3. Cash Equivalents and Restricted Cash and Securities

The following is a summary of cash equivalents and restricted cash and securities (in thousands):


			Unrealized		Estimated
			Holding		Market
September 30, 2012	Cost Basis		Gains		Value
Cash equivalents:
Money market funds	$	781	$	--	$	781
Restricted cash and securities:
Cash		5,000		--		5,000
Money market funds		324		--		324

December 31, 2011
Cash equivalents:
Money market funds	$	7,334	$	--	$	7,334
Restricted securities:
Money market funds		5,312		--		5,312

As of September 30, 2012 and December 31, 2011 $324,000 and $312,000, respectively, of the Company’s money market funds were designated as short-term restricted securities due to a contractual commitment to hold the securities as pledged collateral relating to international tax obligations. As of September 30, 2012 $5.0 million of the Company’s cash was designated as long-term restricted cash and securities due to a financial covenant requirement under the Company’s credit agreement with General Electric Capital Corporation (“GE Capital”) as discussed in Note 12. As of December 31, 2011 $5.0 million of the Company’s money market funds were designated as long-term restricted cash and securities under the same covenant. This restriction lapses upon expiration of the credit agreement with GE Capital on October 28, 2014.

There were no material realized gains or losses on cash equivalents in the nine months ended September 30, 2012 and 2011. As of September 30, 2012 $324,000 of restricted securities had a maturity date of between three months and one year. As of December 31, 2011 $5.0 million of the Company’s restricted securities had no maturity date, and $312,000 of restricted securities had a maturity date within three months.