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MARKETABLE EQUITY SECURITIES | 12 Months Ended
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Dec. 31, 2011
MARKETABLE EQUITY SECURITIES [Abstract] |
MARKETABLE EQUITY SECURITIES |
3. | 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 stockholders' 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 years ended December 31, 2011, 2010 and 2009, the evaluation resulted in an impairment charges of approximately $315,000, $60,000 and $1,500,000, respectively, being reported 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 December 31, 2011 and 2010.
|  | 2011 |  |  | 2010 |
|  | (in thousands) |
Available-for-sale securities |  |  |  |  |  |
Fair market value |  | $ | 20,123 |  |  | $ | 18,101 |
Cost |  |  | 12,539 |  |  |  | 11,000 |
Unrealized gain |  | $ | 7,584 |  |  | $ | 7,101 |
Trading securities |  |  |  |  |  |  |  |
Fair market value |  | $ | 141 |  |  | $ | 171 |
Cost |  |  | 157 |  |  |  | 157 |
Unrealized (loss) gain |  | $ | (16 | ) |  | $ | 14 |
Total |  |  |  |  |  |  |  |
Fair market value |  | $ | 20,264 |  |  | $ | 18,272 |
Cost |  |  | 12,696 |  |  |  | 11,157 |
Unrealized gain |  | $ | 7,568 |  |  | $ | 7,115 |
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 December 31, 2011 and 2010.
|  | 2011 |  |  | 2010 |
|  | (in thousands) |
Available-for-sale securities |  |  |  |  |  |
Gross unrealized gains |  | $ | 7,866 |  |  | $ | 7,333 |
Gross unrealized losses |  |  | 282 |  |  |  | 232 |
Net unrealized gains |  | $ | 7,584 |  |  | $ | 7,101 |
As of December 31, 2011 and 2010, the total net unrealized gain, net of deferred income taxes, in accumulated other comprehensive income was approximately $4,705,000 and $4,406,000, respectively. For the year ended December 31, 2011, the Company had net unrealized gains in market value on securities classified as available-for-sale of approximately $825,000, net of deferred income taxes. For the year ended December 31, 2010, the Company had net unrealized gains in market value on securities classified as available-for-sale of approximately $1,532,000, net of deferred income taxes. As of December 31, 2011, the Company's marketable securities that are classified as trading had gross recognized losses of approximately $16,000 and had no gross recognized gains. As of December 31, 2010, the Company's marketable securities that were classified as trading had gross recognized gains of approximately $14,000 and had no gross recognized losses. The following table shows recognized gains (losses) in market value for securities classified as trading during 2011 and 2010.
|  | 2011 |  |  | 2010 |  |  | 2009 |
|  | (in thousands) |
Trading securities |  |  |  |  |  |  |  |  |
Recognized gain (loss) at beginning of period |  | $ | 14 |  |  | $ | 63 |  |  | $ | (55 | )
Recognized (loss) gain at end of period |  |  | (16 | ) |  |  | 14 |  |  |  | 63 |
Securities transferred from trading to available-for-sale |  |  | - |  |  |  | 63 |  |  |  | - |
Change in net recognized (loss) gain |  | $ | (30 | ) |  | $ | 14 |  |  | $ | 118 |
Change in net recognized (loss) gain, net of taxes |  | $ | (15 | ) |  | $ | 6 |  |  | $ | 72 |
During 2011, there were no reclassifications of marketable securities. During 2010, three securities were transferred from trading to available-for-sale at their fair market values at the time of transfer. The following table shows the Company's realized gains during 2011, 2010, and 2009 on certain securities which were held as available-for-sale. The cost of securities sold is based on the specific identification method and interest and dividends on securities are included in non-operating income.
|  | 2011 |  |  | 2010 |  |  | 2009 |
|  | (in thousands) |
Realized gains |  |  |  |  |  |  |  |  |
Sale proceeds |  | $ | 1,137 |  |  | $ | 622 |  |  | $ | 287 |
Cost of securities sold |  |  | 289 |  |  |  | 308 |  |  |  | 216 |
Realized gains |  | $ | 848 |  |  | $ | 314 |  |  | $ | 71 |
Realized gains, net of taxes |  | $ | 526 |  |  | $ | 190 |  |  | $ | 43 |
The following table shows the Company's investments' approximate gross unrealized losses and fair value at December 31, 2011 and 2010. As of December 31, 2011 and 2010 there were no investments that had been in a continuous unrealized loss position for twelve months or longer.
|  | 2011 |  |  | 2010 |
|  | (in thousands) |
|  |  |  |  | Unrealized |  |  |  |  |  | Unrealized |
|  | Fair Value |  |  | Losses |  |  | Fair Value |  |  | Losses |
Equity securities – Available for sale |  | $ | 2,914 |  |  | $ | 282 |  |  | $ | 1,745 |  |  | $ | 232 |
Equity securities – Trading |  |  | 141 |  |  |  | 16 |  |  |  | - |  |  |  | - |
Totals |  | $ | 3,055 |  |  | $ | 298 |  |  | $ | 1,745 |  |  | $ | 232 |
The market value of the Company's equity securities are periodically used as collateral against any outstanding margin account borrowings. As of December 31, 2011 and 2010, the Company had no borrowings under its margin account.

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- Definition Tabular disclosure of investments in certain debt and equity securities (and certain other trading assets) which include all debt and equity securities (other than those equity securities accounted for under the equity or cost methods of accounting) with readily determinable fair values. Other trading assets include assets that are carried on the balance sheet at fair value and held for trading purposes. A debt security represents a creditor relationship with an enterprise that is in the form of a security. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. An entity may opt to provide the reader with additional narrative text to better understand the nature of investments in debt and equity securities (and other trading assets). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27405-111563 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Equity Security -URI http://asc.fasb.org/extlink&oid=6511694 -Topic 320 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -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 -Glossary Debt Security -URI http://asc.fasb.org/extlink&oid=6509901 -Topic 320 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 115 -Paragraph 3, 19, 20, 21, 22, 137 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27232-111563 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27290-111563 + Details
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