Marketable Securities

12 Months Ended

Dec. 31, 2011

Notes to Financial Statements

Marketable Securities

(3) Marketable Securities

The Company’s marketable securities consist of available-for-sale securities, which are carried at fair value, with unrealized gains and losses reported as a separate component of stockholders’ equity. Unrealized gains and losses are computed on the specific identification method. Realized gains, realized losses and declines in value judged to be other-than-temporary, are included in interest and other income, net. The cost of available-for-sale securities sold is based on the specific identification method and interest earned is included in interest and other income.

The cost and fair values of the Company’s available-for-sale marketable securities as of December 31, 2011, were as follows:

	Aggregate		Cost or Amortized		Net Unrealized
	Fair Value		Cost		Gains / (loss)
Auction rate securities	$	611,082	$	700,000	$	(88,918	)
Government securities		17,303,208		17,286,599		16,609
Corporate debt securities		3,591,121		3,602,602		(11,481	)
	$	21,505,411	$	21,589,201	$	(83,790	)

The cost and fair values of the Company’s available-for-sale marketable securities as of December 31, 2010, were as follows:

	Aggregate		Cost or Amortized		Net Unrealized
	Fair Value		Cost		Gains / (loss)
Auction rate securities	$	578,643	$	700,000	$	(121,357	)
Government securities		17,053,041		17,043,856		9,185
Corporate debt securities		1,850,594		1,842,413		8,181
	$	19,482,278	$	19,586,269	$	(103,991	)

The cost basis and fair value of available-for-sale securities by contractual maturity as of December 31, 2011, were as follows:

	Fair Value		Cost
Due within one year	$	15,223,333	$	15,216,603
Due after one year		6,282,078		6,372,598
	$	21,505,411	$	21,589,201