Marketable Securities

9 Months Ended

Sep. 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:

	September 30, 2012
(In thousands)		Cost		Unrealized Gains		Unrealized Losses		Fair Value
Short-Term
U.S. government and agency obligations	$	7,050	$	9	$	(27)	$	7,032
Corporate debt securities and certificates of deposit		5,047		7		—		5,054
Marketable securities – short-term	$	12,097	$	16	$	(27)	$	12,086
Long-Term
U.S. government and agency obligations	$	8,731	$	27	$	(23)	$	8,735
Corporate debt securities and certificates of deposit		798		3		—		801
Asset backed securities		165		—		—		165
Equity security		84		—		(47)		37
Marketable securities – long-term	$	9,778	$	30	$	(70)	$	9,738

	December 31, 2011
(In thousands)		Cost		Unrealized Gains		Unrealized Losses		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 September 30, 2012, marketable debt securities valued at $17,208,000 were in an unrealized gain position totaling $46,000 and marketable debt securities valued at $4,579,000 were in an unrealized loss position totaling $50,000 (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 $47,000 at September 30, 2012 and $18,000 at December 31, 2011, due to weak economic and 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 losses for marketable securities of $51,000 at September 30, 2012 and net pre-tax unrealized gains for marketable securities of $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 September 30, 2012 we received proceeds of $632,000 from the sale of marketable securities.  In the nine months ended September 30, 2012 we received proceeds of $2,936,000 from the sale of marketable securities.  In the three months ended September 30, 2011 we received proceeds of $952,000 from the sale of marketable securities.  In the nine months ended September 30, 2011 we received proceeds of $2,800,000 from the sale of marketable securities.  We recognized a $6,000 gain from the sale of marketable securities in the nine months ended September 30, 2012.  No gain or loss was recognized on any of the sales during the nine months ended September 30, 2011.

Investments in marketable securities classified as cash equivalents of $2,562,000 at September 30, 2012 and $685,000 at December 31, 2011 consist of the following:

	September 30, 2012
(In thousands)		Cost		Unrealized Gains		Unrealized Losses		Recorded Basis
U.S. government and agency obligations	$	26	$	—	$	—	$	26
Corporate debt securities and certificates of deposit		2,536		—		—		2,536
	$	2,562	$	—	$	—	$	2,562

	December 31, 2011
(In thousands)		Cost		Unrealized Gains		Unrealized Losses		Recorded Basis
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 $1,978,000 at September 30, 2012 and $2,296,000 at December 31, 2011.