments that had been in a continuous unrealized loss position for twelve months or longer.

   
June 30, 2011
  
December 31, 2010
 
   
(in thousands)
 
   
Fair
Value
  
Unrealized
Losses
  
Fair
Value
  
Unrealized
Losses
 
Equity securities – Available-for-sale
 $613  $56  $1,745  $232 
Equity securities – Trading
  85   5   -   - 
Totals
 $698  $61  $1,745  $232 

The market value of the Company's equity securities are used as collateral against any outstanding margin account borrowings. As of June 30, 2011, there were no outstanding borrowings under the Company's margin account.