Medical Information Technology 10-K 29 Jan 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2015USD ($)shares
Document and Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Entity Registrant Name	Medical Information Technology, Inc.
Entity Central Index Key	1,011,452
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Public Float | $	$ 0
Entity Common Stock, Shares Outstanding | shares	37,190,854
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes

Balance Sheets

Balance Sheets - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]
Cash and equivalents	$ 23,565,899	$ 21,089,887	$ 42,481,997
Marketable securities	328,571,476	363,742,759	374,023,591
Trade receivables, net of reserve	40,487,646	48,572,645	50,638,740
Other receivables and prepaid	14,237,964	20,496,029	10,681,915
Current assets	406,862,985	453,901,320	477,826,243
Computer equipment	14,624,946	14,546,084	13,416,004
Furniture and fixtures	73,728,406	71,174,810	67,845,622
Buildings	251,283,833	245,099,444	225,948,241
Land	42,137,323	42,233,123	42,730,565
Accumulated depreciation	(157,393,862)	(146,165,740)	(133,505,381)
Fixed assets	224,380,646	226,887,721	216,435,051
Other assets	12,226,146	13,627,126	15,317,332
Deferred taxes	6,295,139	7,293,479	6,897,379
Total assets	649,764,916	701,709,646	716,476,005
Accounts payable	284,460	479,882	1,534,485
Taxes payable	3,920,212	3,869,303	2,054,703
Accrued expenses	39,781,123	45,125,716	53,976,811
Deferred revenue	21,544,141	20,093,200	35,503,326
Deferred taxes	28,780,986	34,525,433	18,649,594
Current liabilities	94,310,922	104,093,534	111,718,919
Tax reserves	17,024,936	21,289,052	18,512,277
Total liabilities	111,335,858	125,382,586	130,231,196
Common stock value	37,190,854	37,165,854	37,140,854
Additional paid-in capital	122,907,959	121,807,959	120,707,959
Retained income	336,362,911	367,387,243	355,301,450
Unrealized after-tax security gains	41,967,334	49,966,004	73,094,546
Shareholder equity	538,429,058	576,327,060	586,244,809
Total liabilities and shareholder equity	$ 649,764,916	$ 701,709,646	$ 716,476,005

Balance Sheet (Parenthetical)

Balance Sheet (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]
Common stock par value	$ 1	$ 1	$ 1
Common stock shares authorized	40,000,000	40,000,000	40,000,000
Common stock shares issued	37,190,854	37,165,854	37,140,854
Common stock shares outstanding	37,165,854	37,165,854	37,140,854

Statements of Income and Compre

Statements of Income and Comprehensive Income - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Statement [Abstract]
Product revenue	$ 150,170,631	$ 205,070,319	$ 278,319,450
Service revenue	325,354,950	311,931,955	301,326,007
Total revenues	475,525,581	517,002,274	579,645,457
Operations, development	304,666,882	296,636,408	292,369,166
Selling, G & A	103,730,073	111,433,903	123,660,776
Operating expense	408,396,955	408,070,311	416,029,942
Operating income	67,128,626	108,931,963	163,615,515
Other income	34,628,763	62,403,762	30,736,707
Other expense	6,528,175	6,715,088	7,028,101
Pretax income	95,229,214	164,620,637	187,324,121
State income tax	2,729,218	9,037,753	8,015,067
Federal income tax	22,433,204	32,074,529	45,980,882
Income tax	25,162,422	41,112,282	53,995,949
Net income	70,066,792	123,508,355	133,328,172
Change in unrealized after-tax security gains	(7,998,670)	(23,128,542)	17,077,757
Comprehensive income	$ 62,068,122	$ 100,379,813	$ 150,405,929

Statements of Shareholder Equit

Statements of Shareholder Equity - USD ($)	Total	Common Stock Paid-in capital	Retained income	Other Comprehensive
Balance, December 31, 2014 at Dec. 31, 2012	$ 537,796,567	$ 148,594,428	$ 333,185,351	$ 56,016,788
Issuance of common stock pursuant to the 2004 Stock Purchase Plan	8,129,385	8,129,385
Issuance of common stock to the Profit Sharing Plan	1,125,000	1,125,000
Net income	133,328,172		133,328,172
Change in unrealized after-tax security gains	17,077,758			17,077,758
Dividends paid	(111,212,073)		(111,212,073)
Balance, December 31, 2015 at Dec. 31, 2013	586,244,809	157,848,813	355,301,450	73,094,546
Issuance of common stock to the Profit Sharing Plan	1,125,000	1,125,000
Net income	123,508,355		123,508,355
Change in unrealized after-tax security gains	(23,128,542)			(23,128,542)
Dividends paid	(111,422,562)		(111,422,562)
Balance, December 31, 2015 at Dec. 31, 2014	576,327,060	158,973,813	367,387,243	49,966,004
Issuance of common stock to the Profit Sharing Plan	1,125,000	1,125,000
Net income	70,066,792		70,066,792
Change in unrealized after-tax security gains	(7,998,670)			(7,998,670)
Dividends paid	(101,091,124)		(101,091,124)
Balance, December 31, 2015 at Dec. 31, 2015	$ 538,429,058	$ 160,098,813	$ 336,362,911	$ 41,967,334

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Cash Flows [Abstract]
Net income	$ 70,066,792	$ 123,508,355	$ 133,328,172
Depreciation and amortization expense	15,277,304	15,039,444	12,934,306
Stock contributions to qualified profit sharing plan	1,125,000	1,125,000	1,125,000
Pretax gain on sale of marketable securities	(13,821,395)	(41,381,522)	(11,906,501)
Pretax gain on sale of fixed assets	(29,000)	0	(44,000)
Change in trade receivables, net of reserve	8,084,999	2,066,095	(2,387,893)
Change in other receivables and prepaid	6,258,065	(9,814,114)	(5,925,814)
Change in accounts payable	(195,422)	(1,054,603)	1,397,639
Change in taxes payable	50,909	1,814,600	(2,809,212)
Change in accrued expenses	(5,344,593)	(8,851,095)	(1,122,021)
Change in deferred revenues	1,450,941	(15,410,126)	3,990,636
Change in deferred taxes	586,340	3,432,101	706,226
Change in tax reserves	(4,264,116)	2,776,775	733,102
Net cash from operating activities	79,245,824	73,250,910	130,019,640
Purchases of marketable securities	(18,781,845)	(24,482,878)	(20,937,683)
Sales of marketable securities	54,443,406	65,064,329	26,057,254
Purchases of fixed assets	(11,741,030)	(24,131,455)	(46,196,210)
Sales of fixed assets	124,800	0	60,000
Change in other assets	275,981	329,546	1,312,764
Net cash (used in) from investing activities	24,321,312	16,779,542	(39,703,875)
Sales of common stock	0	0	8,129,385
Dividends paid	(101,091,124)	(111,422,562)	(111,212,073)
Net cash used in financing activities	(101,091,124)	(111,422,562)	(103,082,687)
Net change in cash and equivalents	2,476,012	(21,392,110)	(12,766,922)
Cash and equivalents at beginning of year	21,089,887	42,481,997	55,248,919
Cash and equivalents at end of year	23,565,899	21,089,887	42,481,997
Supplemental Disclosure:
Cash paid for income taxes	$ 23,911,262	$ 40,726,970	$ 55,910,698

