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 common stocks and certain 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 government securities, corporate bonds, and certain mutual funds by utilizing monthly valuation statements that are provided by its broker. The broker determines the investment valuation by utilizing the bid price in the market and also refers to third party sources to validate valuations, and as such are classified as Level 2 assets.

The Company's certificates of deposit have remaining maturities of less than one year and are classified as available for sale, and are considered as Level 1 assets. These investments are carried at cost, which approximates fair value.

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:



			Unrealized
	Cost		Gains		Losses			Market Value
Short-Term Investments:
Certificate of Deposit	$	130,000,000	$	—	$	—		$	130,000,000
Government Securities	$	17,017,432	$	—	$	(21,362	)	$	16,996,070
Mutual Funds	26,458,425		41,908		(178,062		)	26,322,271
Corporate Bonds	3,058,352		—		(3,632		)	3,054,720
Other	262,742		—		—			262,742
Long-Term Investments:
Corporate Bonds	10,823,853		9,342		(3,650		)	10,829,545
Government Securities	6,059,283		—		(9,093		)	6,050,190
Common Stocks	9,879,067		3,613,008		(186,812		)	13,305,263
Mutual Funds – Equity	27,382,364		3,206,612		(5,223		)	30,583,753
Preferred Stock	745,462		9,536		(11,587		)	743,411
Total	$	231,686,980	$	6,880,406	$	(419,421	)	$	238,147,965

As of December 31, 2016:



			Unrealized
	Cost		Gains		Losses			Market Value
Short-Term Investments:
Certificate of Deposit	$	130,000,000	$	—	$	—		$	130,000,000
Government Securities	$	14,003,644	$	—	$	(10,164	)	$	13,993,480
Mutual Funds	26,326,674		27,459		(237,452		)	26,116,681
Corporate Bonds	6,706,721		—		(8,339		)	6,698,382
Other	212,653		—		—			212,653
Long-Term Investments:
Corporate Bonds	1,955,292		—		(6,736		)	1,948,556
Common Stocks	9,825,550		3,349,962		(326,505		)	12,849,007
Mutual Funds	27,329,164		1,830,992		(288,146		)	28,872,010
Preferred Stock	745,462		360		(31,822		)	714,000
Government Securities	5,519,668		661		(9,539		)	5,510,790
Total	$	222,624,828	$	5,209,434	$	(918,703	)	$	226,915,559

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

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. The Company additionally has the intention and current ability to hold its debt investments until the amortized cost basis has been recovered.

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