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Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2013

Fair Value Disclosures [Abstract]

Schedule Of Assumptions Used To Determine Fair Value

  The following table summarizes some key assumptions the service used to determine fair value as of June 30, 2013 and December 31, 2012:

	2013		2012
Cumulative probability of earning maximum rate until maturity	—%		—%
Cumulative probability of principal returned prior to maturity	95.9%		96.1%
Cumulative probability of default at some future point	4.1%		3.9%

Schedule Of Fair Value Assets Measured On Recurring Basis

The following table presents, by level, the financial assets carried at fair value measured on a recurring basis as of June 30, 2013 and December 31, 2012.  The table does not include cash on hand and also does not include assets which are measured at historical cost or any basis other than fair value.  Level 3 assets are comprised solely of ARS.

As of June 30, 2013	Level 1				Level 2				Level 3				Total
Short-term Investments	$	16,078,465			$	—			$	—			$	16,078,465
Equity Securities
Common stock and nonredeemable preferred stock	31,208,595				—				—				31,208,595
Fixed Maturities
Obligations of states and political subdivisions*	—				58,479,669				—				58,479,669
Corporate debt securities*	—				15,818,671				929,700				16,748,371
Total	$	47,287,060			$	74,298,340			$	929,700			$	122,515,100

As of December 31, 2012	Level 1				Level 2				Level 3				Total
Short-term Investments	$	13,567,648			$	—			$	—			$	13,567,648
Equity Securities
Common stock and nonredeemable preferred stock	28,510,933				—				—				28,510,933
Fixed Maturities
Obligations of states and political subdivisions*	—				62,701,858				—				62,701,858
Corporate debt securities*	—				18,302,920				932,200				19,235,120
Total	$	42,078,581			$	81,004,778			$	932,200			$	124,015,559

Schedule Of Carrying Value And Fair Value Of Financial Assets Disclosed

The carrying amounts and fair values of these financial instruments (please note investments are disclosed in a previous table) as of June 30, 2013 and December 31, 2012 are presented in the following table:

As of June 30, 2013	Carrying Value				Estimated Fair Value				Level 1				Level 2				Level 3
Financial Assets
Cash	$	26,402,136			$	26,402,136			$	26,402,136			$	—			$	—
Cost-basis investments	1,898,023				1,915,614				—				—				1,915,614
Accrued dividends and interest	915,703				915,703				915,703				—				—
Total Financial Assets	$	29,215,862			$	29,233,453			$	27,317,839			$	—			$	1,915,614
Financial Liabilities
Contingent consideration	$	341,250			$	341,250			$	—			$	—			$	341,250
Total Financial Liabilities	$	341,250			$	341,250			$	—			$	—			$	341,250

As of December 31, 2012	Carrying Value				Estimated Fair Value				Level 1				Level 2				Level 3
Financial Assets
Cash	$	20,810,018			$	20,810,018			$	20,810,018			$	—			$	—
Cost-basis investments	1,871,315				1,952,323				—				—				1,952,323
Accrued dividends and interest	1,037,447				1,037,447				1,037,447				—				—
Total Financial Assets	$	23,718,780			$	23,799,788			$	21,847,465			$	—			$	1,952,323
Financial Liabilities
Contingent consideration	$	691,250			$	691,250			$	—			$	—			$	691,250
Total Financial Liabilities	$	691,250			$	691,250			$	—			$	—			$	691,250

Schedule Of Fair Value Assets Measured At Unobservable Inputs Reconciliation

The following table presents a reconciliation of the Company’s assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3), which are all ARS securities, for the period ended June 30, 2013 and the year ended December 31, 2012:

Changes in fair value during the period ended:	2013				2012
Beginning balance at January 1	$	932,200			$	4,552,400
Redemptions and sales	—				(3,900,000		)
Realized gain – included in net realized gain on investments	—				211,061
Unrealized (loss) gain - included in other comprehensive income	(2,500		)		68,739
Ending balance, net	$	929,700			$	932,200

Reconciliation Of Liabilities Measured At Fair Value On A Recurring Basis Using Significant Unobservable Inputs (Level 3)

The following table presents a reconciliation of the Company’s liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3), consisting solely of contingent acquisition consideration, for the period ended June 30, 2013 and the year ended December 31, 2012:

Changes in fair value during the period ended:	2013				2012
Beginning balance at January 1	$	691,250			$	—
Addition of contingent consideration	—				691,250
Reduction of contingent consideration	(350,000		)		—
Ending balance, net	$	341,250			$	691,250

Schedule Of Estimated Fair Value Hierarchy Of Investments And Related Impairments Recognized

The following table summarizes the corresponding estimated fair value hierarchy of such investments at June 30, 2013 and December 31, 2012 and the related impairments recognized.

As of June 30, 2013	Valuation Method		Impaired		Level 1				Level 2				Level 3				Total at Estimated Fair Value				Impairment Losses
Cost method investments	Fair Value		Yes		$	—			$	—			$	31,486			$	31,486			$	(34,070	)
Total cost method investments					$	—			$	—			$	31,486			$	31,486			$	(34,070	)

As of December 31, 2012	Valuation Method		Impaired		Level 1				Level 2				Level 3				Total at Estimated Fair Value				Impairment Losses
Cost method investments	Fair Value		Yes		$	—			$	—			$	36,406			$	36,406			$	(6,504	)
Total cost method investments					$	—			$	—			$	36,406			$	36,406			$	(6,504	)

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- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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