Investments In Securities (Tables)

6 Months Ended

Jun. 30, 2016

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, 2016	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	$	33,490,433	$	1,456,384	$	—	$	34,946,817
Special revenue issuer obligations of U.S. states, territories and political subdivisions	56,437,628		4,490,430		678		60,927,380
Corporate debt securities	16,836,147		961,889		—		17,798,036
Total	$	106,764,208	$	6,908,703	$	678	$	113,672,233
Equity securities, available-for-sale, at fair value:
Common stocks	$	23,998,522	$	15,057,993	$	94,610	$	38,961,905
Total	$	23,998,522	$	15,057,993	$	94,610	$	38,961,905
Short-term investments:
Money market funds and certificates of deposit	$	2,665,302	$	—	$	—	$	2,665,302
Total	$	2,665,302	$	—	$	—	$	2,665,302

As of December 31, 2015	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	$	31,883,439	$	987,595	$	11,734	$	32,859,300
Special revenue issuer obligations of U.S. states, territories and political subdivisions	52,202,815		2,604,152		26,127		54,780,840
Corporate debt securities	17,004,985		539,832		58,473		17,486,344
Auction rate securities	924,587		15,313		—		939,900
Total	$	102,015,826	$	4,146,892	$	96,334	$	106,066,384
Equity securities, available-for-sale, at fair value:
Common stocks and nonredeemable preferred stocks	$	23,855,873	$	13,785,968	$	128,377	$	37,513,464
Total	$	23,855,873	$	13,785,968	$	128,377	$	37,513,464
Short-term investments:
Money market funds and certificates of deposit	$	6,865,406	$	—	$	—	$	6,865,406
Total	$	6,865,406	$	—	$	—	$	6,865,406

Schedule Of Fixed Maturity Securities

The scheduled maturities of fixed maturity securities at June 30, 2016 were as follows:

	Available-for-Sale
	Amortized Cost		Fair Value
Due in one year or less	$	22,144,063	$	22,385,064
Due after one year through five years	35,145,286		37,191,882
Due five years through ten years	47,484,081		51,467,938
Due after ten years	1,990,778		2,627,349
Total	$	106,764,208	$	113,672,233

Schedule Of Gross Realized Gains And Losses On Securities

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

	2016			2015
Gross realized gains from securities:
Special revenue issuer obligations of U.S. states, territories and political subdivisions	$	160		$	—
Corporate debt securities	20			999
Common stocks and nonredeemable preferred stocks	282,454			944,564
Auction rate securities	74,996			—
Total	$	357,630		$	945,563
Gross realized losses from securities:
General obligations of U.S. states, territories and political subdivisions	$	—		$	(12,319	)
Special revenue issuer obligations of U.S. states, territories and political subdivisions	(1,085		)	(398		)
Common stocks and nonredeemable preferred stocks	(116,953		)	(834		)
Other-than-temporary impairment of securities	(115,238		)	(11,149		)
Total	$	(233,276	)	$	(24,700	)
Net realized gain from securities	$	124,354		$	920,863
Net realized gain on other investments:
Gains on other investments	$	10,648		$	19,104
Total	$	10,648		$	19,104
Net realized gain on investments	$	135,002		$	939,967

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, 2016 and December 31, 2015:

	Less than 12 Months					12 Months or Longer					Total
As of June 30, 2016	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
General obligations of U.S. states, territories and political subdivisions	$	—	$	—		$	—	$	—		$	—	$	—
Special revenue issuer obligations of U.S. states, territories and political subdivisions	884,083		(678		)	—		—			884,083		(678		)
Corporate debt securities	—		—			—		—			—		—
Total fixed income securities	$	884,083	$	(678	)	$	—	$	—		$	884,083	$	(678	)
Equity securities	$	1,138,863	$	(77,707	)	$	269,035	$	(16,903	)	$	1,407,898	$	(94,610	)
Total temporarily impaired securities	$	2,022,946	$	(78,385	)	$	269,035	$	(16,903	)	$	2,291,981	$	(95,288	)

	Less than 12 Months					12 Months or Longer					Total
As of December 31, 2015	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
General obligations of U.S. states, territories and political subdivisions	$	1,758,345	$	(11,734	)	$	—	$	—		$	1,758,345	$	(11,734	)
Special revenue issuer obligations of U.S. states, territories and political subdivisions	1,672,217		(5,139		)	1,183,963		(20,989		)	2,856,180		(26,128		)
Corporate debt securities	6,981,275		(58,472		)	—		—			6,981,275		(58,472		)
Total fixed income securities	$	10,411,837	$	(75,345	)	$	1,183,963	$	(20,989	)	$	11,595,800	$	(96,334	)
Equity securities	$	5,533,667	$	(128,377	)	$	—	$	—		$	5,533,667	$	(128,377	)
Total temporarily impaired securities	$	15,945,504	$	(203,722	)	$	1,183,963	$	(20,989	)	$	17,129,467	$	(224,711	)

