Investments

The following tables report the cost and carrying value of available-for-sale investments at March 31, 2013 and December 31, 2012 (in thousands):



March 31, 2013	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Carrying Value
Debt securities:
Corporate bonds	$	8,748	$	286	$	(48	)	$	8,986
Marketable equity securities	31,569		8,395		(560		)	39,404
Total	$	40,317	$	8,681	$	(608	)	$	48,390



December 31, 2012	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Carrying Value
Debt securities:
Corporate bonds	$	7,758	$	324	$	(56	)	$	8,026
Marketable equity securities	33,847		7,212		(621		)	40,438
Total	$	41,605	$	7,536	$	(677	)	$	48,464

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



	March 31, 2013				December 31, 2012
Less than 12 months	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
Debt securities:
Corporate bonds	$	1,662	$	10	$	768	$	12
Marketable equity securities	2,315		249		5,193		615
Total	$	3,977	$	259	$	5,961	$	627



	March 31, 2013				December 31, 2012
Greater than 12 months	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
Debt securities:
Corporate bonds	$	2,210	$	38	$	2,204	$	44
Marketable equity securities	1,468		311		45		6
Total	$	3,678	$	349	$	2,249	$	50

Marketable Equity Securities: The Company’s investment in marketable equity securities was $39.4 million at March 31, 2013, and principally consisted of common stock of publicly traded small-capitalization companies in the U.S. and select foreign markets. At March 31, 2013, the Company reviewed its equity security 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 collectively did not indicate impairment. The primary cause of the loss on those securities was normal market volatility. The securities that were deemed other-than-temporarily impaired were recorded as an impairment loss in the period. The Company recorded impairment losses of $9,000 and $841,000 for the three months ended March 31, 2013 and 2012, respectively.

Debt Securities: The Company owns corporate bonds in its fixed maturity portfolio 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, 2013, 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. There were no impairment losses recorded on debt securities during the three months ended March 31, 2013, and 2012.