Investments In Securities (Tables)

6 Months Ended

Jun. 30, 2015

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, 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	$	31,548,653	$	1,091,029	$	93,303	$	32,546,379
Issuer obligations of U.S. states, territories and political subdivisions special revenue	46,920,424		1,870,286		253,185		48,537,525
Corporate debt securities	19,068,255		635,520		42,102		19,661,673
Auction rate securities	923,348		17,852		—		941,200
Total	$	98,460,680	$	3,614,687	$	388,590	$	101,686,777
Equity securities, available-for-sale, at fair value:
Common stocks	$	24,495,731	$	13,971,118	$	229,107	$	38,237,742
Total	$	24,495,731	$	13,971,118	$	229,107	$	38,237,742
Short-term investments:
Money market funds and certificates of deposit	$	8,588,140	$	—	$	—	$	8,588,140
Total	$	8,588,140	$	—	$	—	$	8,588,140



As of December 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	$	35,215,247	$	1,527,794	$	19,542	$	36,723,499
Issuer obligations of U.S. states, territories and political subdivisions special revenue	46,707,033		2,405,725		55,502		49,057,256
Corporate debt securities	21,576,641		823,133		71,339		22,328,435
Auction rate securities	922,129		16,971		—		939,100
Total	$	104,421,050	$	4,773,623	$	146,383	$	109,048,290
Equity securities, available-for-sale, at fair value:
Common stocks and nonredeemable preferred stocks	$	24,128,753	$	15,225,459	$	99,231	$	39,254,981
Total	$	24,128,753	$	15,225,459	$	99,231	$	39,254,981
Short-term investments:
Money market funds and certificates of deposit	$	2,576,993	$	—	$	—	$	2,576,993
Total	$	2,576,993	$	—	$	—	$	2,576,993

Schedule Of Fixed Maturity Securities

The scheduled maturities of fixed maturity securities at June 30, 2015 were as follows:



	Available-for-Sale
	Amortized Cost		Fair Value
Due in one year or less	$	11,016,521	$	11,138,998
Due after one year through five years	49,478,289		51,653,942
Due five years through ten years	35,820,980		36,308,071
Due after ten years	2,144,890		2,585,766
Total	$	98,460,680	$	101,686,777

Schedule Of Gross Realized Gains And Losses On Securities

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



	2015			2014
Gross realized gains:
Corporate debt securities	$	999		$	—
Common stocks and nonredeemable preferred stocks	944,564			891,955
Total	$	945,563		$	891,955
Gross realized losses:
General obligations of U.S. states, territories and political subdivisions	$	(12,319	)	$	—
Issuer obligations of U.S. states, territories and political subdivisions special revenue	(398		)	—
Common stocks and nonredeemable preferred stocks	(834		)	(58,319		)
Impairments of debt and equity securities	(11,149		)	—
Total	$	(24,700	)	$	(58,319	)
Net realized gain from securities	$	920,863		$	833,636
Net realized (losses) gains on other investments:
Impairments of other investments	$	—		$	(10,062	)
Gains on other investments	19,104			26,234
Losses on other investments	—			(265,589		)
Total	$	19,104		$	(249,417	)
Net realized gain on investments	$	939,967		$	584,219

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, 2015 and December 31, 2014:



	Less than 12 Months					12 Months or Longer					Total
As of June 30, 2015	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
General obligations of U.S. states, territories and political subdivisions	$	4,054,855	$	(93,303	)	$	—	$	—		$	4,054,855	$	(93,303	)
Issuer obligations of U.S. states, territories and political subdivisions special revenue	11,421,246		(225,274		)	1,186,944		(27,911		)	12,608,190		(253,185		)
Corporate debt securities	5,953,050		(42,102		)	—		—			5,953,050		(42,102		)
Total fixed income securities	$	21,429,151	$	(360,679	)	$	1,186,944	$	(27,911	)	$	22,616,095	$	(388,590	)
Equity securities	$	3,452,170	$	(181,871	)	$	139,365	$	(47,236	)	$	3,591,535	$	(229,107	)
Total temporarily impaired securities	$	24,881,321	$	(542,550	)	$	1,326,309	$	(75,147	)	$	26,207,630	$	(617,697	)



	Less than 12 Months					12 Months or Longer					Total
As of December 31, 2014	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
General obligations of U.S. states, territories and political subdivisions	$	2,113,194	$	(19,542	)	$	—	$	—		$	2,113,194	$	(19,542	)
Issuer obligations of U.S. states, territories and political subdivisions special revenue	3,946,977		(13,453		)	1,182,390		(42,049		)	5,129,367		(55,502		)
Corporate debt securities	6,924,430		(71,339		)	—		—			6,924,430		(71,339		)
Total fixed income securities	$	12,984,601	$	(104,334	)	$	1,182,390	$	(42,049	)	$	14,166,991	$	(146,383	)
Equity securities	$	930,208	$	(71,669	)	$	141,280	$	(27,562	)	$	1,071,488	$	(99,231	)
Total temporarily impaired securities	$	13,914,809	$	(176,003	)	$	1,323,670	$	(69,611	)	$	15,238,479	$	(245,614	)