6. Cash, Cash Equivalents and Investments

The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. Investments not classified as cash equivalents with maturities less than one year from the balance sheet date, are classified as short-term investments, while investments with maturities in excess of one year from the balance sheet date are classified as long-term investments. Management determines the appropriate classification of investments at the time of purchase, and re-evaluates such determination at each balance sheet date.

Cash and cash equivalents primarily consist of cash on deposit with banks, and amounts held in interest-bearing money market accounts. Cash equivalents are carried at cost, which approximates their fair market value. Investments primarily consist of certificates of deposit, commercial paper and corporate debentures. At March 31, 2013, the Company classified its investments as held-to-maturity as it is the Company’s intention to hold such investments until they mature. As such, investments were recorded at amortized cost at March 31, 2013 and December 31, 2012.

Cash, cash equivalents and investments as of March 31, 2013 consist of the following:


	March 31, 2013
Description	Contracted Maturity	Amortized Cost		Fair Market Value		Balance Per Balance Sheet
Cash	Demand	$	11,827	$	11,827	$	11,827
Money market funds	Demand		8,266		8,266		8,266


Total cash and cash equivalents		$	20,093	$	20,093	$	20,093


Certificates of deposit	21 – 200 days	$	1,200	$	1,200	$	1,200
Commercial paper	10 days		700		700		700
Corporate debentures	30 – 302 days		4,938		4,948		4,938


Total short-term investments		$	6,838	$	6,848	$	6,838


Certificates of deposit	385 – 438 days	$	960	$	962	$	960
Corporate debentures	371 days		701		703		701


Total long-term investments		$	1,661	$	1,665	$	1,661

Cash, cash equivalents and investments as of December 31, 2012 consist of the following:


	December 31, 2012
Description	Contracted Maturity	Amortized Cost		Fair Market Value		Balance Per Balance Sheet
Cash	Demand	$	15,275	$	15,275	$	15,275
Money market funds	Demand		6,433		6,433		6,433


Total cash and cash equivalents		$	21,708	$	21,708	$	21,708


Certificates of deposit	111 – 290 days	$	1,200	$	1,200	$	1,200
Commercial paper	52 – 100 days		1,397		1,399		1,397
Corporate debentures	21 – 342 days		5,667		5,673		5,667


Total short-term investments		$	8,264	$	8,272	$	8,264


Certificates of deposit	475 – 528 days	$	960	$	962	$	960
Corporate debentures	388 – 461 days		2,109		2,118		2,109


Total long-term investments		$	3,069	$	3,080	$	3,069