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Investments

3 Months Ended

Mar. 31, 2015

The cost and fair value of investments classified as available-for-sale are as follows:

March 31, 2015	Cost		Unrealized Gains		Unrealized Losses			Fair Value
Common Stocks & ETFs	$	1,044,604	$	20,042	$	(86,266	)	$	978,380
Mutual Funds		58,330		—		(3,667	)		54,663
Preferred Securities		97,405		3,315		—			100,720
Corporate Bonds		2,046,093		6,726		(148,079	)		1,904,740
Total	$	3,246,432	$	30,083	$	(238,012	)	$	3,038,503

December 31, 2014	Cost		Unrealized Gains		Unrealized Losses			Fair Value
Common Stocks & ETFs	$	530,328	$	19,608	$	(64,046	)	$	485,890
Mutual Funds		445,337		0		(10,624	)		434,713
Preferred Securities		180,120		195		(2,075	)		178,240
Corporate Bonds		1,948,596		1,880		(270,179	)		1,680,297
Total	$	3,104,381	$	21,683	$	(346,924	)	$	2,779,140

Proceeds from the sale of investments were $693,223 and $554,609 for the three months ended March 31, 2015 and 2014, respectively.

Gross gains of $5,502 and $19,651 and gross losses of $10,595 and $14,843 were realized on these sales during the three months ended March 31, 2015 and 2014, respectively.

The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at March 31, 2015 and December 31, 2014:

	Less Than 12 Months					12 Months or Greater					Total
March 31, 2015	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Common Stocks & ETFs	$	458,306	$	(43,834	)	$	159,492	$	(42,432	)	$	617,798	$	(86,265	)
Mutual Funds		54,663		(3,667	)		0		0			54,663		(3,667	)
Preferred Securities		0		0			0		0			0		0
Corporate Bonds		1,922,104		(60,687	)		489,394		(87,392	)		2,411,498		(148,079	)
	$	2,435,073	$	(108,188	)	$	648,886	$	(129,824	)	$	3,083,960	$	(238,012	)

	Less Than 12 Months					12 Months or Greater					Total
December 31, 2014	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Common Stocks & ETFs	$	162,268	$	(49,053	)	$	141,417	$	(14,993	)	$	303,685	$	(64,046	)
Mutual Funds		434,713		(10,624	)		0		0			434,713		(10,624	)
Preferred Securities		80,640		(2,075	)		0		0			80,640		(2,075	)
Corporate Bonds		1,056,140		(194,641	)		497,277		(75,538	)		1,553,417		(270,179	)
	$	1,733,761	$	(256,393	)	$	638,694	$	(90,531	)	$	2,372,455	$	(346,924	)

The Company’s investments in equity securities, mutual funds, preferred securities, and corporate bonds consist of investments in common stock, preferred stock, structured notes and other debt securities of companies in various industries. During the first quarter of 2015, the Company recorded other-than-temporary impairment losses of approximately $180,000 with respect to three structured notes. The impairment loss is included in “other income (expense), net” in the accompanying consolidated statements of income and comprehensive income. The structured notes allow the issuer to settle at less than par in certain circumstances. In reaching a conclusion to record these other-than-temporary impairment losses, the Company evaluated the near-term prospects of the issuers and determined it was probable the issuers would have the ability to settle the bonds for an amount less than par value at maturity. With respect to one other corporate bond with unrealized losses, the Company evaluated the near-term prospects of the issuer in relation to the severity and duration of the impairment. Based on that evaluation and the Company’s ability and intent to hold these investments for a reasonable period of time sufficient for a forecasted recovery of fair value, the Company did not consider the investment to be other-than-temporarily impaired at March 31, 2015.