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.