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Significant Accounting Policies (Policies) [Abstract]
Significant Accounting Policies	Note 1. Significant Accounting Policies MEDITECH is engaged in the development, manufacture, licensing and support of computer software products for the hospital market. The principal market for its products consists of healthcare providers located primarily in the United States and Canada. The accompanying financial statements reflect the application of certain accounting policies discussed below. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. (a) Revenue Recognition MEDITECH follows the provisions of ASC 985-605-25, Software Revenue Recognition, and ASC 605-35-25, Construction-Type and Production-Type Contracts. MEDITECH enters into perpetual software license contracts which provide for a customer deposit upon contract execution, milestone billings during the implementation phase and fixed monthly support fees thereafter. MEDITECH classifies software fees and related implementation fees together as product revenue in the statement of income. Such revenue is recognized when persuasive evidence of an agreement exists, the fee is fixed or determinable and collection of the fee is probable. Revenue is recognized on the percent completion method based on completion of contract milestones and/or specific events. Determining whether and when some of these criteria have been satisfied often involves assumptions and judgments that can have a significant impact on the timing and amount of revenue recognized. The primary factors taken into consideration involve tracking and measuring progress to complete software delivery and installation, training on the use the software, interfacing the software with other vendor software, and timing when the software becomes operational at the customer's site. MEDITECH classifies post-implementation support fees as service revenue in the statement of income and recognizes these fees as revenue when the related services are rendered. MEDITECH follows the provisions of ASC 605-45-15, Reimbursements Received for Out-of-Pocket Expenses. Such expenses are characterized as product revenue with offsetting operating expense included in the income statement. (b) Software Development Costs MEDITECH follows the provisions of ASC 985-20, Accounting for the Costs of Computer Software to Be Sold, Leased or Marketed. ASC 985-20 establishes standards for capitalizing software development costs incurred after technological feasibility of the software development projects is established and the realizability of such capitalized costs through future operations is expected, if such costs become material. To date, development costs incurred by MEDITECH after technological feasibility has been established have been immaterial and as such have been charged to operations as incurred. (c) Cash and Equivalents MEDITECH considers all highly liquid investments purchased with original maturities of 90 days or less to be cash equivalents. (d) Common Stock Dividend Policy MEDITECH's Board of Directors has full discretion regarding the timing and amounts of dividends paid on common stock. (e) Fair Value of Financial Instruments and Concentration of Credit Risk The carrying value of MEDITECH's cash and cash equivalents, accounts receivable and accounts payable approximates their fair value due to the short-term nature of these financial instruments. MEDITECH's marketable securities are carried at fair value. Financial instruments that potentially subject MEDITECH to concentrations of credit risk are principally cash, cash equivalents, marketable securities and accounts receivable. MEDITECH places its cash and cash equivalents in highly rated institutions. Concentration of credit risk with respect to accounts receivable is limited to certain customers to whom MEDITECH makes substantial sales. To reduce risk, MEDITECH routinely assesses the financial strength of its customers and, as a result, believes that its accounts receivable credit risk exposure is limited. MEDITECH maintains a reserve for doubtful accounts but historically has not experienced any significant credit losses related to an individual customer or groups of customers. As December 31, 2015 HCA-The Healthcare Company represented 7% of the outstanding trade receivables.

Available For Sale Securities

Available For Sale Securities	12 Months Ended
	Dec. 31, 2015
Available For Sale Securities (Tables) [Abstract]
Available For Sale Securities	Note 2. Available For Sale Securities MEDITECH follows the provisions of ASC 320-10, Investments - Debt and Equity Securities, which requires marketable securities be classified as trading, available-for-sale or held-to-maturity. MEDITECH classifies its marketable securities as available-for-sale and records them at fair value with any unrealized after-tax gains or losses reported as a component of shareholder equity. The fair value was determined based on quoted prices in active markets. ASC 320-10 requires that for each individual security classified as available-for-sale, a company shall determine whether a decline in fair value below the cost basis is temporary in nature. If the decline in fair value is not judged as such, the cost basis of the individual security shall be reduced to fair value and the amount of the write-down shall be reflected in earnings. MEDITECH follows the provisions of ASC 320-10-35 Subsequent Measurement, and evaluates its marketable securities for other-than-temporary impairment using an impairment model consistent with a debt security. The factors considered include the severity and duration of the loss, the intent and ability to hold the securities for an extended period of time until recovery, and whether issuers are current on dividend payments and maintain investment grade ratings. Finally, the effect of fluctuating interest rates, current economic and industry conditions, and the issuers' current financial position are also taken into consideration. MEDITECH follows the provisions of ASC 820-10, Fair Value Measurements and Disclosures, which provides for expanded disclosure and guidelines to determine fair market value of assets and liabilities. ASC 820-10 applies whenever other standards require or permit assets and liabilities to be measured at fair value, but does not expand the use of fair value in any new circumstances. MEDITECH's marketable securities represent assets measured at fair value on a recurring basis, and are considered Level 1 assets as defined by ASC 820-10. The following table indicates the original cost net of write-downs, unrealized pretax gains and losses, and fair market value of MEDITECH's securities for the three years ended December 31. The change in unrealized after-tax security gains and losses have been accounted for within comprehensive income. MEDITECH has evaluated the unrealized losses as of December 31, 2015 and has concluded that these are temporary in nature. Dec 31, 2013 Dec 31, 2014 Dec 31, 2015 Original cost net of write-downs $279,666,014 $280,466,086 $258,625,920 Unrealized pretax gains 95,805,377 83,276,673 70,995,011 Unrealized pretax losses (1,447,800) - (1,049,455) Fair market value $374,023,591 $363,742,759 $328,571,476

