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Investments In Securities
9 Months Ended
Sep. 30, 2014
Investments, Debt and Equity Securities [Abstract]  
Investments In Securities
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 September 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
$
32,951,738

 
$
1,712,365

 
$
9,432

 
$
34,654,671

Special revenue obligations of U.S. states, territories and political subdivisions
36,825,975

 
2,198,181

 
66,932

 
38,957,224

Corporate debt securities
19,667,522

 
828,301

 
45,980

 
20,449,843

Auction rate securities
921,510

 
11,890

 

 
933,400

Total
$
90,366,745

 
$
4,750,737

 
$
122,344

 
$
94,995,138

Equity securities, available-for-sale, at fair value –
 

 
 

 
 

 
 

Common stocks and nonredeemable preferred stocks
$
23,498,121

 
$
14,093,549

 
$
129,996

 
$
37,461,674

Total
$
23,498,121

 
$
14,093,549

 
$
129,996

 
$
37,461,674

Short-term investments –
 

 
 

 
 

 
 

Certificates of deposit and other
$
6,154,749

 
$

 
$

 
$
6,154,749

Total
$
6,154,749

 
$

 
$

 
$
6,154,749

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 at least 30 individual bonds with revenue sources from a variety of industry sectors.

The scheduled maturities of fixed maturity securities at September 30, 2014 were as follows:
 
Available-for-Sale
 
Amortized
Cost
 
Fair
Value
Due in one year or less
$
14,547,375

 
$
14,803,090

Due after one year through five years
44,788,571

 
47,138,500

Due five years through ten years
29,035,883

 
30,523,431

Due after ten years
1,994,916

 
2,530,117

Total
$
90,366,745

 
$
94,995,138



Realized gains and losses on investments for the nine months ended September 30 are summarized as follows:
 
2014
 
2013
Gross realized gains:
 

 
 

Corporate debt securities
$
4,286

 
$

Common stocks and nonredeemable preferred stocks
1,013,931

 
365,922

Total
$
1,018,217

 
$
365,922

Gross realized losses:
 

 
 

Common stocks and nonredeemable preferred stocks
$
(178,047
)
 
$
(21,106
)
Total
$
(178,047
)
 
$
(21,106
)
Net realized gain from securities
$
840,170

 
$
344,816

Net realized (losses) gains on other investments:
 
 
 
Impairments of other investments
$
(10,062
)
 
$
(34,070
)
Gains on other investments
26,234

 
25,308

Losses on other investments
(263,434
)
 
(2,500
)
Total
$
(247,262
)
 
$
(11,262
)
Net realized gain on investments
$
592,908

 
$
333,554



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 September 30, 2014 and December 31, 2013:
 
Less than 12 Months
 
12 Months or Longer
 
Total
As of September 30, 2014
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
General obligations of U.S. states, territories and political subdivisions
$
922,479

 
$
(682
)
 
$
1,116,489

 
$
(8,750
)
 
$
2,038,968

 
$
(9,432
)
Special revenue obligations of U.S. states, territories and political subdivisions
2,283,793

 
(7,168
)
 
1,169,553

 
(59,764
)
 
3,453,346

 
(66,932
)
Corporate debt securities
4,450,175

 
(45,980
)
 

 

 
4,450,175

 
(45,980
)
Total fixed income securities
$
7,656,447

 
$
(53,830
)
 
$
2,286,042

 
$
(68,514
)
 
$
9,942,489

 
$
(122,344
)
Equity securities
$
1,295,803

 
$
(99,394
)
 
$
138,240

 
$
(30,602
)
 
$
1,434,043

 
$
(129,996
)
Total temporarily impaired securities
$
8,952,250

 
$
(153,224
)
 
$
2,424,282

 
$
(99,116
)
 
$
11,376,532

 
$
(252,340
)
 
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 September 30, 2014, the Company held $9,942,489 in fixed maturity securities with unrealized losses of $122,344.  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 September 30, 2014, the Company held $1,434,043 in equity securities with unrealized losses of $129,996.  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 21 and 26 securities had unrealized losses at September 30, 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 nine months ended September 30, 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 for securities. Other-than-temporary impairment charges are included in net realized gain on investments in the Consolidated Statements of Income.