Investments In Securities (Tables)

9 Months Ended

Sep. 30, 2015

Investments, Debt and Equity Securities [Abstract]

Schedule Of Gross Unrealized Gains And Losses And Amortized Cost For Securities

The aggregate estimated fair value, gross unrealized holding gains, gross unrealized holding losses and cost or amortized cost for securities by major security type are as follows:



As of September 30, 2015	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	$	27,857,108	$	1,064,674	$	35,992	$	28,885,790
Special revenue issuer obligations of U.S. states, territories and political subdivisions	47,745,393		2,365,492		84,022		50,026,863
Corporate debt securities	17,587,935		619,909		25,455		18,182,389
Auction rate securities	923,967		15,033		—		939,000
Total	$	94,114,403	$	4,065,108	$	145,469	$	98,034,042
Equity securities, available-for-sale, at fair value:
Common stocks	$	24,247,215	$	11,612,947	$	724,277	$	35,135,885
Total	$	24,247,215	$	11,612,947	$	724,277	$	35,135,885
Short-term investments:
Money market funds and certificates of deposit	$	13,884,266	$	—	$	—	$	13,884,266
Total	$	13,884,266	$	—	$	—	$	13,884,266



As of 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
Special revenue issuer obligations of U.S. states, territories and political subdivisions	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

Schedule Of Fixed Maturity Securities

The scheduled maturities of fixed maturity securities at September 30, 2015 were as follows:



	Available-for-Sale
	Amortized Cost		Fair Value
Due in one year or less	$	8,587,887	$	8,741,312
Due after one year through five years	47,565,502		49,628,257
Due five years through ten years	35,968,475		37,206,814
Due after ten years	1,992,539		2,457,659
Total	$	94,114,403	$	98,034,042

Schedule Of Gross Realized Gains And Losses On Securities

Realized gains and losses on investments for the nine months ended September 30 are summarized as follows:



	2015			2014
Gross realized gains:
Corporate debt securities	$	5,417		$	4,286
Common stocks and nonredeemable preferred stocks	1,436,386			1,013,931
Total	$	1,441,803		$	1,018,217
Gross realized losses:
General obligations of U.S. states, territories and political subdivisions	$	(12,319	)	$	—
Special revenue issuer obligations of U.S. states, territories and political subdivisions	(397		)	—
Common stocks and nonredeemable preferred stocks	(39,017		)	(178,047		)
Impairments of bonds, debt and equity securities	(668,904		)	—
Total	$	(720,637	)	$	(178,047	)
Net realized gain from securities	$	721,166		$	840,170
Net realized (losses) gains on other investments:
Impairments of other investments	$	(233,069	)	$	(10,062	)
Gains on other investments	113,239			26,234
Losses on other investments	—			(263,434		)
Total	$	(119,830	)	$	(247,262	)
Net realized gain on investments	$	601,336		$	592,908

Schedule Of Unrealized Losses On Investments

The following table presents the gross unrealized losses on investment securities and the fair value of the securities, aggregated by investment category and length of time that individual securities have been in a continuous loss position at September 30, 2015 and December 31, 2014:



	Less than 12 Months					12 Months or Longer					Total
As of September 30, 2015	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
General obligations of U.S. states, territories and political subdivisions	$	2,387,882	$	(35,992	)	$	—	$	—		$	2,387,882	$	(35,992	)
Special revenue issuer obligations of U.S. states, territories and political subdivisions	6,995,291		(74,308		)	1,200,232		(9,714		)	8,195,523		(84,022		)
Corporate debt securities	1,472,615		(25,455		)	—		—			1,472,615		(25,455		)
Total fixed income securities	$	10,855,788	$	(135,755	)	$	1,200,232	$	(9,714	)	$	12,056,020	$	(145,469	)
Equity securities	$	4,336,722	$	(630,150	)	$	92,475	$	(94,127	)	$	4,429,197	$	(724,277	)
Total temporarily impaired securities	$	15,192,510	$	(765,905	)	$	1,292,707	$	(103,841	)	$	16,485,217	$	(869,746	)



	Less than 12 Months					12 Months or Longer					Total
As of December 31, 2014	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
General obligations of U.S. states, territories and political subdivisions	$	2,113,194	$	(19,542	)	$	—	$	—		$	2,113,194	$	(19,542	)
Special revenue issuer obligations of U.S. states, territories and political subdivisions	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 income 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	)