v2.4.0.8
Document And Entity Information (USD $)
12 Months Ended
Dec. 31, 2013
Feb. 14, 2014
Jun. 30, 2013
Document And Entity Information [Abstract]      
Document Type 10-K    
Amendment Flag false    
Document Period End Date Dec. 31, 2013    
Document Fiscal Period Focus FY    
Document Fiscal Year Focus 2013    
Entity Registrant Name INVESTORS TITLE CO    
Entity Central Index Key 0000720858    
Current Fiscal Year End Date --12-31    
Entity Filer Category Accelerated Filer    
Entity Common Stock, Shares Outstanding   2,037,331  
Entity Current Reporting Status Yes    
Entity Voluntary Filers No    
Entity Well-known Seasoned Issuer No    
Entity Public Float     $ 109,863,998
v2.4.0.8
Consolidated Balance Sheets (USD $)
Dec. 31, 2013
Dec. 31, 2012
Investments in securities:    
Fixed maturities, available-for-sale, at fair value (amortized cost: 2013: $87,980,160; 2012: $75,573,673) $ 91,445,413 $ 81,936,978
Equity securities, available-for-sale, at fair value (cost: 2013: $22,200,369; 2012: $21,229,114) 36,144,065 28,510,933
Short-term investments 7,926,373 13,567,648
Other investments 7,247,831 6,763,100
Total investments 142,763,682 130,778,659
Cash and cash equivalents 23,626,761 20,810,018
Premium and fees receivable (less allowance for doubtful accounts: 2013: $2,620,903; 2012: $1,902,581) 8,750,224 11,037,714
Accrued interest and dividends 1,006,698 1,037,447
Prepaid expenses and other assets 7,466,141 4,651,115
Property, net 4,325,538 3,603,323
Current income taxes recoverable 366,772 0
Total Assets 188,305,816 171,918,276
Liabilities:    
Reserves for claims 35,360,000 39,078,000
Accounts payable and accrued liabilities 20,324,190 15,477,545
Current income taxes payable 0 1,336,824
Deferred income taxes, net 4,013,983 893,156
Total liabilities 59,698,173 56,785,525
Commitments and Contingencies 0 0
Redeemable Noncontrolling Interest 545,489 493,861
Stockholders' Equity:    
Preferred stock (1,000,000 authorized shares; no shares issued) 0 0
Common stock - no par value (10,000,000 authorized shares; 2,037,135 and 2,043,359 shares issued and outstanding 2013 and 2012, respectively, excluding 291,676 shares for 2013 and 2012 of common stock held by the Company’s subsidiary) 1 1
Retained earnings 116,714,749 105,820,459
Accumulated other comprehensive income 11,347,404 8,818,430
Total stockholders’ equity 128,062,154 114,638,890
Total Liabilities and Stockholders’ Equity $ 188,305,816 $ 171,918,276
v2.4.0.8
Consolidated Balance Sheets (Parenthetical) (USD $)
Dec. 31, 2013
Dec. 31, 2012
Statement of Financial Position [Abstract]    
Fixed maturities, available-for-sale, amortized cost $ 87,980,160 $ 75,573,673
Equity securities, available-for-sale, cost 22,200,369 21,229,114
Premiums and fees receivable, allowance for doubtful accounts $ 2,620,903 $ 1,902,581
Preferred stock, shares authorized 1,000,000 1,000,000
Preferred stock, shares issued 0 0
Common stock, no par value      
Common stock, shares authorized 10,000,000 10,000,000
Common stock, shares issued 2,037,135 2,043,359
Common stock, shares outstanding 2,037,135 2,043,359
Common stock, held by Company's subsidiary 291,676 291,676
v2.4.0.8
Consolidated Statements Of Income (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Revenues:      
Net premiums written $ 113,886,266 $ 102,331,102 $ 81,529,333
Investment income – interest and dividends 3,894,608 3,980,411 3,595,036
Net realized gain on investments 195,800 1,066,239 28,559
Other 8,274,823 7,701,340 5,532,228
Total Revenues 126,251,497 115,079,092 90,685,156
Operating Expenses:      
Commissions to agents 67,150,810 59,427,070 49,596,250
(Benefit) provision for claims (571,596) 6,072,115 3,342,427
Salaries, employee benefits and payroll taxes 25,386,511 21,881,540 18,556,802
Office occupancy and operations 4,430,220 3,994,244 3,723,803
Business development 2,145,639 1,856,848 1,671,834
Filing fees, franchise and local taxes 681,935 846,168 516,380
Premium and retaliatory taxes 2,558,227 1,885,760 1,729,830
Professional and contract labor fees 2,171,606 2,420,387 1,507,368
Other 755,407 615,053 541,526
Total Operating Expenses 104,708,759 98,999,185 81,186,220
Income before Income Taxes 21,542,738 16,079,907 9,498,936
Provision for Income Taxes 6,746,000 4,889,000 2,565,000
Net Income 14,796,738 11,190,907 6,933,936
Less: Net Income Attributable to Redeemable Noncontrolling Interest (88,528) (88,411) 0
Net Income Attributable to the Company $ 14,708,210 $ 11,102,496 $ 6,933,936
Basic Earnings per Common Share $ 7.15 $ 5.33 $ 3.22
Weighted Average Shares Outstanding – Basic 2,056,169 2,081,703 2,151,350
Diluted Earnings per Common Share $ 7.08 $ 5.24 $ 3.20
Weighted Average Shares Outstanding – Diluted 2,076,628 2,116,793 2,169,636
Dividend declared per share $ 0.32 $ 0.29 $ 0.28
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Consolidated Statements Of Comprehensive Income (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Statement of Other Comprehensive Income [Abstract]      
Net income $ 14,796,738 $ 11,190,907 $ 6,933,936
Other comprehensive income, before tax:      
(Accretion) amortization related to prior year service cost (1,518) 9,396 13,038
Amortization (accretion) of unrecognized loss (gain) 6,293 680 (318)
Accumulated postretirement benefit obligation adjustment 77,213 (82,918) (115,089)
Unrealized gains on investments arising during the period 3,959,623 3,190,737 2,886,294
Reclassification adjustment for sale of securities included in net income (229,869) (1,166,179) (353,950)
Reclassification adjustment for write-down of securities included in net income 34,070 99,940 325,391
Other 0 (36,600) 0
Other comprehensive income, before tax 3,845,812 2,015,056 2,755,366
Income tax expense (benefit) related to postretirement health benefits 27,887 (24,764) (34,804)
Income tax expense related to unrealized gains on investments arising during the year 1,354,439 1,122,003 976,277
Income tax benefit related to reclassification adjustment for sale of securities included in net income (78,622) (426,017) (122,594)
Income tax expense related to reclassification adjustment for write-down of securities included in net income 13,134 34,569 116,027
Net income tax expense on other comprehensive income 1,316,838 705,791 934,906
Other comprehensive income 2,528,974 1,309,265 1,820,460
Comprehensive Income 17,325,712 12,500,172 8,754,396
Less: Comprehensive income attributable to redeemable noncontrolling interest (88,528) (88,411) 0
Comprehensive Income Attributable to the Company $ 17,237,184 $ 12,411,761 $ 8,754,396
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Consolidated Statements Of Stockholders' Equity (USD $)
Total
Common Stock
Retained Earnings
Accumulated Other Comprehensive Income
Balance, beginning of year at Dec. 31, 2010 $ 103,928,815 $ 1 $ 98,240,109 $ 5,688,705
Balance, beginning of year, shares at Dec. 31, 2010   2,282,596    
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Net income attributable to the Company 6,933,936   6,933,936  
Dividends (599,241)   (599,241)  
Shares of common stock repurchased and retired (in shares)   (182,615)    
Shares of common stock repurchased and retired (5,940,463)   (5,940,463)  
Stock options and stock appreciation rights exercised (in shares)   7,700    
Stock options and stock appreciation rights exercised 155,163   155,163  
Share-based compensation expense 213,514   213,514  
Amortization related to postretirement health benefits 8,394     8,394
Accumulated postretirement benefit obligation adjustment (75,959)     (75,959)
Net unrealized gain on investments 1,888,025     1,888,025
Balance, end of year at Dec. 31, 2011 106,512,184 1 99,003,018 7,509,165
Balance, end of year, shares at Dec. 31, 2011   2,107,681    
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Net income attributable to the Company 11,102,496   11,102,496  
Dividends (603,334)   (603,334)  
Shares of common stock repurchased and retired (in shares)   (70,702)    
Shares of common stock repurchased and retired (3,975,532)   (3,975,532)  
Stock options and stock appreciation rights exercised (in shares)   6,380    
Stock options and stock appreciation rights exercised 160,557   160,557  
Share-based compensation expense 74,553   74,553  
Amortization related to postretirement health benefits 6,648     6,648
Accumulated postretirement benefit obligation adjustment (54,726)     (54,726)
Net unrealized gain on investments 1,393,943     1,393,943
Other 22,101   58,701 (36,600)
Balance, end of year at Dec. 31, 2012 114,638,890 1 105,820,459 8,818,430
Balance, end of year, shares at Dec. 31, 2012   2,043,359    
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Net income attributable to the Company 14,708,210   14,708,210  
Dividends (657,914)   (657,914)  
Shares of common stock repurchased and retired (in shares)   (56,223)    
Shares of common stock repurchased and retired (4,262,260)   (4,262,260)  
Stock options and stock appreciation rights exercised (in shares)   49,999    
Stock options and stock appreciation rights exercised 75,797   75,797  
Share-based compensation expense 83,852   83,852  
Amortization related to postretirement health benefits 3,140     3,140
Accumulated postretirement benefit obligation adjustment 50,961     50,961
Net unrealized gain on investments 2,474,873     2,474,873
Income tax benefit from share-based compensation 946,605   946,605  
Balance, end of year at Dec. 31, 2013 $ 128,062,154 $ 1 $ 116,714,749 $ 11,347,404
Balance, end of year, shares at Dec. 31, 2013   2,037,135    
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Consolidated Statements Of Stockholders' Equity (Parenthetical) (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Statement of Stockholders' Equity [Abstract]      
Dividend declared per share $ 0.32 $ 0.29 $ 0.28
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Consolidated Statements Of Cash Flows (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Operating Activities      
Net income $ 14,796,738 $ 11,190,907 $ 6,933,936
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Depreciation 669,727 486,922 475,679
Amortization, net 507,111 468,006 338,967
Amortization related to postretirement benefits obligation 4,765 10,076 12,720
Share-based compensation expense related to stock options 83,852 74,553 213,514
Increase (decrease) in allowance for doubtful accounts on premiums receivable 718,322 684,581 (203,000)
Net loss (gain) on disposals of property 7,831 (28,538) (26,528)
Net realized gain on investments (195,800) (1,066,239) (28,559)
Net earnings from other investments (1,257,266) (1,674,594) (749,688)
(Benefit) provision for claims (571,596) 6,072,115 3,342,427
Provision (benefit) for deferred income taxes 1,804,000 (292,000) 21,000
Excess tax benefits related to exercise of stock options and SARs 946,605 22,101 0
Changes in assets and liabilities:      
Decrease (increase) in receivables 1,569,167 (4,912,295) 646,786
(Increase) decrease in other assets (2,906,224) (407,252) 77,056
Increase in income taxes recoverable (366,772) 0 0
Increase in accounts payable and accrued liabilities 4,923,858 2,372,995 1,913,799
(Decrease) increase in current income taxes payable (1,336,824) 696,291 (415,823)
Payments of claims, net of recoveries (3,146,404) (4,990,115) (3,545,127)
Net cash used in operating activities 16,251,090 8,707,514 9,007,159
Investing Activities      
Purchases of available-for-sale securities (23,466,037) (15,899,439) (15,318,418)
Purchases of short-term securities (2,638,908) (6,347,527) (1,883,562)
Purchases of other investments (1,369,210) (3,441,412) (853,599)
Capital contribution to subsidiaries 0 (350,000) 0
Proceeds from sales and maturities of available-for-sale securities 9,892,634 15,646,381 9,851,523
Proceeds from sales and maturities of short-term securities 8,280,183 6,892,141 14,974,850
Proceeds from sales and distributions of other investments 2,107,675 2,301,647 861,865
Proceeds from sales of other assets 40,366 220,455 0
Purchases of property (1,424,108) (568,728) (361,207)
Proceeds from disposals of property 24,335 65,837 31,157
Net cash provided by investing activities (8,553,070) (1,480,645) 7,302,609
Financing Activities      
Repurchases of common stock (4,262,260) (3,975,532) (5,940,463)
Exercise of options 75,797 160,557 155,163
Distribution to noncontrolling interest (36,900) (40,800) 0
Dividends paid (657,914) (603,334) (599,241)
Net cash used in financing activities (4,881,277) (4,459,109) (6,384,541)
Net Increase in Cash and Cash Equivalents 2,816,743 2,767,760 9,925,227
Cash and Cash Equivalents, Beginning of Period 20,810,018 18,042,258 8,117,031
Cash and Cash Equivalents, End of Period 23,626,761 20,810,018 18,042,258
Cash Paid During the Year for:      
Income tax payments, net 5,724,000 4,479,000 2,963,000
Non cash net unrealized gain on investments, net of deferred tax provision of $(1,288,951), $(730,555) and $(969,710) for 2013, 2012 and 2011, respectively (2,474,873) (1,393,943) (1,888,025)
Adjustments to postretirement benefits obligation, net of deferred tax provision of $26,252, $(28,192) and $(39,130) for 2013, 2012 and 2011, respectively (50,961) 54,726 75,959
Non cash intangible assets acquired from purchase of subsidiary 0 (1,481,900) 0
Non cash contingent liability from purchase of subsidiary $ 0 $ 691,250 $ 0
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Consolidated Statements Of Cash Flows (Parenthetical) (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Statement of Cash Flows [Abstract]      
Non cash net unrealized gain on investments, deferred tax provision $ (1,288,951) $ (730,555) $ 969,710
Adjustments to postretirement benefits obligation, net of deferred tax benefit (provision) $ 26,252 $ (28,192) $ (39,130)
v2.4.0.8
Basis Of Presentation and Significant Accounting Policies
12 Months Ended
Dec. 31, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis Of Presentation and Significant Accounting Policies
Basis of Presentation and Summary of Significant Accounting Policies    
Description of Business – Investors Title Company’s (the “Company”) primary business, and only reportable segment, is title insurance. The title insurance segment, through its two subsidiaries, Investors Title Insurance Company (“ITIC”) and National Investors Title Insurance Company (“NITIC”), is licensed to insure titles to residential, institutional, commercial and industrial properties. The Company issues title insurance policies primarily through approved attorneys from underwriting offices and through independent issuing agents in 22 states and the District of Columbia, primarily in the eastern half of the United States. The majority of the Company’s business is concentrated in Georgia, Illinois, Kentucky, Michigan, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas and Virginia.
Principles of Consolidation and Basis of Presentation – The accompanying Consolidated Financial Statements include the accounts and operations of Investors Title Company and its subsidiaries, and have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”).   Earnings attributable to the redeemable noncontrolling interest are recorded on the Consolidated Statements of Income for majority-owned subsidiaries. The redeemable noncontrolling interest representing the portion of equity not related to the Company’s ownership interest is recorded as redeemable equity in a separate section of the Consolidated Balance Sheets.  All intercompany balances and transactions have been eliminated in consolidation.

