Radian Group Inc. Notes to Consolidated Financial Statements - (Continued) The change in unrealized gains (losses) recorded in accumulated other comprehensive income (loss) consisted of the  following:  The following tables show the gross unrealized losses and fair value of our available for sale and held to maturity  investments, aggregated by investment category and length of time that individual securities have been in a continuous  unrealized loss position, as of the dates indicated: During 2012, there was an immaterial amount of credit losses recognized in earnings and in  2011, there were no credit  losses recognized in earnings.  December 31, 2011: ($ in thousands) Description of Securities Less Than 12 Months 12 Months or Greater Total # of securities Fair Value Unrealized Losses # of securities Fair Value Unrealized Losses # of securities Fair Value Unrealized Losses State and municipal obligations. . . . . . . . . 1 $ 525 $ 17 9 $ 72,653 $ 4,866 10 $ 73,178 $ 4,883 Corporate bonds and notes . . . . . . . . . . . . . 6 2,457 97 18 8,902 950 24 11,359 1,047 RMBS . . . . . . . . . . . . 2 354 1 — — — 2 354 1 CMBS . . . . . . . . . . . . — — — 1 527 16 1 527 16 Equity securities. . . . 1 9,284 869 — — — 1 9,284 869 Total . . . . . . . . . . . . . 10 $ 12,620 $ 984 28 $ 82,082 $ 5,832 38 $ 94,702 $ 6,816 December 31, 2012: ($ in thousands) Description of Securities Less Than 12 Months 12 Months or Greater Total # of securities Fair Value Unrealized Losses # of securities Fair Value Unrealized Losses # of securities Fair Value Unrealized Losses State and municipal obligations . . . . . . . . — $ — $ — 2 $ 6,004 $ 49 2 $ 6,004 $ 49 Corporate bonds and notes. . . . . . . . . . . . . — — — 6 5,329 359 6 5,329 359 RMBS . . . . . . . . . . . 1 31 2 — — — 1 31 2 Total. . . . . . . . . . . . . 1 $ 31 $ 2 8 $ 11,333 $ 408 9 $ 11,364 $ 410 Year Ended December 31, (In thousands) 2012 2011 2010 Fixed-maturities: Unrealized holding gains arising during the period, net of tax . . . . . . . . . . . . . $ 4,415 $ 11,328 $ 23,806 Less reclassification adjustment for net gains (losses) included in net (loss) income, net of tax. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,750 (34,697) (4,980) Net unrealized (losses) gains on investments, net of tax. . . . . . . . . . . . . . . . . . . . . $ (1,335) $ 46,025 $ 28,786 Equities: Unrealized holding gains (losses) arising during the period, net of tax . . . . . . $ 9,717 $ (3,928) $ 15,080 Less reclassification adjustment for net gains included in net (loss) income, net of tax. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,522 2,769 1,242 Net unrealized gains (losses) on investments, net of tax. . . . . . . . . . . . . . . . . . . . . $ 6,195 $ (6,697) $ 13,838 217