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Investments in Available-for-Sale Securities

6 Months Ended

Jun. 30, 2012

Available-For-Sale Securities [Abstract]

Available For Sale Securities Disclosure [Text Block]

4. Investments in Available-for-Sale Securities

The following is a summary of the Company’s investments in available-for-sale securities as of June 30, 2012:

	Cost		Unrealized Gains		Unrealized Losses			Fair Value
U.S. federal agency securities	$	19,615	$	341	$	-		$	19,956
Municipal securities		231,400		-		(36	)		231,364
Certificates of deposit		1,757,013		7,667		(10,188	)		1,754,492
Corporate debt securities		624,287		2,613		(29,562	)		597,338
Equity securities		7,905		16,456		-			24,361
	$	2,640,220	$	27,077	$	(39,786	)	$	2,627,511

The following is a summary of the Company’s investments in available-for-sale securities as of December 31, 2011:

	Cost		Unrealized Gains		Unrealized Losses			Fair Value
U.S. federal agency securities	$	15,153	$	411	$	-		$	15,564
Certificates of deposit		1,725,402		11,154		(13,970	)		1,722,586
Corporate debt securities		776,244		1,222		(23,843	)		753,623
	$	2,516,799	$	12,787	$	(37,813	)	$	2,491,773

The Company’s investment portfolio had a net realized loss of $1,141 and $853 for the six months ended June 30, 2012 and 2011, respectively. The Company’s investment portfolio had a net realized gain of $660 and a loss of $3,257 for the three months ended June 30, 2012 and 2011, respectively.

The cost and fair value of investments in available-for-sale securities, by contractual maturity, as of June 30, 2012, were as follows:

	Cost		Fair Value
Due within one year	$	1,525,705	$	1,499,585
Due after one year through three years		499,798		489,559
Due after three years		606,812		614,006
No maturity		7,905		24,361
	$	2,640,220	$	2,627,511

Expected maturities will differ from contractual maturities because the issuers of certain debt securities have the right to call or prepay their obligations without any penalties. Accordingly, the Company has classified the entire fair value of its investments in available-for-sale securities as current assets in the accompanying balance sheets.