Fair Value (Tables)
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12 Months Ended |
Dec. 31, 2017 |
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| Fair Value Disclosures [Abstract] |
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| Assets and liabilities measured on a recurring basis |
The following tables set forth the Company's assets and liabilities measured at fair value on a recurring basis, by input level within the fair value hierarchy, as of December 31, 2017 and 2016:
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December 31, 2017 |
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Total |
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Fair Value |
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Level 1 |
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Level 2 |
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Level 3 |
Assets: |
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Other equity securities |
$ |
2,958,315 |
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$ |
— |
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$ |
— |
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$ |
2,958,315 |
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Total Assets |
$ |
2,958,315 |
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$ |
— |
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$ |
— |
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$ |
2,958,315 |
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December 31, 2016 |
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Total |
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Fair Value |
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Level 1 |
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Level 2 |
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Level 3 |
Assets: |
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Other equity securities |
$ |
9,287,209 |
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$ |
— |
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$ |
— |
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$ |
9,287,209 |
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Interest rate swap derivative |
19,950 |
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— |
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19,950 |
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— |
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Total Assets |
$ |
9,307,159 |
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$ |
— |
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$ |
19,950 |
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$ |
9,287,209 |
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| The changes for all Level 3 assets measured at fair value on a recurring basis using significant unobservable inputs |
The changes for all Level 3 securities measured at fair value on a recurring basis using significant unobservable inputs for the years ended December 31, 2017 and 2016, are as follows:
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Level 3 Rollforward |
For the Year Ended 2017 |
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Fair Value Beginning Balance |
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Acquisitions |
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Disposals |
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Total Realized and Unrealized Gains Included in Net Income |
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Return of Capital Adjustments Impacting Cost Basis of Securities |
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Fair Value Ending Balance |
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Changes in Unrealized Gains Included In Net Income, Relating to Securities Still Held (1)
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Other equity securities |
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$ |
9,287,209 |
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$ |
1,161,034 |
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|
$ |
(8,752,201 |
) |
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$ |
1,531,827 |
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$ |
(269,554 |
) |
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$ |
2,958,315 |
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$ |
295,161 |
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Total |
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$ |
9,287,209 |
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$ |
1,161,034 |
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$ |
(8,752,201 |
) |
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$ |
1,531,827 |
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|
$ |
(269,554 |
) |
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$ |
2,958,315 |
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$ |
295,161 |
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For the Year Ended 2016 |
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Other equity securities |
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$ |
8,393,683 |
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$ |
— |
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$ |
— |
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$ |
781,154 |
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$ |
112,372 |
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$ |
9,287,209 |
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$ |
781,154 |
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Total |
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$ |
8,393,683 |
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$ |
— |
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$ |
— |
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$ |
781,154 |
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$ |
112,372 |
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$ |
9,287,209 |
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$ |
781,154 |
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(1) Located in Net realized and unrealized gain on other equity securities in the Consolidated Statements of Income |
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| Carrying and Fair Value Amounts |
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Carrying and Fair Value Amounts |
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Level within fair value hierarchy |
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December 31, 2017 |
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December 31, 2016 |
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Carrying Amount (1)
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Fair Value |
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Carrying Amount (1)
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Fair Value |
Financial Assets: |
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Cash and cash equivalents |
Level 1 |
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$ |
15,787,069 |
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$ |
15,787,069 |
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$ |
7,895,084 |
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$ |
7,895,084 |
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Financing notes receivable (Note 4) |
Level 3 |
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1,500,000 |
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1,500,000 |
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1,500,000 |
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1,500,000 |
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Derivative asset |
Level 2 |
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— |
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— |
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19,950 |
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19,950 |
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Financial Liabilities: |
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Secured credit facilities |
Level 2 |
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$ |
40,745,354 |
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$ |
40,745,354 |
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$ |
89,387,985 |
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$ |
89,387,985 |
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Unsecured convertible senior notes |
Level 1 |
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112,032,083 |
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139,101,660 |
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111,244,895 |
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129,527,940 |
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(1) The carrying value of debt balances are presented net of unamortized original issuance discount and debt issuance costs. |
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