Investments

9 Months Ended

Sep. 30, 2013

Investments [Abstract]

Investments

Investments

The Company follows the provisions of ASC 820, “Fair Value Measurements and Disclosures” for its financial assets and liabilities, and to its non-financial assets and liabilities subject to fair value measurements. ASC 820 provides a framework for measuring the fair value of assets and liabilities. This framework is intended to provide increased consistency in how fair value determinations are made under various existing accounting standards that permit, or in some cases, require estimates of fair-market value. This standard also expanded financial statement disclosure requirements about a company’s use of fair-value measurements, including the effect of such measure on earnings. The cost of securities sold is based on the specific identification method.

The Company’s investment securities (common stocks and mutual funds) are classified as available for sale and are stated at fair value based on quoted market prices, and as such are classified as Level 1 assets. The Company determines the fair value of its U.S. Treasury Notes, Government Securities and Corporate Bonds by utilizing monthly valuation statements that are provided by its broker, and the Company utilizes third party pricing sources to validate such statements. The broker determines the investment valuation by utilizing the bid price in the market. As such, these investments are classified as Level 2 assets.

Assets or liabilities that have recurring measurements are shown below as of September 30, 2013, and December 31, 2012:

			Fair Value Measurements at Reporting Date Using
	Total as of		Quoted Prices in Active Markets for Identical Assets		Significant  Other Observable Inputs		Significant Unobservable Inputs
Description	September 30, 2013		(Level 1)		(Level 2)		(Level 3)
Cash & Cash Equivalents	$	226,676,955	$	226,676,955			$	—
Long-Term Investments:
Common Stocks	37,646,607		37,646,607		—		—
Mutual Funds – Equity	76,624,016		76,624,016		—		—
Total	$	340,947,578	$	340,947,578	$	—	$	—

			Fair Value Measurements at Reporting Date Using
	Total as of		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Description	December 31, 2012		(Level 1)		(Level 2)		(Level 3)
Cash & Cash Equivalents	$	389,678,664	$	389,678,664	$	—	$	—
Short-Term Investments:
Certificate of Deposit	510,881		—		510,881		—
Government Securities	38,522,471		—		38,522,471		—
U.S. Treasury Notes	15,020,350		—		15,020,350		—
Corporate Bonds	6,563,228		—		6,563,228		—
Other	185,926		185,926		—		—
Long-Term Investments:
Corporate Bonds	2,180,780		—		2,180,780		—
Common Stocks	53,283,201		53,283,201		—		—
Mutual Funds – Equity	86,109,053		86,109,053		—		—
Other – Equity	261,000		261,000		—		—
Total	$	592,315,554	$	529,517,844	$	62,797,710	$	—

The amortized cost, unrealized gains and losses, and market value of investment securities are shown as of September 30, 2013, and December 31, 2012:

As of September 30, 2013:

			Unrealized
	Cost		Gains		Losses			Market Value
Long-Term Investments:
Common Stocks	$	27,830,723	$	9,962,493	$	(146,609	)	$	37,646,607
Mutual Funds – Equity	56,071,512		20,552,504		—			76,624,016
Total	$	83,902,235	$	30,514,997	$	(146,609	)	$	114,270,623

As of December 31, 2012:

			Unrealized
	Cost		Gains		Losses			Market Value
Short-Term Investments:
Certificate of Deposit	$	510,881	$	—	$	—		$	510,881
Government Securities	38,514,411		9,004		(944		)	38,522,471
U.S. Treasury Notes	15,018,810		2,602		(1,062		)	15,020,350
Corporate Bonds	6,529,758		33,470		—			6,563,228
Other	185,926		—		—			185,926
Long-Term Investments:
Corporate Bonds	2,174,948		5,832		—			2,180,780
Common Stocks	40,893,121		12,781,501		(391,421		)	53,283,201
Mutual Funds – Equity	75,321,640		11,082,714		(295,301		)	86,109,053
Other – Equity	238,506		22,494		—			261,000
Total	$	179,388,001	$	23,937,617	$	(688,728	)	$	202,636,890

Unrealized losses on investments as of September 30, 2013, are as follows:

	Aggregate Unrealized Losses		Aggregate Fair Value
Less than one year	$	146,609	$	37,646,607

Unrealized losses on investments as of December 31, 2012, are as follows:

	Aggregate Unrealized Losses		Aggregate Fair Value
Less than one year	$	688,728	$	22,887,686

ASC 320, “Accounting for Certain Investments in Debt and Equity Securities”, as amended, provides guidance on determining when an investment is other than temporarily impaired. The Company reviews its fixed income and equity investment portfolio for any unrealized losses that would be deemed other-than-temporary and require the recognition of an impairment loss in income. If the cost of an investment exceeds its fair value, the Company evaluates, among other factors, general market conditions, the duration and extent to which the fair value is less than cost, and the Company’s intent and ability to hold the investments. Management also considers the type of security, related-industry and sector performance, as well as published investment ratings and analyst reports, to evaluate its portfolio. Once a decline in fair value is determined to be other than temporary, an impairment charge is recorded and a new cost basis in the investment is established. If market, industry, and/or investee conditions deteriorate, the Company may incur future impairments. No equity investment losses were considered to be other than temporary at September 30, 2013.