Marketable Securities

12 Months Ended

Dec. 31, 2012

Investments, Debt and Equity Securities [Abstract]

MARKETABLE SECURITIES

MARKETABLE SECURITIES

As of December 31, 2012, the Company owned marketable securities with an estimated fair value of $227,000. As of December 31, 2011, the Company did not own any marketable securities. The following is a summary of the Company’s available-for-sale securities as of December 31, 2012:

	Available-for-sale securities
	Amortized Cost Basis		Unrealized Gain		Fair Value
U.S. Treasury Bonds	$	40,104	$	159	$	40,263
U.S. Agency Bonds	50,401		205		50,606
Corporate Bonds	135,922		602		136,524
Total available-for-sale securities	$	226,427	$	966	$	227,393

The following table provides the activity for the marketable securities during the year ended December 31, 2012:

	Amortized Cost Basis			Unrealized Gain			Fair Value
Marketable securities as of January 1, 2012	$	—		$	—		$	—
Face value of marketable securities acquired	235,000			—			235,000
Premiums and discounts on purchase of marketable securities, net of acquisition costs	8,444			—			8,444
Amortization on marketable securities	(713		)	—			(713		)
Sales of securities and realized gain	(16,304		)	(141		)	(16,445		)
Increase in fair value of marketable securities	—			1,107			1,107
Marketable securities as of December 31, 2012	$	226,427		$	966		$	227,393

During the year ended December 31, 2012, the Company sold two marketable securities for aggregate proceeds of $16,000 and a realized gain of $100, all of which was previously recorded in other comprehensive income. Additionally, during the year ended December 31, 2012, the Company recorded an unrealized gain of $1,000 related to these investments, which is included in accumulated other comprehensive income on the accompanying statement of stockholders’ equity for the year ended December 31, 2012, and the consolidated balance sheet as of December 31, 2012. The scheduled maturities of the Company’s marketable securities as of December 31, 2012 are as follows:

	Available-for-sale securities
	Amortized Cost		Estimated Fair Value
Due within one year	$	5,001	$	5,001
Due after one year through five years	184,410		185,385
Due after five years through ten years	37,016		37,007
Due after ten years	—		—
Total	$	226,427	$	227,393

Actual maturities of marketable securities can differ from contractual maturities because borrowers on debt securities may have the right to prepay their respective loan balances at any time. In addition, factors such as prepayments and interest rates may affect the yields on the such securities.