Investments

9 Months Ended

Sep. 30, 2011

Investments [Abstract]

Investments

(4) Investments

The Company follows the provisions of ASC 820, "Fair Value Measurements and Disclosures" for its financial assets and liabilities, and to its non-financial assets and liabilities. 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 Company's investment securities are classified as available for sale and are stated at fair value based on quoted market prices. Assets or liabilities that have recurring measurements are shown below as of September 30, 2011 and December 31, 2010:

			Fair Value Measurements at Reporting Date Using
			Quoted Prices in
			Active Markets		Significant		Significant
			for Identical		Other Observable		Unobservable
	Total as of		Assets		Inputs		Inputs
Description	September 30, 2011		(Level 1)		(Level 2)		(Level 3)
Cash & Cash Equivalents	$	397,105,404	$	397,105,404	$	—	$	—
Short-Term Investments:
Government Securities		59,071,590		59,071,590		—		—
Other		73,748		73,748		—		—
Long-Term Investments:
Common Stocks		50,993,855		50,993,855		—		—
Mutual Funds — Equity		55,060,953		55,060,953		—		—
Certificate of Deposit		505,390		—		505,390		—
Other — Equity		355,700		355,700		—		—
Total	$	563,166,640	$	562,661,250	$	505,390	$	—

			Fair Value Measurements at Reporting Date Using
			Quoted Prices in
			Active Markets		Significant		Significant
			for Identical		Other Observable		Unobservable
	Total as of		Assets		Inputs		Inputs
Description	December 31, 2010		(Level 1)		(Level 2)		(Level 3)
Cash & Cash Equivalents	$	348,349,773	$	348,349,773	$	—	$	—
Short-Term Investments:
Government Securities		36,136,760		36,136,760		—		—
U.S. Treasury Notes		50,156,250		—		50,156,250		—
Other		154,586		154,586		—		—
Long-Term Investments:
Common Stocks		63,637,711		63,637,711		—		—
Mutual Funds — Equity		55,234,901		55,234,901		—		—
Limited Partnership — Equity		9,363,555		—		9,363,555		—
Certificate of Deposit		500,000		—		500,000		—
Other — Equity		355,000		355,000		—		—
Total	$	563,888,536	$	503,868,731	$	60,019,805	$	—

The Company determines the fair value of its U.S. Treasury Notes by utilizing monthly valuation statements that are provided by its broker. The broker bases the investment valuation by using the bid price in the market. The Company also refers to third party sources to validate valuations. In addition, the Company determines the fair value of its limited partnership equity investments by utilizing monthly valuation statements that are provided by the limited partnership. The limited partnership bases its equity investment valuations on unadjusted quoted prices in active markets. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these securities does not entail a significant degree of judgment.

The amortized cost, unrealized gains and losses, and market value of investment securities are shown as of September 30, 2011 and December 31, 2010:

			Unrealized
As of September 30, 2011:	Cost		Gains		Losses			Market value
Short-Term Investments:
Government Securities	$	59,062,836	$	12,428	$	(3,674	)	$	59,071,590
Other		73,748		—		—			73,748
Long-Term Investments:
Common Stocks		43,474,434		10,410,611		(2,891,190	)		50,993,855
Mutual Funds-Equity		54,654,154		4,027,553		(3,620,754	)		55,060,953
Certificate of Deposit		505,390		—		—			505,390
Other — Equity		338,506		17,194		—			355,700
Total	$	158,109,068	$	14,467,786	$	(6,515,618	)	$	166,061,236

			Unrealized
As of December 31, 2010:	Cost		Gains		Losses			Market value
Short-Term Investments:
Government Securities	$	36,137,467	$	9,254	$	(9,961	)	$	36,136,760
U.S. Treasury Notes		50,095,921		60,329		—			50,156,250
Other		154,586		—		—			154,586
Long-Term Investments:
Common Stocks		44,899,944		18,819,518		(81,751	)		63,637,711
Mutual Funds-Equity		42,106,776		13,128,125		—			55,234,901
Limited Partnership — Equity		7,844,022		1,519,533		—			9,363,555
Certificate of Deposit		500,000		—		—			500,000
Other — Equity		338,506		16,494		—			355,000
Total	$	182,077,222	$	33,553,253	$	(91,712	)	$	215,538,763

Unrealized losses on investments as of September 30, 2011, are as follows:

	Aggregate Unrealized Losses			Aggregate Fair Value
Less than one year	$	(6,515,618	)	$	61,959,268
Greater than one year		—			—

Unrealized losses on investments as of December 31, 2010, are as follows:

	Aggregate Unrealized Losses			Aggregate Fair Value
Less than one year	$	(91,712	)	$	17,007,886
Greater than one year		—			—

ASC 320, "Accounting for Certain Investments in Debt and Equity Securities", as amended and interpreted, provided guidance on determining when an investment is other than temporarily impaired. The Company reviews its fixed income and 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 at September 30, 2011.

Fixed income securities as of September 30, 2011, have contractual maturities as follows:

Due within one year	$	59,145,338
Due between one and five years		505,390
Due over five years		—