Investments

The Company follows the provisions of ASC 820, “Fair Value Measurements and Disclosures” for its financial assets and liabilities, and for 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.

Assets or liabilities that have recurring fair value measurements are shown below as of March 31, 2016, and December 31, 2015:

As of March 31, 2016:



			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	March 31, 2016		(Level 1)		(Level 2)		(Level 3)
Cash & Cash Equivalents	$	626,470,720	$	626,470,720	$	—	$	—
Short-Term Investments:
Government Securities	3,010,680		—		3,010,680		—
Mutual Funds	5,053,198		—		5,053,198		—
Corporate Bonds	1,501,335		—		1,501,335		—
Other	30,049		30,049		—		—
Long-Term Investments:
Common Stocks	17,069,251		17,069,251		—		—
Mutual Funds – Equity	53,994,481		53,994,481		—		—
Total	$	707,129,714	$	697,564,501	$	9,565,213	$	—

As of December 31, 2015:



			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, 2015		(Level 1)		(Level 2)		(Level 3)
Cash & Cash Equivalents	$	551,557,527	$	551,557,527	$	—	$	—
Short-Term Investments:
Government Securities	3,010,860		—		3,010,860		—
Corporate Bonds	1,512,015		—		1,512,015		—
Other	24,480		24,480		—		—
Long-Term Investments:
Common Stocks	20,454,804		20,454,804		—		—
Mutual Funds – Equity	74,701,735		74,701,735		—		—
Total	$	651,261,421	$	646,738,546	$	4,522,875	$	—

The amortized cost, unrealized gains and losses, and market value of investment securities are shown as of March 31, 2016, and December 31, 2015:

As of March 31, 2016:



			Unrealized
	Cost		Gains		Losses			Market Value
Short-Term Investments:
Government Securities	$	3,008,955	$	1,725	$	—		$	3,010,680
Mutual Funds	4,997,416		55,782		—			5,053,198
Corporate Bonds	1,501,654		—		(319		)	1,501,335
Other	30,049		—		—			30,049
Long-Term Investments:
Common Stocks	14,168,958		3,716,147		(815,854		)	17,069,251
Mutual Funds – Equity	55,994,531		1,246,254		(3,246,304		)	53,994,481
Other – Equity	—		—		—			—
Total	$	79,701,563	$	5,019,908	$	(4,062,477	)	$	80,658,994

As of December 31, 2015:



			Unrealized
	Cost		Gains		Losses			Market Value
Short-Term Investments:
Government Securities	$	3,013,482	$	—	$	(2,622	)	$	3,010,860
Corporate Bonds	1,512,405		—		(390		)	1,512,015
Other	24,480		—		—			24,480
Long-Term Investments:
Common Stocks	17,395,641		4,078,912		(1,019,749		)	20,454,804
Mutual Funds – Equity	76,481,106		2,067,399		(3,846,770		)	74,701,735
Total	$	98,427,114	$	6,146,311	$	(4,869,531	)	$	99,703,894

Unrealized losses on investments as of March 31, 2016, are as follows:



	Aggregate Unrealized Losses		Aggregate Fair Value
Less than one year	$	3,946,332	$	43,246,027
Greater than one year	116,145		248,850
Total	$	4,062,477	$	43,494,877

Unrealized losses on investments as of December 31, 2015, are as follows:



	Aggregate Unrealized Losses		Aggregate Fair Value
Less than one year	$	4,869,531	$	65,440,181

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 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 during the periods presented.