Fair Value Measurements

3 Months Ended

Mar. 31, 2012

Fair Value Measurements

Fair Value Measurements

6.Fair Value Measurements

The Company measures the fair value of applicable financial and non-financial assets based on the following levels of inputs.

·Level 1 inputs: Level 1 inputs are quoted market prices in active markets for identical assets or liabilities that are accessible at the measurement date.

·Level 2 inputs: Level 2 inputs are from other than quoted market prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.

·Level 3 inputs: Level 3 inputs are unobservable and should be used to measure fair value to the extent that observable inputs are not available.

The hierarchy noted above requires us to minimize the use of unobservable inputs and to use observable market data, if available, when determining fair value. There were no transfers between Level 1, Level 2 and/or Level 3 during the three months ended March 31, 2012. Financial assets measured at fair value on a recurring basis as of March 31, 2012 are classified below:

	Level 1		Level 2		Level 3		Total
Money market funds	$	11,925,000	$	—	$	—	$	11,925,000
Total	$	11,925,000	$	—	$	—	$	11,925,000