Investments

9 Months Ended

Sep. 30, 2011

Investments, Debt and Equity Securities [Abstract]

Investments

5. Investments

The Company reviews its investments for other-than-temporary impairment whenever the fair value of an investment is less than carrying value and evidence indicates that an investment's carrying value may not be recoverable within a reasonable period of time.  In the Company's evaluation of its investments, it also considered its ability and intent to hold the investment until the market price recovers, the reasons for the decline in fair value, the duration of the decline in fair value and expected future performance.  Based on an independent third-party appraisal, the Company recorded an other-than-temporary impairment of investments of $0.1 million and $0.4 million related to auction-rate securities within Impairment of investments in the Condensed Consolidated Statements of Operations during the three and nine months ended September 30, 2011, respectively.

During the nine months ended September 30, 2010, the Company sold a portion of its equity investments. The cost basis of the equity investment sold was $0.2 million, which was determined utilizing the specific identification method. The proceeds from the sale were $1.0 million, resulting in a net realized gain of $0.8 million, which is recorded in Interest and other income, net in the Condensed Consolidated Statement of Operations. No equity investments were sold during the nine months ended September 30, 2011.

The following table presents the gross unrealized gains on, and estimated fair value of, the Company's auction-rate securities as of September 30, 2011 and December 31, 2010 (in thousands):

									(2)          Other than
					(1)		Estimated		Temporary		Gross Unrealized
			Historical Cost		Cost Basis		Fair Value		Impairment		Gains	Losses
September 30, 2011		$	6,100	$	2,100	$	2,066	$	(34	)	--	--
December 31, 2010			6,100		2,424		2,516		--		92	--
	(1) The cost basis is historical cost less other-than-temporary impairment charged to income.
	(2) The non-credit portion of the other-than-temporary impairment related to auction-rate securities is recorded in Accumulated other comprehensive loss.

The Company had $1.4 million of non-credit other-than-temporary impairments for auction-rate securities recorded in Accumulated other comprehensive loss at September 30, 2011.