Schedule of Variable Interest Entities

The following table sets forth details about the Company's variable interest investments in VIEs, which are structured either as limited partnerships ("LPs") or limited liability companies ("LLCs"), as of June 30, 2016:

Type of Investment	Balance Sheet Classification	Carrying Value		Estimated Fair Value		Maximum Potential Loss (a)
Tax credit LPs	Other investments	$	1,072,261	$	1,072,261	$	1,325,000
Real estate LLCs or LPs	Other investments	3,360,151		3,298,444		6,350,000
Small business investment LPs	Other investments	2,490,953		1,893,348		5,400,000
Total		$	6,923,365	$	6,264,053	$	13,075,000

(a) Maximum potential loss is calculated as the total investment in the LLC or LP including any capital commitments that may have not yet been called. The Company is not exposed to any loss beyond the total commitment of its investment.

Schedule Of Fair Value Assets Measured On Recurring Basis

The following table presents, by level, the financial assets carried at estimated fair value measured on a recurring basis as of June 30, 2016 and December 31, 2015. The table does not include cash on hand and also does not include assets that are measured at historical cost or any basis other than fair value. Level 3 assets are comprised solely of ARS.

As of June 30, 2016	Level 1		Level 2		Level 3		Total
Short-term investments	$	2,665,302	$	—	$	—	$	2,665,302
Equity securities:
Common stock	38,961,905		—		—		38,961,905
Fixed maturities:
Obligations of U.S. states, territories and political subdivisions*	—		95,874,197		—		95,874,197
Corporate debt securities*	—		17,798,036		—		17,798,036
Total	$	41,627,207	$	113,672,233	$	—	$	155,299,440

As of December 31, 2015	Level 1		Level 2		Level 3		Total
Short-term investments	$	6,865,406	$	—	$	—	$	6,865,406
Equity securities:
Common stock	37,513,464		—		—		37,513,464
Fixed maturities:
Obligations of U.S. states, territories and political subdivisions*	—		87,640,140		—		87,640,140
Corporate debt securities*	—		17,486,344		939,900		18,426,244
Total	$	44,378,870	$	105,126,484	$	939,900	$	150,445,254

Schedule Of Carrying Value And Fair Value Of Financial Assets Disclosed

The carrying amounts and estimated fair values of other financial instruments (see previous table for investments carried at estimated fair value) as of June 30, 2016 and December 31, 2015 are presented in the following table:

As of June 30, 2016	Carrying Value		Estimated Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash	$	22,619,643	$	22,619,643	$	22,619,643	$	—	$	—
Cost-basis investments	3,514,919		4,063,813		—		—		4,063,813
Accrued dividends and interest	1,067,546		1,067,546		1,067,546		—		—
Total	$	27,202,108	$	27,751,002	$	23,687,189	$	—	$	4,063,813

As of December 31, 2015	Carrying Value		Estimated Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash	$	21,790,068	$	21,790,068	$	21,790,068	$	—	$	—
Cost-basis investments	3,588,314		3,684,020		—		—		3,684,020
Accrued dividends and interest	1,004,126		1,004,126		1,004,126		—		—
Total	$	26,382,508	$	26,478,214	$	22,794,194	$	—	$	3,684,020

Schedule Of Fair Value Assets Measured At Unobservable Inputs Reconciliation

The following table presents a reconciliation of the Company’s assets measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3), which are all ARS securities, for the period ended June 30, 2016 and the year ended December 31, 2015:

Changes in fair value during the period ended:	2016			2015
Beginning balance at January 1	$	939,900		$	939,100
Redemptions and sales	(1,000,000		)	—
Realized gain – included in net realized gain on investments	74,996			—
Unrealized (loss) gain – included in other comprehensive income (loss)	(14,896		)	800
Ending balance, net	$	—		$	939,900

Fair Value Measurements, Nonrecurring [Table Text Block]

The following table summarizes the corresponding estimated fair value hierarchy of such investments at June 30, 2016 and December 31, 2015 and the related impairments recognized:

As of June 30, 2016

Valuation Method

Impaired

Level 1

Level 2

Level 3

Total at Estimated Fair Value

Impairment Losses

Cost-basis investments

Fair Value

No

$

—

$

—

$

—

$

—

$

—

Total cost-basis investments

$

—

$

—

$

—

$

—

$

—

As of December 31, 2015	Valuation Method	Impaired	Level 1		Level 2		Level 3		Total at Estimated Fair Value		Impairment Losses
Cost-basis investments	Fair Value	Yes	$	—	$	—	$	163,350	$	163,350	$	(233,069	)
Total cost-basis investments			$	—	$	—	$	163,350	$	163,350	$	(233,069	)