Reclassification Certain 2012 and 2011 amounts in the accompanying unaudited Consolidated Financial Statements have been reclassified to conform to the 2013 classifications. These reclassifications had no effect on stockholders’ equity or net income as previously reported.
Significant Accounting Policies – The significant accounting policies of the Company are summarized below.
Cash and Cash Equivalents
For the purpose of presentation in the Company’s Consolidated Statements of Cash Flows, cash equivalents are highly liquid instruments with remaining original maturities of three months or less. The carrying amount of cash and cash equivalents is a reasonable estimate of fair value due to the short-term maturity at purchase of these instruments.
Investments in Securities
Securities for which the Company has the intent and ability to hold to maturity are classified as held-to-maturity and reported at cost, adjusted for amortization of premiums or accretion of discounts, and other-than-temporary declines in fair value. Securities held principally for resale in the near term are classified as trading securities and recorded at fair values. Realized and unrealized gains and losses on trading securities are included in other income. Securities not classified as either trading or held-to-maturity are classified as available-for-sale and reported at fair value with unrealized gains and losses, net of tax, adjusted for other-than-temporary declines in fair value, reported as accumulated other comprehensive income. As of December 31, 2013 and 2012, all investments in securities are classified as available-for-sale. Securities are regularly reviewed for differences between the cost and estimated fair value of each security for factors that may indicate that a decline in fair value is other-than-temporary. Some factors considered in evaluating whether or not a decline in fair value is other-than-temporary include the duration and extent to which the fair value has been less than cost and the Company’s ability and intent to retain the investment for a period of time sufficient to allow for a recovery in value. Such reviews are inherently uncertain and the value of the investment may not fully recover or may decline in future periods resulting in a realized loss. Fair values of the majority of investments are based on quoted market prices. Realized gains and losses are determined on the specific identification method.  Refer to Note 3 for further information regarding investments in securities and fair value.
Short-term Investments
Short-term investments are comprised of money market accounts which are invested in short-term funds, time deposits with banks and savings and loan associations, and other investments expected to have maturities or redemptions greater than three months and less than twelve months. The Company monitors any events or changes in circumstances that may have a significant adverse effect on the fair value of these investments.
Other Investments
Other investments consist primarily of investments in title insurance agencies structured as limited liability companies (“LLCs”), which are accounted for under the equity or cost methods of accounting. The aggregate cost of the Company’s cost method investments totaled $1,834,229 and $1,778,115 at December 31, 2013 and December 31, 2012, respectively. The Company monitors any events or changes in circumstances that may have had a significant adverse effect on the fair value of these investments and makes any necessary adjustments.
Property Acquired in Settlement of Claims
Property acquired in settlement of claims is held for sale and valued at the lower of cost or market. Adjustments to reported estimated realizable values and realized gains or losses on dispositions are recorded as increases or decreases in claim costs.
Property and Equipment
Property and equipment are recorded at cost and are depreciated principally under the straight-line method over the estimated useful lives (three to twenty-five years) of the respective assets. Maintenance and repairs are charged to operating expenses and improvements are capitalized.
Reserves for Claims
The total reserve for all reported and unreported losses the Company incurred through December 31, 2013 is represented by the reserves for claims. The Company’s reserves for unpaid losses and loss adjustment expenses are established using estimated amounts required to settle claims for which notice has been received (reported) and the amount estimated to be required to satisfy incurred claims of policyholders which may be reported in the future. Despite the variability of such estimates, management believes that the reserves are adequate to cover claim losses resulting from pending and future claims for policies issued through December 31, 2013.  The Company continually reviews and adjusts its reserve estimates as necessary to reflect its loss experience and any new information that becomes available. Adjustments resulting from such reviews may be significant.
Claims and losses paid are charged to the reserves for claims. Although claims losses are typically paid in cash, occasionally claims are settled by purchasing the interest of the insured or the claimant in the real property. When this event occurs, the acquiring company carries assets at the lower of cost or estimated realizable value, net of any indebtedness on the property.
Income Taxes
The Company makes certain estimates and judgments in determining income tax expense (benefit) for financial statement purposes. These estimates and judgments occur in the calculation of certain tax assets and liabilities which arise from differences in the timing of recognition of revenue and expense for tax and financial statement purposes. The Company provides for deferred income taxes (benefits) for the tax consequences in future years of temporary differences between the financial statements’ carrying values and the tax bases of assets and liabilities using currently enacted tax rates.  The Company establishes valuation allowances if it believes that it is more likely than not that some or all of its deferred tax assets will not be realized.  Refer to Note 8 for further information regarding income taxes.
Premiums Written and Commissions to Agents
Generally, title insurance premiums are recognized at the time of closing of the related real estate transaction, as the earnings process is then considered complete. Policies or commitments are issued upon receipt of final certificates or preliminary reports with respect to titles. Title insurance commissions earned by the Company’s agents, taxes and a provision for claims losses are recognized as expenses concurrent with recognition of related premium revenue.
The Company’s premium revenues from certain agency operations include accruals based on estimates. These accruals estimate unreported agency premiums related to transactions which have settled as of the balance sheet date. Accruals for premiums from certain agencies are necessary because of the lag between policy effective dates and the reporting of these transactions to the Company by the agents. The lag time has historically been between 30 and 120 days, with the majority of agencies reporting within 60 to 90 days. The lag time is reviewed periodically to monitor accruals.  The accrual of premium revenues is based on historical data that includes transactional volume, fluctuations in the real estate market and the mix between refinance and purchase transactions.  There have been no material changes in historical estimates during the periods presented.
Quarterly, the Company evaluates the collectability of receivables. Premiums not collected within 7 months are fully reserved. Write-offs of receivables have not been material to the Company.
Allowance for Doubtful Accounts
Company management continually evaluates the collectability of receivables and provides an allowance for doubtful accounts equal to estimated losses expected to be incurred in the collection of amounts receivable.  Changes to the allowance for doubtful accounts are reflected within net premiums written in the Consolidated Statements of Income.  Amounts are charged off in the period they are deemed to be uncollectible.
Exchange Services Revenue
Fees are recognized at the signing of a binding agreement and investment earnings are recognized as they are earned.
Fair Values of Financial Instruments
The carrying amounts reported in the Consolidated Balance Sheets for cash and cash equivalents, short-term investments, premium and fees receivable, accrued interest and dividends, accounts payable, commissions payable, reinsurance payable and current income taxes recoverable/payable approximate fair value due to the short-term nature of these assets and liabilities.  Fair values for the majority of investment securities are based on quoted market prices.  Auction rate securities (“ARS”) are valued using discounted cash flow models to determine the estimated fair value of these investments.  Some of the inputs for determining the fair value of ARS are unobservable in the securities markets and are significant.  Refer to Note 3 for further information regarding investments in securities and fair value.
Comprehensive Income
The Company’s accumulated other comprehensive income is comprised of unrealized holding gains/losses on available-for-sale securities, net of tax, and unrecognized prior service cost and unrealized gains/losses associated with postretirement benefit liabilities, net of tax.  Accumulated other comprehensive income as of December 31, 2013 consists of $11,395,757 of unrealized holding gains on available-for-sale securities and $48,353 of unrecognized prior service cost and unrecognized actuarial losses associated with postretirement benefit liabilities.  Accumulated other comprehensive income as of December 31, 2012 consists of $8,920,884 of unrealized holding gains on available-for-sale securities and $102,454 of unrecognized prior service cost and unrecognized actuarial losses associated with postretirement benefit liabilities.
Share-Based Compensation
The Company accounts for share-based compensation in accordance with the fair value based principles required by the Financial Accounting Standards Board (“FASB”).  Estimated compensation expense for awards outstanding at the effective date is recognized over their remaining service period using the compensation cost.  Share-based compensation cost is generally measured at the grant date, based on the estimated fair value of the award, and is recognized as an expense over the employee’s requisite service period.
As the share-based compensation expense recognized in the Consolidated Statements of Income is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures.  Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates.
Other Intangible Assets
The Company’s other intangible assets consist of a non-compete agreement and referral relationships resulting from an agency acquisition and are recorded at fair value.  The referral relationships are amortized on a straight-line basis over the useful life and amortization of the non-compete contract will start at a future date when the related employment agreement is terminated.  Intangible assets are reviewed and tested for impairment at least quarterly.
Subsequent Events
The Company has evaluated and concluded that there were no material subsequent events requiring adjustment or disclosure to its Consolidated Financial Statements.
Recently Issued Accounting Standards
In July 2013, the FASB updated guidance to eliminate diversity in practice relating to the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, similar tax loss or a tax credit carryforward exists. The main provision of the update requires that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, be presented in the financial statements as a reduction to deferred tax assets for a net operating loss carryforward, a similar tax loss or a tax credit carryforward, except to the extent that a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date to settle any additional income taxes that would result from disallowance of a tax position, or the tax law does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, in which case the unrecognized tax benefit should be presented as a liability. For public entities, this update becomes effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted, and the Company elected to adopt this new guidance in the third quarter of 2013. This update did not have an impact on the Company’s financial condition or results of operations.