Reserve for Doubtful Accounts

Reserve for Doubtful Accounts	12 Months Ended
	Dec. 31, 2015
Reserve for Doubtful Accounts [Abstract]
Reserve for Doubtful Accounts	Note 3. Reserve for Doubtful Accounts The components of the reserve for doubtful accounts for the three years ended December 31 are as follows: Dec 31, 2013 Dec 31, 2014 Dec 31, 2015 Reserve at beginning of year $1,575,000 $1,575,000 $1,575,000 Amounts charged to expense 7,714 28,342 95,300 Amounts written off (7,714) (28,342) (95,300) Reserve at end of year $1,575,000 $1,575,000 $1,575,000

Deferred Taxes

Deferred Taxes	12 Months Ended
	Dec. 31, 2015
Deferred Taxes (Tables) [Abstract]
Deferred Taxes	Note 4. Deferred Taxes Deferred taxes relate to the earlier recognition of certain revenue and the later recognition of certain expense for tax purposes. Current deferred tax assets consist of prepaid tax on accrued expenses. Long term deferred tax assets consist of prepaid tax on deposits, deferred revenues, and Federal benefit for tax reserves. Current deferred tax liabilities consist primarily of tax on unrealized pretax gains and are reduced by current deferred tax assets under present reporting guidelines. Net deferred taxes changed from an asset to a liability in 2013 primarily as a result of an increase in fair market value of marketable securities. The deferred tax asset and liability for the three years ended December 31 are as follows: Dec 31, 2013 Dec 31, 2014 Dec 31, 2015 Long term deferred tax asset $6,897,379 $7,293,479 $6,295,139 Current deferred tax liability 18,649,594 34,525,433 28,780,986

Fixed Assets

Fixed Assets	12 Months Ended
	Dec. 31, 2015
Fixed Assets [Abstract]
Fixed Assets	Note 5. Fixed Assets MEDITECH carries all fixed assets on a cost basis and provides for depreciation in amounts estimated to allocate the costs thereof under the following estimated useful lives. Maintenance costs are expensed as incurred. Improvements are capitalized and depreciated over the asset's useful life. Description Useful Life Computer equipment 3-5 years Furniture and fixtures 7-10 years Buildings 31.5-40 years

Equity Method Investments

Equity Method Investments	12 Months Ended
	Dec. 31, 2015
Equity Method Investments [Abstract]
Equity Method Investments	Note 6. Equity Method Investments MEDITECH follows the provisions of ASC 323-10, Investments - Equity Method and Joint Ventures, and as such, accounts for the equity investment in Meditech South Africa in accordance with the cost method. Meditech South Africa licenses MEDITECH's software technology and re-licenses it to its respective customers. Meditech South Africa serves a market niche which is part of the overall medical market but is outside of the hospital market which MEDITECH serves. Meditech holds a fully collateralized mortgage note for a loan to Meditech South Africa to purchase land and a building used as its corporate headquarters. MEDITECH believes the fair value of this investment and loan balance approximates its December 31, 2015 carrying value. During the 2nd quarter 2007 MEDITECH acquired Patient Care Technologies, Inc. (PtCT), a company engaged in the development, manufacture, licensing and support of computer software products for the home healthcare market. MEDITECH accounted for this acquisition under the purchase method of accounting in accordance with ASC 805-10, Business Combinations. PtCT merged with and into MEDITECH effective December 31, 2009. During the 1st quarter 2011 MEDITECH acquired LSS Data Systems, Inc. (LSS), a company engaged in the development, manufacture, licensing and support of ambulatory information system software for physician practices. MEDITECH accounted for this acquisition under the purchase method of accounting in accordance with ASC 805-10, Business Combinations. LSS merged with and into MEDITECH effective December 31, 2013. MEDITECH follows the provisions of ASC 350-20-35 Intangibles, Goodwill and Other Qualitative Testing. MEDITECH annually assesses qualitative factors of its goodwill assets for impairment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The evaluation assesses all relevant economic, industry, regulatory, and legal facts and circumstances as well as overall performance. If, after assessing the totality of such facts and circumstances, MEDITECH determines that it is more likely than not that the fair value of a reporting unit is not less than its carrying amount, then no further goodwill impairment testing is necessary. In accordance with ASC 805-10 and ASC 350-20-35, on December 31, 2015, MEDITECH concluded no impairment was needed on a qualitative testing basis. The components of other assets for the three years ended December 31 are as follows: Dec 31, 2013 Dec 31, 2014 Dec 31, 2015 Investments $1,440,061 $1,440,061 $1,440,061 Mortgage notes 716,000 591,200 452,600 Goodwill & intangibles 9,080,431 7,246,467 5,884,815 Other 4,080,840 4,349,398 4,448,670 Other assets $15,317,332 $13,627,126 $12,226,146

Accrued Expenses

Accrued Expenses	12 Months Ended
	Dec. 31, 2015
Accrued Expenses [Abstract]
Accrued Expenses	Note 7. Accrued Expenses The components of accrued expenses for the three years ended December 31 are as follows: Dec 31, 2013 Dec 31, 2014 Dec 31, 2015 Accrued bonuses $45,985,000 $37,245,000 $32,500,000 Accrued vacation 4,813,000 5,108,000 4,950,000 Other 3,178,811 2,772,716 2,331,123 Accrued expenses $53,976,811 $45,125,716 $39,781,123

Tax Reserves

Tax Reserves	12 Months Ended
	Dec. 31, 2015
Tax Reserves (Tables) [Abstract]
Tax Reserves	Note 8. Tax Reserves Tax reserves relate to the uncertainty of domestic production activities deduction and state nexus through 2014. During 2015, upon completion of IRS audit for 2012, our return was accepted as filed thus reserves for uncertainty of domestic production activities are now removed. Key judgments are reviewed annually and additional adjustments to state nexus were made to reflect current assessments. The years 2013 through 2015 are subject to examination by the IRS, and various years are subject to examination by state tax authorities. MEDITECH accounts for the annual change in tax reserves as part of its provision for income taxes. The components of tax reserves for the three years ended December 31 are as follows: Dec 31, 2013 Dec 31, 2014 Dec 31, 2015 Potential tax assessment $8,597,502 $9,040,063 $6,274,117 Interest and penalties 9,914,775 12,248,989 10,750,819 Tax reserves $18,512,277 $21,289,052 $17,024,936

