Investments

9 Months Ended

Sep. 30, 2012

Investments [Abstract]

Investments [Text Block]

3. INVESTMENTS

Investments in marketable equity securities comprised the following:

	September 30,		December 31,
(in thousands)	2012		2011
Total cost	$	213,831	$	169,271
Net unrealized gains		166,097		133,930
Total Fair Value	$	379,928	$	303,201

The Company invested $45.0 million in marketable equity securities during the first nine months of 2012. There were no new investments in marketable equity securities during the first nine months of 2011. During the first nine months of 2012, proceeds from sales of marketable equity securitieswere$2.0million, and net realized gains on such sales were $0.5 million. There were no sales of marketable equity securities in the first nine months of 2011.

As of September 30, 2012, the Company has a $14.1 million unrealized loss on its investment in Strayer Education Inc., a publicly traded company. At September 30, 2012, the investment has been in an unrealized loss position for under three months. The Company evaluated this investment for other-than-temporary impairment based on various factors, including the duration and severity of the unrealized loss, the reason for the decline in value and the potential recovery period, and the ability and intent to hold the investment and concluded that the unrealized loss is not other-than-temporary as of September 30, 2012. If any impairment is considered other-than-temporary, the investment will be written down to its fair market value with a corresponding charge to the Consolidated Statement of Operations.

At the end of the first quarter of 2011, the Company's investment in Corinthian Colleges, Inc. had been in an unrealized loss position for over six months. The Company evaluated this investment for other-than-temporary impairment based on various factors, including the duration and severity of the unrealized loss, the reason for the decline in value and the potential recovery period, and the Company's ability and intent to hold the investment. In the first quarter of 2011, the Company concluded the loss was other-than-temporary and recorded a $30.7 million write-down on the investment. The investment continued to decline and in the third quarter of 2011, the Company recorded another $23.1 million write-down on the investment. The Company's investment in Corinthian Colleges, Inc. accounted for $17.8 million of the total fair value of the Company's investments in marketable equity securities at September 30, 2012.

In the third quarter of 2011, the Company recorded a $9.2 million impairment charge on the Company's interest in Bowater Mersey Paper Company, as a result of the challenging economic environment for newsprint producers.