Marketable Securities

9 Months Ended

Sep. 29, 2012

Marketable Securities [Abstract]

Marketable Securities

(3) Marketable Securities
The Company's marketable securities are all classified as available-for-sale. FASB has established three levels of inputs that may be used to measure fair value:
     Level 1 Observable inputs such as quoted prices in active markets for identical assets or liabilities;
     Level 2 Observable inputs, other than Level 1 inputs in active markets, that are observable either directly or indirectly; and
     Level 3 Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions.

The Company's marketable securities valued using Level 1 inputs include highly liquid equity securities, for which quoted market prices are available. The Company's bond portfolio is valued using Level 2 inputs. The Company's bonds are valued using a combination of pricing for similar securities, recently executed transactions, cash flow models with yield curves and other pricing models utilizing observable inputs, which are considered Level 2 inputs.

For Level 2 investment valuation, the Company utilizes standard pricing procedures of its investment brokerage firm(s) which include various third party pricing services such as FT Interactive Data, Reuters, Bloomberg and JP Morgan Pricing Direct. These procedures also require specific price monitoring practices as well as pricing review reports, valuation oversight and pricing challenge procedures to maintain the most accurate representation of investment fair market value.

Marketable securities, as of September 29, 2012 and December 31, 2011, consisted of:

				Gross		Gross
				Unrealized		Unrealized
(dollars in thousands)		Amortized		Holding		Holding		Fair
September 29, 2012		Cost		Gains		Losses		Value
Available-for-sale:
Level 1
Equity securities	$	1,136	$	8,752	$	---	$	9,888
Level 2
Municipal bonds		72,020		1,560		150		73,430
	$	73,156	$	10,312	$	150	$	83,318

				Gross		Gross
				Unrealized		Unrealized
(dollars in thousands)		Amortized		Holding		Holding		Fair
December 31, 2011		Cost		Gains		Losses		Value
Available-for-sale:
Level 1
Equity securities	$	1,713	$	7,735	$	---	$	9,448
Level 2
Municipal bonds		78,388		1,512		---		79,900
	$	80,101	$	9,247	$	---	$	89,348

Maturities of marketable securities classified as available-for-sale at September 29, 2012, were as follows:

		Amortized		Fair
(dollars in thousands)		Cost		Value
Available-for-sale:
Due within one year	$	5,628	$	5,478
Due after one year through five years		46,213		46,236
Due after five years through ten years		18,679		20,216
Due after ten years		1,500		1,500
Equity securities		1,136		9,888
	$	73,156	$	83,318