Marketable Securities

6 Months Ended

Jun. 30, 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:

	June 30, 2013
(In thousands)		Cost		Unrealized Gains		Unrealized Losses		Fair Value
Short-Term
U.S. government and agency obligations	$	7,917	$	10	$	—	$	7,927
Corporate debt securities and certificates of deposit		2,703		3		—		2,706
Marketable securities – short-term	$	10,620	$	13	$	—	$	10,633
Long-Term
U.S. government and agency obligations	$	6,936	$	9	$	(6)	$	6,939
Corporate debt securities and certificates of deposit		2,306		2		(7)		2,301
Asset backed securities		750		—		(1)		749
Equity security		42		1		—		43
Marketable securities – long-term	$	10,034	$	12	$	(14)	$	10,032

	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 June 30, 2013, marketable debt securities valued at $13,732,000 were in an unrealized gain position totaling $24,000 and marketable debt securities valued at $6,890,000 were in an unrealized loss position totaling $14,000 (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 $11,000 at June 30, 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 June 30, 2013, we received proceeds of $1,069,000 from the sale of marketable securities.  In the six months ended June 30, 2013, we received proceeds of $3,522,000 from the sale of marketable securities.  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. We recognized a $21,000loss from the sale of marketable securities in the six months ended June 30, 2013 and a $4,000 gain from the sale of marketable securities in the six months ended June 30, 2012. 

Investments in marketable securities classified as cash equivalents of $562,000 at June 30, 2013 and $2,824,000 at December 31, 2012 consist of the following:

	June 30, 2013
(In thousands)		Cost		Unrealized Gains		Unrealized Losses		Recorded Basis
Corporate debt securities and certificates of deposit		562		—		—		562
	$	562	$	—	$	—	$	562

	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 $3,106,000 at June 30, 2013 and $3,585,000 at December 31, 2012.