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Investments
 9 Months Ended
Sep. 30, 2014
Investments, Debt and Equity Securities [Abstract]  
Investments
Investments
Investments consist of mutual funds and municipal bonds at September 30, 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. Available-for-sale securities are recorded at fair value, based on current market valuations. Unrealized gains and losses on available-for-sale securities are excluded from earnings and are reported as a separate component of other comprehensive loss until realized. Realized gains and losses are included in non-operating other income (expense) on the statement of operations and are derived using the specific identification method for determining the cost of the securities sold.  During the three and nine months ended September 30, 2014, net realized loss on investments of $2,000 was recorded. No such impairment charges were recorded during the three and nine months ended September 30, 2013.
The following is a summary of short-term investments as of September 30, 2014 and December 31, 2013:
 
 
 
 
As of September 30, 2014
 
Contractual
Maturity (in years)
Cost
 
Gross Unrealized
Gains
 
Gross Unrealized
Losses
 
Fair Market Value
Mutual funds
---
 
$
29,564,317

 
$
—

 
$
(106,544
)
 
$
29,457,773

Municipal bonds
Less than 1
 
805,144

 
—

 
(3,632
)
 
801,512

Total investments
 
 
$
30,369,461

 
$
—

 
$
(110,176
)
 
$
30,259,285

 
 
 
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