Investments (Tables)

9 Months Ended

Sep. 30, 2017

Investments [Abstract]

Investment Securities Stated at Fair Value

Assets or liabilities that have recurring fair value measurements are shown below as of September 30, 2017, and December 31, 2016:

As of September 30, 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	September 30, 2017		(Level 1)		(Level 2)		(Level 3)
Cash & Cash Equivalents	$	561,999,767	$	561,999,767	$	—	$	—
Short-Term Investments:
Certificate of Deposit	130,000,000		130,000,000		—		—
Corporate Bonds	7,709,586		—		7,709,586		—
Government Securities	14,026,870		—		14,026,870		—
Mutual Funds	26,693,214		—		26,693,214		—
Other	221,259		221,259		—		—
Long-Term Investments:
Corporate Bonds	3,033,780		—		3,033,780		—
Common Stocks	14,606,120		14,606,120		—		—
Mutual Funds – Equity	33,234,535		33,234,535		—		—
Preferred Stock	789,000		789,000		—		$	—
Total	$	792,314,131	$	740,850,681	$	51,463,450	$	—

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, 2016		(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	$	—

Schedule of Amortized Cost, Unrealized Gains And Losses, And Market Value of Investment Securities

The amortized cost, unrealized gains and losses, and market value of investment securities are shown as of September 30, 2017, and December 31, 2016:

As of September 30, 2017:

			Unrealized
	Cost		Gains		Losses			Market Value
Short-Term Investments:
Certificate of Deposit	$	130,000,000	$	—	$	—		$	130,000,000
Government Securities	14,041,499		—		(14,629		)	14,026,870
Mutual Funds	26,755,214		56,844		(118,844		)	26,693,214
Corporate Bonds	7,700,108		9,478		—			7,709,586
Other	221,259		—		—			221,259
Long-Term Investments:
Corporate Bonds	3,028,681		5,099		—			3,033,780
Common Stocks	10,630,324		4,341,708		(365,912		)	14,606,120
Mutual Funds – Equity	27,491,364		5,743,171		—			33,234,535
Preferred Stock	745,462		43,538		—			789,000
Total	$	220,613,911	$	10,199,838	$	(499,385	)	$	230,314,364

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

Schedule of Unrealized Loss on Investments

Unrealized losses on investments as of September 30, 2017, are as follows:

	Aggregate Unrealized Losses		Aggregate Fair Value
Less than one year	$	384,514	$	37,750,442
Greater than one year	114,871		283,040
Total	$	499,385	$	38,033,482

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

Investments Classified by Contractual Maturity Date

Fixed income securities as of September 30, 2017, have contractual maturities as follows:

Due within one year	$	151,736,456
Due between one and five years	3,822,780
Due over five years	—
	$	155,559,236