| Investments |
Note 2 – Investments
As of March 31, 2012, the Company held the following securities and investments, recorded at fair value (in thousands):
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| (unaudited) |
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Amortized
Cost |
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Unrealized |
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Fair Value |
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Gains |
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Losses |
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Auction rate preferred securities in municipal and state agencies (1)
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$ |
2,100 |
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$ |
— |
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$ |
(4 |
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$ |
2,096 |
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Mutual funds (2)
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92 |
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2 |
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— |
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94 |
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Total
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$ |
2,192 |
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$ |
2 |
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$ |
(4 |
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$ |
2,190 |
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As of December 31, 2011, the Company held the following securities and investments, recorded at fair value (in thousands):
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Amortized
Cost |
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Unrealized |
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Fair Value |
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Gains |
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Losses |
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Auction rate preferred securities in municipal and state agencies (1)
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$ |
2,125 |
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$ |
— |
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$ |
(21 |
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$ |
2,104 |
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Mutual funds (2)
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1,011 |
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114 |
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— |
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1,125 |
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Total
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$ |
3,136 |
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$ |
114 |
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$ |
(21 |
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$ |
3,229 |
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(1)
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Auction rate preferred securities in municipal and state agencies have a maturity of 15 to 30 years and are classified as investments available-for-sale and recorded at fair value. As of March 31, 2012 and December 31, 2011, respectively, these securities were held in two tax-exempt municipal bonds managed under closed-end funds. At March 31, 2012, $1.8 million was classified as a short-term investment due to the full redemption at par value in April 2012. The remaining balances at March 31, 2012 and December 31, 2011 were classified as long-term investments. Refer to additional information in Note 3 under the caption "Financial Assets Valued on a Recurring Basis''.
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(2)
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Mutual funds are classified as short-term investments available-for-sale and recorded at fair market value, based on quoted prices of identical assets that are trading in active markets as of the end of the period for which the values are determined.
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Proceeds from the sale of available-for-sale securities and investments are disclosed separately in the accompanying consolidated statements of cash flow. For the thirteen weeks ended March 31, 2012, the Company recognized a realized loss of $4,000 from the sale of mutual funds. For the thirteen weeks ended April 2, 2011, there were no recognized realized gains or losses.
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