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Investments (Tables)

6 Months Ended

Jun. 30, 2019

Investments [Abstract]

Investment Securities Stated at Fair Value

Assets or liabilities that have recurring fair value measurements are shown below as of June 30, 2019 and December 31, 2018:

As of June 30, 2019:

									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			June 30, 2019						(Level 1)						(Level 2)						(Level 3)
Cash & Cash Equivalents			$	260,332,892					$	260,332,892					$	—					$	—
Short-Term Investments:
Certificate of Deposit			150,299,384						150,299,384						—						—
Government Securities			23,953,999						—						23,953,999						—
Corporate Bonds			15,027,102						—						15,027,102						—
Other			1,284,580						1,284,580						—						—
Long-Term Investments:
Corporate Bonds			62,317,048						—						62,317,048						—
Municipal Bonds			28,131,587						—						28,131,587						—
Government Securities			23,012,586						—						23,012,586						—
Total			$	564,359,178					$	411,916,856					$	152,442,322					$	—

As of December 31, 2018:

									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, 2018						(Level 1)						(Level 2)						(Level 3)
Cash & Cash Equivalents			$	217,025,278					$	217,025,278					$	—					$	—
Short-Term Investments:
Certificate of Deposit			150,299,384						150,299,384						—						—
Government Securities			9,176,227						—						9,176,227						—
Corporate Bonds			6,967,700						—						6,967,700						—
Other			2,219,688						2,219,688						—						—
Long-Term Investments:
Corporate Bonds			60,369,930						—						60,369,930						—
Municipal Bonds			18,025,432						—						18,025,432						—
Government Securities			56,483,720						—						56,483,720						—
Total			$	520,567,359					$	369,544,350					$	151,023,009					$	—

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 June 30, 2019 and December 31, 2018:

As of June 30, 2019:

									Unrealized
			Cost						Gains						Losses						Market Value
Short-Term Investments:
Certificate of Deposit			$	150,299,384					$	—					$	—					$	150,299,384
Government Securities			23,895,390						59,368						(759)						23,953,999
Corporate Bonds			14,968,562						58,540						—						15,027,102
Other			1,284,580						—						—						1,284,580
Long-Term Investments:
Corporate Bonds			61,354,213						996,062						(33,227)						62,317,048
Municipal Bonds			27,088,064						1,050,416						(6,893)						28,131,587
Government Securities			22,785,296						227,290						—						23,012,586
Total			$	301,675,489					$	2,391,676					$	(40,879)					$	304,026,286

As of December 31, 2018: 

									Unrealized
			Cost						Gains						Losses						Market Value
Short-Term Investments:
Certificate of Deposit			$	150,299,384					$	—					$	—					$	150,299,384
Government Securities			9,186,586						—						(10,359)						9,176,227
Corporate Bonds			6,981,305						—						(13,605)						6,967,700
Other			2,219,688						—						—						2,219,688
Long-Term Investments:
Corporate Bonds			60,659,498						50,340						(339,908)						60,369,930
Municipal Bonds			17,840,518						184,914						—						18,025,432
Government Securities			56,280,552						205,553						(2,385)						56,483,720
Total			$	303,467,531					$	440,807					$	(366,257)					$	303,542,081

Schedule of Unrealized Loss on Investments

Unrealized losses on investments as of June 30, 2019, are as follows:

			Aggregate Unrealized Losses						Aggregate Fair Value
Less than one year			$	40,879					$	5,823,459
Greater than one year			—						—
Total			$	40,879					$	5,823,459

Unrealized losses on investments as of December 31, 2018, are as follows: 

			Aggregate Unrealized Losses						Aggregate Fair Value
Less than one year			$	365,824					$	68,722,980
Greater than one year			433						3,000,000
Total			$	366,257					$	71,722,980

Investments Classified by Contractual Maturity Date

Fixed income securities as of June 30, 2019 have contractual maturities as follows:

Due within one year			$	189,280,485
Due between one and five years			91,584,216
Due over five years			21,877,006
			$	302,741,707

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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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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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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
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