Investments

9 Months Ended

Sep. 30, 2015

Notes to Financial Statements

Note 4 - Investments

The cost and fair value of investments classified as available for sale are as follows:

September 30, 2015	Cost		Unrealized Gains		Unrealized Losses			Fair Value
Common stocks & ETF’s	$	1,041,953	$	12,102	$	(175,470	)	$	878,585
Mutual Funds		77,109		—		(10,243)			66,866
Preferred Securities		97,405		515		—			97,920
Corporate Bonds		1,621,586		24		(152,444	)		1,469,166
Total	$	2,838,053	$	12,641	$	(338,157	)	$	2,512,537

December 31, 2014	Cost		Unrealized Gains		Unrealized Losses			Fair Value
Common stocks & ETF’s	$	530,328	$	19,608	$	(64,046	)	$	485,890
Mutual Funds		445,337		—		(10,624	)		434,713
Preferred Securities		180,120		195		(2,075	)		178,240
Corporate Bonds		1,948,596		1,880		(270,179	)		1,680,297
Total	$	3,104,381	$	21,683	$	(346,924	)	$	2,779,140

Proceeds from the sale of investments were $1,229,855 and $1,736,946 for the nine months ended September 30, 2015 and 2014, respectively.  Proceeds from the sale of investments were $96,208 and $317,584 for the three months ended September 30, 2015 and 2014, respectively.

Gross gains of $13,852 and $83,810 and gross losses of $34,950 and $44,620 were realized on these sales during the nine months ended September 30, 2015 and 2014, respectively. Gross gains of $840 and $2,988 and gross losses of $2 and $25,928 were realized on these sales during the three months ended September 30, 2015 and 2014, respectively.

The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at September 30, 2015 and December 31, 2014:

	Less Than 12 Months					12 Months or Greater					Total
September 30, 2015	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Common stocks & ETF’s	$	456,047	$	(104,176	)	$	276,028	$	(71,293	)	$	732,075	$	(175,470	)
Mutual Funds		62,744		(7,326	)		4,122		(2,918	)		66,866		(10,243	)
Preferred Securities		--		--			--		--			--		--
Corporate Bonds		552,809		(76,352	)		906,304		(76,092	)		1,459,113		(152,444	)
	$	1,071,600	$	(187,854	)	$	1,186,454	$	(150,303	)	$	2,258,054	$	(338,157	)

	Less Than 12 Months					12 Months or Greater					Total
December 31, 2014	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Common stocks & ETF’s	$	162,268	$	(49,053	)	$	141,417	$	(14,993	)	$	303,685	$	(64,046	)
Mutual Funds		434,713		(10,624	)		--		--			434,713		(10,624	)
Preferred Securities		80,640		(2,075	)		--		--			80,640		(2,075	)
Corporate Bonds		1,056,140		(194,641	)		497,277		(75,538	)		1,553,417		(270,179	)
	$	1,733,761	$	(256,393	)	$	638,694	$	(90,531	)	$	2,372,455	$	(346,924	)

The Company’s investments in equity securities, mutual funds, preferred securities, and corporate bonds consist of investments in common stock, preferred stock, structured notes and other debt securities of companies in various industries. The Company recorded other-than-temporary impairment losses of approximately $180,000 during the first quarter of 2015 and $205,000 during third quarter of 2015 with respect to certain structured notes. The impairment losses are included in “other income (expense), net” in the accompanying consolidated statements of income and comprehensive income.  The structured notes allow the issuer to settle at an amount less than par in certain circumstances. In reaching a conclusion to record these other-than-temporary impairment losses, the Company evaluated the near-term prospects of the issuers and determined it was probable the issuers would have the ability to settle the bonds for an amount less than par value at maturity.