Marketable Securities

3 Months Ended

Mar. 31, 2013

Marketable Securities [Abstract]

Marketable Securities

2.  MARKETABLE SECURITIES:

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

	March 31, 2013
(In thousands)		Cost		Unrealized Gains		Unrealized Losses		Fair Value
Short-Term
U.S. government and agency obligations	$	7,577	$	13	$	(3)	$	7,587
Corporate debt securities and certificates of deposit		4,216		4		—		4,220
Marketable securities – short-term	$	11,793	$	17	$	(3)	$	11,807
Long-Term
U.S. government and agency obligations	$	7,964	$	20	$	—	$	7,984
Corporate debt securities and certificates of deposit		1,504		4		(1)		1,507
Asset backed securities		629		—		—		629
Equity security		42		3		—		45
Marketable securities – long-term	$	10,139	$	27	$	(1)	$	10,165

	December 31, 2012
(In thousands)		Cost		Unrealized Gains		Unrealized Losses		Fair Value
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 back securities		165		—		—		165
Equity security		42		—		—		42
Marketable securities – long-term	$	10,432	$	27	$	(24)	$	10,435

Our investments in marketable debt securities all have maturities of less than three years. At March 31, 2013, marketable debt securities valued at $19,460,000 were in an unrealized gain position totaling $41,000 and marketable debt securities valued at $2,467,000 were in an unrealized loss position totaling $4,000 (all had been in an unrealized loss position for less than twelve months).  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).

Net pre-tax unrealized gains for marketable securities of $40,000 at March 31, 2013 and net pre-tax unrealized losses for marketable securities of $17,000 at December 31, 2012 were recorded as a component of accumulated other comprehensive income (loss) in stockholders’ equity.  In the three months ended March 31, 2013, we received proceeds of $2,453,000 from the sale of marketable securities.  In the three months ended March 31, 2012, we received proceeds of $1,350,000 from the sale of marketable securities.  We recognized a $23,000 loss from the sale of marketable securities in the three months ended March 31, 2013.  No gain or loss was recognized on any of the sales during the three months ended March 31, 2012.

Investments in marketable securities classified as cash equivalents of $1,055,000 at March 31, 2013 and $2,824,000 at December 31, 2012 consist of the following:

	March 31, 2013
(In thousands)		Cost		Unrealized Gains		Unrealized Losses		Recorded Basis
U.S. government and agency obligations	$	300	$	—	$	—	$	300
Corporate debt securities and certificates of deposit		755		—		—		755
	$	1,055	$	—	$	—	$	1,055

	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

Cash and marketable securities held in foreign accounts totaled $3,113,000 at March 31, 2013 and $3,585,000 at December 31, 2012.