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Cash Equivalents and Investments

6 Months Ended

Jun. 30, 2011

Cash Equivalents and Investments:

As of June 30, 2011 and December 31, 2010, the Company's cash equivalents consisted entirely of money market funds with a fair value of $21.6 million and $11.7 million, respectively.

Investments consist of municipal debt securities, federal home loan securities and certificates of deposit. Investments with remaining maturities of less than one year are classified as short-term investments. Investments classified as long-term have maturities of one year to five years.

The Company intends and has the ability to hold its held-to-maturity securities to maturity, and therefore carries such investments at amortized cost in accordance with the provisions of the accounting guidance for investments in debt and equity securities. Held-to-maturity securities are not subject to the requirements of the accounting guidance for fair value measurements.

Investments held at June 30, 2011 and December 31, 2010, are summarized as follows (in thousands):


	June 30, 2011				December 31, 2010
	Short-Term		Long-Term		Short-Term		Long-Term

Municipal debt securities	$	10,735	$	15,600	$	16,901	$	11,327
Federal home loan securities		—		10,066		—		16,066
Certificates of deposit		240		—		480		—

	$	10,975	$	25,666	$	17,381	$	27,393