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2015
Segment Reporting (Tables) [Abstract]
Segment Reporting	Note 9. Segment Reporting MEDITECH follows the provisions of ASC 280-10, Segment Reporting. Based on the criteria set forth in ASC 280-10, MEDITECH currently operates in one operating segment, medical software and services. MEDITECH derives its revenue from the sale and support of one group of similar products and services. All of MEDITECH's assets are located within the United States. The following table indicates the percentage of revenue based on customer location plus the percentage of revenue from the largest customer for the three years ended December 31 is as follows: 12 months 12 months 12 months Dec 31, 2013 Dec 31, 2014 Dec 31, 2015 Total revenues $579,645,457 $517,002,274 $475,525,581 United States 88% 89% 87% Canada 10% 9% 11% All others 2% 2% 2% Largest customer 8% 7% 6%

Other Income

Other Income	12 Months Ended
	Dec. 31, 2015
Other Income (Tables) [Abstract]
Other Income	Note 10. Other Income Other income consists primarily of rents, dividends, interest and realized marketable security activity. The components of other income for the three years ended December 31 are as follows: 12 months 12 months 12 months Dec 31, 2013 Dec 31, 2014 Dec 31, 2015 Rents $5,819,428 $6,792,908 $6,473,013 Dividends 13,782,326 14,145,698 13,028,327 Interest 216,102 83,634 17,851 Security gains 11,906,501 41,381,522 13,821,395 Other (987,650) - 488,177 Other income $30,736,707 $62,403,762 $34,628,763

Other Expense

Other Expense	12 Months Ended
	Dec. 31, 2015
Other Expense (Tables) [Abstract]
Other Expense	Note 11. Other Expense Other expense consists primarily of rental costs and charitable contributions. The components of other expense for the three years ended December 31 are as follows: 12 months 12 months 12 months Dec 31, 2013 Dec 31, 2014 Dec 31, 2015 Rental costs $4,827,413 $5,804,562 $5,626,279 Charitable contributions 890,000 815,000 790,000 Other 1,310,688 95,526 111,896 Other expense $7,028,101 $6,715,088 $6,528,175

Income Tax Accounting

Income Tax Accounting	12 Months Ended
	Dec. 31, 2015
Income Tax Accounting (Tables) [Abstract]
Income Tax Accounting	Note 12. Income Tax Accounting MEDITECH follows the provisions of ASC 740-10, Accounting for Income Taxes. The current and deferred components of the State and Federal income taxes for the three years ended December 31 are as follows: 12 months 12 months 12 months Dec 31, 2013 Dec 31, 2014 Dec 31, 2015 State current $7,520,390 $8,652,777 $2,737,228 State deferred 494,677 384,976 (8,010) State income tax $8,015,067 $9,037,753 $2,729,218 Federal current $45,769,333 $29,027,406 $21,719,429 Federal deferred 211,549 3,047,123 713,775 Federal income tax $45,980,882 $32,074,529 $22,433,204

Income Tax Rate

Income Tax Rate	12 Months Ended
	Dec. 31, 2015
Income Tax Rate (Tables) [Abstract]
Income Tax Rate	Note 13. Income Tax Rate During 2008, MEDITECH recorded an impairment loss of $41 million on marketable securities. A deferred tax asset was not recognized because unrealized gains were not available at the time of impairment. In 2014 the previously impaired marketable securities were sold and MEDITECH realized a tax benefit of $16.4 million upon the sale. The effective income tax rate for the three years ended December 31 is as follows: 12 months 12 months 12 months Dec 31, 2013 Dec 31, 2014 Dec 31, 2015 Statutory U.S. income tax rate 35.0% 35.0% 35.0% State income taxes net of federal benefit 2.8% 3.6% 1.9% Dividend income exclusion (1.8%) (2.1%) (3.5%) Federal R&D tax credit (4.3%) (2.5%) (4.2%) Gain on sale of impaired securities - (8.8%) - Tax reserve revision - - (2.2%) Other (2.9%) (0.2%) (0.6%) Effective tax rate 28.8% 25.0% 26.4%

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2015
Earnings Per Share (Tables) [Abstract]
Earnings Per Share	Note 14. Earnings Per Share MEDITECH follows the provisions of ASC 260-10, Earnings per Share, which requires reporting both basic and diluted earnings per share. MEDITECH has no common share equivalents such as preferred stock, warrants or stock options which would dilute earnings per share. Thus, earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the three years ended December 31. In general, the average number of shares reflects the annual issuance of shares sold to staff members in February pursuant to the 2004 Stock Purchase Plan and the annual issuance of shares contributed to the MEDITECH Profit Sharing Trust in December. 12 months 12 months 12 months Dec 31, 2013 Dec 31, 2014 Dec 31, 2015 Net income $133,328,172 $123,508,355 $70,066,792 Average number of shares 37,102,883 37,142,937 37,167,937 Earnings per share $3.59 $3.33 $1.88

Comprehensive Income Presentati

Comprehensive Income Presentation	12 Months Ended
	Dec. 31, 2015
Comprehensive Income Presentation (Tables) [Abstract]
Comprehensive Income Presentation	Note 15. Comprehensive Income Presentation Effective January 1, 2012 MEDITECH adopted the provisions of ASU 2011-05, Presentation of Comprehensive Income, which establishes standards for reporting comprehensive income and its components in financial statements. Comprehensive income is the total of net income and all other non-owner changes in equity including items such as unrealized after-tax gains or losses on marketable securities classified as available for sale, foreign currency translation adjustments and minimum pension liability adjustments. In MEDITECH's case net income plus the change in unrealized after-tax security gains is shown as comprehensive income in the income statement. 12 months 12 months 12 months Dec 31, 2013 Dec 31, 2014 Dec 31, 2015 Unrealized gains arising during the period $24,646,378 $8,214,218 $64,541 Reclassification of realized gains (7,568,621) (31,342,760) (8,063,211) Change in unrealized after-tax security gains $17,077,757 ($23,128,542) ($7,998,670)

