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Fair Value of Financial Instruments
6 Months Ended
Jun. 30, 2012
Fair Value of Financial Instruments

2. Fair Value of Financial Instruments

As of June 30, 2012 and December 31, 2011, we had invested our financial assets in a money market fund that can be converted to cash at par on demand. We measured these funds, which totaled approximately $34.9 million and $39.6 million as of June 30, 2012 and December 31, 2011, respectively, at fair value, which approximates cost, as of the respective dates and classified them as Level 1 assets in the fair value hierarchy for financial assets.

We realized no gains or losses on investments during the three-month periods ended June 30, 2012 and 2011. We determined the cost of securities sold using the specific identification method.