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Investments
 9 Months Ended
Sep. 30, 2012
Investments [Abstract]  
Investments

5. Investments

Investments consist of certificates of deposit, mutual funds, and municipal bonds at September 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 nine months ended September 30, 2012.

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

 

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

Mutual funds

     Less than 1     $ 6,000,000     $ 101,043     $ —       $ 6,101,043  

Certificates of deposit

     Less than 1       2,750,000       10       (342 )      2,749,668  

Municipal bonds

     Less than 1       1,711,145       —         (6,890 )      1,704,255  
           

 

 

    

 

 

    

 

 

    

 

 

  

Total

           $ 10,461,145     $ 101,053     $ (7,232 )    $ 10,554,966  
           

 

 

    

 

 

    

 

 

    

 

 

  

 

 

                                         
    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