Cash, Cash Equivalents and Marketable Securities (Tables)

9 Months Ended

Sep. 30, 2012

Investments in Debt Securities

Investments in debt securities consisted of the following at September 30, 2012:

	September 30, 2012
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Fair Value
Marketable securities:
U.S. Government and agency securities	$	2,454,733	$	444	$	—		$	2,455,177
Corporate and other debt securities		9,452,831		10,012		—			9,462,843
		11,907,564		10,456		—			11,918,020
Long-term marketable securities:
U.S. Government and agency securities		6,199,772		2,103		(1,374	)		6,200,501
Corporate and other debt securities		6,217,685		1,682		(2,817	)		6,216,550
		12,417,457		3,785		(4,191	)		12,417,051
Total	$	24,325,021	$	14,241	$	(4,191	)	$	24,335,071

At September 30, 2012, the Company’s investments included eight debt securities in unrealized loss positions with a total unrealized loss of approximately $4,000 and a total fair market value of approximately $4,676,000. All investments with gross unrealized losses have been in unrealized loss positions for less than 12 months. The unrealized losses were caused primarily by current economic and market conditions. There was no change in the credit risk of the securities. There were no realized gains or losses on the investments for the nine-month periods ended September 30, 2012 or December 31, 2011.

Investments in debt securities consisted of the following at December 31, 2011:

	December 31, 2011
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Fair Value
Marketable securities:
U.S. Government and agency securities	$	8,373,355	$	3,126	$	(233	)	$	8,376,248
Corporate and other debt securities		7,046,222		3,336		(4,370	)		7,045,188
		15,419,577		6,462		(4,603	)		15,421,436
Long-term marketable securities:
U.S. Government and agency securities		8,399,428		2,223		(91	)		8,401,560
Corporate and other debt securities		1,031,443		2,347		—			1,033,790
		9,430,871		4,570		(91	)		9,435,350
Total	$	24,850,448	$	11,032	$	(4,694	)	$	24,856,786

Contractual Maturities of Debt Securities

The contractual maturities of debt securities at September 30, 2012 were as follows:

	Amortized Cost		Fair Value
Due in 1 year or less	$	11,907,564	$	11,918,020
Due in 1 to 2 years		12,417,457		12,417,051
	$	24,325,021	$	24,335,071