Marketable Securities

9 Months Ended

Sep. 30, 2016

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

MARKETABLE SECURITIES

ASC 320, “Investments – Debt and Equity Securities” requires that an enterprise classify all debt securities as either held-to-maturity, trading or available-for-sale. The Company has elected to classify its securities as available-for-sale and therefore is required to adjust securities to fair value at each reporting date. All costs and both realized and unrealized gains and losses on securities are determined on a specific identification basis. The following is a summary of available-for-sale securities at:

($ in thousands)		September 30, 2016				December 31, 2015
Marketable Securities:	Fair Value Hierarchy	Cost		Estimated Fair Value		Cost		Estimated Fair Value
Certificates of deposit
with unrecognized losses for less than 12 months		$	40	$	39	$	4,810	$	4,797
with unrecognized losses for more than 12 months		—		—		239		238
with unrecognized gains		5,969		5,995		2,800		2,805
Total Certificates of deposit	Level 1	6,009		6,034		7,849		7,840
US Treasury and agency notes
with unrecognized losses for less than 12 months		—		—		860		857
with unrecognized losses for more than 12 months		—		—		—		—
with unrecognized gains		1,935		1,941		736		738
Total US Treasury and agency notes	Level 2	1,935		1,941		1,596		1,595
Corporate notes
with unrecognized losses for less than 12 months		5,595		5,575		14,638		14,516
with unrecognized losses for more than 12 months		1,461		1,439		2,080		2,061
with unrecognized gains		9,591		9,629		3,334		3,339
Total Corporate notes	Level 2	16,647		16,643		20,052		19,916
Municipal notes
with unrecognized losses for less than 12 months		811		802		1,742		1,725
with unrecognized losses for more than 12 months		360		356		301		298
with unrecognized gains		1,831		1,841		1,435		1,441
Total Municipal notes	Level 2	3,002		2,999		3,478		3,464
		$	27,593	$	27,617	$	32,975	$	32,815

We evaluate our securities for other-than-temporary impairment based on the specific facts and circumstances surrounding each security valued below its cost. Factors considered include the length of time the securities have been valued below cost, the financial condition of the issuer, industry reports related to the issuer, the severity of any decline, our intention not to sell the security, and our assessment as to whether it is not more likely than not that we will be required to sell the security before a recovery of its amortized cost basis. We then segregate the loss between the amounts representing a decrease in cash flows expected to be collected, or the credit loss, which is recognized through earnings, and the balance of the loss which is recognized through other comprehensive income. At September 30, 2016, the fair market value of investment securities was $24,000 higher than their cost basis.

As of September 30, 2016, the adjustment to accumulated other comprehensive loss in consolidated equity for the temporary change in the value of securities reflected an increase in the market value of available-for-sale securities of $184,000, which includes estimated taxes of $64,000. As of September 30, 2016, the Company’s gross unrealized holding income equaled $80,000 and gross unrealized holding losses equaled $56,000.

The following tables summarize the maturities, at par, of marketable securities as of:

	September 30, 2016
($ in thousands)	2016		2017		2018		2019		Total
Certificates of deposit	$	879	$	531	$	4,400	$	169	$	5,979
U.S. Treasury and agency notes	—		1,234		579		138		1,951
Corporate notes	—		5,207		7,723		3,240		16,170
Municipal notes	—		840		1,705		415		2,960
	$	879	$	7,812	$	14,407	$	3,962	$	27,060

	December 31, 2015
($ in thousands)	2016		2017		2018		2019		Total
Certificates of deposit	$	2,492	$	631	$	4,510	169		$	7,802
U.S. Treasury and agency notes	100		759		579		188		1,626
Corporate notes	4,572		6,525		6,462		1,881		19,440
Municipal notes	995		940		1,455		—		3,390
	$	8,159	$	8,855	$	13,006	$	2,238	$	32,258

The Company’s investments in corporate notes are with companies that have an investment grade rating from Standard & Poor’s.