Financial Instruments

6 Months Ended

Jun. 30, 2012

6.	Financial Instruments

The Company's material financial instruments include cash and cash equivalents and investments classified as available for sale; investments classified as available for sale are the only assets or liabilities that are measured at fair value on a recurring basis. All of the Company's investments mature in one year or less. The par value, amortized cost, gross unrealized gains and losses and estimated fair value of investments classified as available for sale as of June 30, 2012 and December 31, 2011 are as follows (in thousands):


									Fair Value Measurements Using
									Quoted Prices in Active Markets		Significant Other
	Par		Amortized		Gross Unrealized		Gross Unrealized		for Identical Assets		Observable Inputs		Total Fair Value
	Value		Cost		Gains		Losses		(Level 1)		(Level 2)		Measurements

June 30, 2012
U.S. Treasury securities	$	37,300	$	37,288	$	2	$	-	$	37,290	$	-	$	37,290

December 31, 2011
U.S. Treasury securities	$	43,300	$	43,296	$	1	$	-	$	43,297	$	-	$	43,297

As of June 30, 2012, the Company did not have any assets or liabilities measured at fair value on a nonrecurring basis. As more fully discussed in the 2011 10-K, during the fourth quarter of 2010 the Company recorded an impairment charge for certain real estate assets at the San Elijo Hills Towncenter ("Towncenter") which reduced the carrying amount of those assets to their fair value of $1,200,000 at December 31, 2010.

For cash and cash equivalents, the carrying amounts of such financial instruments approximate their fair values.

The Company does not invest in any derivatives or engage in any hedging activities.