Cash, cash equivalents, and investments

9 Months Ended

Sep. 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 September 30, 2011 and December 31, 2010:

	September 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	$	24,574,858	$	—	$	—	$	24,574,858	$	42,684,241	$	—	$	—	$	42,684,241
Commercial paper		6,075,147				14,367		6,060,780		—		—		—		—
Certificate of Deposit		100,000		—		130		99,870		—		—		—		—
Total cash, cash equivalents and investments	$	30,750,005	$	—	$	14,497	$	30,735,508	$	42,684,241	$	—	$	—	$	42,684,241

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

	September 30,		December 31,
	2011		2010
Cash	$	5,369,481	$	12,282,389
Cash equivalents		19,205,377		30,401,852
Total cash and cash equivalents		24,574,858		42,684,241
Short term investments		6,175,147		—
Long term investments		—		—
	$	30,750,005	$	42,684,241

The commercial paper investments, identified above as short-term investments at September 30, 2011, have contractual maturities of less than one year. At September 30, 2011, held-to-maturity short-term investments have gross unrealized losses of $14,497, 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 September 30, 2011.