In February 2013, the FASB updated guidance to improve the reporting of reclassifications from accumulated other comprehensive income.  The main provisions of this guidance require an entity to provide information about the amount reclassified from accumulated other comprehensive income by component.  In addition, an entity is required to present, either on the face of the statement where net income is presented or in the footnotes, the amount reclassified out of accumulated other comprehensive income by the respective line items of net income if the amount is reclassified to net income in its entirety in the same reporting period.  For other amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures providing additional detail about those amounts.  The amendments do not change the requirements for reporting net income or other comprehensive income in financial statements.  The Company complied with this update, and it did not have an impact on the Company’s financial condition or results of operations.
Use of Estimates and Assumptions
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period and accompanying notes. Actual results could differ materially from those estimates and assumptions used.  The more significant of these estimates and assumptions include the following:
Claims – The Company’s reserves for claims are established using estimated amounts required to settle claims for which notice has been received (reported) and the amount estimated to be required to satisfy incurred claims of policyholders which may be reported in the future (incurred but not reported,  or “IBNR”).  A provision for estimated future claims payments is recorded at the time policy revenue is recorded as a percentage of premium income. By their nature, title claims can often be complex, vary greatly in dollar amounts, vary in number due to economic and market conditions such as an increase in mortgage foreclosures, and involve uncertainties as to ultimate exposure. In addition, some claims may require a number of years to settle and determine the final liability for indemnity and loss adjustment expense. The payment experience may extend for more than 20 years after the issuance of a policy. Events such as fraud, defalcation and multiple property defects can substantially and unexpectedly cause increases in estimates of losses. Due to the length of time over which claim payments are made and regularly occurring changes in underlying economic and market conditions, these estimates are subject to variability.
Management considers factors such as the Company’s historical claims experience, case reserve estimates on reported claims, large claims, actuarial projections and other relevant factors in determining loss provision rates and the aggregate recorded expected liability for claims. In establishing reserves, actuarial projections are compared with recorded reserves to evaluate the adequacy of such recorded claims reserves and any necessary adjustments are then recorded in current operations. As the most recent claims experience develops and new information becomes available, the loss reserve estimate related to prior periods will change to more accurately reflect updated and improved emerging data. The Company reflects any adjustments to reserves in the results of operations in the period in which new information (principally claims experience) becomes available.
The Company’s reserves for claims are established using estimated amounts required to settle claims for which notice has been received (reported) and the amount estimated to be required to satisfy incurred claims of policyholders which have been incurred but not reported (“IBNR”).  During the third quarter of 2013 certain actuarial inputs were changed  to provide a more refined IBNR reserve estimate. See Note 6 in the accompanying Consolidated Financial Statements for further information regarding this change in accounting estimate.
Impairments – Securities are regularly evaluated and reviewed for differences between the cost and estimated fair value of each security for factors that may indicate that a decline in fair value is other-than-temporary.  When, in the opinion of management, a decline in the fair value of an investment is considered to be other-than-temporary, such investment is written down to its fair value. Some factors considered in evaluating whether or not a decline in fair value is other-than-temporary include the duration and extent to which the fair value has been less than cost, the probability that the Company will be unable to collect all amounts due under the contractual terms of the security; with respect to equity securities, whether the Company’s ability and intent to retain the investment for a period of time is sufficient to allow for a recovery in value; with respect to fixed maturity securities, whether the Company has the intent to sell or will more likely than not be required to sell a particular security before recovery in value; and the financial condition and prospects of the issuer (including credit ratings).  These factors are reviewed quarterly and any material degradation in the prospect for recovery will be considered in the other-than-temporary impairment analysis.  Such reviews are inherently uncertain and the value of the investment may not fully recover or may decline in future periods resulting in a realized loss.  The fair values of the majority of the Company’s investments are based on quoted market prices from independent pricing services.
v2.4.0.8
Statutory Restrictions on Consolidated Stockholders' Equity and Investments
12 Months Ended
Dec. 31, 2013
Statutory Restrictions on Consolidated Stockholders' Equity and Investments [Abstract]  
Statutory Restrictions on Consolidated Stockholders' Equity and Investments
Statutory Restrictions on Consolidated Stockholders’ Equity and Investments
The Company has designated approximately $47,405,000 and $44,829,000 of retained earnings as of December 31, 2013 and 2012, respectively, as appropriated to reflect the required statutory premium and supplemental reserves.  See Note 8 for the tax treatment of the statutory premium reserve.
As of December 31, 2013 and 2012, approximately $83,311,000 and $76,167,000, respectively, of consolidated stockholders’ equity represents net assets of the Company’s subsidiaries that cannot be transferred in the form of dividends, loans or advances to the parent company under statutory regulations without prior insurance department approval.
Bonds totaling approximately $7,022,000 and $6,700,000 at December 31, 2013 and 2012, respectively, are deposited with the insurance departments of the states in which business is conducted.
v2.4.0.8
Investments in Securities and Fair Value
12 Months Ended
Dec. 31, 2013
Investments, Debt and Equity Securities [Abstract]  
Investments In Securities and Fair Value
Investments in Securities and Fair Value
The aggregate fair value, gross unrealized holding gains, gross unrealized holding losses, and amortized cost for securities by major security type at December 31 were as follows:
December 31, 2013
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
Fixed maturities, available-for-sale, at fair value:
 
 
 
 
 
 
 
General obligations of U.S. States, territories and political subdivisions
$
38,449,309


$
1,922,862


$
184,351


$
40,187,820

Issuer obligations of U.S. States, territories and political subdivisions special revenue
30,874,571


1,234,130


204,800


31,903,901

Corporate debt securities
17,736,608


789,840


108,456


18,417,992

Auction rate securities
919,672


16,028




935,700

Total
$
87,980,160


$
3,962,860


$
497,607


$
91,445,413

Equity securities, available-for-sale at fair value:











Common stocks and nonredeemable preferred stocks
$
22,200,369


$
14,052,780


$
109,084


$
36,144,065

Total
$
22,200,369


$
14,052,780


$
109,084


$
36,144,065

Short-term investments:











Certificates of deposit and money market funds
$
7,926,373


$


$


$
7,926,373

Total
$
7,926,373


$


$


$
7,926,373

December 31, 2012
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
Fixed maturities, available-for-sale, at fair value:
 
 
 
 
 
 
 
General obligations of U.S. States, territories and political subdivisions
$
38,658,463

 
$
3,211,445

 
$

 
$
41,869,908

Issuer obligations of U.S. States, territories and political subdivisions special revenue
18,933,299

 
1,909,106

 
10,455

 
20,831,950

Corporate debt securities
17,064,697

 
1,252,973

 
14,750

 
18,302,920

Auction rate securities
917,214

 
14,986

 

 
932,200

Total
$
75,573,673

 
$
6,388,510

 
$
25,205

 
$
81,936,978

Equity securities, available-for sale at fair value:
 
 
 
 
 
 
 
Common stocks and nonredeemable preferred stocks
$
21,229,114

 
$
7,373,056

 
$
91,237

 
$
28,510,933

Total
$
21,229,114

 
$
7,373,056

 
$
91,237

 
$
28,510,933

Short-term investments:
 

 
 

 
 

 
 

Certificates of deposit and money market funds
$
13,567,648

 
$

 
$

 
$
13,567,648

Total
$
13,567,648

 
$

 
$

 
$
13,567,648


The special revenue category for both periods presented includes over 30 individual bonds with revenue sources from a broad variety of industry sectors.
The scheduled maturities of fixed maturity securities at December 31, 2013 were as follows:
 
Available-for-Sale
 
Amortized
Cost
 
Fair
Value
Due in one year or less
$
8,685,106

 
$
8,848,668

Due after one year through five years
57,287,230

 
60,170,845

Due five years through ten years
14,159,839

 
14,285,208

Due after ten years
7,847,985

 
8,140,692

Total
$
87,980,160

 
$
91,445,413


Earnings on investments for the years ended December 31 were as follows:
 
2013
 
2012
 
2011
Fixed maturities
$
2,997,901

 
$
3,154,131

 
$
3,233,988

Equity securities
890,917

 
815,674

 
347,843

Invested cash and other short-term investments
5,754

 
10,576

 
12,725

Miscellaneous interest
36

 
30

 
480

Investment income
$
3,894,608

 
$
3,980,411

 
$
3,595,036


Gross realized gains and losses on sales of available-for-sale securities for the years ended December 31 are summarized as follows:
 
2013
 
2012
 
2011
Gross realized gains:
 
 
 
 
 
General obligations of U.S. States, territories and political subdivisions
$

 
$
250

 
$
386

Corporate

 
52,396

 
20,459

Common stocks and nonredeemable preferred stocks
369,673

 
450,461

 
529,811

Auction rate securities

 
211,061

 
43,199

Total
369,673

 
714,168

 
593,855

Gross realized losses:
 
 
 
 
 
Common stocks and nonredeemable preferred stocks
(180,169
)
 
(91,975
)
 
(247,117
)
Other than temporary impairment of securities

 
(93,436
)
 
(280,987
)
Total
(180,169
)
 
(185,411
)
 
(528,104
)
Net realized gain
$
189,504

 
$
528,757

 
$
65,751

Net realized gains (losses) on other investments:
 
 
 
 
 
Impairments of other assets and investments
$
(34,070
)
 
$
(6,504
)
 
$
(44,404
)
Gain on other assets and investments
48,946

 
543,986

 
30,238

Loss on other assets and investments
(8,580
)
 

 
(23,026
)
Total
$
6,296

 
$
537,482

 
$
(37,192
)
Net Realized Gain
$
195,800

 
$
1,066,239

 
$
28,559


Realized gains and losses are determined on the specific identification method. 
The following table presents the gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous loss position at December 31, 2013 and 2012:
 
Less than 12 Months
 
12 Months or Longer
 
Total
December 31, 2013
Fair Value
 
Unrealized Loss
 
Fair Value
 
Unrealized Loss
 
Fair Value
 
Unrealized Loss
General obligations of U.S. states, territories and political subdivisions
$
4,198,012

 
$
(184,351
)
 
$

 
$

 
$
4,198,012

 
$
(184,351
)
Special revenue obligations of U.S. states territories and political subdivisions
11,010,093

 
(204,800
)
 

 

 
11,010,093

 
(204,800
)
Corporate debt securities
5,942,570

 
(108,456
)
 

 

 
5,942,570

 
(108,456
)
Total fixed maturity securities
$
21,150,675

 
$
(497,607
)
 
$

 
$

 
$
21,150,675

 
$
(497,607
)
Equity securities
2,035,971

 
(72,998
)
 
244,929

 
(36,086
)
 
2,280,900

 
(109,084
)
Total temporarily impaired securities
$
23,186,646

 
$
(570,605
)
 
$
244,929

 
$
(36,086
)
 
$
23,431,575

 
$
(606,691
)
December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
Special revenue obligations of U.S. states territories and political subdivisions
$
1,236,906

 
$
(10,455
)
 
$

 
$

 
$
1,236,906

 
$
(10,455
)
Corporate debt securities
985,250

 
(14,750
)
 

 

 
985,250

 
(14,750
)
Total fixed maturity securities
$
2,222,156

 
$
(25,205
)
 
$

 
$

 
$
2,222,156

 
$
(25,205
)
Equity securities
2,551,215

 
(91,237
)
 

 

 
2,551,215

 
(91,237
)
Total temporarily impaired securities
$
4,773,371

 
$
(116,442
)
 
$

 
$

 
$
4,773,371

 
$
(116,442
)

As of December 31, 2013, the Company held $21,150,675 in fixed maturity securities with unrealized losses of $497,607.  As of December 31, 2012, the Company held $2,222,156 in fixed maturity securities with unrealized losses of $25,205.  The decline in fair value of the fixed maturity securities can be attributed primarily to changes in market interest rates and changes in credit spreads over Treasury securities.  Because the Company does not have the intent to sell these securities and likely will not be compelled to sell them before it can recover its cost basis, the Company does not consider these investments to be other-than-temporarily impaired.
As of December 31, 2013, the Company held $2,280,900 in equity securities with unrealized losses of $109,084.  As of December 31, 2012, the Company held $2,551,215 in equity securities with unrealized losses of $91,237.  The unrealized losses related to holdings of equity securities were caused by market changes that the Company considers to be temporary.  Since the Company has the intent and ability to hold these equity income securities until a recovery of fair value, the Company does not consider these investments other-than-temporarily impaired.
Factors considered in determining whether a loss is temporary include the length of time and extent to which fair value has been below cost, the financial condition and prospects of the issuer (including credit ratings and analyst reports) and macro-economic changes.  A total of 26 and 7 securities had unrealized losses at December 31, 2013 and December 31, 2012, respectively.  Reviews of the values of securities are inherently uncertain and the value of the investment may not fully recover, or may decline in future periods resulting in a realized loss.  During 2013, the Company did not record any other-than-temporary impairment charges related to securities. During 2012, the Company recorded an other-than-temporary impairment charge in the amount of $93,436 related to securities.  During 2011, the Company recorded an other-than-temporary impairment charge in the amount of $280,987 related to securities, of which, $101,861 was related to Level 3 ARS that have had a history of being below cost and a change in the intent not to sell. Other-than-temporary impairment charges are included in net realized gain on investments in the Consolidated Statements of Income.
Valuation of Financial Assets and Liabilities  
The FASB has established a valuation hierarchy for disclosure of the inputs to valuation used to measure fair value of financial assets and liabilities, such as securities. This hierarchy categorizes the inputs into three broad levels as follows.  Level 1 inputs to the valuation methodology are quoted prices (unadjusted) in active markets for identical assets or liabilities.  Level 2 inputs to the valuation methodology are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument.  Level 3 inputs are unobservable inputs based on the Company’s own assumptions used to measure assets and liabilities at fair value.
A financial instrument’s classification within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement—consequently, if there are multiple significant valuation inputs that are categorized in different levels of the hierarchy, the instrument’s hierarchy level is the lowest level (with Level 3 being the lowest level) within which any significant input falls.
Debt and Equity Securities
The Level 1 category includes equity securities that are measured at fair value using quoted active market prices.

The Level 2 category includes fixed maturity investments such as corporate bonds, U.S. government and agency bonds and municipal bonds.  Fair value is principally based on market values obtained from a third party pricing service.  Factors that are used in determining fair market value include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data.  The Company receives one quote per security from a third party pricing service, although as discussed below, the Company does consult other pricing resources when confirming that the prices it obtains reflect the fair values of the instruments in accordance with Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures.  Generally, quotes obtained from the pricing service for instruments classified as Level 2 are not adjusted and are not binding.  As of December 31, 2013 and December 31, 2012, the Company did not adjust any Level 2 fair values.

A number of the Company’s investment grade corporate bonds are frequently traded in active markets, and trading prices are consequently available for these securities.  However, these securities were classified as Level 2 because the pricing service from which the Company has obtained fair values for these instruments uses valuation models which use observable market inputs in addition to traded prices.  Substantially all of the input assumptions used in the service’s model are observable in the marketplace or can be derived or supported by observable market data.

The Level 3 category only includes the Company’s investments in student loan auction rate securities (“ARS”) because quoted prices were unavailable due to the failure of auctions.  The Company’s ARS portfolio is comprised entirely of investment grade student loan ARS. The par value of these securities was $1,000,000 as of December 31, 2013 and December 31, 2012,  with approximately 97.0% as of December 31, 2013 and December 31, 2012, guaranteed by the U.S. Department of Education.

