Marketable Securities

12 Months Ended

Dec. 31, 2011

Marketable Securities [Abstract]

Marketable Securities

Note 7 – Marketable Securities

The amortized cost and estimated fair value of the Company's Marketable Securities as of December 31, 2011 and 2010 were as follows:

	December 31, 2011								December 31, 2010
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-Sale
Debt Securities:
Corporate Bonds	$	1,008	$	—	$	2	$	1,006	$	7,126	$	45	$	—	$	7,171
Municipal Bonds		9,544		9		—		9,553		16,910		107		15		17,002
Other Debt Securities		2,000		—		—		2,000		1,000		—		—		1,000
Seed Capital Investments		10,905		812		27		11,690		14,112		2,250		25		16,337
Total Available-for-Sale		23,457		821		29		24,249		39,148		2,402		40		41,510
Debt Securities Carried by EGL		47,583		518		—		48,101		50,837		501		18		51,320
Mutual Funds		9,350		191		603		8,938		—		—		—		—
Total	$	80,390	$	1,530	$	632	$	81,288	$	89,985	$	2,903	$	58	$	92,830

Scheduled maturities of the Company's available-for-sale debt securities as of December 31, 2011 and 2010 were as follows:

	December 31, 2011				December 31, 2010
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due within one year	$	8,699	$	8,703	$	17,183	$	17,265
Due after one year through five years		3,853		3,856		7,853		7,908
Total	$	12,552	$	12,559	$	25,036	$	25,173

Since the Company has the ability and intent to hold available-for-sale securities until a recovery of fair value is equal to an amount approximating its amortized cost, which may be at maturity, and has not incurred credit losses on its securities, it does not consider such unrealized loss positions to be other-than-temporarily impaired at December 31, 2011.

Debt Securities

The Company invests in corporate and municipal bonds, which are classified as available-for-sale securities within Marketable Securities on the Consolidated Statements of Financial Condition. Unrealized gains and losses for these securities are included in Accumulated Other Comprehensive Income and realized gains and losses are included in earnings. The Company had realized gains of $86, $3,450 and $641 for the years ended December 31, 2011, 2010 and 2009, respectively.

Seed Capital Investments

Seed Capital Investments include equity securities and their equivalents, which are classified as available-for-sale securities within Marketable Securities on the Consolidated Statements of Financial Condition. These securities are stated at quoted market value with unrealized gains and losses included in Accumulated Other Comprehensive Income and realized gains and losses included in earnings. The Company had realized gains of $936, $1,653 and $345 for the years ended December 31, 2011, 2010 and 2009, respectively.

Debt Securities Carried by EGL

During the first quarter of 2010, EGL began to invest in a fixed income portfolio consisting primarily of municipal bonds. These securities are carried at fair value, with changes in fair value recorded in Other Revenues on the Consolidated Statement of Operations, as required for broker-dealers in securities. The Company had net realized and unrealized gains (losses) of ($460) and $481 for the years ended December 31, 2011 and 2010, respectively.

Mutual Funds

During the first quarter of 2011, the Company began to invest in a portfolio of mutual funds as an economic hedge against the Company's deferred compensation program. See Note 17 for further information. These securities are carried at fair value, with changes in fair value recorded in Other Revenues on the Consolidated Statements of Operations. The Company had net unrealized gains (losses) of ($412) for the year ended December 31, 2011.