It's the #1 cable show for its night and it's generating a lot of buzz for FX as being shocking and edgy, which seems like exactly how FX wants to be buzzed about (good for brand building).
I think it's perfectly safe unless the ratings crash.
However, I checked
Sons of Anarchy's recent demo, and
it is higher - 1.9 vs 1.6 for
AHS - (it's also #1 for its night, excluding sports which really doesn't count). FX must be pretty pleased having two shows ranked so high, and both good for their brand.