Marketable Securities

9 Months Ended

Sep. 30, 2012

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

Marketable Securities

Our marketable securities consist primarily of investments in preferred stock of $22.0 million and $20.9 million as of September 30, 2012 and December 31, 2011, respectively. We classify our marketable 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. For the nine months ended September 30, 2011, we sold marketable securities resulting in a realized pre-tax gain of $24.9 million. There were no gains or losses recognized on sales of marketable securities for the three months ended September 30, 2011 and the three and nine months ended September 30, 2012.