5.	*Marketable Securities, Margin Loan and Fair Value Measurements*

Marketable Securities

The following is a summary of the Company's available for sale securities as of the dates indicated:

	As of June 30, 2013
	Adjusted Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Equity Securities	$	7,735	$	99	$	-	$	7,834

	As of December 31, 2012
	Adjusted Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Equity Securities	$	7,915	$	229	$	-	$	8,144

During the six months ended June 30, 2013, the Company sold equity securities with an adjusted cost basis of approximately $180 for $190 resulting in a gain on sale of marketable securities of $10.

The Company has access to a margin loan from a financial institution that holds custody of certain of the Company's marketable securities. The margin loan is collateralized by the marketable securities in the Company's account. The amounts available to the Company under the margin loan are at the discretion of the financial institution and not limited to the amount of collateral in its account. The margin loan bears interest at Libor plus 0.85% (1.05% as of June 30, 2013).

When evaluating the investments for other-than-temporary impairment, the Company reviews factors such as the length of time and extent to which fair value has been below cost basis, the financial condition of the issuer and any changes thereto, and the Company's intent to sell, or whether it is more likely than not it will be required to sell, the investment before recovery of the investment's amortized cost basis. During the three and six months ended June 30, 2013 and 2012, the Company did not recognize any impairment charges.

Fair Value Measurements

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.

The standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value:

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Level 1 - Quoted prices in active markets for identical assets or liabilities.

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Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

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Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

As of June 30, 2013 and December 31, 2012, all of the Company's equity securities were classified as Level 1 assets and there were no transfers between the level classifications during the six months ended June 30, 2013.