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Investments and Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2011
Investments and Fair Value Measurements [Abstract]  
Schedule of Available-for-sale Securities Reconciliation [Table Text Block]
The amortized cost and fair value of available-for-sale investments at June 30, 2011 and December 31, 2010 were as follows:
 
 
 
 
Gross
 
Gross
 
 
 
 
Amortized
 
Unrealized
 
Unrealized
 
Fair
 
 
Cost
 
Gains
 
Losses
 
Value
 
 
( in thousands)
June 30, 2011
 
 
Current:
 
 
 
 
 
 
 
 
     Auction rate student loan educational bonds
 
$
2,550


 
$


 
$


 
$
2,550


 
 
$
2,550


 
$


 
$


 
$
2,550


Long-term:
 
 


 
 


 
 


 
 


     Auction rate student loan educational bonds
 
$
67,575


 
$


 
$
3,081


 
$
64,494


 
 
$
67,575


 
$


 
$
3,081


 
$
64,494


 
 
$
70,125


 
$


 
$
3,081


 
$
67,044




December 31, 2010
 
 
 
 
 
 
 
 
Current:
 
 
 
 
 
 
 
 
     Auction rate student loan educational bonds
 
$
8,300


 
$


 
$


 
8,300


 
 
$
8,300


 


 
$


 
$
8,300


Long-term:
 
 


 
 


 
 


 
 


     Auction rate student loan educational bonds
 
$
83,475


 
$


 
$
3,081


 
$
80,394


 
 
$
83,475


 


 
$
3,081


 
$
80,394


 
 
$
91,775


 


 
$
3,081


 
$
88,694




Investments Classified by Contractual Maturity Date [Table Text Block]
 
 
Fair Value
 
Amortized Cost
Due within one year
 
$
2,550


 
$
2,550


Due after one year through five years
 


 


Due after five years through ten years
 


 


Due after ten years through May 1, 2040
 
64,494


 
67,575


 
 
$
67,044


 
$
70,125




Schedule of Inputs Used in Securities Models [Table Text Block]
Inputs used in Company models of all securities held as of June 30, 2011 and December 31, 2010, excluding investments whose fair value is estimated to be par value as of the reporting period due to call notices being received by the Company were as follows:
 
June 30, 2011
 
December 31, 2010
 
Average life of underlying loans
2-12 years
 
2-12 years
 
Rate of return
0.95-3.84%
 
1.28-4.12%
 
Discount rate
0.43-1.57%
 
0.53-1.85%
 
Liquidity discount rate
0.40-.75%
 
0.40-0.80%
 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
The table below presents a reconciliation for all assets and liabilities, measured at fair value, on a recurring basis using significant unobservable inputs (Level 3) during the three months ended June 30, 2011 and 2010.
Level 3 Fair Value Measurements
 


Available-for-sale
debt securities
 
 
(in thousands)
 
 
2011
 
2010
Balance, January 1
 
$
88,694


 
$
147,419


Settlements
 
(21,650
)
 
(26,450
)
Purchases
 


 


Issuances
 


 


Sales
 


 


Transfers in to (out of) Level 3
 


 


Total gains or losses (realized/unrealized):
 
 
 
 


Included in earnings
 


 


Included in other comprehensive loss, net of tax
 


 


Balance, June 30,
 
$
67,044


 
$
120,969