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Investments
 3 Months Ended
Mar. 31, 2012
Investments [Abstract]  
Investments
(4) Investments

The Company follows the provisions of ASC 820, "Fair Value Measurements and Disclosures" for its financial assets and liabilities, and to its non-financial assets and liabilities. ASC 820 provides a framework for measuring the fair value of assets and liabilities. This framework is intended to provide increased consistency in how fair value determinations are made under various existing accounting standards that permit, or in some cases, require estimates of fair-market value. This standard also expanded financial statement disclosure requirements about a company's use of fair-value measurements, including the effect of such measure on earnings.

 

The Company's investment securities are classified as available for sale and are stated at fair value based on quoted market prices. Assets or liabilities that have recurring measurements are shown below as of March 31, 2012 and December 31, 2011:

 

 

                                 
            Fair Value Measurements at Reporting Date Using  
            Quoted Prices in
Active Markets
for Identical
Assets		      Significant
Other Observable
Inputs		      Significant
Unobservable
Inputs		  

Description

    Total as of
March 31, 2012		      (Level 1)      (Level 2)      (Level 3)  

Cash & Cash Equivalents

    $ 370,804,725       $ 370,804,725       $ —         $ —     

Short-Term Investments:

                                    

Government Securities

      21,006,150         21,006,150         —           —     

U.S. Treasury Notes

      25,022,500         —           25,022,500         —     

Corporate Bonds

      5,730,158         —           5,730,158         —     

Other

      231,128         231,128         —           —     

Long-Term Investments:

                                    

Common Stocks

      61,462,560         61,462,560         —           —     

Mutual Funds – Equity

      81,167,814         81,167,814         —           —     

Certificate of Deposit

      505,390         —           505,390         —     

Corporate Bonds

      2,665,700         —           2,665,700         —     

Other – Equity

      353,900         353,900         —           —     
    

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 568,950,025       $ 535,026,277       $ 33,923,748       $ —     
     
            Fair Value Measurements at Reporting Date Using  
            Quoted Prices in
Active Markets
for Identical
Assets		      Significant
Other Observable
Inputs		      Significant
Unobservable
Inputs		  

Description

    Total as of
December 31, 2011		      (Level 1)      (Level 2)      (Level 3)  

Cash & Cash Equivalents

    $ 357,986,774       $ 357,986,774       $ —         $ —     

Short-Term Investments:

                                    

Government Securities

      35,024,030         35,024,030         —           —     

U.S. Treasury Notes

      25,044,000         —           25,044,000         —     

Corporate Bonds

      649,204         —           649,204         —     

Other

      91,003         91,003         —           —     

Long-Term Investments:

                                    

Common Stocks

      53,554,303         53,554,303         —           —     

Mutual Funds – Equity

      73,749,772         73,749,772         —           —     

Certificate of Deposit

      505,390         —           505,390         —     

Other – Equity

      358,700         358,700         —           —     
    

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 546,963,176       $ 520,764,582       $ 26,198,594       $ —     

The Company determines the fair value of its U.S. Treasury Notes, Government Securities and Corporate Bonds by utilizing monthly valuation statements that are provided by its broker. The broker determines the investment valuation by utilizing the bid price in the market. The Company also refers to third party sources to validate valuations.

The amortized cost, unrealized gains and losses, and market value of investment securities are shown as of March 31, 2012 and December 31, 2011:

 

                                 
As of March 31, 2012:           Unrealized        
     Cost      Gains      Losses     Market value  

Short-Term Investments:

                                   

Government Securities

    $ 21,003,435       $ 2,888       ($ 173 )    $ 21,006,150   

U.S. Treasury Notes

      25,016,013         6,487         —          25,022,500   

Corporate Bonds

      5,757,164         —           (27,006 )      5,730,158   

Other

      231,128         —           —          231,128   

Long-Term Investments:

                                   

Common Stocks

      44,007,773         17,691,650         (236,863 )      61,462,560   

Mutual Funds-Equity

      69,076,447         12,210,061         (118,694 )      81,167,814   

Certificate of Deposit

      505,390         —           —          505,390   

Corporate Bonds

      2,676,474         —           (10,774 )      2,665,700   

Other—Equity

      338,506         15,394         —          353,900   
    

 

 

     

 

 

     

 

 

    

 

 

  

Total

    $ 168,612,330       $ 29,926,480       ($ 393,510 )    $ 198,145,300   
    

 

 

     

 

 

     

 

 

    

 

 

  
       
As of December 31, 2011:           Unrealized        
     Cost      Gains      Losses     Market value  

Short-Term Investments:

                                   

Government Securities

    $ 35,016,980       $ 7,090       ($ 40 )    $ 35,024,030   

U.S. Treasury Notes

      25,025,600         18,400         —          25,044,000   

Corporate Bonds

      648,879         325         —          649,204   

Other

      91,003         —           —          91,003   

Long-Term Investments:

                                   

Common Stocks

      42,344,526         12,274,640         (1,064,863 )      53,554,303   

Mutual Funds-Equity

      68,986,676         6,277,183         (1,514,087 )      73,749,772   

Certificate of Deposit

      505,390         —           —          505,390   

Other – Equity

      338,506         20,194         —          358,700   
    

 

 

     

 

 

     

 

 

    

 

 

  

Total

    $ 172,957,560       $ 18,597,832       ($ 2,578,990 )    $ 188,976,402   
    

 

 

     

 

 

     

 

 

    

 

 

  

Unrealized losses on investments as of March 31, 2012, are as follows:

 

                 
     Aggregate Unrealized Losses     Aggregate Fair Value  

Less than one year

    ($ 393,510 )    $ 19,619,288   

Greater than one year

      —          —     

Unrealized losses on investments as of December 31, 2011, are as follows:

 

                 
     Aggregate Unrealized Losses     Aggregate Fair Value  

Less than one year

    ($ 2,578,990 )    $ 42,845,635   

Greater than one year

      —          —     

ASC 320, "Accounting for Certain Investments in Debt and Equity Securities", as amended and interpreted, provided guidance on determining when an investment is other than temporarily impaired. The Company reviews its fixed income and equity investment portfolio for any unrealized losses that would be deemed other-than-temporary and require the recognition of an impairment loss in income. If the cost of an investment exceeds its fair value, the Company evaluates, among other factors, general market conditions, the duration and extent to which the fair value is less than cost, and the Company's intent and ability to hold the investments. Management also considers the type of security, related-industry and sector performance, as well as published investment ratings and analyst reports, to evaluate its portfolio. Once a decline in fair value is determined to be other than temporary, an impairment charge is recorded and a new cost basis in the investment is established. If market, industry, and/or investee conditions deteriorate, the Company may incur future impairments. No equity investment losses were considered to be other than temporary at March 31, 2012.

Fixed income securities as of March 31, 2012, have contractual maturities as follows:

 

         

Due within one year

    $ 51,989,936   

Due between one and five years

      3,171,090   

Due over five years

      —     
    

 

 

  
     $ 55,161,026