Investments In Securities (Tables)

6 Months Ended

Jun. 30, 2014

Investments, Debt and Equity Securities [Abstract]

Schedule Of Gross Unrealized Gains And Losses And Amortized Cost For Securities

The aggregate estimated fair value, gross unrealized holding gains, gross unrealized holding losses and cost or amortized cost for securities by major security type are as follows:



As of June 30, 2014	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Fixed maturities, available-for-sale, at fair value –
General obligations of U.S. states, territories and political subdivisions	$	34,103,890	$	1,896,485	$	25,554	$	35,974,821
Special revenue obligations of U.S. states, territories and political subdivisions	31,937,659		2,058,818		79,617		33,916,860
Corporate debt securities	19,200,308		958,602		4,270		20,154,640
Auction rate securities	920,891		11,410		—		932,301
Total	$	86,162,748	$	4,925,315	$	109,441	$	90,978,622
Equity securities, available-for-sale, at fair value –
Common stocks and nonredeemable preferred stocks	$	23,450,256	$	14,774,291	$	30,739	$	38,193,808
Total	$	23,450,256	$	14,774,291	$	30,739	$	38,193,808
Short-term investments –
Certificates of deposit and other	$	9,695,708	$	—	$	—	$	9,695,708
Total	$	9,695,708	$	—	$	—	$	9,695,708



As of December 31, 2013	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Fixed maturities, available-for-sale, at fair value –
General obligations of U.S. states, territories and political subdivisions	$	38,449,309	$	1,922,862	$	184,351	$	40,187,820
Special revenue obligations of U.S. states, territories and political subdivisions	30,874,571		1,234,130		204,800		31,903,901
Corporate debt securities	17,736,608		789,840		108,456		18,417,992
Auction rate securities	919,672		16,028		—		935,700
Total	$	87,980,160	$	3,962,860	$	497,607	$	91,445,413
Equity securities, available-for-sale, at fair value –
Common stocks and nonredeemable preferred stocks	$	22,200,369	$	14,052,780	$	109,084	$	36,144,065
Total	$	22,200,369	$	14,052,780	$	109,084	$	36,144,065
Short-term investments –
Certificates of deposit and other	$	7,926,373	$	—	$	—	$	7,926,373
Total	$	7,926,373	$	—	$	—	$	7,926,373

Schedule Of Fixed Maturity Securities

The scheduled maturities of fixed maturity securities at June 30, 2014 were as follows:



	Available-for-Sale
	Amortized Cost		Fair Value
Due in one year or less	$	12,813,088	$	12,991,798
Due after one year through five years	48,745,990		51,541,170
Due five years through ten years	22,608,151		23,908,830
Due after ten years	1,995,519		2,536,824
Total	$	86,162,748	$	90,978,622

Schedule Of Gross Realized Gains And Losses On Securities

Realized gains and losses on investments for the six months ended June 30 are summarized as follows:



	2014			2013
Gross realized gains:
Corporate debt securities	$	—		$	20,476
Common stocks and nonredeemable preferred stocks	891,955			119,163
Total	$	891,955		$	139,639
Gross realized losses:
Common stocks and nonredeemable preferred stocks	$	(58,319	)	$	(38,785	)
Total	$	(58,319	)	$	(38,785	)
Net realized gain from securities	$	833,636		$	100,854
Net realized gains (losses) on other investments:
Impairments of other investments	$	(10,062	)	$	(34,070	)
Gains on other investments	26,234			4,832
Losses on other investments	(265,589		)	—
Total	$	(249,417	)	$	(29,238	)
Net realized gain on investments	$	584,219		$	71,616

Schedule Of Unrealized Losses On Investments

The following table presents the gross unrealized losses on investment securities and the fair value of the securities, aggregated by investment category and length of time that individual securities have been in a continuous loss position at June 30, 2014 and December 31, 2013:



	Less than 12 Months					12 Months or Longer					Total
As of June 30, 2014	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
General obligations of U.S. states, territories and political subdivisions	$	922,668	$	(1,036	)	$	1,101,430	$	(24,518	)	$	2,024,098	$	(25,554	)
Special revenue obligations of U.S. states territories and political subdivisions	2,125,264		(16,607		)	1,170,323		(63,010		)	3,295,587		(79,617		)
Corporate debt securities	1,495,525		(4,270		)	—		—			1,495,525		(4,270		)
Total fixed income securities	$	4,543,457	$	(21,913	)	$	2,271,753	$	(87,528	)	$	6,815,210	$	(109,441	)
Equity securities	$	574,818	$	(13,737	)	$	151,840	$	(17,002	)	$	726,658	$	(30,739	)
Total temporarily impaired securities	$	5,118,275	$	(35,650	)	$	2,423,593	$	(104,530	)	$	7,541,868	$	(140,180	)



	Less than 12 Months					12 Months or Longer					Total
As of December 31, 2013	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
General obligations of U.S. states, territories and political subdivisions	$	4,198,012	$	(184,351	)	$	—	$	—		$	4,198,012	$	(184,351	)
Special revenue obligations of U.S. states territories and political subdivisions	11,010,093		(204,800		)	—		—			11,010,093		(204,800		)
Corporate debt securities	5,942,570		(108,456		)	—		—			5,942,570		(108,456		)
Total fixed income securities	$	21,150,675	$	(497,607	)	$	—	$	—		$	21,150,675	$	(497,607	)
Equity securities	$	2,035,971	$	(72,998	)	$	244,929	$	(36,086	)	$	2,280,900	$	(109,084	)
Total temporarily impaired securities	$	23,186,646	$	(570,605	)	$	244,929	$	(36,086	)	$	23,431,575	$	(606,691	)