Marketable Securities

3 Months Ended

Mar. 31, 2013

Marketable Securities

3. Marketable Securities

The Company has classified its marketable securities as available-for-sale and, accordingly, carries such securities at fair value. At March 31, 2013, all of the Company’s marketable securities consisted of United States government or agency securities.

At March 31, 2013, the aggregate fair value and amortized cost of the Company’s marketable securities were $25,027,000 and $25,012,000, respectively. Gross unrealized gains were $15,000 at March 31, 2013 and are included in accumulated other comprehensive income in the consolidated balance sheet.

At December 31, 2012, the aggregate fair value and amortized cost of the Company’s marketable securities were $45,035,000 and $45,015,000, respectively. Gross unrealized gains were $20,000 at December 31, 2012 and are included in accumulated other comprehensive income in the consolidated balance sheet.