XML 63 R26.htm IDEA: XBRL DOCUMENT

Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2013

Schedule Of Assumptions Used To Determine Fair Value


	2013		2012
Cumulative probability of earning maximum rate until maturity	0.0	%	0.0	%
Cumulative probability of principal returned prior to maturity	96.0	%	96.1	%
Cumulative probability of default at some future point	4.0	%	3.9	%

Schedule Of Fair Value Assets Measured On Recurring Basis


As of March 31, 2013		Level 1		Level 2		Level 3		Total
Short-term Investments	$	19,839,497	$	0	$	0	$	19,839,497
Equity Securities
Common stock and nonredeemable preferred stock		30,809,436		0		0		30,809,436
Fixed Maturities
Obligations of states and political subdivisions*		0		60,339,739		0		60,339,739
Corporate debt Securities*		0		16,228,034		930,800		17,158,834
Total	$	50,648,933	$	76,567,773	$	930,800	$	128,147,506


As of December 31, 2012		Level 1		Level 2		Level 3		Total
Short-term Investments	$	13,567,648	$	0	$	0	$	13,567,648
Equity Securities
Common stock and nonredeemable preferred stock		28,510,933		0		0		28,510,933
Fixed Maturities
Obligations of states and political subdivisions*		0		62,701,858		0		62,701,858
Corporate debt Securities*		0		18,302,920		932,200		19,235,120
Total	$	42,078,581	$	81,004,778	$	932,200	$	124,015,559

*Denotes fair market value obtained from pricing services.

Schedule Of Carrying Value And Fair Value Of Financial Assets Disclosed

As of March 31, 2013:


				Estimated Fair
Financial Assets		Carrying Value		Value		Level 1	Level 2			Level 3
Cash	$	20,501,601	$	20,501,601	$	20,501,601	$	0	$	0
Cost-basis investments		1,754,060		1,848,949		0		0		1,848,949
Accrued dividends and interest		882,517		882,517		882,517		0		0
Total	$	23,138,178	$	23,233,067	$	21,384,118	$	0	$	1,848,949

Financial Liabilities
Contingent consideration	$	691,250	$	691,250	$	0	$	0	$	691,250
Total	$	691,250	$	691,250	$	0	$	0	$	691,250

As of December 31, 2012:


				Estimated Fair
Financial Assets		Carrying Value		Value		Level 1	Level 2			Level 3
Cash	$	20,810,018	$	20,810,018	$	20,810,018	$	0	$	0
Cost-basis investments		1,871,315		1,952,323		0		0		1,952,323
Accrued dividends and interest		1,037,447		1,037,447		1,037,447		0		0
Total	$	23,718,780	$	23,799,788	$	21,847,465	$	0	$	1,952,323

Financial Liabilities
Contingent consideration	$	691,250	$	691,250	$	0	$	0	$	691,250
Total	$	691,250	$	691,250	$	0	$	0	$	691,250

Schedule Of Fair Value Assets Measured At Unobservable Inputs Reconciliation


Changes in fair value during the period ended:		2013			2012
Beginning balance at January 1	$	932,200		$	4,552,400
Redemptions and sales		0			(3,900,000	)
Realized gain – included in net realized gain on investments		0			211,061
Unrealized gain - included in other comprehensive income		(1,400	)		68,739
Ending balance, net	$	930,800		$	932,200

Reconciliation Of Liabilities Measured At Fair Value On A Recurring Basis Using Significant Unobservable Inputs (Level 3)


Changes in fair value during the period ended:		2013		2012
Beginning balance at January 1	$	691,250	$	0
Addition of contingent consideration		0		691,250
Ending balance, net	$	691,250	$	691,250

Schedule Of Estimated Fair Value Hierarchy Of Investments And Related Impairments Recognized

Total at

Estimated

March 31, 2013

Valuation

Fair

Impairment

Method

Impaired

Level 1

Level 2

Level 3

Value

Losses

Cost method

investments

Fair Value

Yes

31,315

(18,485

)

Total cost method

investments

31,315

(18,485

)


										Total at
	Valuation									Estimated		Impairment
December 31, 2012	Method	Impaired	Level 1			Level 2		Level 3		Fair Value		Losses
Cost method investments	Fair Value	Yes	$	0	$	0	$	36,406	$	36,406	$	(6,504	)
Total cost method
investments			$	0	$	0	$	36,406	$	36,406	$	(6,504	)

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References+ Details

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References+ Details

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References+ Details

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References+ Details

- Definition

Tabular disclosure of all information related to the key inputs and assumptions (including, at a minimum, but not limited to, and if applicable, quantitative information about discount rates, expected prepayments including the expected weighted-average life of prepayable financial assets, and anticipated credit losses) used in measuring the fair value of assets or liabilities that relate to the transferor's continuing involvement with transferred financial assets, as of the balance sheet date.

+ References+ Details