Marketable Securities - Restricted

A Margin Account was established on July 26, 2011 for which the Company needs to pledge, restrict from sale and segregate marketable securities at an approximate ratio of approximately two-to-one, based on the diversity of securities pledged as collateral, for those funds withdrawn and outstanding (see “Note 9 Margin Account Loan”).

These restricted marketable securities consist of mutual funds. As of March 31, 2013, it was determined that none of the Marketable Securities had other-than-temporary impairments. At March 31, 2013, all restricted securities were measured as Level 1 instruments of the fair value measurements standard (see "Note 11: Fair Value").

Securities classified as restricted from sale consisted of:

March 31, 2013

(in thousands)



Securities	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Short-Term Investments		Long Term Investments
Mutual Funds	$	14,971	$	11	$	(145	)	$	14,837	14,837		$	—

Totals	$	14,971	$	11	$	(145	)	$	14,837	$	14,837	$	—

December 31, 2012

(in thousands)



Securities	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Short-Term Investments		Long Term Investments
Mutual Funds	$	11,050	$	—	$	(54	)	$	10,996	$	10,996	$	—
Corporate Bonds	3,503		1		—			3,504		3,504		—

Totals	$	14,553	$	1	$	(54	)	$	14,500	$	14,500	$	—

Unrealized losses on investments restricted from sale

Investments restricted from sale with continuous unrealized losses for less than 12 months and 12 months or greater and their related fair values were as follows:

March 31, 2013

(in thousands)



		Less Than 12 Months					12 Months or Greater				Totals
Securities	Total number in loss position	Fair Values		Unrealized Losses			Fair Values		Unrealized Losses		Total Fair Value		Total Unrealized Losses
Mutual Funds	1	$	8,127	$	(145	)	$	—	$	—	$	8,127	$	(145	)

Totals	1	$	8,127	$	(145	)	$	—	$	—	$	8,127	$	(145	)

December 31, 2012

(in thousands)



		Less Than 12 Months					12 Months or Greater				Totals
Securities	Total number in loss position	Fair Values		Unrealized Losses			Fair Values		Unrealized Losses		Total Fair Value		Total Unrealized Losses
Mutual Funds	1	$	10,996	$	(54	)	$	—	$	—	$	10,996	$	(54	)

Totals	1	$	10,996	$	(54	)	$	—	$	—	$	10,996	$	(54	)

Unrealized losses from fixed-income securities (bonds) are primarily attributable to changes in interest rates and/or a reduction in their rating of credit worthiness as deemed by independent financial rating services. Unrealized losses from domestic and international equities are due to market price movements. Management does not believe any remaining losses represent other-than-temporary impairment based on Management’s evaluation of available evidence as of March 31, 2013. Management believes that 2013 or 2012's unrealized losses attributed to the Mutual Funds were limited to temporary impairment based on our evaluation of available evidence as of March 31, 2013 and December 31, 2012.