Investments

12 Months Ended

Dec. 01, 2012

Investments

Investments

9. Investments

• Short-Term Investments

        Griffin's short-term investments were comprised of debt securities and were accounted for as trading securities under FASB ASC 320-10, "Investments—Debt and Equity Securities" ("ASC 320-10"). Accordingly, the securities were recorded at their fair value based upon quoted market prices at the balance sheet date and net realized and unrealized gains and losses on these investments were included in investment income in Griffin's consolidated statements of operations. In fiscal 2010, Griffin sold its remaining short-term investments.

        Investment income for fiscal 2012, fiscal 2011 and fiscal 2010 consists of:

	For the Fiscal Years Ended,
	Dec. 1, 2012		Dec. 3, 2011			Nov. 27, 2010
Interest and dividend income from investments	$	606	$	217		$	300
Income (loss) on equity investments		7		(7	)		2
	$	613	$	210		$	302

• Centaur Media plc

        Griffin's investment in the common stock of Centaur Media is accounted for as an available-for-sale security under FASB ASC 320. Accordingly, changes in the value of Centaur Media, reflecting both changes in the stock price and changes in the foreign currency exchange rate, are included, net of income taxes, in accumulated other comprehensive income (see Note 14). Griffin reported dividend income from Centaur Media of $188, $169 and $227 in fiscal 2012, fiscal 2011 and fiscal 2010, respectively.

        The fair value, cost and unrealized gain of Griffin's investment in Centaur Media are as follows:

	December 1, 2012		December 3, 2011
Fair value	$	4,226	$	3,005
Cost		2,677		2,677
Unrealized gain	$	1,549	$	328

        Subsequent to December 1, 2012, Griffin sold a portion of its holdings in Centaur Media (see Note 19).

• Shemin Nurseries Holding Corp.

        As of December 1, 2012, Griffin held an approximate 14% equity interest in SNHC, which operates a landscape nursery distribution business through its subsidiary. Griffin accounts for its investment in SNHC under the cost method of accounting for investments. In the 2012 first quarter, Griffin received a cash distribution of $693 from SNHC. Prior to receiving this distribution, Griffin's carrying value of its investment in SNHC was $309. As SNHC did not have cumulative earnings since the previous cash distribution from SNHC to Griffin in fiscal 2007, Griffin reported $309 of the payment received as a return of investment, with the balance of $384 reflected as investment income in fiscal 2012. Accordingly, Griffin did not have any remaining book value in its investment in SNHC as of December 1, 2012. On January 18, 2013, Griffin sold its investment in SNHC for initial cash proceeds of $3,226. Some additional cash proceeds on this sale may be received as a result of certain post-closing purchase price adjustments based on the amount of working capital of SNHC as of the closing date.