Investments, Available-For-Sale

9 Months Ended

Sep. 30, 2012

Investments, Available-For-Sale

Investments, Available-For-Sale

E.            Investments, Available-For-Sale

During the three and nine month periods ended September 30, 2012 and 2011, the Company did not purchase any investment securities.

During the nine month period ended September 30, 2011, the Company sold all of its available-for-sale securities for proceeds of $29.9 million which resulted in gross realized gains recorded as other income in the accompanying statements of consolidated income of $8.5 million, $4.9 million of which was reclassified from accumulated other comprehensive income. The Company uses the average cost method to determine the cost of securities sold.