Investments

The following tables report the cost and carrying value of available-for-sale investments at September 30, 2013 and December 31, 2012 (in thousands):



September 30, 2013	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Carrying Value
Debt securities:
Corporate bonds	$	6,289	$	210	$	(31	)	$	6,468
Marketable equity securities	31,223		10,703		(320		)	41,606
Total	$	37,512	$	10,913	$	(351	)	$	48,074



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):



	September 30, 2013				December 31, 2012
Less than 12 months	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
Debt securities:
Corporate bonds					$	768	$	12
Marketable equity securities	$	963	$	154	5,193		615
Total	$	963	$	154	$	5,961	$	627



	September 30, 2013				December 31, 2012
Greater than 12 months	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
Debt securities:
Corporate bonds	$	4,964	$	31	$	2,204	$	44
Marketable equity securities	2,363		166		45		6
Total	$	7,327	$	197	$	2,249	$	50

Marketable Equity Securities: The Company’s investment in marketable equity securities was $41.6 million at September 30, 2013, and principally consisted of common stock of publicly traded small-capitalization companies in the U.S. and select foreign markets. At September 30, 2013, the Company reviewed 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, 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. During the three and nine months ended September 30, 2013, the Company recorded impairment losses of $162,000 and $201,000, respectively. During the three and nine months ended September 30, 2012, the Company recorded impairment losses of $917,000.

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 September 30, 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 and nine months ended September 30, 2013, and 2012.