SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2017

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Schedule of Maturities

The following table presents the Company’s schedule of maturities at March 31, 2017 and December 31, 2016:

	Maturities as of March 31, 2017				Maturities as of December 31, 2016
	1 Year or  Less		Greater than 1 Year		1 Year or Less		Greater than 1 Year
Municipal bonds	$	5,386,078	$	326,178	$	6,967,954	$	586,074
Corporate Bonds		28,801,989		7,775,416		30,418,120		2,936,287
Certificates of deposit		4,651,900		-		6,868,788		249,019
Total	$	38,839,967	$	8,101,594	$	44,254,862	$	3,771,380

Fair Value Assets Measured on Recurring Basis

The following tables present the Company’s fair value hierarchy for these financial assets as of March 31, 2017 and December 31, 2016:

March 31, 2017	Type of Instrument	Fair Value		Level 1		Level 2		Level 3
Cash equivalents	Institutional Money Market	$	4,472,856	$	4,472,856		-		-
Investments	Municipal Bonds		5,712,256		-	$	5,712,256		-
Investments	Corporate Bonds		36,578,305		-		36,578,305		-
Investments	Certificates of Deposit		4,651,900		4,651,900		-		-

December 31, 2016	Type of Instrument	Fair Value		Level 1		Level 2		Level 3
Cash equivalents	Institutional Money Market	$	2,290,331	$	2,290,331		-		-
Investments	Municipal Bonds		7,554,028		-		7,554,028		-
Investments	Corporate Bonds		33,354,407		-		33,354,407		-
Investments	Certificates of Deposit		7,117,807		7,117,807		-		-

Summary of Stock Option Activity

A summary of our stock option activity during the three months ended March 31, 2017 is presented below:

	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual  Term		Aggregate Intrinsic Value
Outstanding at December 31, 2016		297,000		$	20.14		3.10		10,561,380
Grants		-			-		-		-
Exercised		(20,000	)		12.91		-		-
Forfeitures or expirations		-			-		-		-
Outstanding at March 31, 2017		277,000		$	20.66		2.99	$	9,456,330
Exercisable at March 31, 2017		230,750		$	18.31		2.47	$	8,420,093