Cash, cash equivalents, and investments

6 Months Ended

Jun. 30, 2011

Cash, cash equivalents, and investments [Abstract]

Cash, cash equivalents, and investments

2. Cash, cash equivalents, and investments

Cash and cash equivalents include funds on hand and short-term investments with original maturities of three months or less. Short-term investments include securities generally having maturities of 90 days to one year. The Company’s short-term investments are invested in commercial paper, which, based on management’s intent and ability, are classified as held to maturity investments, recorded at amortized cost.

The following is a summary of cash, cash equivalents and held-to-maturity investments by type at June 30, 2011 and December 31, 2010:

	June 30, 2011								December 31, 2010
			Gross		Gross						Gross		Gross
			Unrealized		Unrealized						Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value		Cost		Gains		Losses		Fair Value
Cash and money market funds	$	27,719,405	$	—	$	—	$	27,719,405	$	42,684,241	$	—	$	—	$	42,684,241
Commercial paper		10,675,112		84		15,251		10,659,945		—		—		—		—
Certificate of Deposit		100,000		—		319		99,681		—		—		—		—
Total cash, cash equivalents and investments	$	38,494,517	$	84	$	15,570	$	38,479,031	$	42,684,241	$	—	$	—	$	42,684,241

The following table summarizes the classification of cash, cash equivalents and investments in the accompanying balance sheet:

	June 30,		December 31,
	2011		2010
Cash	$	8,231,945	$	12,282,389
Cash equivalents		19,487,460		30,401,852
Total cash and cash equivalents		27,719,405		42,684,241
Short term investments		10,775,112		—
Long term investments		—		—
	$	38,494,517	$	42,684,241

The commercial paper investments, identified above as short-term investments at June 30, 2011, have contractual maturities of less than one year. At June 30, 2011, held-to-maturity short-term investments have gross unrealized losses of $15,570, which have been in a continuous unrealized loss position for less than 12 months. The unrealized losses on the Company’s investments in commercial paper are due to interest rate fluctuations. As these investments were originally purchased at a premium, are short-term in nature, are expected to be redeemed at par value and because the Company has the ability and intent to hold these investments to maturity, the Company does not consider these investments to be other than temporarily impaired at June 30, 2011.