The Company has classified
its marketable securities as available-for-sale and, accordingly,
carries such securities at fair value. At September 30, 2012, all
of the Company’s marketable securities consisted of United
States government or agency securities, all of which mature within
the next 15 months.
At September 30, 2012,
the aggregate fair value and amortized cost of the Company’s
marketable securities were $65,041,000 and 65,021,090,
respectively. Gross unrealized gains and losses were $20,197 and
$287, respectively, at September 30, 2012.
At December 31, 2011,
the Company had no marketable securities.