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Derivatives
 12 Months Ended
Dec. 31, 2011
Derivatives  
Derivatives

NOTE 9. Derivatives

        The Company utilizes derivatives for various economic hedging strategies to actively manage its market and liquidity exposures. In addition, the Company enters into mortgage loan IRLCs in connection with its mortgage lending activities. The following table summarizes the Company's derivative instruments as of December 30, 2011 and 2010:

 
   December 31, 2011   December 31, 2010  
(In thousands)
  Number
of
Contracts 		  Notional   Fair Value   Number
of
Contracts 		  Notional   Fair Value  

Purchase Contracts

                                      

TBA purchase agreements

     1   $ 589   $ —     1   $ 17,000   $ 99  

U.S. treasury futures contracts

     —     —     —     —     —     —  

IRLCs

     708     127,227     1,696     —     —     —  
                           

Total

     709     127,816   $ 1,696     1   $ 17,000   $ 99  
                           

Sale Contracts

                                      

TBA sale agreements

     17   $ 371,000   $ (1,183 )   15   $ 414,848   $ (2,546 )

Forward sale agreements

     11     120,900     (788 )   —     —     —  

U.S. treasury futures contracts

     —     —     —     —     —     —  
                           

Total

     28   $ 491,900   $ (1,971 )   15   $ 414,848   $ (2,546 )
                           

        Total gains/(losses) associated with these activities, which are recorded within Principal transactions within the Consolidated Statements of Operations were ($21.1) million and ($10.9) million, for the years ended December 31, 2011 and 2010, respectively.