Qualified Profit Sharing Plan

Qualified Profit Sharing Plan	12 Months Ended
	Dec. 31, 2015
Qualified Profit Sharing Plan [Abstract]
Qualified Profit Sharing Plan	Note 16. Qualified Profit Sharing Plan MEDITECH has no obligation for post-employment or post-retirement benefits. MEDITECH maintains a qualified profit sharing plan which provides deferred compensation to substantially all of its staff members. Contributions to the plan are at the discretion of the Board of Directors and may be in the form of cash and shares of MEDITECH stock. The components of year-end contributions for the three years ended December 31 are as follows: 12 months 12 months 12 months Dec 31, 2013 Dec 31, 2014 Dec 31, 2015 Cash $10,875,000 $9,375,000 $7,875,000 25,000 shares at $45 per share 1,125,000 1,125,000 1,125,000 $12,000,000 $10,500,000 $9,000,000

Litigation

Litigation	12 Months Ended
	Dec. 31, 2015
Litigation [Abstract]
Litigation	Note 17. Litigation From time to time, the Company is a party to or may be threatened by litigation in the ordinary course of its business. The Company regularly analyzes current information, including, as applicable, the Company's defenses and insurance coverage and, as necessary, provides accruals for probable and estimable liabilities for the eventual disposition of these matters. The Company is not a party to any material legal proceedings.

Recent Accounting Pronouncement

Recent Accounting Pronouncement	12 Months Ended
	Dec. 31, 2015
Recent Accounting Pronouncement [Abstract]
Recent Accounting Pronouncement	Note 18. Recent Accounting Pronouncement In May 2014, the FASB issued updated accounting guidance on revenue recognition. This update provides a comprehensive new revenue recognition model that requires revenue to be recognized in a manner to depict the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. This guidance is effective for annual reporting periods, and any interim periods within those annual periods, that begin after December 15, 2016 and allows for either full retrospective or modified retrospective application, with early adoption not permitted. Accordingly, the standard is effective for the Company on January 1, 2018. The Company is currently evaluating the adoption method it will apply and the impact that this guidance will have on its financial statements and related disclosures. In November 2015, the FASB issued updated accounting guidance on balance sheet classification of deferred taxes. This update provides for a simplified presentation of deferred income taxes. Deferred tax liabilities and assets are now required to be classified as noncurrent in a classified statement of financial position. This guidance is effective for annual reporting periods begin after December 31, 2016, and interim periods within those annual periods and allows for full prospective or retrospective application. Early adoption is permitted. The Company is currently evaluating the adoption method it will apply and the impact that this guidance will have on its financial statements and related disclosures.

Supplemental Data

Supplemental Data	12 Months Ended
	Dec. 31, 2015
Supplemental Data [Abstract]
Supplemental Data	Note 19. Supplemental Data Unaudited operating results by quarter for the three years ended December 31 are as follows: 1st Q 2nd Q 3rd Q 4th Q 2013 Total revenue $151,183,057 $144,033,794 $138,421,645 $146,006,961 $579,645,457 Operating income 45,610,303 40,385,314 39,096,189 38,523,709 163,615,515 Net income 35,479,098 28,194,508 31,806,968 37,847,598 133,328,172 Net income per share $0.96 $0.76 $0.86 $1.01 $3.59 1st Q 2nd Q 3rd Q 4th Q 2014 Total revenue $130,701,929 $139,089,612 $123,444,726 $123,766,007 $517,002,274 Operating income 29,113,794 33,954,701 25,659,626 20,203,842 108,931,963 Net income 61,844,708 23,556,349 18,425,372 19,681,926 123,508,355 Net income per share $1.67 $0.63 $0.50 $0.53 $3.33 1st Q 2nd Q 3rd Q 4th Q 2015 Total revenue $113,045,487 $117,135,917 $119,107,098 $126,237,079 $475,525,581 Operating income 14,944,547 16,259,811 16,864,199 19,060,069 67,128,626 Net income 19,775,730 17,253,643 13,591,077 19,446,342 70,066,792 Net income per share $0.53 $0.46 $0.37 $0.52 $1.88

Significant Accounting Polici26

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Significant Accounting Policies (Policies) [Abstract]
Significant Accounting Policies	MEDITECH is engaged in the development, manufacture, licensing and support of computer software products for the hospital market. The principal market for its products consists of healthcare providers located primarily in the United States and Canada. The accompanying financial statements reflect the application of certain accounting policies discussed below. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. (a) Revenue Recognition MEDITECH follows the provisions of ASC 985-605-25, Software Revenue Recognition, and ASC 605-35-25, Construction-Type and Production-Type Contracts. MEDITECH enters into perpetual software license contracts which provide for a customer deposit upon contract execution, milestone billings during the implementation phase and fixed monthly support fees thereafter. MEDITECH classifies software fees and related implementation fees together as product revenue in the statement of income. Such revenue is recognized when persuasive evidence of an agreement exists, the fee is fixed or determinable and collection of the fee is probable. Revenue is recognized on the percent completion method based on completion of contract milestones and/or specific events. Determining whether and when some of these criteria have been satisfied often involves assumptions and judgments that can have a significant impact on the timing and amount of revenue recognized. The primary factors taken into consideration involve tracking and measuring progress to complete software delivery and installation, training on the use the software, interfacing the software with other vendor software, and timing when the software becomes operational at the customer's site. MEDITECH classifies post-implementation support fees as service revenue in the statement of income and recognizes these fees as revenue when the related services are rendered. MEDITECH follows the provisions of ASC 605-45-15, Reimbursements Received for Out-of-Pocket Expenses. Such expenses are characterized as product revenue with offsetting operating expense included in the income statement. (b) Software Development Costs MEDITECH follows the provisions of ASC 985-20, Accounting for the Costs of Computer Software to Be Sold, Leased or Marketed. ASC 985-20 establishes standards for capitalizing software development costs incurred after technological feasibility of the software development projects is established and the realizability of such capitalized costs through future operations is expected, if such costs become material. To date, development costs incurred by MEDITECH after technological feasibility has been established have been immaterial and as such have been charged to operations as incurred. (c) Cash and Equivalents MEDITECH considers all highly liquid investments purchased with original maturities of 90 days or less to be cash equivalents. (d) Common Stock Dividend Policy MEDITECH's Board of Directors has full discretion regarding the timing and amounts of dividends paid on common stock. (e) Fair Value of Financial Instruments and Concentration of Credit Risk The carrying value of MEDITECH's cash and cash equivalents, accounts receivable and accounts payable approximates their fair value due to the short-term nature of these financial instruments. MEDITECH's marketable securities are carried at fair value. Financial instruments that potentially subject MEDITECH to concentrations of credit risk are principally cash, cash equivalents, marketable securities and accounts receivable. MEDITECH places its cash and cash equivalents in highly rated institutions. Concentration of credit risk with respect to accounts receivable is limited to certain customers to whom MEDITECH makes substantial sales. To reduce risk, MEDITECH routinely assesses the financial strength of its customers and, as a result, believes that its accounts receivable credit risk exposure is limited. MEDITECH maintains a reserve for doubtful accounts but historically has not experienced any significant credit losses related to an individual customer or groups of customers. As December 31, 2015 HCA-The Healthcare Company represented 7% of the outstanding trade receivables.

