XML 65 R26.htm IDEA: XBRL DOCUMENT
v3.3.0.814

Fair Value Measurement (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2015
Fair Value Disclosures [Abstract] |
Schedule Of Assumptions Used To Determine Fair Value | The following table summarizes some key assumptions the service used to determine the fair value of the ARS portfolio as of September 30, 2015 and December 31, 2014:
| 2015 |  | 2014
Cumulative probability of earning maximum rate until maturity | —% |  | —%
Cumulative probability of principal returned prior to maturity | 95.2% |  | 95.2%
Cumulative probability of default at some future point | 4.8% |  | 4.8%
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 September 30, 2015 and December 31, 2014. The table does not include cash on hand and also does not include assets that are measured at historical cost or any basis other than fair value. Level 3 assets are comprised solely of ARS.
As of September 30, 2015 | Level 1 |  | Level 2 |  | Level 3 |  | Total
Short-term investments | $ | 13,884,266 |  |  | $ | — |  |  | $ | — |  |  | $ | 13,884,266 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |
Common stock | 35,135,885 |  |  | — |  |  | — |  |  | 35,135,885 |
Fixed maturities: |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. states, territories and political subdivisions* | — |  |  | 78,912,653 |  |  | — |  |  | 78,912,653 |
Corporate debt securities* | — |  |  | 18,182,389 |  |  | 939,000 |  |  | 19,121,389 |
Total | $ | 49,020,151 |  |  | $ | 97,095,042 |  |  | $ | 939,000 |  |  | $ | 147,054,193 |
As of December 31, 2014 | Level 1 |  | Level 2 |  | Level 3 |  | Total
Short-term investments | $ | 2,576,993 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,576,993 |
Equity securities: |  |  |  |  |  |  |
Common stock 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 |
*Denotes fair market value obtained from pricing services.
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 September 30, 2015 and December 31, 2014 are presented in the following table:
As of September 30, 2015 | Carrying Value |  | Estimated Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |  |  |  |
Cash | $ | 19,290,813 |  |  | $ | 19,290,813 |  |  | $ | 19,290,813 |  |  | $ | — |  |  | $ | — |
Cost-basis investments | 3,284,868 |  |  | 3,553,562 |  |  | — |  |  | — |  |  | 3,553,562 |
Accrued dividends and interest | 1,286,710 |  |  | 1,286,710 |  |  | 1,286,710 |  |  | — |  |  | — |
Total | $ | 23,862,391 |  |  | $ | 24,131,085 |  |  | $ | 20,577,523 |  |  | $ | — |  |  | $ | 3,553,562 |
As of December 31, 2014 | Carrying Value |  | Estimated Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |  |  |  |
Cash | $ | 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 |
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 September 30, 2015 and the year ended December 31, 2014:
Changes in fair value during the period ended: | 2015 |  | 2014
Beginning balance at January 1 | $ | 939,100 |  |  | $ | 935,700 |
Redemptions and sales | — |  |  | — |
Realized gain – included in net realized (loss) gain on investments | — |  |  | — |
Unrealized loss – included in other comprehensive (loss) income | (100 | ) |  | 3,400 |
Ending balance, net | $ | 939,000 |  |  | $ | 939,100 |
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 September 30, 2015 and December 31, 2014 and the related impairments recognized:
As of September 30, 2015 | Valuation Method |  | Impaired |  | Level 1 |  | Level 2 |  | Level 3 |  | Total at Estimated Fair Value |  | Impairment Losses
Cost-basis investments | Fair Value |  | Yes |  | $ | — |  |  | $ | — |  |  | $ | 163,350 |  |  | $ | 163,350 |  |  | $ | (233,069 | )
Total cost-basis investments |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 163,350 |  |  | $ | 163,350 |  |  | $ | (233,069 | )
As of 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 |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 22,682 |  |  | $ | 22,682 |  |  | $ | (10,062 | )

X
- 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). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19296-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + 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 (c) -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 3 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of all information related to the key inputs and assumptions (including, at a minimum, but not limited to, and if applicable, quantitative information about discount rates, expected prepayments including the expected weighted-average life of prepayable financial assets, and anticipated credit losses) used in measuring the fair value of assets or liabilities that relate to the transferor's continuing involvement with transferred financial assets, as of the balance sheet date. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 20 -Section 50 -Paragraph 4 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=51814546&loc=d3e107314-111719 + Details
Name: | us-gaap_ScheduleOfAssumptionsForFairValueAsOfBalanceSheetDateOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrServicingLiabilitiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration