Investments

9 Months Ended

Sep. 30, 2012

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. 

(4) Investments (continued)

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, 2012 and December 31, 2011:  

As of September 30, 2012:

			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
		September 30, 2012		(Level 1)		(Level 2)		(Level 3)
Cash & Cash Equivalents	$	381,101,955	$	381,101,955	$	-	$	-
Short-Term Investments:
Government Securities		21,298,865		21,298,865		-		-
Other		223,434		223,434		-		-
Long-Term Investments:
Common Stocks		53,999,028		53,999,028		-		-
Mutual Funds – Equity		79,157,147		79,157,147		-		-
Certificate of Deposit		510,881		-		510,881		-
Corporate Bonds		5,813,721		-		5,813,721		-
Government Securities		5,001,700		5,001,700
Other – Equity		605,400		605,400		-		-
Total	$	547,712,131	$	541,387,529	$	6,324,602	$	-

     As of December 31, 2011:       

			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
		December 31, 2011		(Level 1)		(Level 2)		(Level 3)
Cash & Cash Equivalents	$	357,986,774	$	357,986,774	$	-	$	-
Short-Term Investments:
Government Securities		35,024,030		35,024,030		-		-
U.S. Treasury Notes		25,044,000		-		25,044,000		-
Corporate Bonds		649,204		-		649,204		-
Other		91,003		91,003		-		-
Long-Term Investments:
Common Stocks		53,554,303		53,554,303		-		-
Mutual Funds – Equity		73,749,772		73,749,772		-		-
Certificate of Deposit		505,390		-		505,390		-
Other – Equity		358,700		358,700		-		-
Total	$	546,963,176	$	520,764,582	$	26,198,594	$	-

(4) Investments (continued)

The Company determines the fair value of its U.S. Treasury Notes, Government Securities and Corporate Bonds 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.  The Company also refers to third party sources to validate valuations.

The amortized cost, unrealized gains and losses, and market value of investment securities are shown as of September 30, 2012 and December 31, 2011:

As of September 30, 2012:

			Unrealized
		Cost	Gains			Losses		Market Value
Short-Term Investments:
Government Securities	$	21,295,669	$	3,346	$	(150)	$	21,298,865
Other		223,434		-		-		223,434
Long-Term Investments:
Common Stocks		40,253,871		14,267,950		(522,793)		53,999,028
Mutual Funds – Equity		68,100,189		11,251,594		(194,636)		79,157,147
Certificate of Deposit		510,881		-		-		510,881
Corporate Bonds		5,789,019		29,090		(4,388)		5,813,721
Government Securities		5,000,217		1,483		-		5,001,700
Other – Equity		588,506		16,894		-		605,400
Total	$	141,761,786	$	25,570,357	$	(721,967)	$	166,610,176

     As of December 31, 2011:

			Unrealized
		Cost		Gains		Losses		Market Value
Short-Term Investments:
Government Securities	$	35,016,980	$	7,090	$	(40)	$	35,024,030
U.S. Treasury Notes		25,025,600		18,400		-		25,044,000
Corporate Bonds		648,879		325		-		649,204
Other		91,003		-		-		91,003
Long-Term Investments:
Common Stocks		42,344,526		12,274,640		(1,064,863)		53,554,303
Mutual Funds – Equity		68,986,676		6,277,183		(1,514,087)		73,749,772
Certificate of Deposit		505,390		-		-		505,390
Other – Equity		338,506		20,194		-		358,700
Total	$	172,957,560	$	18,597,832	$	(2,578,990)	$	188,976,402

(4) Investments (continued)

Unrealized losses on investments as of September 30, 2012, are as follows:

	Aggregate Unrealized Losses		Aggregate Fair Value
Less than one year	$	(721,967)	$	16,082,527
Greater than one year		-		-

Unrealized losses on investments as of December 31, 2011 are as follows:

	Aggregate Unrealized Losses		Aggregate Fair Value
Less than one year	$	(2,578,990)	$	42,845,635
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, 2012.

Fixed income securities as of September 30, 2012, have contractual maturities as follows:

Due within one year	$	21,522,299
Due between one and five years		11,326,302
Due over five years		-
Total	$	32,848,601