Investments In Securities (Tables)

3 Months Ended

Mar. 31, 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 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

Schedule Of Fixed Maturity Securities

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

Schedule Of Gross Realized Gains And Losses On Securities

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

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 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	)