Available For Sale Securities (

Available For Sale Securities (Tables)	12 Months Ended
	Dec. 31, 2015
Available For Sale Securities (Tables) [Abstract]
The following table indicates the	The following table indicates the original cost net of write-downs, unrealized pretax gains and losses, and fair market value of MEDITECH's securities for the three years ended December 31. The change in unrealized after-tax security gains and losses have been accounted for within comprehensive income. MEDITECH has evaluated the unrealized losses as of December 31, 2015 and has concluded that these are temporary in nature. Dec 31, 2013 Dec 31, 2014 Dec 31, 2015 Original cost net of write-downs $279,666,014 $280,466,086 $258,625,920 Unrealized pretax gains 95,805,377 83,276,673 70,995,011 Unrealized pretax losses (1,447,800) - (1,049,455) Fair market value $374,023,591 $363,742,759 $328,571,476

Reserve for Doubtful Accounts (

Reserve for Doubtful Accounts (Tables)	12 Months Ended
	Dec. 31, 2015
Reserve for Doubtful Accounts (Tables) [Abstract]
The components of the reserve	The components of the reserve for doubtful accounts for the three years ended December 31 are as follows: Dec 31, 2013 Dec 31, 2014 Dec 31, 2015 Reserve at beginning of year $1,575,000 $1,575,000 $1,575,000 Amounts charged to expense 7,714 28,342 95,300 Amounts written off (7,714) (28,342) (95,300) Reserve at end of year $1,575,000 $1,575,000 $1,575,000

Deferred Taxes (Tables)

Deferred Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Deferred Taxes (Tables) [Abstract]
Deferred taxes relate to the	Deferred taxes relate to the earlier recognition of certain revenue and the later recognition of certain expense for tax purposes. Current deferred tax assets consist of prepaid tax on accrued expenses. Long term deferred tax assets consist of prepaid tax on deposits, deferred revenues, and Federal benefit for tax reserves. Current deferred tax liabilities consist primarily of tax on unrealized pretax gains and are reduced by current deferred tax assets under present reporting guidelines. Net deferred taxes changed from an asset to a liability in 2013 primarily as a result of an increase in fair market value of marketable securities. The deferred tax asset and liability for the three years ended December 31 are as follows: Dec 31, 2013 Dec 31, 2014 Dec 31, 2015 Long term deferred tax asset $6,897,379 $7,293,479 $6,295,139 Current deferred tax liability 18,649,594 34,525,433 28,780,986

Equity Method Investments (Tabl

Equity Method Investments (Tables)	12 Months Ended
	Dec. 31, 2015
Equity Method Investments (Tables) [Abstract]
MEDITECH follows the provisions of	MEDITECH follows the provisions of ASC 350-20-35 Intangibles, Goodwill and Other Qualitative Testing. MEDITECH annually assesses qualitative factors of its goodwill assets for impairment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The evaluation assesses all relevant economic, industry, regulatory, and legal facts and circumstances as well as overall performance. If, after assessing the totality of such facts and circumstances, MEDITECH determines that it is more likely than not that the fair value of a reporting unit is not less than its carrying amount, then no further goodwill impairment testing is necessary. In accordance with ASC 805-10 and ASC 350-20-35, on December 31, 2015, MEDITECH concluded no impairment was needed on a qualitative testing basis. The components of other assets for the three years ended December 31 are as follows: Dec 31, 2013 Dec 31, 2014 Dec 31, 2015 Investments $1,440,061 $1,440,061 $1,440,061 Mortgage notes 716,000 591,200 452,600 Goodwill & intangibles 9,080,431 7,246,467 5,884,815 Other 4,080,840 4,349,398 4,448,670 Other assets $15,317,332 $13,627,126 $12,226,146

Accrued Expenses (Tables)

Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2015
Accrued Expenses (Tables) [Abstract]
The components of accrued expenses	The components of accrued expenses for the three years ended December 31 are as follows: Dec 31, 2013 Dec 31, 2014 Dec 31, 2015 Accrued bonuses $45,985,000 $37,245,000 $32,500,000 Accrued vacation 4,813,000 5,108,000 4,950,000 Other 3,178,811 2,772,716 2,331,123 Accrued expenses $53,976,811 $45,125,716 $39,781,123

Tax Reserves (Tables)

Tax Reserves (Tables)	12 Months Ended
	Dec. 31, 2015
Tax Reserves (Tables) [Abstract]
Tax reserves relate to the	Tax reserves relate to the uncertainty of domestic production activities deduction and state nexus through 2014. During 2015, upon completion of IRS audit for 2012, our return was accepted as filed thus reserves for uncertainty of domestic production activities are now removed. Key judgments are reviewed annually and additional adjustments to state nexus were made to reflect current assessments. The years 2013 through 2015 are subject to examination by the IRS, and various years are subject to examination by state tax authorities. MEDITECH accounts for the annual change in tax reserves as part of its provision for income taxes. The components of tax reserves for the three years ended December 31 are as follows: Dec 31, 2013 Dec 31, 2014 Dec 31, 2015 Potential tax assessment $8,597,502 $9,040,063 $6,274,117 Interest and penalties 9,914,775 12,248,989 10,750,819 Tax reserves $18,512,277 $21,289,052 $17,024,936

