Marketable Securities

9 Months Ended

Sep. 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:

	September 30, 2013
(In thousands)		Cost		Unrealized Gains		Unrealized Losses		Fair Value
Short-Term
U.S. government and agency obligations	$	5,965	$	9	$	—	$	5,974
Corporate debt securities and certificates of deposit		1,825		2		—		1,827
Marketable securities – short-term	$	7,790	$	11	$	—	$	7,801
Long-Term
U.S. government and agency obligations	$	6,752	$	12	$	(2)	$	6,762
Corporate debt securities and certificates of deposit		3,004		4		(5)		3,003
Asset backed securities		1,623		1		—		1,624
Equity security		42		14		—		56
Marketable securities – long-term	$	11,421	$	31	$	(7)	$	11,445

	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 September 30, 2013, marketable debt securities valued at $15,208,000 were in an unrealized gain position totaling $28,000 and marketable debt securities valued at $3,982,000 were in an unrealized loss position totaling $7,000 (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 $35,000 at September 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 September 30, 2013, we received proceeds of $818,000 from the sale of marketable securities.  In the nine months ended September 30, 2013, we received proceeds of $4,340,000 from the sale of marketable securities.  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. We recognized a $21,000loss from the sale of marketable securities in the nine months ended September 30, 2013 and a $6,000 gain from the sale of marketable securities in the nine months ended September 30, 2012. 

Investments in marketable securities classified as cash equivalents of $886,000 at September 30, 2013 and $2,824,000 at December 31, 2012 consist of the following:

	September 30, 2013
(In thousands)		Cost		Unrealized Gains		Unrealized Losses		Recorded Basis
Corporate debt securities and certificates of deposit	$	886	$	—	$	—	$	886
	$	886	$	—	$	—	$	886

	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 $1,180,000 at September 30, 2013 and $3,585,000 at December 31, 2012.