Marketable Securities

9 Months Ended

Sep. 30, 2014

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

Note 5 – Marketable Securities

The Company’s marketable securities consisted only of common stock classified as available-for-sale securities. During the three months ended September 30, 2014, the Company sold all of its available-for-sale securities. The Company received $0.5 million in proceeds which resulted in a gain on sale of approximately $0.2 million. All unrealized gains and losses on these securities have been included in Other comprehensive income on the Company’s Condensed Consolidated Statement of Comprehensive Income net of tax. An unrealized gain of approximately $0.1 million, net of tax, was reclassified from Other comprehensive income to a component of Net income during the period as a result of the sale. This amount represented the complete cumulative net unrealized gain on these securities.

The following is a summary of available-for-sale securities owned by the Company at December 31, 2013:

	December 31, 2013
	Investment		Unrealized		Unrealized		Estimated
	at cost		gains		losses		fair value
Common stock	$	238,504	$	167,630	$	-	$	406,134