Marketable Securities

12 Months Ended

Dec. 31, 2012

Marketable Securities [Abstract]

Marketable Securities

NOTE 2 – MARKETABLE SECURITIES

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

	December 31, 2012
(In thousands)		Cost		Unrealized Gains		Unrealized Losses		Recorded Basis
Short-Term
U.S. government and agency obligations	$	7,358	$	10	$	(35)	$	7,333
Corporate debt securities and certificates of deposit		4,100		5		—		4,105
Marketable securities – short-term	$	11,458	$	15	$	(35)	$	11,438
Long-Term
U.S. government and agency obligations	$	9,033	$	23	$	(23)	$	9,033
Corporate debt securities and certificates of deposit		1,192		4		(1)		1,195
Asset backed securities		165		—		—		165
Equity security		42		—		—		42
Marketable securities – long-term	$	10,432	$	27	$	(24)	$	10,435

	December 31, 2011
(In thousands)		Cost		Unrealized Gains		Unrealized Losses		Recorded Basis
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 December 31, 2012, marketable debt securities valued at  $19,012,000 were in an unrealized gain position totaling $42,000 and marketable debt securities valued at  $2,819,000 were in an unrealized loss position totaling $59,000 (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).

In 2012, we recognized a $42,000impairment charge for our equity security resulting from a decline in market value which we determined to be other than temporary.  Our equity security was in an unrealized loss position of $18,000 at December 31, 2011, due to weak economic and market conditions. 

Net pre-tax unrealized losses for marketable securities of $17,000 at December 31, 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 2012 we received proceeds of  $3,154,000 from the sale of marketable securities.  In 2011 we received proceeds of $3,175,000 from the sale of marketable securities.  We recognized an  $8,000 gain from the sale of marketable securities in 2012.  No gain or loss was recognized on any of the sales in 2011.

Investments in marketable securities classified as cash equivalents of $2,824,000 at December 31, 2012 and $685,000 at December 31, 2011 consist of the following:

	December 31, 2012
(In thousands)		Cost		Unrealized Gains		Unrealized Losses		Recorded Basis
Corporate debt securities and certificates of deposit	$	2,824	$	—	$	—	$	2,824
	$	2,824	$	—	$	—	$	2,824

	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