Some of the inputs to ARS valuation are unobservable in the market and are significant; therefore, the Company utilizes another third party pricing service to assist in the determination of the fair market value of these securities.  This service uses a proprietary valuation model that considers factors such as the following: the financial standing of the issuer; reported prices and the extent of public trading in similar financial instruments of the issuer or comparable companies; the ability of the issuer to obtain required financing; changes in the economic conditions affecting the issuer; pricing by other dealers in similar securities; time to maturity; and interest rates.  The following table summarizes some key assumptions the service used to determine fair value as of December 31, 2013 and 2012:
 
2013
 
2012
Cumulative probability of earning maximum rate until maturity
—%
 
—%
Cumulative probability of principle returned prior to maturity
95.6%
 
96.1%
Cumulative probability of default at some future point
4.4%
 
3.9%

Significant increases or decreases in any of the inputs in isolation could result in significant changes to the fair value measurement. Generally, increases in default probabilities and liquidity risk premiums lower the fair market value while increases in principal being returned and earning maximum rates increase fair market values.
Based upon these inputs and assumptions, the pricing service provides a range of values to the Company for its ARS.  The Company records the fair value based on the midpoint of the range and believes that this valuation is the most reasonable estimate of fair value.  In 2013 and 2012, the difference in the low and high values of the ranges was approximately zero and four percent of the carrying value of the Company’s ARS.
The following table presents, by level, the financial assets carried at fair value measured on a recurring basis as of December 31, 2013 and 2012.  The table does not include cash on hand and also does not include assets which are measured at historical cost or any basis other than fair value.  Level 3 assets are comprised solely of ARS.
As of December 31, 2013
Level 1
 
Level 2
 
Level 3
 
Total
Short Term
$
7,926,373

 
$

 
$

 
$
7,926,373

Equity Securities:
 
 
 
 
 
 
 
Common stock and nonredeemable preferred stock
36,144,065

 

 

 
36,144,065

Fixed Maturities:
 
 
 
 
 
 
 
Obligations of U.S. States, territories and political subdivisions*

 
72,091,721

 

 
72,091,721

Corporate debt securities*

 
18,417,992

 
935,700

 
19,353,692

Total
$
44,070,438

 
$
90,509,713

 
$
935,700

 
$
135,515,851

As of December 31, 2012
Level 1
 
Level 2
 
Level 3
 
Total
Short Term
$
13,567,648

 
$

 
$

 
$
13,567,648

Equity Securities:
 
 
 
 
 
 
 
Common stock and nonredeemable preferred stock
28,510,933

 

 

 
28,510,933

Fixed Maturities:
 
 
 
 
 
 
 
Obligations of U.S. States, territories and political subdivisions*

 
62,701,858

 

 
62,701,858

Corporate debt securities*

 
18,302,920

 
932,200

 
19,235,120

Total
$
42,078,581

 
$
81,004,778

 
$
932,200

 
$
124,015,559

*Denotes fair market value obtained from pricing services.
There were no transfers into or out of Levels 1 and 2 during the period.
To help ensure that fair value determinations are consistent with ASC 820 fair value measurements, prices from our pricing services go through multiple review processes to ensure appropriate pricing.  Pricing procedures and inputs used to price each security include, but are not limited to, the following: unadjusted quoted market prices for identical securities such as stock market closing prices; non-binding quoted prices for identical securities in markets that are not active; interest rates; yield curves observable at commonly quoted intervals; volatility; prepayment speeds; loss severity; credit risks and default rates.  The Company reviews the procedures and inputs used by its pricing services and verifies a sample of the services’ quotes by comparing them to values obtained from other pricing resources.  In the event the Company disagrees with a price provided by its pricing services, the service reevaluates the price to corroborate the market information and then reviews inputs to the evaluation in light of potentially new market data.  The Company believes that these processes and inputs result in appropriate classifications and fair values consistent with ASC 820.
Other Financial Instruments
The Company uses various financial instruments in the normal course of its business. In the measurement of the fair value of certain financial instruments, other valuation techniques were utilized if quoted market prices were not available. These derived fair value estimates are significantly affected by the assumptions used. Additionally, ASC 820 excludes from its scope certain financial instruments including those related to insurance contracts, pension and other postretirement benefits, and equity method investments.
In estimating the fair value of the financial instruments presented, the Company used the following methods and assumptions:
Cash and cash equivalents
The carrying amount for cash and cash equivalents is a reasonable estimate of fair value due to the short-term maturity of these investments.
Cost-basis investments
The estimated fair value of cost-basis investments is calculated from the book value of the underlying entities, which is not materially different from the fair value of the underlying entity.
Accrued dividends and interest
The carrying amount for accrued dividends and interest is a reasonable estimate of fair value due to the short-term maturity of these assets.
Contingent consideration
The fair value of the contingent consideration was estimated based on the discounted value of the future cash flows.  Contingent consideration consists of additional monies the Company may become obligated to pay based on the future performance of a business the Company acquired, as discussed in Note 18.
The carrying amounts and fair values of these financial instruments (please note investments are disclosed in a previous table) as of December 31, 2013 and 2012 are presented in the following table:
As of December 31, 2013
 
 
 
 
 
 
 
 
 
Financial Assets
Carrying Value
 
Estimated Fair
Value
 
Level 1
 
Level 2
 
Level 3
Cash and cash equivalents
$
23,626,761

 
$
23,626,761

 
$
23,626,761

 
$

 
$

Cost-basis investments
1,927,429

 
2,069,302

 

 

 
2,069,302

Accrued dividends and interest
1,006,698

 
1,006,698

 
1,006,698

 

 

Total
$
26,560,888

 
$
26,702,761

 
$
24,633,459

 
$

 
$
2,069,302

 
 
 
 
 
 
 
 
 
 
Financial Liabilities
 
 
 
 
 
 
 
 
 
Contingent consideration
$
341,250

 
$
341,250

 
$

 
$

 
$
341,250

Total
$
341,250

 
$
341,250

 
$

 
$

 
$
341,250

As of December 31, 2012
 
 
 
 
 
 
 
 
 
Financial Assets
Carrying Value
 
Estimated Fair
Value
 
Level 1
 
Level 2
 
Level 3
Cash and cash equivalents
$
20,810,018

 
$
20,810,018

 
$
20,810,018

 
$

 
$

Cost-basis investments
1,871,315

 
1,952,323

 

 

 
1,952,323

Accrued dividends and interest
1,037,447

 
1,037,447

 
1,037,447

 

 

Total
$
23,718,780

 
$
23,799,788

 
$
21,847,465

 
$

 
$
1,952,323

 
 
 
 
 
 
 
 
 
 
Financial Liabilities
 
 
 
 
 
 
 
 
 
Contingent consideration
$
691,250

 
$
691,250

 
$

 
$

 
$
691,250

Total
$
691,250

 
$
691,250

 
$

 
$

 
$
691,250


The following table presents a reconciliation of the Company’s assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3), which are all ARS securities, for the twelve months ended December 31, 2013 and 2012:
Changes in fair value during the year ended December 31:
2013
 
2012
Beginning balance at January 1
$
932,200

 
$
4,552,400

Redemptions and sales

 
(3,900,000
)
Realized gain – included in net realized gain on investments

 
211,061

Realized loss – included in net realized gain on investments

 

Unrealized gain - included in other comprehensive income
3,500

 
68,739

Ending balance at December 31
$
935,700

 
$
932,200


The following table presents a reconciliation of the Company’s liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3), consisting solely of contingent consideration, for the twelve months ended December 31, 2013 and 2012:
Changes in fair value during the period ended:
2013
 
2012
Beginning balance at January 1
$
691,250

 
$

Addition of contingent consideration

 
691,250

Payment for contingent consideration
(350,000
)
 

Ending balance, net
$
341,250

 
$
691,250


Certain cost-basis investments are measured at estimated fair value on a non-recurring basis, such as investments that are determined to be other-than temporarily impaired during the period and recorded at estimated fair value in the Consolidated Financial Statements as of December 31, 2013 and 2012.  The following table summarizes the corresponding estimated fair value hierarchy of such investments at December 31, 2013 and 2012 and the related impairments recognized:
December 31, 2013
Valuation
Method
 
Impaired
 
Level 1
 
Level 2
 
Level 3
 
Total at
Estimated
Fair
Value
 
Impairment
Losses
Cost-basis investments
Fair Value
 
Yes
 
$

 
$

 
$
32,744

 
$
32,744

 
$
(34,070
)
Total cost method investments and other assets
 
 
 
 
$

 
$

 
$
32,744

 
$
32,744

 
$
(34,070
)
December 31, 2012
Valuation
Method
 
Impaired
 
Level 1
 
Level 2
 
Level 3
 
Total at
Estimated
Fair
Value
 
Impairment
Losses
Cost-basis investments
Fair Value
 
Yes
 
$

 
$

 
$
36,406

 
$
36,406

 
$
(6,504
)
Total cost method investments and other assets
 
 
 
 
$

 
$

 
$
36,406

 
$
36,406

 
$
(6,504
)
v2.4.0.8
Property and Equipment
12 Months Ended
Dec. 31, 2013
Property, Plant and Equipment [Abstract]  
Property and Equipment
Property and Equipment
Property and equipment and estimated useful lives at December 31 are summarized as follows:
 
2013
 
2012
Land
$
1,107,582

 
$
1,107,582

Office buildings and improvements (25 years)
3,365,699

 
3,345,762

Furniture, fixtures and equipment (3 to 10 years)
6,201,618

 
5,209,505

Automobiles (3 years)
855,018

 
787,180

Total
11,529,917

 
10,450,029

Less accumulated depreciation
(7,204,379
)
 
(6,846,706
)
Property and equipment, net
$
4,325,538

 
$
3,603,323

v2.4.0.8
Reinsurance
12 Months Ended
Dec. 31, 2013
Reinsurance Disclosures [Abstract]  
Reinsurance
Reinsurance
The Company assumes and cedes reinsurance with other insurance companies in the normal course of business.  Premiums assumed and ceded were approximately $6,000 and $211,000, respectively, for 2013, $16,000 and $233,000, respectively, for 2012 and $17,000 and $177,000, respectively, for 2011. Ceded reinsurance is comprised of excess of loss treaties, which protects against losses over certain amounts. The Company remains liable to the insured for claims under ceded insurance policies in the event that the assuming insurance companies are unable to meet their obligations under these contracts.  The Company has not paid or recovered any reinsured losses during the three years ended December 31, 2013.
v2.4.0.8
Reserves for Claims
12 Months Ended
Dec. 31, 2013
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]  
Reserves for Claims
Reserves for Claims

Changes in the reserves for claims for the years ended December 31 are summarized as follows based on the year in which the policies were written:
 
2013
 
2012
 
2011
Balance, beginning of period
$
39,078,000

 
$
37,996,000

 
$
38,198,700

Provisions related to:
 
 
 
 
 
Current year
7,239,628

 
7,650,959

 
6,845,338

Prior year
(7,811,224
)
 
(1,578,844
)
 
(3,502,911
)
Total provision charged to operations
(571,596
)
 
6,072,115

 
3,342,427

Claims paid, net of recoveries, related to:
 
 
 
 
 
Current year
(110,240
)
 
(76,288
)
 
(305,079
)
Prior year
(3,036,164
)
 
(4,913,827
)
 
(3,240,048
)
Total claims paid, net of recoveries
(3,146,404
)
 
(4,990,115
)
 
(3,545,127
)
Balance, end of year
$
35,360,000

 
$
39,078,000

 
$
37,996,000



The Company continually refines its reserve estimates as current loss experience develops and credible data emerges.  Movements in the reserves related to prior periods were primarily the result of changes to estimates to better reflect the latest reported loss data.  The 2013 calendar year change in the provision relating to prior years resulted mostly from changes to certain actuarial inputs and favorable development in 2013 versus prior year related primarily to policy years 2008 through 2012.  Due to variances between actual and expected loss payments, loss development is subject to significant variability.
The Company does not recognize claim recoveries until an actual payment has been received by the Company.   The Company realized claim recoveries of approximately $1,165,000, $1,324,000 and $1,488,000 during 2013, 2012 and 2011, respectively.
The provision for claims as a percentage of net premiums written was (0.5)%, 5.9% and 4.1% in 2013, 2012 and 2011, respectively.
A large claim is defined as a claim with incurred losses exceeding $250,000.  Due to the small volume of large claims, the long-tail nature of title insurance claims and the inherent uncertainty in loss emergence patterns, large claim activity can vary significantly between policy years.  The estimated development of large claims by policy year is therefore subject to significant changes as experience develops.

