v2.4.0.6
Investments
6 Months Ended
Jun. 30, 2013
Investments [Abstract]  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]
4.    Investments
 
As noted in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012, all of the Company’s municipal bond investments are classified as held-to-maturity securities and reported at amortized cost pursuant to Accounting Standards Codification (“ASC”) 320, Investments – Debt and Equity Securities (“ASC 320”) as the Company has the intent and ability to hold all security investments to maturity.
 
Below is a summary of the amortized cost and estimated market values of the Company’s investment securities as of as of June 30, 2013 and December 31, 2012.
 
 
 
June 30, 2013
 
December 31, 2012
 
 
 
Amortized
 
Market
 
Amortized
 
Market
 
 
 
Cost
 
Value
 
Cost
 
Value
 
 
 
(Dollars in thousands)
 
Municipal bonds:
 
 
 
 
 
 
 
 
 
 
 
 
 
Current
 
$
6,981
 
$
7,049
 
$
8,004
 
$
8,117
 
Due from one through five years
 
 
22,569
 
 
23,586
 
 
25,384
 
 
26,620
 
Due from six through ten years
 
 
8,346
 
 
8,963
 
 
10,832
 
 
11,756
 
Total
 
$
37,896
 
$
39,598
 
$
44,220
 
$
46,493
 
 
The unrealized gains and losses on investment securities as of June 30, 2013 and December 31, 2012 were as follows:
 
 
 
June 30, 2013
 
December 31, 2012
 
 
 
Unrealized
 
Unrealized
 
Unrealized
 
Unrealized
 
 
 
Gains
 
Losses
 
Gains
 
Losses
 
 
 
(Dollars in thousands)
 
Municipal bonds
 
$
1,902
 
$
200
 
$
2,473
 
$
200
 
 
The estimated market values provided are level 2 valuations as defined by ASC 820, Fair Value Measurements and Disclosures (“ASC 820”). The Company reviewed its portfolio of investments as of June 30, 2013 and determined that no other-than-temporary market value impairment exists.
 
On May 1, 2013, the Company purchased a 50% interest in a building in Montreal, Canada for approximately $3.2 million. This building serves as the Company’s Canadian office and distribution center. This real estate investment was accounted for as an equity-method investment under ASC 323, Investments - Equity Method and Joint Ventures (“ASC 323”) and is included within other assets in the Consolidated Condensed Balance Sheets (Unaudited).