Cash, Cash Equivalents, and Investments

3 Months Ended

Mar. 31, 2013

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 typically 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 March 31, 2013 and December 31, 2012:

	March 31, 2013								December 31, 2012
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Cash and money market funds	$	38,580,384	$	—	$	—	$	38,580,384	$	36,126,791	$	—	$	—		$	36,126,791
Corporate bonds		—		—		—		—		958		—		—			958
Certificates of deposit		—		—		—		—		1,680,000		—		(1,488	)		1,678,512
Total cash, cash equivalents and investments	$	38,580,384	$	—	$	—	$	38,580,384	$	37,807,749	$	—	$	(1,488	)	$	37,806,261

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

	March 31, 2013		December 31, 2012
Cash	$	38,580,384	$	19,811,735
Cash equivalents		—		16,315,056
Total cash and cash equivalents		38,580,384		36,126,791
Short-term investments		—		1,680,958
Total cash, cash equivalents and investments	$	38,580,384	$	37,807,749