During 2013 certain actuarial inputs were changed to provide a more refined IBNR reserve estimate. The Company considers these modifications in actuarial inputs to be a change in estimate. The Company believes that these changes in actuarial inputs were necessary in response to favorable reserve development and claims experience incurred in several recent reporting periods.  The approximate impact of this change in estimate for the year ended December 31, 2013 was a reduction of $2,200,000 to the reserves for claims in the Consolidated Balance Sheets, and in the Consolidated Statements of Income a decrease of $2,200,000 to the provision for claims, an increase of $750,000 in the provision for income taxes and an increase of $1,450,000 in net income, or $0.71 per basic share and $0.70 per diluted share, compared with the amounts that would have been recorded under the Company’s prior estimate. This change in estimate, coupled with several recent policy years which continued to emerge favorably in comparison with prior expectations, contributed to a benefit in the claims provision this quarter. The change in estimate was primarily driven by the following:

Changing the specific weightings used in performing certain actuarial methods, including weighting between policy years and weighting of title industry loss data; 
Adjusting for premium rate changes and the Company’s improved underwriting efforts related to construction business; and
Increasing the ratios used to estimate projected payments of unallocated loss adjustment expenses to more accurately reflect expected payments.

A summary of the Company’s loss reserves, broken down into its components of known title claims and IBNR, follows:
 
2013
 
%
 
2012
 
%
Known title claims
$
4,670,809

 
13.2
 
$
5,166,370

 
13.2
IBNR
30,689,191

 
86.8
 
33,911,630

 
86.8
Total loss reserves
$
35,360,000

 
100.0
 
$
39,078,000

 
100.0


In management’s opinion, the reserves are adequate to cover claim losses which might result from pending and future claims.
v2.4.0.8
Earnings Per Common Share and Share Awards
12 Months Ended
Dec. 31, 2013
Earnings Per Share [Abstract]  
Earnings Per Common Share and Share Awards
Earnings Per Common Share and Share Awards

Basic earnings per common share is computed by dividing net income attributable to the Company by the weighted average number of common shares outstanding during the reporting period.  Diluted earnings per common share is computed by dividing net income attributable to the Company by the combination of dilutive potential common stock, comprised of shares issuable under the Company’s share-based compensation plans and the weighted average number of common shares outstanding during the reporting period.  Dilutive common share equivalents include the dilutive effect of in-the-money share-based awards, which are calculated based on the average share price for each period using the treasury stock method.  Under the treasury stock method, when share-based awards are exercised, (a) the exercise price of a share-based award; (b) the amount of compensation cost, if any, for future service that the Company has not yet recognized; and (c) the amount of estimated tax benefits that would be recorded in additional paid-in capital, if any, are assumed to be used to repurchase shares in the current period.  The incremental dilutive potential common shares, calculated using the treasury stock method, were 20,459, 35,090 and 18,286 for 2013, 2012 and 2011, respectively.

The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31:
For the Years Ended December 31,
2013
 
2012
 
2011
Net income attributable to the Company
$
14,708,210

 
$
11,102,496

 
$
6,933,936

Weighted average common shares outstanding – Basic
2,056,169

 
2,081,703

 
2,151,350

Incremental shares outstanding assuming the exercise of dilutive stock options and SARs (share-settled)
20,459

 
35,090

 
18,286

Weighted average common shares outstanding – Diluted
2,076,628

 
2,116,793

 
2,169,636

Basic earnings per common share
$
7.15

 
$
5.33

 
$
3.22

Diluted earnings per common share
$
7.08

 
$
5.24

 
$
3.20



There were no potential shares excluded from the computation of diluted earnings per share in 2013 and 2012. In 2011, 11,500 awards were excluded from the computation of diluted earnings per share because their exercise price was greater than the stock price and therefore considered anti-dilutive.
 
The Company has adopted employee stock award plans under which restricted stock, and options or stock appreciation rights (“SARs”) to acquire shares (not to exceed 500,000 shares) of the Company’s stock, may be granted to key employees or directors of the Company at a price not less than the market value on the date of grant.  SARs and options (which have predominantly been incentive stock options) awarded under the plans thus far generally expire in five to ten years and are exercisable and vest (1) immediately; (2) within one year; or (3) at 10% to 20% per year beginning on the date of grant.  All SARs issued to date have been share-settled only.

A summary of share-based award transactions for all share-based award plans follows:
 
Number
Of Shares
 
Weighted
Average
Exercise
Price
 
Average
Remaining
Contractual
Term (Years)
 
Aggregate
Intrinsic
Value
Outstanding as of January 1, 2011
110,800

 
$
28.77

 
4.51
 
$
353,955

SARs granted
3,000

 
41.50

 
 
 
 

Options exercised
(7,700
)
 
20.15

 
 
 
 

Options/SARs canceled/forfeited/expired
(4,500
)
 
28.61

 
 
 
 

Outstanding as of December 31, 2011
101,600

 
$
29.81

 
3.91
 
$
697,780

SARs granted
3,000

 
50.50

 
 
 
 

Options exercised
(6,380
)
 
25.17

 
 
 
 

Options/SARs canceled/forfeited/expired
(70
)
 
31.00

 
 
 
 

Outstanding as of December 31, 2012
98,150

 
$
30.74

 
3.17
 
$
2,871,710

SARs granted
3,000

 
71.59

 
 
 
 

SARs exercised
(79,500
)
 
28.77

 
 
 
 

Options exercised
(2,650
)
 
28.63

 
 
 
 

Options/SARs canceled/forfeited/expired

 

 
 
 
 

Outstanding as of December 31, 2013
19,000

 
$
45.74

 
3.43
 
$
669,610

 
 
 
 
 
 
 
 
Exercisable as of December 31, 2013
18,250

 
$
44.67

 
3.31
 
$
662,567

 
 
 
 
 
 
 
 
Unvested as of December 31, 2013
750

 
$
71.59

 
6.38
 
$
7,043


The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted price of the Company’s common stock at December 31, 2013.  The intrinsic values of options exercised during 2013, 2012 and 2011 were approximately $3,486,000, $153,000 and $118,000, respectively.
The following tables summarize information about fixed stock options outstanding at December 31, 2013:
 
 
 
 
 
 
Options Outstanding at Year-End
 
Options Exercisable at Year-End
Range of Exercise Prices
 
Number
Outstanding
 
Weighted
Average
Remaining
Contractual Life
 
Weighted
Average
Exercise
Price
 
Number
Exercisable
 
Weighted
Average
Exercise
Price
$
21.49

 
 
$
27.96

 
1,000

 
0.38
 
$
27.21

 
1,000

 
$
27.21

33.32

 
 
36.79

 
1,500

 
1.38
 
36.79

 
1,500

 
36.79

$
21.49

 
 
$
36.79

 
2,500

 
0.98
 
$
32.96

 
2,500

 
$
32.96

 
 
 
 
 
 
SARs Outstanding at Year-End
 
SARs Exercisable at Year-End
Range of Exercise Prices
 
Number
Outstanding
 
Weighted
Average
Remaining
Contractual Life
 
Weighted
Average
Exercise
Price
 
Number
Exercisable
 
Weighted
Average
Exercise
Price
$
32.00

 
 
$
32.00

 
2,000

 
2.39
 
$
32.00

 
2,000

 
$
32.00

33.31

 
 
33.31

 
2,500

 
3.38
 
33.31

 
2,500

 
33.31

36.80

 
 
71.59

 
12,000

 
4.13
 
53.28

 
11,250

 
52.06

$
32.00

 
 
$
71.59

 
16,500

 
3.81
 
$
47.67

 
15,750

 
$
46.54


In 2013, 3,250 options and SARs vested with a fair value of $79,755.

During the second quarters of 2013, 2012 and 2011, the Company issued 3,000 share-settled SARs to the directors of the Company.  SARs give the holder the right to receive stock equal to the appreciation in the value of shares of stock from the grant date for a specified period of time, and as a result, are accounted for as equity instruments.  The fair value of each award is estimated on the date of grant using the Black-Scholes option valuation model with the weighted average assumptions noted in the table shown below. Expected volatilities are based on both the implied and historical volatility of the Company’s stock. The Company uses historical data to project SAR exercises and pre-exercise forfeitures within the valuation model. The expected term of awards represents the period of time that SARs granted are expected to be outstanding. The interest rate assumed for the expected life of the award is based on the U.S. Treasury yield curve in effect at the time of the grant.  The weighted average fair values for the SARs issued during 2013, 2012 and 2011 were $27.55, $18.84 and $15.55, respectively, and were estimated using the weighted average assumptions shown in the table below.
 
2013
 
2012
 
2011
Expected Life in Years
5.0
 
5.0
 
5.0
Volatility
44.6%
 
44.6%
 
43.6%
Interest Rate
1.3%
 
0.8%
 
1.9%
Yield Rate
0.5%
 
0.6%
 
0.8%


There was approximately $84,000, $75,000 and $214,000 of compensation expense relating to SARs or options vesting on or before December 31, 2013, 2012 and 2011, respectively, included in salaries, employee benefits and payroll taxes in the Consolidated Statements of Income.  As of December 31, 2013, there was approximately $23,000 of total unrecognized compensation cost related to unvested share-based compensation arrangements granted under the Company’s stock award plans. That cost is expected to be recognized over a weighted average period of approximately 3 months.

The estimated weighted average grant-date fair value of SARs granted for the years ended December 31 was as follows:
For the Years Ended December 31,
2013
 
2012
 
2011
Exercise price equal to market price on date of grant:
 
 
 
 
 
Weighted average market price
$
71.59

 
$
50.50

 
$
41.50

Weighted average grant-date fair value
$
27.55

 
$
18.84

 
$
15.55



There have been no stock options or SARs granted where the exercise price was less than the market price on the date of grant.
v2.4.0.8
Income Taxes
12 Months Ended
Dec. 31, 2013
Income Tax Disclosure [Abstract]  
Income Taxes
Income Taxes
The components of income tax expense for the years ended December 31 are summarized as follows:
For the Years Ended December 31,
2013
 
2012
 
2011
Current:
 
 
 
 
 
Federal
$
4,873,000

 
$
5,018,000

 
$
2,515,000

State
69,000

 
163,000

 
29,000

Total current
4,942,000

 
5,181,000

 
2,544,000

Deferred:
 
 
 
 
 
Federal
1,805,215

 
(305,525
)
 
28,131

State
(1,215
)
 
13,525

 
(7,131
)
Total deferred
1,804,000

 
(292,000
)
 
21,000

Total
$
6,746,000

 
$
4,889,000

 
$
2,565,000


For state income tax purposes, ITIC and NITIC generally pay only a gross premium tax found in premium and retaliatory taxes in the Consolidated Statements of Income.
At December 31, the approximate tax effect of each component of deferred income tax assets and liabilities is summarized as follows:
For the Years Ended December 31,
2013
 
2012
Deferred income tax assets:
 
 
 
Accrued benefits and retirement services
$
3,074,164

 
$
2,889,350

Allowance for doubtful accounts
883,426

 
641,920

Other-than-temporary impairment of assets
319,962

 
344,701

Excess of book over tax depreciation
171,504

 
143,184

Postretirement benefit obligation
24,914

 
52,791

Reinsurance and commission payable
21,953

 
19,087

Net operating loss carryforward
5,000

 
12,000

Other
256,309

 
410,052

Total
4,757,232

 
4,513,085

Deferred income tax liabilities:
 
 
 
Net unrealized gain on investments
5,976,215

 
4,687,264

Recorded reserves for claims, net of statutory premium reserves
2,467,798

 
399,217

Other
327,202

 
319,760

Total
8,771,215

 
5,406,241

Net deferred income tax liabilities
$
(4,013,983
)
 
$
(893,156
)

At December 31, 2013 and 2012, no valuation allowance was recorded. Based upon the Company’s historical results of operations, the existing financial condition of the Company and management’s assessment of all other available information, management believes that it is more likely than not that the benefit of these deferred income tax assets will be realized.
A reconciliation of income tax as computed for the years ended December 31 at the U.S. federal statutory income tax rate of 34.1% for 2013 and 34% for 2012 and 2011, respectively, to income tax expense follows:
For the Years Ended December 31,
2013
 
2012
 
2011
Anticipated income tax expense
$
7,346,074

 
$
5,467,168

 
$
3,229,638

Increase (decrease) related to:
 
 
 
 
 
State income taxes, net of federal income tax benefit
45,471

 
107,580

 
19,140

Tax-exempt interest income (net of amortization)
(772,545
)
 
(757,005
)
 
(700,300
)
Other, net
127,000

 
71,257

 
16,522

Provision for income taxes
$
6,746,000

 
$
4,889,000

 
$
2,565,000


In accounting for uncertainty in income taxes, the Company is required to recognize in its financial statements the impact of a tax position if that position is more likely than not of being sustained on an audit, based on the technical merits of the position.  In this regard, an uncertain tax position represents the Company’s expected treatment of a tax position taken in a filed tax return, or planned to be taken in a future tax return, that has not been reflected in measuring income tax expense for financial reporting purposes.  There were no unrecognized tax benefits or liabilities as of December 31, 2013.
The amount of unrecognized tax benefit or liability may increase or decrease in the future for various reasons, including adding amounts for current tax year positions, expiration of open income tax returns due to the expiration of the applicable statute of limitations, changes in management’s judgment about the level of uncertainty, status of examinations, litigation and legislative activity and the additions or eliminations of uncertain tax positions.
The Company’s policy is to report interest and penalties related to income taxes in the Other line item in the Consolidated Statements of Income.
The Company, or one of its subsidiaries, files income tax returns in the U.S. federal jurisdiction and various states.  With few exceptions, the Company is no longer subject to U.S. federal or state and local examinations by taxing authorities for years before 2010.
v2.4.0.8
Leases
12 Months Ended
Dec. 31, 2013
Leases [Abstract]  
Leases
Leases
The Company leases certain office facilities and equipment under operating leases. Rental expense also includes occasional rental of automobiles. Rent expense totaled approximately $699,000, $692,000, and $623,000 in 2013, 2012 and 2011, respectively. The future minimum lease payments under operating leases that have initial or remaining noncancelable lease terms in excess of one year as of December 31, 2013, are summarized as follows:
Year Ended:
 
