Cash, cash equivalents, and investments

3 Months Ended

Mar. 31, 2012

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 March 31, 2012 and December 31, 2011:

	March 31, 2012									December 31, 2011
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Cash and money market funds	$	24,349,583	$	—	$	—		$	24,349,583	$	21,300,733	$	—	$	—		$	21,300,733
Commercial paper		3,553,847		—		(3,546	)		3,550,301		5,008,189		—		(3,238	)		5,004,951
Certificates of deposit		1,780,000		—		(3,357	)		1,776,643		100,000		—		(69	)		99,931
Total cash, cash equivalents and investments	$	29,683,430	$	—	$	(6,903	)	$	29,676,527	$	26,408,922	$	—	$	(3,307	)	$	26,405,615

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

	March 31,		December 31,
	2012		2011
Cash	$	9,232,317	$	6,061,523
Cash equivalents		15,117,266		15,239,210
Total cash and cash equivalents		24,349,583		21,300,733
Short term investments		5,333,847		5,108,189
Total cash, cash equivalents and investments	$	29,683,430	$	26,408,922

Commercial paper investments, identified above as short-term investments at March 31, 2012, have contractual maturities of less than one year. At March 31, 2012, held-to-maturity short-term investments have gross unrealized losses of $6,903, 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 March 31, 2012.