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STOCK-SECURED NOTES PAYABLE	12 Months Ended
Dec. 31, 2012
STOCK-SECURED NOTES PAYABLE
STOCK-SECURED NOTES PAYABLE	NOTE 7. STOCK-SECURED NOTES PAYABLE ARL has margin arrangements with various financial institutions and brokerage firms, which provide for borrowings of up to 50.0% of the fair value of marketable equity securities. ARL also has other notes payable secured by stock. The borrowings under such margin arrangements and notes are secured by the equity securities of IOT and TCI and ARL’s trading portfolio securities and bear interest rates ranging from 5% to 10% per annum. Margin borrowings and stock-secured notes payable were $28.9 million at December 31, 2012 and $26.9 million at December 31, 2011, representing 2.99% and 2.91%, respectively, of the market values of the equity securities at those dates.

STOCK-SECURED NOTES PAYABLE

12 Months Ended

Dec. 31, 2012

NOTE 7. STOCK-SECURED NOTES PAYABLE

ARL has margin arrangements with various financial institutions and brokerage firms, which provide for borrowings of up to 50.0% of the fair value of marketable equity securities. ARL also has other notes payable secured by stock. The borrowings under such margin arrangements and notes are secured by the equity securities of IOT and TCI and ARL’s trading portfolio securities and bear interest rates ranging from 5% to 10% per annum. Margin borrowings and stock-secured notes payable were $28.9 million at December 31, 2012 and $26.9 million at December 31, 2011, representing 2.99% and 2.91%, respectively, of the market values of the equity securities at those dates.