Investments (Tables)

3 Months Ended

Mar. 31, 2017

Assets or liabilities that have recurring fair value measurements are shown below as of March 31, 2017, and December 31, 2016:

As of March 31, 2017:



			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, 2017		(Level 1)		(Level 2)		(Level 3)
Cash & Cash Equivalents	$	559,645,625	$	559,645,625	$	—	$	—
Short-Term Investments:
Certificate of Deposit	130,000,000		130,000,000		—		—
Government Securities	16,996,070		—		16,996,070		—
Mutual Funds	26,322,271		—		26,322,271		—
Corporate Bonds	3,054,720		—		3,054,720		—
Other	262,742		262,742		—		—
Long-Term Investments:
Corporate Bonds	10,829,545		—		10,829,545		—
Government Securities	6,050,190		—		6,050,190		—
Common Stocks	13,305,263		13,305,263		—		—
Mutual Funds – Equity	30,583,753		30,583,753		—		—
Preferred Stock	743,411		743,411		—		$	—
Total	$	797,793,590	$	734,540,794	$	63,252,796	$	—

As of December 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	December 31, 2015		(Level 1)		(Level 2)		(Level 3)
Cash & Cash Equivalents	$	546,477,075	$	546,477,075	$	—	$	—
Short-Term Investments:
Certificate of Deposit	130,000,000		130,000,000		—		—
Government Securities	13,993,480		—		13,993,480		—
Mutual Funds	26,116,681				26,116,681		—
Corporate Bonds	6,698,382		—		6,698,382		—
Other	212,653		212,653		—		—
Long-Term Investments:
Corporate Bonds	1,948,556				1,948,556		—
Common Stocks	12,849,007		12,849,007		—		—
Mutual Funds	28,872,010		28,872,010		—		—
Preferred Stock	714,000		714,000				—
Government Securities	5,510,790				5,510,790		—
Total	$	773,392,634	$	719,124,745	$	54,267,889	$	—

The amortized cost, unrealized gains and losses, and market value of investment securities are shown as of March 31, 2017, and December 31, 2016:

As of March 31, 2017:

As of December 31, 2016:

Unrealized losses on investments as of March 31, 2017, are as follows:



	Aggregate Unrealized Losses		Aggregate Fair Value
Less than one year	$	321,258	$	51,576,425
Greater than one year	98,163		269,524
Total	$	419,421	$	51,845,949

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



	Aggregate Unrealized Losses		Aggregate Fair Value
Less than one year	$	767,612	$	55,574,292
Greater than one year	151,091		358,120
Total	$	918,703	$	55,932,412

Fixed income securities as of March 31, 2017, have contractual maturities as follows:



Due within one year	$	150,050,790
Due between one and five years	17,623,180
Due over five years	—
	$	167,673,970