2014
$
548,451

2015
303,465

2016
162,022

2017
45,107

2018
4,200

Thereafter

Total
$
1,063,245

v2.4.0.8
Retirement Agreements and Other Postretirement Benefit Plan
12 Months Ended
Dec. 31, 2013
Compensation and Retirement Disclosure [Abstract]  
Retirement Agreements and Other Postretirement Benefit Plan
Retirement Agreements and Other Postretirement Benefit Plan
The Company has a 401(k) savings plan.  In order to participate, individuals must be employed for one full year and work at least 1,000 hours annually.  The Company makes a 3% Safe Harbor contribution and also has the option annually to make a discretionary profit share contribution.  Individuals may elect to make contributions up to the maximum deductible amount as determined by the Internal Revenue Code.  Expenses related to the 401(k) plan were approximately $579,000, $518,000 and $479,000 for 2013, 2012 and 2011, respectively.
In November 2003, ITIC, a wholly owned subsidiary of the Company, entered into employment agreements with the Chief Executive Officer, Chief Financial Officer and Chief Operating Officer of ITIC. These individuals also serve as the Chairman, President and Executive Vice President, respectively, of the Company.  The agreements provide compensation and life, health, dental and vision benefits upon the occurrence of specific events, including death, disability, retirement, termination without cause or upon a change in control. The employment agreements also prohibit each of these executives from competing with ITIC and its parent, subsidiaries and affiliates in the State of North Carolina while employed by ITIC and for a period of two years following termination of their employment.  
In addition, during the second quarter of 2004, ITIC entered into nonqualified deferred compensation plan agreements with these executives.  The amount accrued for all agreements at December 31, 2013 and 2012 was approximately $6,580,000 and $6,303,000, respectively, which includes postretirement compensation and health benefits, and was calculated based on the terms of the contract.  Both the 2013 and 2012 accruals are included in the Accounts payable and accrued liabilities line item of the Consolidated Balance Sheets.  These executive contracts are accounted for on an individual contract basis.  On December 24, 2008, the executive contracts were amended effective January 1, 2009 to bring them into compliance with Section 409A of the Internal Revenue Code, and were amended and restated to provide for an annual cash payment to the officers equal to the amounts the Company would have contributed to their accounts under its 401(k) plan if such contributions were not limited by the federal tax laws, less the amount of any contributions that the Company actually makes to their accounts under the Company’s 401(k) plan.   
On November 17, 2003, ITIC entered into employment agreements with key executives that provide for the continuation of certain employee benefits upon retirement.  The executive employee benefits include health insurance, dental insurance, vision insurance and life insurance.   The benefits are unfunded.  Estimated future benefit payouts expected to be paid for each of the next five years are $4,231 in 2014, $4,596 in 2015, $4,937 in 2016, $8,093 in 2017, $11,751 in 2018 and $100,122 in the next five years thereafter.
Cost of the Company’s postretirement benefits included the following components:
 
2013
 
2012
 
2011
Net periodic benefit cost
 
 
 
 
 
  Service cost – benefits earned during the year
$
15,782

 
$
12,617

 
$
19,503

  Interest cost on the projected benefit obligation
28,412

 
27,867

 
24,607

  (Accretion) amortization of unrecognized prior service cost
(1,518
)
 
9,396

 
13,038

  Amortization (accretion) of unrecognized loss (gain)
6,293

 
680

 
(318
)
Net periodic benefits cost at end of year
$
48,969

 
$
50,560

 
$
56,830



The Company is required to recognize the funded status (i.e., the difference between the fair value of the assets and the accumulated postretirement benefit obligations of its postretirement benefits) in its Consolidated Balance Sheet, with a corresponding adjustment to accumulated other comprehensive income, net of tax.  The net amount in accumulated other comprehensive income is $(73,246), $(48,353) net of tax, for December 31, 2013, and $(155,234), $(102,454) net of tax, for December 31, 2012, and represents the net unrecognized actuarial losses and unrecognized prior service costs.  The effects of the funded status on the Company’s Consolidated Balance Sheets at December 31, 2013 and 2012 are presented in the following table:
 
2013
 
2012
Funded status
 
 
 
Actuarial present value of future benefits:
 
 
 
Fully eligible active employee
$
(377,838
)
 
$
(401,553
)
Non-eligible active employees
(301,439
)
 
(310,743
)
Plan assets

 

Funded status of accumulated postretirement benefit obligation, recognized in other liabilities
$
(679,277
)
 
$
(712,296
)


Development of the accumulated postretirement benefit obligation for the years ended December 31, 2013 and 2012 includes the following:
 
2013
 
2012
Accrued postretirement  benefit obligation at beginning of year
$
(712,296
)
 
$
(588,894
)
Service cost – benefits earned during the year
(15,782
)
 
(12,617
)
Interest cost on projected benefit obligation
(28,412
)
 
(27,867
)
Actuarial gain (loss)
77,213

 
(82,918
)
Accrued postretirement benefit obligation at end of year
$
(679,277
)
 
$
(712,296
)


The changes in amounts related to accumulated other comprehensive income, pre-tax, are as follows:
 
2013
 
2012
Balance at beginning of year
$
155,234

 
$
82,392

Components of accumulated other comprehensive income:
 
 
 
Unrecognized prior service credit (cost)
1,518

 
(9,396
)
Amortization of loss, net
(6,293
)
 
(680
)
Actuarial (gain) loss
(77,213
)
 
82,918

Balance at end of year
$
73,246

 
$
155,234



The amounts currently in accumulated other comprehensive income, pre-tax, that will be reclassified to the Consolidated Statements of Income and recognized as components of net periodic benefit costs in 2014 are:
 
Projected
2014
Amortization of unrecognized prior service cost
$
2,217

Amortization of unrecognized loss

Net periodic benefit cost at end of year
$
2,217



Assumed health care cost trend rates do have an effect on the amounts reported for the postretirement benefit obligations.  The following illustrates the effects on the net periodic postretirement benefit cost (“NPPBC”) and the accumulated postretirement benefit obligation (“APBO”) of a one percentage point increase and one percentage point decrease in the assumed health care cost trend rate as of December 31, 2013:
 
One-
Percentage
Point
Increase
 
One-
Percentage
Point
Decrease
Net periodic postretirement benefit cost
 
 
 
Effect on the service cost component
$
3,790

 
$
(2,860
)
Effect on interest cost
6,574

 
(5,056
)
Total effect on the net periodic postretirement benefit cost
$
10,364

 
$
(7,916
)
Accumulated postretirement benefit obligation (including active employees
who are not fully eligible)
 
 
 
Effect on those currently receiving benefits (retirees and spouses)
$

 
$

Effect on active fully eligible
68,198

 
(53,548
)
Effect on actives not yet eligible
77,887

 
(58,806
)
Total effect on the accumulated postretirement benefit obligation
$
146,085

 
$
(112,354
)
v2.4.0.8
Commitments and Contingencies
12 Months Ended
Dec. 31, 2013
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
Commitments and Contingencies

Legal Proceedings.  A class action lawsuit is pending in the United States District Court for the Eastern District of Michigan, Southern Division, against several title insurance underwriters, including Investors Title Insurance Company, and several title insurance agents, entitled Bushman et al. v. R. Kevin Clinton, Treasurer of the State of Michigan, et al. (2:14-cv-10011-GCS-MAR).  Michigan law requires the seller of property to pay a transfer tax based on the total value of the property at the time of transfer.  Exemptions from the payment of this tax exist if (1) the property is the seller’s principal residence, and (2) the state equalized value (“SEV”) of the property at the time of purchase is greater than the SEV at the time of sale.  Plaintiffs contend that, notwithstanding this exemption, they were assessed, charged and paid the full transfer tax when they sold their property.  The plaintiffs seek an award of actual damages, statutory damages, attorneys’ fees and other relief as determined at trial.  The Company believes that this case is without merit, and intends to vigorously defend against the allegations. At this stage in the litigation, the Company does not have the ability to make a reasonable range of estimates in regards to potential loss amounts, if any.
As previously reported, Investors Title Insurance Company and several other title insurance companies were named in a class action lawsuit in the United States District Court for the Southern District of West Virginia entitled Backel v. Fidelity National Title Insurance et al. (6:2008-CV-00181). The plaintiff in this case contended a lack of meaningful oversight by agencies with which title insurance rates are filed and approved. There were further allegations that the title insurance companies conspired to fix title insurance rates. This case, which had been inactive, was administratively closed in the third quarter of 2013. The Company will not report further on this matter unless there are any material developments.

The Company and its subsidiaries are involved in legal proceedings that are incidental to their business. In the Company’s opinion, based on the present status of these proceedings, any potential liability of the Company or its subsidiaries with respect to these legal proceedings, will not, in the aggregate, be material to the Company’s consolidated financial condition or operations.

Regulation.  The Company’s title insurance and trust subsidiaries are regulated by various federal, state and local governmental agencies and are subject to various audits and inquiries. It is the opinion of management based on its present expectations that these audits and inquiries will not have a material impact on the Company’s consolidated financial condition or operations.

Escrow and Trust Deposits.  As a service to its customers, the Company, through ITIC, administers escrow and trust deposits representing earnest money received under real estate contracts, undisbursed amounts received for settlement of mortgage loans and indemnities against specific title risks.  Cash held by the Company for these purposes was approximately $11,824,000 and $11,689,000 as of December 31, 2013 and 2012, respectively. These amounts are not considered assets of the Company and, therefore, are excluded from the accompanying Consolidated Balance Sheets.  However, the Company remains contingently liable for the disposition of these deposits.

Like-Kind Exchanges Proceeds.  In administering tax-deferred property exchanges, the Company’s subsidiary, Investors Title Exchange Corporation (“ITEC”), serves as a qualified intermediary for exchanges, holding the net sales proceeds from relinquished property to be used for purchase of replacement property. Another Company subsidiary, Investors Title Accommodation Corporation (“ITAC”), serves as exchange accommodation titleholder and, through limited liability companies (“LLCs”) that are wholly owned subsidiaries of ITAC, holds property for exchangers in reverse exchange transactions.  Like-kind exchange deposits and reverse exchange property totaled approximately $76,037,000 and $55,580,000 as of December 31, 2013 and 2012, respectively.  These amounts are not considered assets of the Company and, therefore, are excluded from the accompanying Consolidated Balance Sheets; however, the Company remains contingently liable for the disposition of the transfers of property, disbursements of proceeds and the return on the proceeds at the agreed upon rate.  Exchange services revenues include earnings on these deposits; therefore, investment income is shown as other revenue rather than investment income. These like-kind exchange funds are primarily invested in money market and other short-term investments.
v2.4.0.8
Statutory Accounting
12 Months Ended
Dec. 31, 2013
Statutory Accounting [Abstract]  
Statutory Accounting
Statutory Accounting
The Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America which differ in some respects from statutory accounting practices prescribed or permitted in the preparation of financial statements for submission to insurance regulatory authorities.
Combined capital and surplus on a statutory basis was $119,897,974 and $102,047,179 as of December 31, 2013 and 2012, respectively. Net income on a statutory basis was $11,858,699, $11,035,792 and $6,416,684 for the twelve months ended December 31, 2013, 2012 and 2011, respectively.
v2.4.0.8
Segment Information
12 Months Ended
Dec. 31, 2013
Segment Reporting [Abstract]  
Segment Information
Segment Information

The Company has one reportable segment, title insurance services.  The remaining immaterial segments have been combined into a group called “All Other.”

The title insurance segment primarily issues title insurance policies through approved attorneys from underwriting offices and through independent issuing agents. Title insurance policies insure titles to real estate.

