Marketable Securities

6 Months Ended

Jun. 30, 2011

Marketable Securities

Marketable Securities

4. Marketable Securities

Marketable securities include at June 30, 2011 and December 31, 2010 (in thousands):

		2011			2010
		Gross			Gross
		Unrealized	Estimated		Unrealized	Estimated
	Cost	Gain (Loss)	Fair Value	Cost	Gain (Loss)	Fair Value
Securities in unrealized gain
position:
Common stock	$251	$1,816	$2,067	$251	$1,545	$1,796
Government debt
obligations (1)	30,777	100	30,877	16,661	87	16,748
GS (2) debt obligations	27,904	40	27,944	15,004	11	15,015
U.S. Treasury
obligations (3)	-	-	-	8,045	2	8,047
Subtotal	58,932	1,956	60,888	39,961	1,645	41,606
Securities in unrealized loss
position:
Government debt
obligations (1)	10,099	(10)	10,089	26,138	(63)	26,075
GS (2) debt obligations	8,500	(7)	8,493	8,000	(9)	7,991
Auction-rate security (4)	4,707	(1,806)	2,901	4,695	(1,794)	2,901
Subtotal	23,306	(1,823)	21,483	38,833	(1,866)	36,967
Securities at amortized cost:
Time deposits	11,231	-	11,231	5,351	-	5,351
Subtotal	11,231	-	11,231	5,351	-	5,351
Total marketable securities	$93,469	$133	$93,602	$84,145	$(221)	$83,924
(1) State and municipal government debt obligations
(2) U.S. Government Sponsored (3) U.S. Treasury obligations were included as part of U.S Government Sponsored securities in the Company's Annual       Report on Form 10-K for the year ended December 31, 2010
(4) Massachusetts Educational Financing Authority (MEFA) auction rate security  - Par Value $5,000,000 less unaccreted
non-cash credit loss of $293,000

The amortized cost and estimated fair value of available-for-sale securities, by contractual maturity, as of June 30, 2011 are shown below; expected maturities may differ from contractual maturities because the issuers of the securities may exercise the right to prepay obligations without prepayment penalties. 

		Estimated
	Cost	Fair Value
Due in one year or less	$35,263	$35,286
Due between one and three years	53,248	53,348
Auction-rate security (due in 2038)	4,707	2,901
	93,218	91,535
Common stock	251	2,067
	$93,469	$93,602

This table shows the Company's marketable securities that were in an unrealized loss position at June 30, 2011, and also shows the duration of time the security has been in an unrealized loss position:

	Less Than 12 Months		12 Months or Greater		Total
		Unrealized		Unrealized		Unrealized
	Fair Value	Losses	Fair Value	Losses	Fair Value	Losses
Government debt
obligations	9,785	(9)	304	(1)	10,089	(10)
Government sponsored debt obligations	8,493	(7)	-	-	8,493	(7)
Auction-rate security	-	-	2,901	(1,806)	2,901	(1,806)
Total	$18,278	$(16)	$3,205	$(1,807)	$21,483	$(1,823)
See Note 6 for further discussion.