Marketable Securities

9 Months Ended

Sep. 30, 2012

Marketable Securities

Marketable Securities

Note 5 — Marketable Securities

Marketable securities at September 30, 2012 consisted of municipal bonds and certificates of deposits, and are classified as held-to-maturity due to our ability and intent to hold these securities until maturity or the call date as the case may be.  Held-to-maturity securities are recorded at amortized cost, adjusted for the amortization or accretion of premiums or discounts.  A decline in the market value of any held-to-maturity security below the amortized cost basis that is deemed other than temporary is charged to income, resulting in the establishment of a new cost basis for the security.  There was no other than temporary impairment during the first nine months of 2012; therefore, no adjustment to the amortized cost basis was made.  Currently, all of the Company’s marketable securities mature within one and one-half years.

The amortized cost and fair value for held-to-maturity securities by major security type at September 30, 2012 and December 31, 2011 were as follows:

	September 30, 2012
	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Fair Value
Certificates of deposit	$	3,047,991	$	11,194	$	—	$	3,059,185
Municipal bonds	3,716,817		8,731		—		3,725,548
	$	6,764,808	$	19,925	$	—	$	6,784,733

	December 31, 2011
	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Fair Value
Certificates of deposit	$	5,192,983	$	14,741	$	(1,605	)	$	5,206,119
Municipal bonds	4,911,346		11,762		(1,907		)	4,921,201
	$	10,104,329	$	26,503	$	(3,512	)	$	10,127,320