Provided below is selected financial information about the Company’s operations by segment for the periods ended December 31, 2013, 2012 and 2011:
2013
Title
Insurance
 
All
Other
 
Intersegment
Eliminations
 
Total
Insurance and other services revenues
$
118,153,904

 
$
5,507,069

 
$
(1,499,884
)
 
$
122,161,089

Investment income
3,599,106

 
388,838

 
(93,336
)
 
3,894,608

Net realized gain (loss) on investments
225,661

 
(29,861
)
 

 
195,800

Total revenues
$
121,978,671

 
$
5,866,046

 
$
(1,593,220
)
 
$
126,251,497

Operating expenses
99,899,804

 
6,239,155

 
(1,430,200
)
 
104,708,759

Income (loss) before income taxes
$
22,078,867

 
$
(373,109
)
 
$
(163,020
)
 
$
21,542,738

Total assets
$
146,110,146

 
$
42,195,670

 
$

 
$
188,305,816

2012
Title
Insurance
 
All
Other
 
Intersegment
Eliminations
 
Total
Insurance and other services revenues
$
106,496,802

 
$
4,931,574

 
$
(1,395,934
)
 
$
110,032,442

Investment income
3,492,998

 
571,999

 
(84,586
)
 
3,980,411

Net realized gain on investments
430,495

 
635,744

 

 
1,066,239

Total revenues
$
110,420,295

 
$
6,139,317

 
$
(1,480,520
)
 
$
115,079,092

Operating expenses
94,909,649

 
5,433,207

 
(1,343,671
)
 
98,999,185

Income before income taxes
$
15,510,646

 
$
706,110

 
$
(136,849
)
 
$
16,079,907

Total assets
$
136,042,848

 
$
35,875,428

 
$

 
$
171,918,276

2011
Title
Insurance
 
All
Other
 
Intersegment
Eliminations
 
Total
Insurance and other services revenues
$
83,420,562

 
$
4,455,631

 
$
(814,632
)
 
$
87,061,561

Investment income
3,174,148

 
502,557

 
(81,669
)
 
3,595,036

Net realized gain (loss) on investments
97,640

 
(69,081
)
 

 
28,559

Total revenues
$
86,692,350

 
$
4,889,107

 
$
(896,301
)
 
$
90,685,156

Operating expenses
77,294,353

 
4,706,499

 
(814,632
)
 
81,186,220

Income before income taxes
$
9,397,997

 
$
182,608

 
$
(81,669
)
 
$
9,498,936

Total assets
$
123,712,762

 
$
34,245,701

 
$

 
$
157,958,463

v2.4.0.8
Stockholders' Equity
12 Months Ended
Dec. 31, 2013
Equity [Abstract]  
Stockholders' Equity
Stockholders’ Equity
On November 12, 2002, the Company’s Board of Directors amended the Company’s Articles of Incorporation, creating a series of Class A Junior Participating Preferred Stock (the “Class A Preferred Stock”). The Class A Preferred Stock is senior to common stock in dividends or distributions of assets upon liquidations, dissolutions or winding up of the Company. Dividends on the Class A Preferred Stock are cumulative and accrue from the quarterly dividend payment date. Each share of Class A Preferred Stock entitles the holder thereof to 100 votes on all matters submitted to a vote of shareholders of the Company. These shares were reserved for issuance under the Shareholder Rights Plan (the “Plan”), which was adopted on November 21, 2002, by the Company’s Board of Directors. Under the terms of the Plan, the Company’s common stock acquired by a person or a group buying 15% or more of the Company’s common stock would be diluted, except in transactions approved by the Board of Directors.
In connection with the Plan, the Company’s Board of Directors declared a dividend distribution of one right (a “Right”) for each outstanding share of the Company’s common stock paid on December 16, 2002, to shareholders of record at the close of business on December 2, 2002. Each Right entitles the registered holder to purchase from the Company a unit (a “Unit”) consisting of one one-hundredth of a share of Class A Preferred Stock. Under the Plan, the Rights detach and become exercisable upon the earlier of (a) ten (10) days following public announcement that a person or group of affiliated or associated persons has acquired, or obtained the right to acquire, beneficial ownership of 15% or more of the outstanding shares of the Company’s common stock, or (b) ten (10) business days following the commencement of, or first public announcement of the intent of a person or group to commence, a tender offer or exchange offer that would result in a person or group beneficially owning 15% or more of such outstanding shares of the Company’s common stock. The exercise price, the kind and the number of shares covered by each right are subject to adjustment upon the occurrence of certain events described in the Plan.
If any person or group of affiliated or associated persons acquires beneficial ownership of 15% or more of the outstanding common stock, each holder of a Right (other than the acquiring person or group) will have the right to buy, at the exercise price, common stock of the Company having a market value of twice the exercise price.  If the Company is acquired in a merger or consolidation in which the Company is not the surviving corporation, or the Company engages in a merger or consolidation in which the Company is the surviving corporation and the Company’s common stock is changed or exchanged, or more than 50% of the Company’s assets or earning power is sold or transferred, the Rights entitle a holder (other than the acquiring person or group) to buy, at the exercise price, stock of the acquiring company having a market value equal to twice the exercise price.  At any time after a person or group of affiliated or associated persons has acquired beneficial ownership of 15% or more of the outstanding common stock and prior to the acquisition by such person or group of 50% or more of the outstanding common stock, the Company’s Board of Directors may exchange the Rights (other than the Rights owned by such person or group), in whole or in part, at an exchange ratio of one share of the Company’s common stock, or one one-hundredth of a share of Preferred Stock, per Right.
The Rights are redeemable upon action by the Board of Directors at a price of $0.01 per right at any time before they become exercisable. Until the Rights become exercisable, they are evidenced only by the common stock certificates and are transferred with and only with such certificates.
On October 31, 2012, the Plan was amended to, among other things, extend the expiration date of the plan from November 11, 2012 to October 31, 2022 and increase the exercise price of the stock purchase rights from $80 per unit to $220 per unit.  In connection with the amendments to the shareholders’ rights plan, the Board of Directors of the Company also amended the Company’s Articles of Incorporation to increase the number of shares designated under the rights plan as Series A Participating Preferred Stock from 100,000 shares to 200,000 shares.  There were 1,000,000 shares of Preferred Stock authorized as of December 31, 2013 and 2012, with 200,000, being designated Class A Junior Participating Preferred Stock.
v2.4.0.8
Concentration of Credit Risk
12 Months Ended
Dec. 31, 2013
Risks and Uncertainties [Abstract]  
Concentration of Credit Risk
Concentration of Credit Risk
Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents.  The Company invests its cash and cash equivalents into high credit quality security instruments.
On November 9, 2010, the Federal Deposit Insurance Corporation (“FDIC”) issued a Final Rule implementing section 343 of the Dodd-Frank Wall Street Reform and Consumer Protection Act that provides for unlimited insurance coverage of noninterest-bearing transaction accounts.  Beginning December 31, 2010, through December 31, 2012, all noninterest bearing transaction accounts were fully insured, regardless of the balance of the account, at all FDIC insured institutions.  All other deposits which exceed $250,000, including noninterest bearing transaction accounts prior to December 31, 2010, at each institution are not insured by the FDIC.  Of the $20.8 million in cash and cash equivalents at December 31, 2012, $3.2 million was not insured by the FDIC.
As scheduled, the unlimited insurance coverage for noninterest-bearing transaction accounts provided under the Dodd-Frank Wall Street Reform and Consumer Protection Act expired on December 31, 2012.  Deposits held in noninterest-bearing transaction accounts are now aggregated with any interest-bearing deposits the owner may hold in the same ownership category, and the combined total insured up to at least $250,000.  Of the $23.6 million in cash and cash equivalents at December 31, 2013, $23.1 million was not insured by the FDIC after the expiration of unlimited coverage for noninterest-bearing transaction accounts.
v2.4.0.8
Business Concentration
12 Months Ended
Dec. 31, 2013
Risks and Uncertainties [Abstract]  
Business Concentration
Business Concentration
The Company generates a significant amount of title insurance premiums in Texas, North Carolina and South Carolina.  In 2013, 2012 and 2011, Texas accounted for 26.8%, 24.8% and 32.2% of total title premiums, respectively.  In 2013, 2012 and 2011, North Carolina accounted for 27.4%, 30.5% and 26.6% of total title premiums, respectively. In 2013, 2012 and 2011, South Carolina accounted for 11.4%, 8.6% and 8.2% of total title premiums, respectively.
In 2013, 2012 and 2011, the Company had one agent that accounted for 16.4%, 14.0% and 22.6% of net premiums written, respectively.
v2.4.0.8
Related Party Transactions
12 Months Ended
Dec. 31, 2013
Related Party Transactions [Abstract]  
Related Party Transactions
Related Party Transactions
The Company does business with, and has investments in, unconsolidated limited liability companies that are primarily title insurance agencies.  The Company utilizes the equity method to account for its investments in these limited liability companies.  The following table sets forth the approximate values by year found within each financial statement classification:
Financial Statement Classification,
2013
 
2012
Consolidated Balance Sheets
 
Other investments
$
5,320,000

 
$
4,892,000

Premiums and fees receivable
$
657,000

 
$
1,011,000

Financial Statement Classification,
 
 
 
Consolidated Statements of Income
2013
 
2012
 
2011
Net premiums written
$
12,442,000

 
$
15,558,000

 
$
11,004,000

Other income
$
1,839,000

 
$
2,238,000

 
$
1,336,000



During the second quarter of 2013, the Company repurchased 17,524 shares of Company common stock from officers of the Company at a price of $71.50 per share to cover withholding taxes payable by the officers upon the exercise of SARs. During the fourth quarter of 2013, the Company repurchased 28,130 shares of Company common stock from officers of the Company at a price of $80.01 per share.
v2.4.0.8
Acquisition
12 Months Ended
Dec. 31, 2013
Business Combinations [Abstract]  
Acquisition
Acquisition

In January 2012, a subsidiary of the Company, ITIC, entered into a membership interest purchase and sale agreement under which it agreed to acquire a majority ownership interest of United Title Agency Co., LLC (“United”).  United, a Michigan limited liability company, is an insurance agency doing business in the State of Michigan.  On April 2, 2012, ITIC purchased a 70% ownership interest in United, with both ITIC and the seller having the option to require ITIC to purchase the remaining 30% interest not less than 27 months from the closing.

The acquisition date fair value of the total consideration to be transferred was $1,041,250.  This fair value total was equal to $350,000 ITIC had already paid toward the purchase price, as well as $691,250 in estimated contingent payments.  As of December 31, 2013, management’s calculation of the fair value of consideration to be transferred is materially unchanged from its acquisition date amount. During the second quarter of 2013, ITIC paid an additional $350,000 toward the purchase price. The resulting contingent payments of $341,250 and $691,250 are categorized in the Consolidated Balance Sheets as Accounts payable and accrued liabilities as of December 31, 2013 and December 31, 2012, respectively.

The contingent payment arrangement requires that the purchase price for the 70% majority interest be paid over the next 2 years and determined by multiplying United’s actual GAAP net income for the first full 24 calendar months subsequent to closing by an agreed upon factor.  In no event will the purchase price for the majority interest exceed $1,041,250.  The fair value of the contingent payment was derived using the Company’s best estimate (Level 3 inputs) of net income of approximately $859,000 during the 24-month period, discounted at a 15% rate, and limited to the contractual maximum. The amounts previously paid will be used to offset contingent payment amounts calculated for final consideration, and is eligible for refunding in part or in its entirety if greater than the final settlement amount.

In the event that ITIC purchases the remaining 30% interest, the purchase price of the redeemable noncontrolling interest will be calculated by multiplying United’s GAAP net income for the full 24 calendar months immediately preceding the written notice of the option exercise by an agreed upon factor.  The agreement stipulates a minimum purchase price of $1,000,000 for the entire agency should this option be exercised.

As certain provisions of the membership interest purchase and sale agreement place the acquisition of the remaining 30% by ITIC out of ITIC’s control, the noncontrolling interest in United is deemed redeemable.  The redeemable noncontrolling interest is presented outside of permanent equity, as redeemable equity in the Consolidated Balance Sheets.  On the acquisition date, the fair value of the redeemable noncontrolling interest was $446,250. The fair value of the redeemable noncontrolling interest was based on the noncontrolling interest’s share of the value of net assets.

The following table provides a reconciliation of total redeemable equity for the periods ended December 31, 2013, 2012 and 2011:
Changes in fair value during the period ended:
2013
 
2012
 
2011
Beginning balance at January 1
$
493,861

 
$

 
$

Redeemable noncontrolling interest resulting from subsidiary purchase

 
446,250

 

Net income attributable to redeemable noncontrolling interest
88,528

 
88,411

 

Distributions to noncontrolling interest
(36,900
)
 
(40,800
)
 

Balance, net
$
545,489

 
$
493,861

 
$



Fair valuation methods used for the identifiable tangible net assets acquired in the acquisition make use of discounted cash flows using current interest rates.  The fair value of identifiable net tangible assets at the acquisition date was $5,600.  Identifiable assets acquired included cash and fixed assets.  Liabilities assumed consisted of notes payable.

The transaction was accounted for using the acquisition method required by ASC 805, Business Combinations.  Accordingly, the Company recognized the required identifiable intangible assets of United.  There was no goodwill recorded as a result of the acquisition. The fair values of intangible assets, all Level 3 inputs, are principally based on values obtained from a third party valuation service.  At acquisition, intangible assets included $645,685 relating to a non-compete contract resulting from the acquisition and $836,215 from referral relationships.  The non-compete contract is being amortized over a 10-year period using the straight-line method, starting at a future date when the related employment agreement is terminated.  The referral relationships are being amortized over a 12-year period using the straight-line method.  At December 31, 2013 and December 31, 2012, accumulated amortization of intangible assets was $121,947 and $52,263, respectively.  Net intangible assets of $1,359,953 and $1,429,637 are categorized as prepaid expenses and other assets in the Consolidated Balance Sheets as of December 31, 2013 and December 31, 2012.  In accordance with ASC 350, Intangibles – Goodwill and Other, the Company completed interim impairment testing and determined that the intangible assets assigned to United were not impaired at December 31, 2013.
The amortization of the non-compete contract will start at a future date when the related employment agreement is terminated.  Assuming that the amortization of the non-complete agreement begins on the first day subsequent to the employment period stated in the current employment agreement, estimated aggregate amortization expense for each of the five succeeding fiscal years are as follows:
Year Ended:
 
2014
$
134,253

2015
134,253

2016
134,253

2017
134,253

2018
134,253

Thereafter
688,688

Total
$
1,359,953



In the Consolidated Statements of Income, revenues and expenses include the operations of United since April 2, 2012, which is the acquisition date.  United was formed as a result of the Company’s acquisition, and had no net income prior to the acquisition date.

