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Cash Equivalents And Investments
 6 Months Ended
Jun. 30, 2012
Cash Equivalents And Investments
  2. Cash Equivalents and Investments:

As of June 30, 2012 and December 31, 2011, the Company’s cash equivalents consisted entirely of money market funds with a fair value of $7.8 million and $11.6 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 six 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 fair value disclosure requirements.

 

Investments held at June 30, 2012 and December 31, 2011 are summarized as follows (in thousands):

 

     June 30,
2012		      December 31,
2011		  
     Short-
Term		      Long-
Term		      Short-
Term		      Long-
Term		  

Municipal debt securities

    $ 3,317       $ 26,306       $ 4,139       $ 26,964   

Federal home loan securities

      —           22,100         —           18,027   

Certificates of deposit

      —           720         —           —     
  

 

 

     

 

 

     

 

 

     

 

 

  
   $ 3,317       $ 49,126       $ 4,139       $ 44,991