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Investments in Securities and Fair Value (Tables)

12 Months Ended

Dec. 31, 2014

Investments, Debt and Equity Securities [Abstract]

Schedule of Gross Unrealized Gains (Losses) and Amortized Cost for Securities

The aggregate estimated fair value, gross unrealized holding gains, gross unrealized holding losses, and amortized cost for securities by major security type at December 31 were as follows:

December 31, 2014	Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value
Fixed maturities, available-for-sale, at fair value:
General obligations of U.S. states, territories and political subdivisions	$	35,215,247			$	1,527,794			$	19,542			$	36,723,499
Issuer obligations of U.S. states, territories and political subdivisions special revenue	46,707,033				2,405,725				55,502				49,057,256
Corporate debt securities	21,576,641				823,133				71,339				22,328,435
Auction rate securities	922,129				16,971				—				939,100
Total	$	104,421,050			$	4,773,623			$	146,383			$	109,048,290
Equity securities, available-for-sale, at fair value:
Common stocks and nonredeemable preferred stocks	$	24,128,753			$	15,225,459			$	99,231			$	39,254,981
Total	$	24,128,753			$	15,225,459			$	99,231			$	39,254,981
Short-term investments:
Money market funds and certificates of deposit	$	2,576,993			$	—			$	—			$	2,576,993
Total	$	2,576,993			$	—			$	—			$	2,576,993

December 31, 2013	Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value
Fixed maturities, available-for-sale, at fair value:
General obligations of U.S. states, territories and political subdivisions	$	38,449,309			$	1,922,862			$	184,351			$	40,187,820
Issuer obligations of U.S. states, territories and political subdivisions special revenue	30,874,571				1,234,130				204,800				31,903,901
Corporate debt securities	17,736,608				789,840				108,456				18,417,992
Auction rate securities	919,672				16,028				—				935,700
Total	$	87,980,160			$	3,962,860			$	497,607			$	91,445,413
Equity securities, available-for sale, at fair value:
Common stocks and nonredeemable preferred stocks	$	22,200,369			$	14,052,780			$	109,084			$	36,144,065
Total	$	22,200,369			$	14,052,780			$	109,084			$	36,144,065
Short-term investments:
Money market funds and certificates of deposit	$	7,926,373			$	—			$	—			$	7,926,373
Total	$	7,926,373			$	—			$	—			$	7,926,373

Schedule Of Fixed Maturity Securities

The scheduled maturities of fixed maturity securities at December 31, 2014 were as follows:

	Available-for-Sale
	Amortized Cost				Fair Value
Due in one year or less	$	13,682,264			$	13,844,384
Due after one year through five years	52,358,705				54,918,427
Due five years through ten years	36,385,776				37,703,640
Due after ten years	1,994,305				2,581,839
Total	$	104,421,050			$	109,048,290

Schedule of Earnings on Investments

Earnings on investments for the years ended December 31 were as follows:

	2014				2013				2012
Fixed maturities	$	3,282,810			$	2,997,901			$	3,154,131
Equity securities	973,419				890,917				815,674
Invested cash and other short-term investments	3,202				5,754				10,576
Miscellaneous interest	70				36				30
Investment income	$	4,259,501			$	3,894,608			$	3,980,411

Schedule of Gross Realized Gain (Loss) on Securities

Gross realized gains and losses on sales of investments for the years ended December 31 are summarized as follows:

	2014				2013				2012
Gross realized gains:
General obligations of U.S. states, territories and political subdivisions	$	—			$	—			$	250
Corporate debt securities	6,670				—				52,396
Common stocks and nonredeemable preferred stocks	1,021,463				369,673				450,461
Auction rate securities	—				—				211,061
Total	1,028,133				369,673				714,168
Gross realized losses:
Common stocks and nonredeemable preferred stocks	(509,854		)		(180,169		)		(91,975		)
Other than temporary impairment of securities	(14,542		)		—				(93,436		)
Total	(524,396		)		(180,169		)		(185,411		)
Net realized gain	$	503,737			$	189,504			$	528,757
Net realized (loss) gain on other investments:
Impairments of other assets and investments	$	(10,062	)		$	(34,070	)		$	(6,504	)
Net gain on other assets and investments	45,288				48,946				543,986
Net loss on other assets and investments	(270,669		)		(8,580		)		—
Total	$	(235,443	)		$	6,296			$	537,482
Net realized gain on investments	$	268,294			$	195,800			$	1,066,239

Schedule of Unrealized Loss on Investments

The following table presents the gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous loss position at December 31, 2014 and 2013:

	Less than 12 Months								12 Months or Longer								Total
December 31, 2014	Fair Value				Unrealized Loss				Fair Value				Unrealized Loss				Fair Value				Unrealized Loss
General obligations of U.S. states, territories and political subdivisions	$	2,113,194			$	(19,542	)		$	—			$	—			$	2,113,194			$	(19,542	)
Issuer obligations of U.S. states, territories and political subdivisions special revenue	3,946,977				(13,453		)		1,182,390				(42,049		)		5,129,367				(55,502		)
Corporate debt securities	6,924,430				(71,339		)		—				—				6,924,430				(71,339		)
Total fixed maturity securities	$	12,984,601			$	(104,334	)		$	1,182,390			$	(42,049	)		$	14,166,991			$	(146,383	)
Equity securities	930,208				(71,669		)		141,280				(27,562		)		1,071,488				(99,231		)
Total temporarily impaired securities	$	13,914,809			$	(176,003	)		$	1,323,670			$	(69,611	)		$	15,238,479			$	(245,614	)

