Marketable Securities

6 Months Ended

Jun. 30, 2011

Investments, Debt and Equity Securities [Abstract]

Marketable Securities [Text Block]

Marketable Securities

We classify our publicly traded debt and equity securities as available-for-sale and carry them at fair value with unrealized gains or losses classified as a component of accumulated other comprehensive income (loss). Debt securities consist primarily of investments in obligations of various corporations and mortgage-backed securities. Equity securities consist primarily of investments in marketable common and preferred stock.

In January 2011, we sold our equity investment in DealerTrack Holdings, Inc., which was classified as available for sale with a carrying value of $51.3 million and a gross unrealized gain in other comprehensive income of $24.0 million, or $14.8 million net of tax, at December 31, 2010 for gross proceeds of $51.9 million and a realized pre-tax gain of $24.9 million.  

Marketable securities consist of the following:

	June 30,		December 31,
(in thousands)	2011		2010
Non-agency mortgage-backed and asset-backed securities	$	—	$	1,791
Total investments in debt securities	—		1,791
Common stock	14,400		51,255
Preferred stock	21,836		22,175
Total investments in equity securities	36,236		73,430
Total Investments	$	36,236	$	75,221

Sales of debt and equity securities resulted in a realized gain of $24.9 million for the six months ended June 30, 2011. There were no realized gains or losses for the three months ended June 30, 2011. Sales of debt and equity securities resulted in a realized loss of $0.3 million and a realized gain of $0.4 million for the three and six months ended June 30, 2010, respectively.