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, 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	$	37,441,654	$	2,159,279	$	168,826	$	39,432,107
Special revenue obligations of U.S. states, territories and political subdivisions	26,462,356		1,396,079		104,564		27,753,871
Corporate debt securities	17,254,805		812,949		81,434		17,986,320
Auction rate securities	919,053		9,147		—		928,200
Total	$	82,077,868	$	4,377,454	$	354,824	$	86,100,498
Equity securities, available-for-sale at fair value-
Common stocks and nonredeemable preferred stocks	$	22,307,440	$	11,421,927	$	268,395	$	33,460,972
Total	$	22,307,440	$	11,421,927	$	268,395	$	33,460,972
Short-term investments-
Certificates of deposit and other	$	15,388,647	$	—	$	—	15,388,647
Total	$	15,388,647	$	—	$	—	$	15,388,647



As of December 31, 2012	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	$	38,658,463	$	3,211,445	$	—	$	41,869,908
Special revenue obligations of U.S. states, territories and political subdivisions	18,933,299		1,909,106		10,455		20,831,950
Corporate debt securities	17,064,697		1,252,973		14,750		18,302,920
Auction rate securities	917,214		14,986		—		932,200
Total	$	75,573,673	$	6,388,510	$	25,205	$	81,936,978
Equity securities, available-for-sale at fair value-
Common stocks and nonredeemable preferred stocks	$	21,229,114	$	7,373,056	$	91,237	$	28,510,933
Total	$	21,229,114	$	7,373,056	$	91,237	$	28,510,933
Short-term investments-
Certificates of deposit and other	$	13,567,648	$	—	$	—	$	13,567,648
Total	$	13,567,648	$	—	$	—	$	13,567,648

The scheduled maturities of fixed maturity securities at September 30, 2013 were as follows:



	Available-for-Sale
	Amortized Cost		Fair Value
Due in one year or less	$	9,485,479	$	9,662,557
Due after one year through five years	49,733,901		52,819,225
Due five years through ten years	15,008,510		15,418,411
Due after ten years	7,849,978		8,200,305
Total	$	82,077,868	$	86,100,498

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



	2013			2012
Gross realized gains:
General obligations of U.S. states, territories and political subdivisions	$	—		$	250
Corporate debt securities	—			2,612
Common stocks and nonredeemable preferred stocks	365,922			199,977
Auction rate securities	—			118,336
Total	$	365,922		$	321,175
Gross realized losses:
Common stocks and nonredeemable preferred stocks	$	(21,106	)	$	(91,975	)
Other than temporary impairment of securities	—			(76,539		)
Total	$	(21,106	)	$	(168,514	)
Net realized gain from securities	$	344,816		$	152,661
Net realized gains (losses) on other investments:
Impairments of other investments	$	(34,070	)	$	—
Gain on other investments	25,308			205,158
Loss on other investments	(2,500		)	—
Total	$	(11,262	)	$	205,158
Net Realized Gain	$	333,554		$	357,819

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, 2013 and December 31, 2012.



	Less than 12 Months					12 Months or Longer					Total
As of September 30, 2013	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
General obligations of U.S. states, territories and political subdivisions	$	959,189	$	(168,826	)	$	—	$	—		$	959,189	$	(168,826	)
Special revenue obligations of U.S. states territories and political subdivisions	2,818,460		(104,564		)	—		—			2,818,460		(104,564		)
Corporate	4,473,175		(81,434		)	—		—			4,473,175		(81,434		)
Total fixed income securities	$	8,250,824	$	(354,824	)	$	—	$	—		$	8,250,824	$	(354,824	)
Equity securities	$	1,751,137	$	(230,029	)	$	200,746	$	(38,366	)	$	1,951,883	$	(268,395	)
Total temporarily impaired securities	$	10,001,961	$	(584,853	)	$	200,746	$	(38,366	)	$	10,202,707	$	(623,219	)



	Less than 12 Months					12 Months or Longer				Total
As of December 31, 2012	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
General obligations of U.S. states, territories and political subdivisions	$	1,236,906	$	(10,455	)	$	—	$	—	$	1,236,906	$	(10,455	)
Corporate debt securities	985,250		(14,750		)	—		—		985,250		(14,750		)
Total fixed income securities	$	2,222,156	$	(25,205	)	$	—	$	—	$	2,222,156	$	(25,205	)
Equity securities	$	2,551,215	$	(91,237	)	$	—	$	—	$	2,551,215	$	(91,237	)
Total temporarily impaired securities	$	4,773,371	$	(116,442	)	$	—	$	—	$	4,773,371	$	(116,442	)

As of September 30, 2013, the Company held $8,250,824 in fixed maturity securities with unrealized losses of $354,824. As of December 31, 2012, the Company held $2,222,156 in fixed maturity securities with unrealized losses of $25,205. 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, 2013, the Company held $1,951,883 in equity securities with unrealized losses of $268,395. As of December 31, 2012, the Company held $2,551,215 in equity securities with unrealized losses of $91,237. 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 19 and 7 securities had unrealized losses at September 30, 2013 and December 31, 2012, 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, 2013 and 2012, the Company recorded other-than-temporary impairment charges in the amount of $0 and $76,539, respectively, for securities. For the 2012 fiscal year, the Company recorded other-than-temporary impairment charges in the amount of $93,436 related to securities. Other-than-temporary impairment charges are included in net realized gain on investments in the Consolidated Statements of Income.