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, 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	$	27,857,108	$	1,064,674	$	35,992	$	28,885,790
Special revenue issuer obligations of U.S. states, territories and political subdivisions	47,745,393		2,365,492		84,022		50,026,863
Corporate debt securities	17,587,935		619,909		25,455		18,182,389
Auction rate securities	923,967		15,033		—		939,000
Total	$	94,114,403	$	4,065,108	$	145,469	$	98,034,042
Equity securities, available-for-sale, at fair value:
Common stocks	$	24,247,215	$	11,612,947	$	724,277	$	35,135,885
Total	$	24,247,215	$	11,612,947	$	724,277	$	35,135,885
Short-term investments:
Money market funds and certificates of deposit	$	13,884,266	$	—	$	—	$	13,884,266
Total	$	13,884,266	$	—	$	—	$	13,884,266



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
Special revenue issuer obligations of U.S. states, territories and political subdivisions	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

The special revenue category for both periods presented includes at least 50 individual bonds with revenue sources from a variety of industry sectors.

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



	Available-for-Sale
	Amortized Cost		Fair Value
Due in one year or less	$	8,587,887	$	8,741,312
Due after one year through five years	47,565,502		49,628,257
Due five years through ten years	35,968,475		37,206,814
Due after ten years	1,992,539		2,457,659
Total	$	94,114,403	$	98,034,042

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



	2015			2014
Gross realized gains:
Corporate debt securities	$	5,417		$	4,286
Common stocks and nonredeemable preferred stocks	1,436,386			1,013,931
Total	$	1,441,803		$	1,018,217
Gross realized losses:
General obligations of U.S. states, territories and political subdivisions	$	(12,319	)	$	—
Special revenue issuer obligations of U.S. states, territories and political subdivisions	(397		)	—
Common stocks and nonredeemable preferred stocks	(39,017		)	(178,047		)
Impairments of bonds, debt and equity securities	(668,904		)	—
Total	$	(720,637	)	$	(178,047	)
Net realized gain from securities	$	721,166		$	840,170
Net realized (losses) gains on other investments:
Impairments of other investments	$	(233,069	)	$	(10,062	)
Gains on other investments	113,239			26,234
Losses on other investments	—			(263,434		)
Total	$	(119,830	)	$	(247,262	)
Net realized gain on investments	$	601,336		$	592,908

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, 2015 and December 31, 2014:



	Less than 12 Months					12 Months or Longer					Total
As of September 30, 2015	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
General obligations of U.S. states, territories and political subdivisions	$	2,387,882	$	(35,992	)	$	—	$	—		$	2,387,882	$	(35,992	)
Special revenue issuer obligations of U.S. states, territories and political subdivisions	6,995,291		(74,308		)	1,200,232		(9,714		)	8,195,523		(84,022		)
Corporate debt securities	1,472,615		(25,455		)	—		—			1,472,615		(25,455		)
Total fixed income securities	$	10,855,788	$	(135,755	)	$	1,200,232	$	(9,714	)	$	12,056,020	$	(145,469	)
Equity securities	$	4,336,722	$	(630,150	)	$	92,475	$	(94,127	)	$	4,429,197	$	(724,277	)
Total temporarily impaired securities	$	15,192,510	$	(765,905	)	$	1,292,707	$	(103,841	)	$	16,485,217	$	(869,746	)



	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	)
Special revenue issuer obligations of U.S. states, territories and political subdivisions	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	)

As of September 30, 2015, the Company held $12,056,020 in fixed maturity securities with unrealized losses of $145,469. As of December 31, 2014, the Company held $14,166,991 in fixed maturity securities with unrealized losses of $146,383. 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, 2015, the Company held $4,429,197 in equity securities with unrealized losses of $724,277. As of December 31, 2014, the Company held $1,071,488 in equity securities with unrealized losses of $99,231. 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 35 and 25 securities had unrealized losses at September 30, 2015 and December 31, 2014, 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. The Company recorded other-than-temporary impairment charges for debt and equity investments in the amount of $668,904 for the nine months ended September 30, 2015 and no other-than-temporary impairment charges for debt and equity investments for the nine months ended September 30, 2014. Other-than-temporary impairment charges are included in net realized (loss) gain on investments in the Consolidated Statements of Income.