Xcode 4.6.3 can run on device but not on iPad/iPhone simulators

I see a bunch of questions about being able to run on the simulator but not on the device. I'm the exact opposite. Mine works great on the device but I can't get it to run on the simulator. The simulator pops up but it is just a black screen and the status says Build Succeeded but then immediately after is says "Finished running 'app name' on iPad 6.1 Simulator.

Things I have tried based on answers from other threads.

1. Restarting XCode and computer
2. Changed code signing identity to "Don't Code Sign"
3. Changed iOS deployment target to EVERY other option

None of these worked. Any ideas?

When you open the simulator, there's a menu item "Reset Content and Settings..." that will often fix problems like this. Sometimes it's also helpful to purge the "derived data" folders.