Investments in 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 March 31, 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	$	36,510,389	$	1,898,573	$	99,485	$	38,309,477
Special revenue obligations of U.S. states, territories and political subdivisions	31,030,924		1,670,211		95,547		32,605,588
Corporate debt securities	18,219,676		835,997		44,575		19,011,098
Auction rate securities	920,278		13,122		—		933,400
Total	$	86,681,267	$	4,417,903	$	239,607	$	90,859,563
Equity securities, available-for-sale, at fair value –
Common stocks and nonredeemable preferred stocks	$	23,045,751	$	13,336,223	$	95,203	$	36,286,771
Total	$	23,045,751	$	13,336,223	$	95,203	$	36,286,771
Short-term investments –
Certificates of deposit and other	$	8,941,000	$	—	$	—	8,941,000
Total	$	8,941,000	$	—	$	—	$	8,941,000



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

The special revenue category for both periods presented includes 30 individual bonds with revenue sources from a variety of industry sectors.

The scheduled maturities of fixed maturity securities at March 31, 2014 were as follows:



	Available-for-Sale
	Amortized Cost		Fair Value
Due in one year or less	$	10,870,691	$	11,036,982
Due after one year through five years	51,926,203		54,685,354
Due five years through ten years	21,888,264		22,713,740
Due after ten years	1,996,109		2,423,487
Total	$	86,681,267	$	90,859,563

Realized gains and losses on investments for the three months ended March 31 are summarized as follows:



	2014			2013
Gross realized gains:
General obligations of U.S. states, territories and political subdivisions	$	—		$	—
Corporate debt securities	—			—
Common stocks and nonredeemable preferred stocks	765,272			67,876
Auction rate securities	—			—
Total	$	765,272		$	67,876
Gross realized losses:
Common stocks and nonredeemable preferred stocks	$	—		$	(37,879	)
Other than temporary impairment of securities	—			—
Total	$	—		$	(37,879	)
Net realized gain from securities	$	765,272		$	29,997
Net realized gains (losses) on other investments:
Impairments of other investments	$	(10,062	)	$	(18,485	)
Gains on other investments	—			4,832
Losses on other investments	(263,073		)	—
Total	$	(273,135	)	$	(13,653	)
Net Realized Gain	$	492,137		$	16,344

Realized gains and losses are determined on the specific identification method.

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 March 31, 2014 and December 31, 2013:



	Less than 12 Months					12 Months or Longer					Total
As of March 31, 2014	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
General obligations of U.S. states, territories and political subdivisions	$	4,267,283	$	(99,485	)	$	—	$	—		$	4,267,283	$	(99,485	)
Special revenue obligations of U.S. states territories and political subdivisions	2,747,105		(95,547		)	—		—			2,747,105		(95,547		)
Corporate debt securities	4,008,820		(44,575		)	—		—			4,008,820		(44,575		)
Total fixed income securities	$	11,023,208	$	(239,607	)	$	—	$	—		$	11,023,208	$	(239,607	)
Equity securities	$	694,559	$	(50,595	)	$	236,408	$	(44,608	)	$	930,967	$	(95,203	)
Total temporarily impaired securities	$	11,717,767	$	(290,202	)	$	236,408	$	(44,608	)	$	11,954,175	$	(334,810	)



	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	)

As of March 31, 2014, the Company held $11,023,208 in fixed maturity securities with unrealized losses of $239,607. As of December 31, 2013, the Company held $21,150,675 in fixed maturity securities with unrealized losses of $497,607. The decline in fair value of the fixed maturity securities can be attributed primarily to changes in market interest rates and changes in credit spreads over Treasury securities. Because the Company does not have the intent to sell these securities and will likely not be compelled to sell them before it can recover its cost basis, the Company does not consider these investments to be other-than-temporarily impaired.

As of March 31, 2014, the Company held $930,967 in equity securities with unrealized losses of $95,203. As of December 31, 2013, the Company held $2,280,900 in equity securities with unrealized losses of $109,084. The unrealized losses related to holdings of equity securities were caused by market changes that the Company considers to be temporary. Since the Company has the intent and ability to hold these equity securities until a recovery of fair value, the Company does not consider these investments other-than-temporarily impaired.

Factors considered in determining whether a loss is temporary include the length of time and extent to which fair value has been below cost, the financial condition and prospects of the issuer (including credit ratings and analyst reports) and macro-economic changes. A total of 19 and 26 securities had unrealized losses at March 31, 2014 and December 31, 2013, respectively. Reviews of the values of securities are inherently uncertain and the value of the investment may not fully recover, or may decline in future periods resulting in a realized loss. During the three months ended March 31, 2014 and 2013, the Company recorded no other-than-temporary impairment charges for securities. For the 2013 fiscal year, the Company recorded no other-than-temporary impairment charges. Other-than-temporary impairment charges are included in net realized gain on investments in the Consolidated Statements of Income.