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2015
Segment Reporting (Tables) [Abstract]
MEDITECH follows the provisions of	MEDITECH follows the provisions of ASC 280-10, Segment Reporting. Based on the criteria set forth in ASC 280-10, MEDITECH currently operates in one operating segment, medical software and services. MEDITECH derives its revenue from the sale and support of one group of similar products and services. All of MEDITECH's assets are located within the United States. The following table indicates the percentage of revenue based on customer location plus the percentage of revenue from the largest customer for the three years ended December 31 is as follows: 12 months 12 months 12 months Dec 31, 2013 Dec 31, 2014 Dec 31, 2015 Total revenues $579,645,457 $517,002,274 $475,525,581 United States 88% 89% 87% Canada 10% 9% 11% All others 2% 2% 2% Largest customer 8% 7% 6%

Other Income (Tables)

Other Income (Tables)	12 Months Ended
	Dec. 31, 2015
Other Income (Tables) [Abstract]
Other income consists primarily of	Other income consists primarily of rents, dividends, interest and realized marketable security activity. The components of other income for the three years ended December 31 are as follows: 12 months 12 months 12 months Dec 31, 2013 Dec 31, 2014 Dec 31, 2015 Rents $5,819,428 $6,792,908 $6,473,013 Dividends 13,782,326 14,145,698 13,028,327 Interest 216,102 83,634 17,851 Security gains 11,906,501 41,381,522 13,821,395 Other (987,650) - 488,177 Other income $30,736,707 $62,403,762 $34,628,763

Other Expense (Tables)

Other Expense (Tables)	12 Months Ended
	Dec. 31, 2015
Other Expense (Tables) [Abstract]
Other expense consists primarily of	Other expense consists primarily of rental costs and charitable contributions. The components of other expense for the three years ended December 31 are as follows: 12 months 12 months 12 months Dec 31, 2013 Dec 31, 2014 Dec 31, 2015 Rental costs $4,827,413 $5,804,562 $5,626,279 Charitable contributions 890,000 815,000 790,000 Other 1,310,688 95,526 111,896 Other expense $7,028,101 $6,715,088 $6,528,175

Income Tax Accounting (Tables)

Income Tax Accounting (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Accounting (Tables) [Abstract]
MEDITECH follows the provisions of	MEDITECH follows the provisions of ASC 740-10, Accounting for Income Taxes. The current and deferred components of the State and Federal income taxes for the three years ended December 31 are as follows: 12 months 12 months 12 months Dec 31, 2013 Dec 31, 2014 Dec 31, 2015 State current $7,520,390 $8,652,777 $2,737,228 State deferred 494,677 384,976 (8,010) State income tax $8,015,067 $9,037,753 $2,729,218 Federal current $45,769,333 $29,027,406 $21,719,429 Federal deferred 211,549 3,047,123 713,775 Federal income tax $45,980,882 $32,074,529 $22,433,204

Income Tax Rate (Tables)

Income Tax Rate (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Rate (Tables) [Abstract]
During 2008, MEDITECH recorded an	During 2008, MEDITECH recorded an impairment loss of $41 million on marketable securities. A deferred tax asset was not recognized because unrealized gains were not available at the time of impairment. In 2014 the previously impaired marketable securities were sold and MEDITECH realized a tax benefit of $16.4 million upon the sale. The effective income tax rate for the three years ended December 31 is as follows: 12 months 12 months 12 months Dec 31, 2013 Dec 31, 2014 Dec 31, 2015 Statutory U.S. income tax rate 35.0% 35.0% 35.0% State income taxes net of federal benefit 2.8% 3.6% 1.9% Dividend income exclusion (1.8%) (2.1%) (3.5%) Federal R&D tax credit (4.3%) (2.5%) (4.2%) Gain on sale of impaired securities - (8.8%) - Tax reserve revision - - (2.2%) Other (2.9%) (0.2%) (0.6%) Effective tax rate 28.8% 25.0% 26.4%

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2015
Earnings Per Share (Tables) [Abstract]
MEDITECH follows the provisions of	MEDITECH follows the provisions of ASC 260-10, Earnings per Share, which requires reporting both basic and diluted earnings per share. MEDITECH has no common share equivalents such as preferred stock, warrants or stock options which would dilute earnings per share. Thus, earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the three years ended December 31. In general, the average number of shares reflects the annual issuance of shares sold to staff members in February pursuant to the 2004 Stock Purchase Plan and the annual issuance of shares contributed to the MEDITECH Profit Sharing Trust in December. 12 months 12 months 12 months Dec 31, 2013 Dec 31, 2014 Dec 31, 2015 Net income $133,328,172 $123,508,355 $70,066,792 Average number of shares 37,102,883 37,142,937 37,167,937 Earnings per share $3.59 $3.33 $1.88

Comprehensive Income Presenta39

Comprehensive Income Presentation (Tables)	12 Months Ended
	Dec. 31, 2015
Comprehensive Income Presentation (Tables) [Abstract]
Effective January 1, 2012 MEDITECH	Effective January 1, 2012 MEDITECH adopted the provisions of ASU 2011-05, Presentation of Comprehensive Income, which establishes standards for reporting comprehensive income and its components in financial statements. Comprehensive income is the total of net income and all other non-owner changes in equity including items such as unrealized after-tax gains or losses on marketable securities classified as available for sale, foreign currency translation adjustments and minimum pension liability adjustments. In MEDITECH's case net income plus the change in unrealized after-tax security gains is shown as comprehensive income in the income statement. 12 months 12 months 12 months Dec 31, 2013 Dec 31, 2014 Dec 31, 2015 Unrealized gains arising during the period $24,646,378 $8,214,218 $64,541 Reclassification of realized gains (7,568,621) (31,342,760) (8,063,211) Change in unrealized after-tax security gains $17,077,757 ($23,128,542) ($7,998,670)

