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Investments
 3 Months Ended
Mar. 31, 2014
Investments, Debt and Equity Securities [Abstract]  
Investments
Investments
Investments consist of mutual funds and municipal bonds at March 31, 2014 and December 31, 2013. 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 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 months ended March 31, 2014 or 2013.
The following is a summary of short-term investments as of March 31, 2014 and December 31, 2013:
 
 
 
 
As of March 31, 2014
 
Contractual
Maturity (in years)
Cost
 
Gross Unrealized
Gains
 
Gross Unrealized
Losses
 
Fair Market Value
Mutual funds
---
 
$
17,278,158

 
$
—

 
$
(71,638
)
 
$
17,206,520

Municipal bonds
Less than 1
 
805,144

 
—

 
(172
)
 
804,972

Total investments
 
 
$
18,083,302

 
$
—

 
$
(71,810
)
 
$
18,011,492

 
 
 
As of December 31, 2013
 
Contractual
Maturity (in years)
Cost
 
Gross Unrealized
Gains
 
Gross Unrealized
Losses
 
Fair Market Value
Mutual funds
---
 
$
18,178,518

 
$
—

 
$
(78,614
)
 
$
18,099,904

Municipal bonds
Less than 1
 
805,144

 
560

 
—

 
805,704

Total investments
 
 
$
18,983,662

 
$
560

 
$
(78,614
)
 
$
18,905,608