Marketable Securities

6 Months Ended

Jun. 30, 2012

Marketable Securities [Abstract]

Marketable Securities

2. MARKETABLE SECURITIES:

Our investments in marketable securities are classified as available-for-sale and consist of the following:

	June 30, 2012
(In thousands)	Cost		Unrealized Gains		Unrealized Losses			Fair Value
Short-Term
U.S. government and agency obligations	$	7,017	$	17	$	—		$	7,034
Corporate debt securities and certificates of deposit		3,820		5		—			3,825
Marketable securities – short-term	$	10,837	$	22	$	—		$	10,859
Long-Term
U.S. government and agency obligations	$	8,872	$	33	$	(1	)	$	8,904
Corporate debt securities and certificates of deposit		1,609		5		(1	)		1,613
Equity security		84		—		(35	)		49
Marketable securities – long-term	$	10,565	$	38	$	(37	)	$	10,566

	December 31, 2011
(In thousands)	Cost		UnrealizedGains		UnrealizedLosses			Fair Value
Short-Term
U.S. government and agency obligations	$	6,495	$	8	$	—		$	6,503
Corporate debt securities and certificates of deposit		4,133		4		—			4,137
Marketable securities – short-term	$	10,628	$	12	$	—		$	10,640
Long-Term
U.S. government and agency obligations	$	3,653	$	28	$	(1	)	$	3,680
Corporate debt securities and certificates of deposit		2,353		9		(2	)		2,360
Equity security		84		—		(18	)		66
Marketable securities – long-term	$	6,090	$	37	$	(21	)	$	6,106

Our investments in marketable debt securities all have maturities of less than three years. At June 30, 2012, marketable debt securities valued at $17,655,000 were in an unrealized gain position totaling $60,000 and marketable debt securities valued at $3,721,000 were in an insignificant unrealized loss position totaling $2,000 (all had been in an unrealized loss position for less than twelve months). At December 31, 2011, marketable debt securities valued at $14,207,000 were in an unrealized gain position totaling $49,000 and marketable debt securities valued at $2,473,000 were in an insignificant unrealized loss position totaling $3,000 (all had been in an unrealized loss position for less than twelve months).

Our equity security investment was in an unrealized loss position of $35,000 at June 30, 2012 and $18,000 at December 31, 2011, due to weak economic and stock market conditions. We intend to hold this security indefinitely and expect a recovery in value as economic and market conditions improve.

Net pre-tax unrealized gains for marketable securities of $23,000 at June 30, 2012 and $28,000 at December 31, 2011 were recorded as a component of accumulated other comprehensive income (loss) in stockholders' equity. In the three months ended June 30, 2012 we received proceeds of $954,000 from the sale of marketable securities. In the six months ended June 30, 2012 we received proceeds of $2,304,000 from the sale of marketable securities. In the three months ended June 30, 2011 we received proceeds of $800,000 from the sale of marketable securities. In the six months ended June 30, 2011 we received proceeds of $1,848,000 from the sale of marketable securities. We recognized a $4,000 gain from the sale of marketable securities in the six months ended June 30, 2012. No gain or loss was recognized on any of the sales during the six months ended June 30, 2011.

Investments in marketable securities classified as cash equivalents of $2,977,000 at June 30, 2012 and $685,000 at December 31, 2011 consist of the following:

	June 30, 2012
(In thousands)	Cost		UnrealizedGains		UnrealizedLosses		RecordedBasis
U.S. government and agency obligations	$	543	$	—	$	—	$	543
Corporate debt securities and certificates of deposit		2,434		—		—		2,434
	$	2,977	$	—	$	—	$	2,977

	December 31, 2011
(In thousands)	Cost		UnrealizedGains		UnrealizedLosses		RecordedBasis
U.S. government and agency obligations	$	30	$	—	$	—	$	30
Corporate debt securities and certificates of deposit		655		—		—		655
	$	685	$	—	$	—	$	685

Cash held in foreign accounts totaled $3,893,000 at June 30, 2012 and $2,296,000 at December 31, 2011.