Qualified Profit Sharing Plan (

Qualified Profit Sharing Plan (Tables)	12 Months Ended
	Dec. 31, 2015
Qualified Profit Sharing Plan (Tables) [Abstract]
MEDITECH has no obligation for	MEDITECH has no obligation for post-employment or post-retirement benefits. MEDITECH maintains a qualified profit sharing plan which provides deferred compensation to substantially all of its staff members. Contributions to the plan are at the discretion of the Board of Directors and may be in the form of cash and shares of MEDITECH stock. The components of year-end contributions for the three years ended December 31 are as follows: 12 months 12 months 12 months Dec 31, 2013 Dec 31, 2014 Dec 31, 2015 Cash $10,875,000 $9,375,000 $7,875,000 25,000 shares at $45 per share 1,125,000 1,125,000 1,125,000 $12,000,000 $10,500,000 $9,000,000

Available For Sale Securities41

Available For Sale Securities (Details 1) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Available For Sale Securities (Tables) [Abstract]
Original cost net of write-downs	$ 258,625,920	$ 280,466,086	$ 279,666,014
Unrealized pretax gains	70,995,011	83,276,673	95,805,377
Unrealized pretax losses	(1,049,455)		(1,447,800)
Fair market value	$ 328,571,476	$ 363,742,759	$ 374,023,591

Reserve for Doubtful Accounts42

Reserve for Doubtful Accounts (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Reserve for Doubtful Accounts [Abstract]
Reserve at beginning of year	$ 1,575,000	$ 1,575,000	$ 1,575,000
Amounts charged to expense	95,300	28,342	7,714
Amounts written off	(95,300)	(28,342)	(7,714)
Reserve at end of year	$ 1,575,000	$ 1,575,000	$ 1,575,000

Deferred Taxes (Details 1)

Deferred Taxes (Details 1) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Deferred Taxes (Tables) [Abstract]
Long term deferred tax asset	$ 6,295,139	$ 7,293,479	$ 6,897,379
Current deferred tax liability	$ 28,780,986	$ 34,525,433	$ 18,649,594

Equity Method Investments (Deta

Equity Method Investments (Details 1) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Equity Method Investments [Abstract]
Investments	$ 1,440,061	$ 1,440,061	$ 1,440,061
Mortgage notes	452,600	591,200	716,000
Goodwill & intangibles	5,884,815	7,246,467	9,080,431
Other	4,448,670	4,349,398	4,080,840
Other assets	$ 12,226,146	$ 13,627,126	$ 15,317,332

Accrued Expenses (Details 1)

Accrued Expenses (Details 1) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accrued Expenses [Abstract]
Accrued bonuses	$ 32,500,000	$ 37,245,000	$ 45,985,000
Accrued vacation	4,950,000	5,108,000	4,813,000
Other	2,331,123	2,772,716	3,178,811
Accrued expenses	$ 39,781,123	$ 45,125,716	$ 53,976,811

Tax Reserves (Details 1)

Tax Reserves (Details 1) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Tax Reserves (Tables) [Abstract]
Potential tax assessment	$ 6,274,117	$ 9,040,063	$ 8,597,502
Interest and penalties	10,750,819	12,248,989	9,914,775
Tax reserves	$ 17,024,936	$ 21,289,052	$ 18,512,277

Segment Reporting (Details 1)

Segment Reporting (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting (Tables) [Abstract]
Total revenues	$ 475,525,581	$ 517,002,274	$ 579,645,457
United States	87.00%	89.00%	88.00%
Canada	11.00%	9.00%	10.00%
All others	2.00%	2.00%	2.00%
Largest customer	6.00%	7.00%	8.00%

Other Income (Details 1)

Other Income (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Other Income (Tables) [Abstract]
Rents	$ 6,473,013	$ 6,792,908	$ 5,819,428
Dividends	13,028,327	14,145,698	13,782,326
Interest	17,851	83,634	216,102
Security gains	13,821,395	41,381,522	11,906,501
Other	488,177		(987,650)
Other income	$ 34,628,763	$ 62,403,762	$ 30,736,707

Other Expense (Details 1)

Other Expense (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Other Expense (Tables) [Abstract]
Rental costs	$ 5,626,279	$ 5,804,562	$ 4,827,413
Charitable contributions	790,000	815,000	890,000
Other	111,896	95,526	1,310,688
Other expense	$ 6,528,175	$ 6,715,088	$ 7,028,101

Income Tax Accounting (Details

Income Tax Accounting (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Accounting (Tables) [Abstract]
State current	$ 2,737,228	$ 8,652,777	$ 7,520,390
State deferred	(8,010)	384,976	494,677
State income tax	2,729,218	9,037,753	8,015,067
Federal current	21,719,429	29,027,406	45,769,333
Federal deferred	713,775	3,047,123	211,549
Federal income tax	$ 22,433,204	$ 32,074,529	$ 45,980,882

Income Tax Rate (Details 1)

Income Tax Rate (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Rate (Tables) [Abstract]
Statutory U.S. income tax rate	35.00%	35.00%	35.00%
State income taxes net of federal benefit	$ 1.9	$ 3.6	$ 2.8
Dividend income exclusion	(3.50%)	(2.10%)	(1.80%)
Federal R&D tax credit	(4.20%)	(2.50%)	(4.30%)
Gain on sale of impaired securities		$ (8.8)
Tax reserve revision	$ (2.2)
Other	(0.60%)	(0.20%)	(2.90%)
Effective tax rate	26.40%	25.00%	28.80%

Earnings Per Share (Details 1)

Earnings Per Share (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Earnings Per Share (Tables) [Abstract]
Net income	$ 70,066,792	$ 123,508,355	$ 133,328,172
Average number of shares	37,167,937	37,142,937	37,102,883
Earnings per share	$ 1.88	$ 3.33	$ 3.59

Comprehensive Income Presenta53

Comprehensive Income Presentation (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Comprehensive Income Presentation Detailsabstract [Abstract]
Unrealized gains arising during the period	$ 64,541	$ 8,214,218	$ 24,646,378
Reclassification of realized gains	(8,063,211)	(31,342,760)	(7,568,621)
Change in unrealized after-tax security gains	$ (7,998,670)	$ (23,128,542)	$ 17,077,757

Qualified Profit Sharing Plan54

Qualified Profit Sharing Plan (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Qualified Profit Sharing Plan [Abstract]
Cash	$ 7,875,000	$ 9,375,000	$ 10,875,000
25,000 shares at $45 per share	1,125,000	1,125,000	1,125,000
Contributions	$ 9,000,000	$ 10,500,000	$ 12,000,000