Investments

Investments consist of mutual funds and United States corporate debt securities at December 31, 2014 and of mutual funds, and municipal bonds at 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 years ended December 31, 2014 and 2013, net realized loss on investments of $34,000 and $39,000 was recorded, respectively. Interest and dividends on investments classified as available-for-sale are included in interest and other income, net, in the consolidated statements of operations. As of December 31, 2014, the Company had 35 available-for-sale securities in a gross unrealized loss position of which 5 were in such position for longer than 12 months. There were no impairments considered to be other-than-temporary as the Company has the ability and intent to hold the securities until recovery of the cost basis.

The following is a summary of short-term investments as of December 31, 2014 and 2013:



		As of December 31, 2014
	Contractual Maturity (in years)	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Mutual funds	---	$	29,487,758	$	2,667	$	(216,790	)	$	29,273,635
US corporate debt securities	Less than 2	23,839,606		70		(37,337		)	23,802,339
Total investments		$	53,327,364	$	2,737	$	(254,127	)	$	53,075,974



		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