Cash, Cash Equivalents, and Investments (Tables)

9 Months Ended

Sep. 30, 2013

Cash And Cash Equivalents [Abstract]

Summary of Cash, Cash Equivalents and Held-to-Maturity Investments by Type

The following is a summary of cash, cash equivalents and held-to-maturity investments by type at September 30, 2013 and December 31, 2012:

	September 30, 2013									December 31, 2012
			Gross		Gross							Gross		Gross
	Amortized		Unrealized		Unrealized					Amortized		Unrealized		Unrealized
	Cost		Gains		Losses			Fair Value		Cost		Gains		Losses			Fair Value
Cash and money market funds	$	34,905,493	$	—	$	—		$	34,905,493	$	36,126,791	$	—	$	—		$	36,126,791
State and municipal obligations		8,587,008		7,784		(9	)		8,594,783		—		—		—			—
Corporate bonds		2,962,150		—		(8,557	)		2,953,593		958		—		—			958
Certificates of deposit		1,882,301		—		(40	)		1,882,261		1,680,000		—		(1,488	)		1,678,512
Total cash, cash equivalents and investments	$	48,336,952	$	7,784	$	(8,606	)	$	48,336,130	$	37,807,749	$	—	$	(1,488	)	$	37,806,261

Summarized Classification of Short Term and Long Term Investments

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

	September 30,		December 31,
	2013		2012
Cash	$	32,051,501	$	19,811,735
Cash equivalents		2,953,993		16,315,056
Total cash and cash equivalents		35,005,494		36,126,791
Short-term investments		8,751,409		1,680,958
Long-term investments		4,580,049		—
Total cash, cash equivalents and investments	$	48,336,952	$	37,807,749

Summary of Amortized Cost and Fair Value of Short-term and Long-term Investments

The following table summarizes the amortized cost and fair value of the short-term and long-term investments held by the Company at September 30, 2013 by contractual maturity:

	Amortized Cost		Fair Value
Due in less than one year	$	8,751,409	$	8,756,782
Due after one year, through two years		4,580,049		4,573,855
Total short-term and long-term investments	$	13,331,458	$	13,330,637