Investment Securities
 6 Months Ended
Jun. 30, 2012
Investment Securities [Abstract]  
Investment Securities

Note 4—Investment Securities

The following table represents the Company’s investment securities holdings at June 30, 2012 and December 31, 2011:

                                 
At June 30, 2012   Cost     Unrealized
Gains		     Unrealized
Losses		     Fair
Value		  
    (in thousands)  

Available-for-sale securities

                                

U.S. Treasury Note (0.375%, 9/30/2012)

   $ 504     $ 2     $ —       $ 506  

U.S. Treasury Note (1.75%, 1/31/2014)

     102       1       —         103  
   

 

 

    

 

 

    

 

 

    

 

 

  
      606       3       —         609  
   

 

 

    

 

 

    

 

 

    

 

 

  

Trading Securities

                                

Equity securities

  

     5,744  

Short-term securities

  

     800  

Managed mutual funds

  

     778  
                           

 

 

  
                              7,322  
                           

 

 

  

Total investment securities

                           $ 7,931  
                           

 

 

  

 

                                 
At December 31, 2011   Cost     Unrealized
Gains		     Unrealized
Losses		     Fair
Value		  
    (in thousands)  

Available-for-sale securities

                                

U.S. Treasury Note (0.375%, 9/30/2012)

   $ 504     $ 2     $ —       $ 506  

U.S. Treasury Note (1.75%, 1/31/2014)

     102       2       —         104  
   

 

 

    

 

 

    

 

 

    

 

 

  
    $ 606     $ 4       —         610  

Trading Securities

                                

Equity securities

  

     2,656  

Short-term securities

  

     636  

Managed mutual funds

  

     740  
                           

 

 

  
                              4,032  
                           

 

 

  

Total investment securities

                           $ 4,642  
                           

 

 

  

Investment securities are classified as either trading or available-for-sale and are carried at fair value. Fair value is determined based on quoted market prices in active markets for identical or similar instruments.

Investment securities classified as trading consist of short-term securities, equity securities, and investments in mutual funds for which the Company provides advisory services. At June 30, 2012 and December 31, 2011, trading securities consist solely of investments held by the Company for the purpose of providing initial cash seeding for product development purposes. The Company recognized $0.5 million and $0.1 million of net unrealized losses related to investments classified as trading for the three and six month periods ended June 30, 2012, respectively. For the three and six month periods ended June 30, 2011 there were no net unrealized gains or losses related to investments classified as trading.

Investment securities classified as available-for-sale consist of U.S. Treasury Notes, which are held by ETC in order to comply with New Hampshire state regulations. As of June 30, 2012 and December 31, 2011, $0.6 million of investment securities is considered restricted. The Company periodically reviews each individual security position that has an unrealized loss, or impairment, to determine if that impairment is other-than-temporary. No other-than-temporary impairment charges have been recognized by the Company during the three and six month periods ended June 30, 2012 and 2011.