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.

The Company's certificates of deposit have remaining maturities of less than one year and are classified as available for sale. These investments are carried at cost, which approximates fair value.

Assets or liabilities that have recurring fair value measurements are shown below as of June 30, 2016, and December 31, 2015:

As of June 30, 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	June 30, 2016		(Level 1)		(Level 2)		(Level 3)
Cash & Cash Equivalents	$	499,493,964	$	499,493,964	$	—	$	—
Short-Term Investments:
Certificate of Deposit	130,000,000		130,000,000		—		—
Government Securities	10,027,130		—		10,027,130		—
Mutual Funds	5,266,666		—		5,266,666		—
Other	41,736		41,736		—		—
Long-Term Investments:
Corporate Bonds	1,986,619		—		1,986,619		—
Common Stocks	16,888,931		16,888,931		—		—
Mutual Funds – Equity	54,321,968		54,321,968		—		—
Preferred Stock	259,840		259,840		—		$	—
Total	$	718,286,854	$	701,006,439	$	17,280,415	$	—

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 June 30, 2016, and December 31, 2015:

As of June 30, 2016:



			Unrealized
	Cost		Gains		Losses			Market Value
Short-Term Investments:
Certificate of Deposit	$	130,000,000	$	—	$	—		$	130,000,000
Government Securities	$	10,022,758	$	4,372	$	—		$	10,027,130
Mutual Funds	5,172,416		94,250		—			5,266,666
Other	41,736		—		—			41,736
Long-Term Investments:
Corporate Bonds	1,984,889		1,730		—			1,986,619
Common Stocks	13,987,384		3,724,622		(823,075		)	16,888,931
Mutual Funds – Equity	55,994,531		1,619,354		(3,291,917		)	54,321,968
Preferred Stock	249,260		10,580		—			259,840
Total	$	217,452,974	$	5,454,908	$	(4,114,992	)	$	218,792,890

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 June 30, 2016, are as follows:



	Aggregate Unrealized Losses		Aggregate Fair Value
Less than one year	$	3,326,724	$	34,946,484
Greater than one year	788,268		5,218,444
Total	$	4,114,992	$	40,164,928

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
Greater than one year	—		—
Total	$	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.

Fixed income securities as of June 30, 2016, have contractual maturities as follows:



Due within one year	$	140,027,130
Due between one and five years	1,986,619
Due over five years	—
	142,013,749