2. INVESTMENTS

The following table summarizes the Company’s investments at:

December 31, 2012	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Fair Value		Continuous Unrealized Loss Position less than 12 Months		Continuous Unrealized Loss Position greater than 12 Months
Held-to-Maturity
Short-term:
U.S. Treasuries	$	16,040	$	-	$	-	$	16,040	$	-	$	-
Certificates of deposit	2,201		-		-		2,201		-		-
Municipal securities	77,038		-		11		77,027		11		-
Available-for-sale
Long-term:
Auction rate securities	3,310		2,483		-		5,793		-		-
Total	$	98,589	$	2,483	$	11	101,061		$	11	$	-
Trading
Short-term:
Auction rate securities							1,763
Long-term:
Auction rate securities							15,600
Total							$	118,424

December 31, 2011	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Fair Value		Continuous Unrealized Loss Position less than 12 Months		Continuous Unrealized Loss Position greater than 12 Months
Held-to-Maturity
Short-term:
U.S. Treasuries	$	8,034	$	5	$	-	$	8,039	$	-	$	-
Certificates of deposit	29,034		1		-		29,035		-		-
Corporate bonds	2,022		-		-		2,022		-		-
Municipal securities	284,605		-		64		284,541		64		-
U.S. government agency securities	16,005		2		-		16,007		-		-
Available-for-sale
Short-term:
Variable rate demand notes	58,924		-		-		58,924		-		-
Long-term:
Auction rate securities	3,320		-		-		3,320		-		-
Total	$	401,944	$	8	$	64	401,888		$	64	$	-
Trading
Short-term:
Auction rate securities							12,658
Long-term:
Auction rate securities							19,874
Total							$	434,420

During the years ended December 31, 2012, 2011 and 2010, realized gains or losses recognized on the sale of investments were not significant.

The Company recognized a net gain (loss) through earnings on its trading securities as follows for the years ended:

	2012		2011			2010
(Loss) on transfer from available-for-sale to trading	$	-	$	(2,438	)	$	(4,876	)
Gain on trading securities sold	1,130		2,604			375
Gain (loss) on trading securities held	753		(210		)	572
Gain (loss) on trading securites	$	1,883	$	(44	)	$	(3,929	)

The Company’s investments at December 31, 2012 and 2011 in U.S. Treasuries, certificates of deposit, corporate bonds, municipal securities, U.S. government agency securities and/or variable rate demand notes (“VRDNs”) carried investment grade credit ratings. VRDNs are floating rate municipal bonds with embedded put options that allow the bondholder to sell the security at par plus accrued interest. All of the put options are secured by a pledged liquidity source. While they are classified as marketable investment securities, the put option allows the VRDNs to be liquidated at par on a same day, or more generally on a seven day, settlement basis. A portion of the Company’s investments at December 31, 2012 and 2011 in municipal, educational or other public body securities with an auction reset feature (“auction rate securities”) also carried investment grade credit ratings.

The following table summarizes the underlying contractual maturities of the Company’s investments at:

	December 31, 2012				December 31, 2011
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Less than 1 year:
U.S. Treasuries	$	16,040	$	16,040	$	8,034	$	8,039
Certificates of deposit	2,201		2,201		29,034		29,035
Corporate bonds	-		-		2,022		2,022
Municipal securities	77,038		77,027		284,605		284,541
U.S. government agency securities	-		-		16,005		16,007
Due 1 - 10 years:
Variable rate demand notes	-		-		5,775		5,775
Due 11 - 20 years:
Variable rate demand notes	-		-		12,716		12,716
Auction rate securities	10,748		10,748		5,158		5,158
Due 21 - 30 years:
Variable rate demand notes	-		-		27,902		27,902
Auction rate securities	9,925		12,408		25,134		25,134
Due 31 - 40 years:
Variable rate demand notes	-		-		12,532		12,532
Auction rate securities	-		-		5,559		5,559
Total	$	115,952	$	118,424	$	434,476	$	434,420