Cash, Cash Equivalents, and Investments

12 Months Ended

Dec. 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 highly liquid investments purchased with initial maturity of three months or less. Short-term investments include securities with an expected maturity date within one year of the balance sheet date that do not meet the definition of cash equivalent. The Company’s short-term investments are invested in corporate bonds, which, based on management’s intent and ability, are classified as held to maturity investments and are recorded at amortized cost.

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

	December 31, 2012									December 31, 2011
			Gross		Gross							Gross		Gross
			Unrealized		Unrealized			Fair				Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value		Cost		Gains		Losses			Value
Cash and money market funds	$	36,126,791	$	—	$	—		$	36,126,791	$	21,300,733	$	—	$	—		$	21,300,733
Corporate bonds		958		—		—			958		5,008,189		—		(3,238	)		5,004,951
Certificate of deposit		1,680,000		—		(1,488	)		1,678,512		100,000		—		(69	)		99,931
Total cash, cash equivalents and investments	$	37,807,749	$	—	$	(1,488	)	$	37,806,261	$	26,408,922	$	—	$	(3,307	)	$	26,405,615

Fair value in the above table was determined using level 1 inputs. The Company believes the unrealized losses on the Company’s investments are due to interest rate fluctuations. As these investments 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 December 31, 2012.

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

	2012		2011
Cash	$	19,811,735	$	6,061,523
Cash equivalents		16,315,056		15,239,210
Total cash and cash equivalents		36,126,791		21,300,733
Short-term investments		1,680,958		5,108,189
Total cash, cash equivalents and investments	$	37,807,749	$	26,408,922