Marketable Securities

6 Months Ended

Jun. 30, 2012

Marketable Securities

(2) Marketable Securities

We follow a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1) and the lowest priority to measurements involving unobservable inputs (Level 3). The three levels of the fair value hierarchy are as follows:

• Level 1 inputs are observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

• Level 2 inputs include other inputs that are directly or indirectly observable in the marketplace.

• Level 3 inputs are unobservable inputs which are supported by little or no market activity.

The level in the fair value hierarchy within which a fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety.

The following table presents the placement in the fair value hierarchy of assets that are measured at fair value on a recurring basis at period end:

June 30, 2012:	Total		Level 1		Level 2		Level 3
Common stock	$	310		310		0		0
Government and agency securities		26,856		26,856		0		0
Total available-for-sale securities	$	27,166		27,166		0		0

December 31, 2011:	Total		Level 1		Level 2		Level 3
Common stock	$	320		320		0		0
Government and agency securities		26,845		26,845		0		0
Total available-for-sale securities	$	27,165		27,165		0		0

June 30, 2011:	Total		Level 1		Level 2		Level 3
Common stock	$	344		344		0		0
Government and agency securities		25,899		25,899		0		0
Total available-for-sale securities	$	26,243		26,243		0		0

There were no transfers between levels during the three and six month periods ended June 30, 2012 and 2011.

As of June 30, 2012, December 31, 2011, and June 30, 2011, our financial assets that are measured at fair value on a recurring basis consisted of common stock and debt securities. The government and agency securities have a maturity of twelve months.

Marketable securities, all treated as available-for-sale securities at period end, consist of the following:

June 30, 2012:	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Common stock	$	197		113		0			310
Government and agency securities		26,862		0		(6	)		26,856
Total available-for-sale securities	$	27,059		113		(6	)		27,166

December 31, 2011:	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Common stock	$	197		123		0			320
Government and agency securities		26,851		0		(6	)		26,845
Total available-for-sale securities	$	27,048		123		(6	)		27,165

June 30, 2011:	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Common stock	$	198		146		0		344
Government and agency securities		25,850		49		0		25,899
Total available-for-sale securities	$	26,048		195		0		26,243

The unrealized gains and losses recorded in accumulated other comprehensive income and the realized gains and losses recorded in earnings were immaterial during the periods reported in these consolidated financial statements.

Future maturities of our available-for-sale securities consist of the following:

	Less than 12 months				Greater than 12 months
	Amortized		Fair		Amortized		Fair
June 30, 2012:	cost		value		cost		value
Common stock	$	197		310		0		0
Government and agency securities		26,862		26,856		0		0
Total available-for-sale securities	$	27,059		27,166		0		0