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Investments (Tables)

9 Months Ended

Sep. 30, 2016

Investments [Abstract]

Investment Securities Stated at Fair Value

Assets or liabilities that have recurring fair value measurements are shown below as of September 30, 2016, and December 31, 2015:

As of September 30, 2016:

					Fair Value Measurements at Reporting Date Using
	Total as of				Quoted Prices in Active Markets for Identical Assets				Significant  Other Observable Inputs				Significant Unobservable Inputs
Description	September 30, 2016				(Level 1)				(Level 2)				(Level 3)
Cash & Cash Equivalents	$	534,518,281			$	534,518,281			$	—			$	—
Short-Term Investments:
Certificate of Deposit	130,000,000				130,000,000				—				—
Government Securities	10,010,610				—				10,010,610				—
Mutual Funds	5,334,512				—				5,334,512				—
Corporate Bonds	6,765,414				—				6,765,414				—
Other	125,217				125,217				—				—
Long-Term Investments:
Corporate Bonds	1,968,094				—				1,968,094				—
Common Stocks	13,693,634				13,693,634				—				—
Mutual Funds – Equity	41,404,005				41,404,005				—				—
Preferred Stock	392,781				392,781				—				$	—
Total	$	744,212,548			$	720,133,918			$	24,078,630			$	—

As of December 31, 2015:

					Fair Value Measurements at Reporting Date Using
	Total as of				Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs
Description	December 31, 2015				(Level 1)				(Level 2)				(Level 3)
Cash & Cash Equivalents	$	551,557,527			$	551,557,527			$	—			$	—
Short-Term Investments:
Government Securities	3,010,860				—				3,010,860				—
Corporate Bonds	1,512,015				—				1,512,015				—
Other	24,480				24,480				—				—
Long-Term Investments:
Common Stocks	20,454,804				20,454,804				—				—
Mutual Funds – Equity	74,701,735				74,701,735				—				—
Total	$	651,261,421			$	646,738,546			$	4,522,875			$	—

Schedule of Amortized Cost, Unrealized Gains And Losses, And Market Value of Investment Securities

The amortized cost, unrealized gains and losses, and market value of investment securities are shown as of September 30, 2016, and December 31, 2015:

As of September 30, 2016:

					Unrealized
	Cost				Gains				Losses				Market Value
Short-Term Investments:
Certificate of Deposit	$	130,000,000			$	—			$	—			$	130,000,000
Government Securities	$	10,011,046			$	1,799			$	(2,235	)		$	10,010,610
Mutual Funds	5,235,438				99,140				(66		)		5,334,512
Corporate Bonds	6,773,386				—				(7,972		)		6,765,414
Other	125,217				—				—				125,217
Long-Term Investments:
Corporate Bonds	1,970,096				—				(2,002		)		1,968,094
Common Stocks	10,978,179				3,111,060				(395,605		)		13,693,634
Mutual Funds – Equity	39,536,844				2,206,543				(339,382		)		41,404,005
Preferred Stock	378,260				14,521				—				392,781
Total	$	205,008,466			$	5,433,063			$	(747,262	)		$	209,694,267

As of December 31, 2015:

					Unrealized
	Cost				Gains				Losses				Market Value
Short-Term Investments:
Government Securities	$	3,013,482			$	—			$	(2,622	)		$	3,010,860
Corporate Bonds	1,512,405				—				(390		)		1,512,015
Other	24,480				—				—				24,480
Long-Term Investments:
Common Stocks	17,395,641				4,078,912				(1,019,749		)		20,454,804
Mutual Funds – Equity	76,481,106				2,067,399				(3,846,770		)		74,701,735
Total	$	98,427,114			$	6,146,311			$	(4,869,531	)		$	99,703,894

Schedule of Unrealized Loss on Investments

Unrealized losses on investments as of September 30, 2016, are as follows:

	Aggregate Unrealized Losses				Aggregate Fair Value
Less than one year	$	506,734			$	31,401,343
Greater than one year	240,528				1,481,420
Total	$	747,262			$	32,882,763

Unrealized losses on investments as of December 31, 2015, are as follows:

	Aggregate Unrealized Losses				Aggregate Fair Value
Less than one year	$	4,869,531			$	65,440,181
Greater than one year	—				—
Total	$	4,869,531			$	65,440,181

Investments Classified by Contractual Maturity Date

Fixed income securities as of September 30, 2016, have contractual maturities as follows:

Due within one year	$	146,776,024
Due between one and five years	1,968,094
Due over five years	—
	148,744,118

X

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a),(b)
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258

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Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

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- Definition

For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27290-111563

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