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Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2016

Fair Value Disclosures [Abstract]

Schedule Of Fair Value Assets Measured On Recurring Basis

The following table presents, by level, the financial assets carried at estimated fair value measured on a recurring basis as of March 31, 2016 and December 31, 2015. 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 March 31, 2016	Level 1				Level 2				Level 3				Total
Short-term investments	$	7,520,069			$	—			$	—			$	7,520,069
Equity securities:
Common stock	37,681,569				—				—				37,681,569
Fixed maturities:
Obligations of U.S. states, territories and political subdivisions*	—				88,650,329				—				88,650,329
Corporate debt securities*	—				17,733,494				—				17,733,494
Total	$	45,201,638			$	106,383,823			$	—			$	151,585,461

As of December 31, 2015	Level 1				Level 2				Level 3				Total
Short-term investments	$	6,865,406			$	—			$	—			$	6,865,406
Equity securities:
Common stock	37,513,464				—				—				37,513,464
Fixed maturities:
Obligations of U.S. states, territories and political subdivisions*	—				87,640,140				—				87,640,140
Corporate debt securities*	—				17,486,344				939,900				18,426,244
Total	$	44,378,870			$	105,126,484			$	939,900			$	150,445,254

*Denotes fair market value obtained from pricing services.

Schedule Of Carrying Value And Fair Value Of Financial Assets Disclosed

The carrying amounts and estimated fair values of these financial instruments (please note investments carried at estimated fair value are disclosed in a previous table) as of March 31, 2016 and December 31, 2015 are presented in the following table:

As of March 31, 2016	Carrying Value				Estimated Fair Value				Level 1				Level 2				Level 3
Financial assets:
Cash	$	21,873,731			$	21,873,731			$	21,873,731			$	—			$	—
Cost-basis investments	3,727,074				4,135,512				—				—				4,135,512
Accrued dividends and interest	1,320,942				1,320,942				1,320,942				—				—
Total	$	26,921,747			$	27,330,185			$	23,194,673			$	—			$	4,135,512

As of December 31, 2015	Carrying Value				Estimated Fair Value				Level 1				Level 2				Level 3
Financial assets:
Cash	$	21,790,068			$	21,790,068			$	21,790,068			$	—			$	—
Cost-basis investments	3,588,314				3,684,020				—				—				3,684,020
Accrued dividends and interest	1,004,126				1,004,126				1,004,126				—				—
Total	$	26,382,508			$	26,478,214			$	22,794,194			$	—			$	3,684,020

Schedule Of Fair Value Assets Measured At Unobservable Inputs Reconciliation

The following table presents a reconciliation of the Company’s assets measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3), which are all ARS securities, for the period ended March 31, 2016 and the year ended December 31, 2015:

Changes in fair value during the period ended:	2016				2015
Beginning balance at January 1	$	939,900			$	939,100
Redemptions and sales	(1,000,000		)		—
Realized gain – included in net realized gain on investments	74,996				—
Unrealized (loss) gain – included in other comprehensive income	(14,896		)		800
Ending balance, net	$	—			$	939,900

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 March 31, 2016 and December 31, 2015 and the related impairments recognized:

As of March 31, 2016

Valuation Method

Impaired

Level 1

Level 2

Level 3

Total at Estimated Fair Value

Impairment Losses

Cost-basis investments

Fair Value

No

$

—

$

—

$

—

$

—

$

—

Total cost-basis investments

$

—

$

—

$

—

$

—

$

—

As of December 31, 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	)

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

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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

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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

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258

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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

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