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Investments

6 Months Ended

Jun. 30, 2015

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

June 30, 2015	Cost		Unrealized Gains		Unrealized Losses			Fair Value
Common Stocks & ETF’s	$	1,027,735	$	22,941	$	(66,129	)	$	984,547
Mutual Funds		58,102		0		(4,916	)		53,186
Preferred Securities		97,405		675		0			98,080
Corporate Bonds		1,887,218		9,885		(183,164	)		1,713,939
Total	$	3,070,460	$	33,501	$	(254,209	)	$	2,849,752

December 31, 2014	Cost		Unrealized Gains		Unrealized Losses			Fair Value
Common Stocks & ETF’s	$	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 $1,133,647and $1,419,362for the six months ended June 30, 2015 and 2014, respectively. Proceeds from the sale of investments were $440,424 and $864,753 for the three months ended June 30, 2015 and 2014, respectively.

Gross gains of $13,047and $34,984and gross losses of $80,822and $151,472were realized on these sales during the six months ended June 30, 2015 and 2014, respectively. Gross gains of $7,545 and $15,333 and gross losses of $70,227 and $136,629 were realized on these sales during the three months ended June 30, 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 June 30, 2015 and December 31, 2014:

	Less Than 12 Months					12 Months or Greater					Total
June 30, 2015	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Common Stocks & ETF’s	$	419,655	$	(39,292	)	$	157,897	$	(26,837	)	$	577,552	$	(66,129	)
Mutual Funds		47,858		(3,204	)		5,328		(1,712	)		53,186		(4,916	)
Preferred Securities		0		0			0		0			0		0
Corporate Bonds		692,965		(61,201	)		749,771		(121,963	)		1,442,736		(183,164	)
	$	1,160,478	$	(103,697	)	$	912,996	$	(150,512	)	$	2,073,474	$	(254,209	)

	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 & ETF’s	$	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 greater than 12 months, 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 June 30, 2015.