December 31, 2013
General obligations of U.S. states, territories and political subdivisions	$	4,198,012			$	(184,351	)		$	—			$	—			$	4,198,012			$	(184,351	)
Issuer obligations of U.S. states, territories and political subdivisions special revenue	11,010,093				(204,800		)		—				—				11,010,093				(204,800		)
Corporate debt securities	5,942,570				(108,456		)		—				—				5,942,570				(108,456		)
Total fixed maturity securities	$	21,150,675			$	(497,607	)		$	—			$	—			$	21,150,675			$	(497,607	)
Equity securities	2,035,971				(72,998		)		244,929				(36,086		)		2,280,900				(109,084		)
Total temporarily impaired securities	$	23,186,646			$	(570,605	)		$	244,929			$	(36,086	)		$	23,431,575			$	(606,691	)

Schedule of Assumptions Used to Determine Fair Value

The following table summarizes key assumptions the service used to determine fair value as of December 31, 2014 and 2013:

	2014		2013
Cumulative probability of earning maximum rate until maturity	—%		—%
Cumulative probability of principle returned prior to maturity	95.2%		95.6%
Cumulative probability of default at some future point	4.8%		4.4%

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 December 31, 2014 and 2013.  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 December 31, 2014	Level 1				Level 2				Level 3				Total
Short-term investments	$	2,576,993			$	—			$	—			$	2,576,993
Equity securities:
Common stocks and nonredeemable preferred stock	39,254,981				—				—				39,254,981
Fixed maturities:
Obligations of U.S. states, territories and political subdivisions*	—				85,780,755				—				85,780,755
Corporate debt securities*	—				22,328,435				939,100				23,267,535
Total	$	41,831,974			$	108,109,190			$	939,100			$	150,880,264

As of December 31, 2013	Level 1				Level 2				Level 3				Total
Short-term investments	$	7,926,373			$	—			$	—			$	7,926,373
Equity securities:
Common stocks and nonredeemable preferred stock	36,144,065				—				—				36,144,065
Fixed maturities:
Obligations of U.S. states, territories and political subdivisions*	—				72,091,721				—				72,091,721
Corporate debt securities*	—				18,417,992				935,700				19,353,692
Total	$	44,070,438			$	90,509,713			$	935,700			$	135,515,851

*Denotes fair market value obtained from pricing services.

Schedule of Carrying Value and Fair Value of Financial Assets

The carrying amounts and fair values of these financial instruments (please note investments are disclosed in a previous table) as of December 31, 2014 and 2013 are presented in the following table:

As of December 31, 2014
Financial Assets	Carrying Value				Estimated Fair Value				Level 1				Level 2				Level 3
Cash and cash equivalents	$	15,826,515			$	15,826,515			$	15,826,515			$	—			$	—
Cost-basis investments	2,516,608				2,675,817				—				—				2,675,817
Accrued dividends and interest	1,063,837				1,063,837				1,063,837				—				—
Total	$	19,406,960			$	19,566,169			$	16,890,352			$	—			$	2,675,817

As of December 31, 2013
Financial Assets	Carrying Value				Estimated Fair Value				Level 1				Level 2				Level 3
Cash and cash equivalents	$	23,626,761			$	23,626,761			$	23,626,761			$	—			$	—
Cost-basis investments	1,927,429				2,069,302				—				—				2,069,302
Accrued dividends and interest	1,006,698				1,006,698				1,006,698				—				—
Total	$	26,560,888			$	26,702,761			$	24,633,459			$	—			$	2,069,302
Financial Liabilities
Contingent consideration	$	341,250			$	341,250			$	—			$	—			$	341,250
Total	$	341,250			$	341,250			$	—			$	—			$	341,250

Schedule of Fair Value Assets Measured at Unobservable Input 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 twelve months ended December 31, 2014 and 2013:

Changes in fair value during the year ended December 31:	2014				2013
Beginning balance at January 1	$	935,700			$	932,200
Redemptions and sales	—				—
Realized gain – included in net realized gain on investments	—				—
Realized loss – included in net realized gain on investments	—				—
Unrealized gain - included in other comprehensive income	3,400				3,500
Ending balance at December 31	$	939,100			$	935,700

Schedule of Changing in Fair Value of Liabilities on Recurring Basis Using Significant Unobservable Inputs

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 twelve months ended December 31, 2014 and 2013:

Changes in fair value during the period ended:	2014				2013
Beginning balance at January 1	$	341,250			$	691,250
Addition of contingent consideration	—				—
Payment for contingent consideration	(341,250		)		(350,000		)
Ending balance, net	$	—			$	341,250

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 December 31, 2014 and 2013 and the related impairments recognized:

December 31, 2014	Valuation Method		Impaired		Level 1				Level 2				Level 3				Total at Estimated Fair Value				Impairment Losses
Cost-basis investments	Fair Value		Yes		$	—			$	—			$	22,682			$	22,682			$	(10,062	)
Total cost-basis investments and other assets					$	—			$	—			$	22,682			$	22,682			$	(10,062	)

December 31, 2013	Valuation Method		Impaired		Level 1				Level 2				Level 3				Total at Estimated Fair Value				Impairment Losses
Cost-basis investments	Fair Value		Yes		$	—			$	—			$	32,744			$	32,744			$	(34,070	)
Total cost-basis investments and other assets					$	—			$	—			$	32,744			$	32,744			$	(34,070	)

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