Marketable Securities

12 Months Ended

Dec. 31, 2011

Marketable Securities [Abstract]

Marketable Securities

7. Marketable Securities

Marketable securities represent ICG's holdings in publicly-traded equity securities accounted for as available-for-sale securities. At December 31, 2011 and 2010, ICG did not hold interests in any marketable securities. During the years ended December 31, 2010 and 2009, ICG sold 1,619,571 shares and 567,489 shares, respectively, of Blackboard, Inc. ("Blackboard") common stock, which was traded on the NASDAQ Global Select Market (NASDAQ: BBBB) at average prices per share of $42.87 and $38.69, respectively. ICG received total proceeds of $69.4 million and $21.9 million during the years ended December 31, 2010 and 2009, respectively, and recognized gains on the sale of these securities in the amounts of $67.0 million and $21.1 million in those respective periods. The gains on the sales of Blackboard common stock are included in the line item "Other income (loss), net" on ICG's Consolidated Statements of Operations.

From time to time during the years ended December 31, 2011, 2010 and 2009, ICG also held shares of ICE common stock; all of these shares were both obtained and sold during the same individual periods. See Note 5, "Ownership Interests and Cost Method Investments."