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Investments
 6 Months Ended
Jun. 30, 2012
Investments [Abstract]  
Investments

5. Investments

Investments consist of certificates of deposit, mutual funds, and municipal bonds at June 30, 2012 and December 31, 2011. The Company classifies all investments as available-for-sale, as the sale of such investments may be required prior to maturity to implement management strategies. These investments are carried at fair value, with the unrealized gains and losses reported as a component of accumulated other comprehensive income (loss) until realized. A decline in the market value of any investment below cost that is determined to be other-than-temporary will result in a revaluation of its carrying amount to fair value. The impairment is charged to earnings and a new cost basis for the investment is established. No such impairment charges were recorded during the three and six months ended June 30, 2012.

The following is a summary of investments as of June 30, 2012 and December 31, 2011:

 

                                         
    Contractual
Maturity (in years)		     As of June 30, 2012  
      Cost     Gross Unrealized
Gains		     Gross Unrealized
Losses		     Fair Market Value  

Mutual funds

     Less than 1     $ 6,000,000     $ 69,554     $ —       $ 6,069,554  

Certificates of deposit

     Less than 1       5,460,000       38       (1,521 )      5,458,517  

Municipal bonds

     Less than 1       1,962,147       296       (3,452 )      1,958,991  
           

 

 

    

 

 

    

 

 

    

 

 

  

Total

           $ 13,422,147     $ 69,888     $ (4,973 )    $ 13,487,062  
           

 

 

    

 

 

    

 

 

    

 

 

  

 

                                         
    Contractual
Maturity (in years)		     As of December 31, 2011  
      Cost     Gross Unrealized
Gains		     Gross Unrealized
Losses		     Fair Market Value  

Mutual funds

     Less than 1     $ 6,000,000     $ 37,115     $ —       $ 6,037,115  

Certificates of deposit

     Less than 1       5,771,000       —         (2,696 )      5,768,304  

Municipal bonds

     Less than 1       1,056,614       1,387       —         1,058,001  
           

 

 

    

 

 

    

 

 

    

 

 

  

Total

           $ 12,827,614     $ 38,502     $ (2,696 )    $ 12,863,420