Marketable Securities

3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

Marketable Securities

(5) 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 March 31, 2012, are as follows:

	Aggregate	Cost or Amortized	Net Unrealized
	Fair Value	Cost	Gains / (loss)
Auction rate securities	$            543,824	$                  600,000	$                  (56,176)
Government securities	16,558,814	16,543,020	15,794
Corporate debt securities	4,109,953	4,108,517	1,436
	$       21,212,591	$             21,251,537	$                  (38,946)

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

	Aggregate	Cost or Amortized	Net Unrealized
	Fair Value	Cost	Gains / (loss)
Auction rate securities	$            611,082	$                  700,000	$                  (88,918)
Government securities	17,303,207	17,286,598	16,609
Corporate debt securities	3,591,121	3,602,602	(11,481)
	$       21,505,410	$             21,589,200	$                  (83,790)