Investments

The following table reports the cost and carrying value of available-for-sale investments at March 31, 2012 and December 31, 2011 (in thousands):



March 31, 2012	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Carrying Value
Fixed maturities:
U.S. Treasury securities	$	5,370	$	187	$	(1	)	$	5,556
Municipal bonds	3,111		281					3,392
Corporate bonds	18,741		546		(10		)	19,277
Government sponsored enterprises	1,000		59					1,059
	28,222		1,073		(11		)	29,284
Marketable equity securities	38,992		8,915		(403		)	47,504
Total	$	67,214	$	9,988	$	(414	)	$	76,788



December 31, 2011	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Carrying Value
Fixed maturities:
U.S. Treasury securities	$	7,053	$	227				$	7,280
Municipal bonds	3,118		297					3,415
Corporate bonds	23,738		588		$	(124	)	24,202
Government sponsored enterprises	1,625		76					1,701
	35,534		1,188		(124		)	36,598
Marketable equity securities	35,547		7,341		(1,210		)	41,678
Total	$	71,081	$	8,529	$	(1,334	)	$	78,276

The following table summarizes the market value of those investments in an unrealized loss position for periods less than or greater than 12 months (in thousands):



	2012				2011
Less than 12 months	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
Fixed maturities:
U.S. Treasury securities	$	551	$	1	$	553
Corporate bonds	2,585		7		3,770		$	67
	3,136		8		4,323		67
Marketable equity securities	6,188		403		7,847		461
Total	$	9,324	$	411	$	12,170	$	528



	2012				2011
Greater than 12 months	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
Fixed maturities:
Corporate bonds	$	2,160	$	3	$	2,818	$	57
Marketable equity securities					2,757		749
Total	$	2,160	$	3	$	5,575	$	806

Marketable Equity Securities: The Company’s investments in marketable equity securities totaled $47.5 million at March 31, 2012, and principally consist of common stock of publicly traded small-capitalization companies in the U.S. and select foreign markets. At March 31, 2012, the Company reviewed all of its equity securities in an unrealized loss position and concluded certain of such securities were not other-than-temporarily impaired as the declines were not of sufficient duration and severity, and publicly-available financial information did not indicate impairment. The primary cause of the losses on those securities was normal market volatility. The Company recorded a loss for the securities that were other-than-temporarily impaired of $922,000 and zero for the three months ended March 31, 2012, and 2011, respectively.

Corporate Bonds and U.S. Treasury Obligations: The Company owns various fixed maturity bonds in its portfolio. The U.S. Treasury, municipal, and government-sponsored enterprise bonds are typically held to meet state regulatory capital and deposit requirements for the insurance companies. The remainder of the bond portfolio consists of corporate bonds, which are purchased based on the maturity and yield-to-maturity of the bond, and an analysis of the fundamental characteristics of the issuer. At March 31, 2012, there were unrealized losses on certain bonds in the portfolio. The Company does not consider those bonds to be other-than-temporarily impaired because the Company expects to hold, and will not be required to sell, these particular bonds, and it expects to recover the entire amortized cost basis at maturity. During the three months ended March 31, 2012, and 2011, the Company did not record any impairment charges on investments in fixed maturity securities.

Investment in Unconsolidated Affiliate (Spigit Inc.):

The total losses recorded on the investment in Spigit reduced the carrying value to zero at December 31, 2011. Consequently, the Company will not accrue any additional losses reported by Spigit unless the Company decides to invest more capital into the operations, or certain events transpire at Spigit. There are no plans or obligations to invest additional capital at this time.