Marketable Securities

9 Months Ended

Sep. 30, 2011

Investments, Debt and Equity Securities [Abstract]

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:



	September 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	13,948		51,255
Preferred stock	21,022		22,175
Total investments in equity securities	34,970		73,430
Total marketable securities	$	34,970	$	75,221

Sales of debt and equity securities resulted in a realized gain of $24.9 million for the nine months ended September 30, 2011. There were no realized gains or losses for the three months ended September 30, 2011. Sales of debt and equity securities resulted in a realized loss of $0.1 million and a realized gain of $0.4 million for the three and nine months ended September 30, 2010, respectively.