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MARKETABLE EQUITY SECURITIES | 12 Months Ended
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Dec. 31, 2012
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, 2012, 2011 and 2010, the evaluation resulted in an impairment charges of approximately $71,000, $315,000 and $60,000, respectively, being reported in the Company's non-operating income 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, 2012 and 2011.
|  | 2012 |  |  | 2011 |
|  | (in thousands) |
Available-for-sale securities |  |  |  |  |  |
Fair market value |  | $ | 17,188 |  |  | $ | 20,123 |
Cost |  |  | 10,361 |  |  |  | 12,539 |
Unrealized gain |  | $ | 6,827 |  |  | $ | 7,584 |
Trading securities |  |  |  |  |  |  |  |
Fair market value |  | $ | 132 |  |  | $ | 141 |
Cost |  |  | 158 |  |  |  | 157 |
Unrealized loss |  | $ | (26 | ) |  | $ | (16 | )
Total |  |  |  |  |  |  |  |
Fair market value |  | $ | 17,320 |  |  | $ | 20,264 |
Cost |  |  | 10,519 |  |  |  | 12,696 |
Unrealized gain |  | $ | 6,801 |  |  | $ | 7,568 |
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, 2012 and 2011.
|  | 2012 |  |  | 2011 |
|  | (in thousands) |
Available-for-sale securities |  |  |  |  |  |
Gross unrealized gains |  | $ | 6,960 |  |  | $ | 7,866 |
Gross unrealized losses |  |  | 133 |  |  |  | 282 |
Net unrealized gains |  | $ | 6,827 |  |  | $ | 7,584 |
As of December 31, 2012 and 2011, the total net unrealized gain, net of deferred income taxes, in accumulated other comprehensive income was approximately $4,235,000 and $4,705,000, respectively. For the year ended December 31, 2012, the Company had net unrealized losses in market value on securities classified as available-for-sale of approximately $459,000, net of deferred income taxes. 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. As of December 31, 2012, the Company's marketable securities that are classified as trading had gross recognized losses of approximately $26,000 and had no gross recognized gains. As of December 31, 2011, the Company's marketable securities that were classified as trading had gross recognized losses of approximately $16,000 and had no gross recognized gains. The following table shows recognized gains (losses) in market value for securities classified as trading during 2012, 2011 and 2010.
|  | 2012 |  |  | 2011 |  |  | 2010 |
|  | (in thousands) |
Trading securities |  |  |  |  |  |  |  |  |
Recognized (loss) gain at beginning of period |  | $ | (16 | ) |  | $ | 14 |  |  | $ | 63 |
Recognized (loss) gain at end of period |  |  | (26 | ) |  |  | (16 | ) |  |  | 14 |
Securities transferred from trading to available-for-sale |  |  | - |  |  |  | - |  |  |  | 63 |
Change in net recognized (loss) gain |  | $ | (10 | ) |  | $ | (30 | ) |  | $ | 14 |
Change in net recognized (loss) gain, net of taxes |  | $ | (6 | ) |  | $ | (15 | ) |  | $ | 6 |
During 2012 and 2011, there were no reclassifications of marketable securities. The following table shows the Company's realized gains during 2012, 2011 and 2010 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.
|  | 2012 |  |  | 2011 |  |  | 2010 |
|  | (in thousands) |
Realized gains |  |  |  |  |  |  |  |  |
Sale proceeds |  | $ | 4,554 |  |  | $ | 1,137 |  |  | $ | 622 |
Cost of securities sold |  |  | 2,183 |  |  |  | 289 |  |  |  | 308 |
Realized gains |  | $ | 2,371 |  |  | $ | 848 |  |  | $ | 314 |
Realized gains, net of taxes |  | $ | 1,437 |  |  | $ | 526 |  |  | $ | 190 |
The following table shows the Company's investments' approximate gross unrealized losses and fair value at December 31, 2012 and 2011. As of December 31, 2012 and 2011 there were no investments that had been in a continuous unrealized loss position for twelve months or longer.
|  | 2012 |  |  | 2011 |
|  | (in thousands) |
|  |  |  |  | Unrealized |  |  |  |  |  | Unrealized |
|  | Fair Value |  |  | Losses |  |  | Fair Value |  |  | Losses |
Equity securities – Available for sale |  | $ | 1,567 |  |  | $ | 133 |  |  | $ | 2,914 |  |  | $ | 282 |
Equity securities – Trading |  |  | 129 |  |  |  | 26 |  |  |  | 141 |  |  |  | 16 |
Totals |  | $ | 1,696 |  |  | $ | 159 |  |  | $ | 3,055 |  |  | $ | 298 |
The market value of the Company's equity securities are periodically used as collateral against any outstanding margin account borrowings. As of December 31, 2012, the Company had outstanding borrowings of $10,711,000 under its margin account. As of December 31, 2011, the Company did not have any outstanding borrowings under its margin account.

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- Definition The entire disclosure for investments in certain debt and equity securities. + 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 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 4: 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 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Equity Security -URI http://asc.fasb.org/extlink&oid=6511694 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Debt Security -URI http://asc.fasb.org/extlink&oid=6509901 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 320 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27161-111563 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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