The Company has not provided historical or pro forma financial information related to the United acquisition because none of the purchase price paid, assets acquired or income of United were significant to the Company under the SEC’s Regulation S-X.
v2.4.0.8
Accumulated Other Comprehensive Income
12 Months Ended
Dec. 31, 2013
Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income

The following tables illustrate changes in the balances of each component of accumulated other comprehensive income, net of tax, for the periods ended December 31, 2013, 2012 and 2011:
2013
Unrealized Gains and Losses
On Available-for-Sale
Securities
 
Postretirement
Benefits Plans
 
 
Total
Beginning balance at January 1
$
8,920,884

 
$
(102,454
)
 
$
8,818,430

Other comprehensive income before reclassifications
2,605,184

 
50,961

 
2,656,145

Amounts reclassified from accumulated other comprehensive income
(130,311
)
 
3,140

 
(127,171
)
Net current-period other comprehensive income
2,474,873

 
54,101

 
2,528,974

Ending balance
$
11,395,757

 
$
(48,353
)
 
$
11,347,404

2012
Unrealized Gains and Losses
On Available-for-Sale
Securities
 
Postretirement
Benefits Plans
 
 
Total
Beginning balance at January 1
$
7,563,541

 
$
(54,376
)
 
$
7,509,165

Other comprehensive income (loss) before reclassifications
2,032,134

 
(54,726
)
 
1,977,408

Amounts reclassified from accumulated other comprehensive income (loss)
(674,791
)
 
6,648

 
(668,143
)
Net current-period other comprehensive income (loss)
1,357,343

 
(48,078
)
 
1,309,265

Ending balance
$
8,920,884

 
$
(102,454
)
 
$
8,818,430

2011
Unrealized Gains and Losses
On Available-for-Sale
Securities
 
Postretirement
Benefits Plans
 
 
Total
Beginning balance at January 1
$
5,675,516

 
$
13,189

 
$
5,688,705

Other comprehensive income (loss) before reclassifications
1,910,017

 
(75,959
)
 
1,834,058

Amounts reclassified from accumulated other comprehensive income (loss)
(21,992
)
 
8,394

 
(13,598
)
Net current-period other comprehensive income (loss)
1,888,025

 
(67,565
)
 
1,820,460

Ending balance
$
7,563,541

 
$
(54,376
)
 
$
7,509,165



The following tables provide significant amounts reclassified out of each component of accumulated other comprehensive income for the periods ended December 31, 2013, 2012 and 2011:
2013
 

 
Details about Accumulated Other
Comprehensive Income Components
Amount Reclassified from
Accumulated Other
Comprehensive Income

 Affected Line Item in the Consolidated
Statements of Income
Unrealized gains and losses on available-for-sale securities:
 

 
Net realized gain on investment
$
229,869


 
Other-than-temporary impairments
(34,070
)

 
Total
$
195,799


Net realized gain on investment
Tax
(65,488
)

Provision for Income Taxes
Net of Tax
$
130,311


 
Accretion (amortization) related to postretirement benefit plans:
 


 
Prior year service cost
$
1,518


 
Unrecognized loss
(6,293
)

 
Total
$
(4,775
)

(a)
Tax
1,635


Provision for Income Taxes
Net of Tax
$
(3,140
)

 
Reclassifications for the period
$
127,171


 
2012
 
 
 
Details about Accumulated Other
Comprehensive Income Components
Amount Reclassified from
Accumulated Other
Comprehensive Income
 
 Affected Line Item in the Consolidated
Statements of Income
Unrealized gains and losses on available-for-sale securities:
 
 
 
Net realized gain on investment
$
1,166,179

 
 
Other-than-temporary impairments
(99,940
)
 
 
Total
$
1,066,239

 
Net realized gain on investment
Tax
(391,448
)
 
Provision for Income Taxes
Net of Tax
$
674,791

 
 
Amortization related to postretirement benefit plans:
 

 
 
Prior year service cost
$
(9,396
)
 
 
Unrecognized loss
(680
)
 
 
Total
$
(10,076
)
 
(a)
Tax
3,428

 
Provision for Income Taxes
Net of Tax
$
(6,648
)
 
 
Reclassifications for the period
$
668,143

 
 
2011
 
 
 
Details about Accumulated Other
Comprehensive Income Components
Amount Reclassified from
Accumulated Other
Comprehensive Income
 
 Affected Line Item in the Consolidated
Statements of Income
Unrealized gains and losses on available-for-sale securities:
 
 
 
Net realized gain on investment
$
353,950

 
 
Other-than-temporary impairments
(325,391
)
 
 
Total
$
28,559

 
Net realized gain on investment
Tax
(6,567
)
 
Provision for Income Taxes
Net of Tax
$
21,992

 
 
(Amortization) accretion related to postretirement benefit plans:
 

 
 
Prior year service cost
$
(13,038
)
 
 
Unrecognized gain
318

 
 
Total
$
(12,720
)
 
(a)
Tax
4,326

 
Provision for Income Taxes
Net of Tax
$
(8,394
)
 
 
Reclassifications for the period
$
13,598

 
 

(a)
These accumulated other comprehensive income components are not reclassified to net income in their entirety in the same reporting period. The amounts are presented within Salaries, employee benefits and payroll taxes on the Consolidated Statements of Income as amortized. Amortization related to postretirement benefit plans is included in the computation of net periodic pension costs, as discussed in Note 10.
v2.4.0.8
Schedule I
12 Months Ended
Dec. 31, 2013
Summary of Investments, Other than Investments in Related Parties [Abstract]  
Summary of Investments - Other than Investments in Related Parties
SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES
AS OF DECEMBER 31, 2013
Type of Investment
Cost (1)
 
Market Value
 
Amount at which shown in the Balance Sheet (2)
 
 
 
 
 
 
Fixed maturities:
 
 
 
 
 
Bonds:
 
 
 
 
 
States, municipalities and political subdivisions
$
69,323,880

 
$
72,091,721

 
$
72,091,721

All other corporate bonds
18,656,280

 
19,353,692

 
19,353,692

Short-term investments
7,926,373

 
7,926,373

 
7,926,373

Total fixed maturities
95,906,533

 
99,371,786

 
99,371,786

 
 
 
 
 
 
Equity securities:
 
 
 
 
 
Common stocks:
 
 
 
 
 
Public utilities
958,864

 
1,274,489

 
1,274,489

Banks, trust and insurance companies
1,700,194

 
2,800,874

 
2,800,874

Industrial, miscellaneous and all other
19,346,311

 
31,827,202

 
31,827,202

Nonredeemable preferred stocks
195,000

 
241,500

 
241,500

Total equity securities
22,200,369

 
36,144,065

 
36,144,065

 
 
 
 
 
 
Other investments
5,665,312

 
5,665,312

 
5,665,312

 
 
 
 
 
 
Total investments (3)
$
123,772,214

 
$
141,181,163

 
$
141,181,163

 
 
 
 
 
 
(1) Fixed maturities are shown at amortized cost and equity securities are shown at original cost
(2) Bonds of states, municipalities and political subdivisions are shown at amortized cost for held-to-maturity bonds and fair value for available-for-sale bonds. Equity securities are shown at fair value
(3) The above summary of investments does not include investments in related parties accounted for under the cost and equity methods of accounting in the amount of $1,582,519
v2.4.0.8
Schedule II
12 Months Ended
Dec. 31, 2013
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Financial Information of Registrant
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
BALANCE SHEETS
AS OF DECEMBER 31, 2013 AND 2012
 
2013
 
2012
Assets:
 
 
 
Cash and cash equivalents
$
7,210,956

 
$
9,414,297

Investments in fixed maturities, available-for-sale
19,202,320

 
12,176,628

Investments in equity securities, available-for-sale
2,265,136

 
1,862,518

Short-term investments
2,213,496

 
4,904,089

Investments in affiliated companies
90,570,724

 
81,395,754

Other investments
737,378

 
734,848

Premium and fees receivable
135,669

 
138,830

Other receivables
1,456,037

 
1,306,629

Income taxes recoverable
3,230,977

 
1,584,604

Accrued interest and dividends
103,571

 
103,470

Property, net
2,504,969

 
2,623,380

Total Assets
$
129,631,233

 
$
116,245,047

 
 
 
 
Liabilities and Stockholders’ Equity
 

 
 

Liabilities:
 

 
 

Accounts payable and accrued liabilities
$
1,558,095

 
$
1,566,213

Deferred income taxes, net
10,984

 
39,944

Total liabilities
1,569,079

 
1,606,157

 
 
 
 
 
 
 
 
Stockholders’ Equity:
 

 
 

Preferred stock (1,000,000 authorized shares; no shares issued)

 

Common stock - no par value (10,000,000 authorized shares; 2,037,135 and 2,043,359 shares issued and outstanding 2013 and 2012, respectively, excluding 291,676 shares for 2013 and 2012 of common stock held by the Company’s subsidiary)
1

 
1

Retained earnings
116,714,749

 
105,820,459

Accumulated other comprehensive income
11,347,404

 
8,818,430

Total stockholders’ equity
128,062,154

 
114,638,890

Total Liabilities and Stockholders’ Equity
$
129,631,233

 
$
116,245,047


See notes to Condensed Financial Statements.
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
STATEMENTS OF INCOME
FOR THE YEARS ENDED DECEMBER 31, 2013, 2012 AND 2011
 
 
2013
 
2012
 
2011
Revenues:
 
 
 
 
 
 
Investment income – interest and dividends
 
$
348,933

 
$
520,511

 
$
459,682

Net realized (loss) gain on investments
 
(50,778
)
 
616,001

 
(81,389
)
Rental income
 
748,764

 
736,159

 
739,524

Miscellaneous income (loss)
 
68,966

 
(62,253
)
 
16,365

Total
 
1,115,885

 
1,810,418

 
1,134,182

 
 
 
 
 
 
 
Operating Expenses:
 
 

 
 

 
 

Salaries, employee benefits and payroll taxes
 
576,429

 
459,248

 
348,463

Office occupancy and operations
 
408,373

 
390,227

 
304,371

Business development
 
45,022

 
25,909

 
37,017

Taxes – other than payroll and income
 
188,314

 
240,607

 
120,445

Professional and contract labor fees
 
351,093

 
245,398

 
139,711

Other expenses
 
177,810

 
161,937

 
113,018

Total
 
1,747,041

 
1,523,326

 
1,063,025

 
 
 
 
 
 
 
Equity in Net Income of Affiliated Companies
 
15,164,894

 
10,992,815

 
6,851,779

 
 
 
 
 
 
 
Income before Income Taxes
 
14,533,738

 
11,279,907

 
6,922,936

 
 
 
 
 
 
 
(Benefit) Provision for Income Taxes
 
(263,000
)
 
89,000

 
(11,000
)
 
 
 
 
 
 
 
Net Income
 
14,796,738

 
11,190,907

 
6,933,936

 
 
 
 
 
 
 
Less: Net Income Attributable to Redeemable Noncontrolling Interest
 
(88,528
)
 
(88,411
)
 

 
 
 
 
 
 
 
Net Income Attributable to the Company
 
$
14,708,210

 
$
11,102,496

 
$
6,933,936

 
 
 
 
 
 
 
Basic Earnings per Common Share
 
$
7.15

 
$
5.33

 
$
3.22

 
 
 
 
 
 
 
Weighted Average Shares Outstanding – Basic
 
2,056,169

 
2,081,703

 
2,151,350

 
 
 
 
 
 
 
Diluted Earnings per Common Share
 
$
7.08

 
$
5.24

 
$
3.20

 
 
 
 
 
 
 
Weighted Average Shares Outstanding – Diluted
 
2,076,628

 
2,116,793

 
2,169,636


See notes to Condensed Financial Statements.
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2013, 2012 AND 2011
 
2013
 
2012
 
2011
Operating Activities
 
 
 
 
 
Net income
$
14,796,738

 
$
11,190,907

 
$
6,933,936

Adjustments to reconcile net income to net cash provided by operating activities:
 

 
 

 
 

Equity in net earnings of subsidiaries
(15,164,894
)
 
(10,992,815
)
 
(6,851,779
)
Depreciation
136,031

 
133,334

 
128,215

Amortization, net
69,969

 
51,111

 
(15,859
)
Issuance of common stock in payment of bonuses and fees
76,110

 
54,041

 
44,205

Net realized loss (gain) on investments
50,778

 
(616,001
)
 
81,389

Net (earnings) loss from other investments
(32,499
)
 
91,256

 
1,723

(Benefit) provision for deferred income taxes
(93,000
)
 
48,000

 
(94,000
)
Excess tax benefit
9,042

 

 

(Increase) decrease in receivables
(146,247
)
 
368,574

 
(838,208
)
Increase in income taxes recoverable
(1,646,373
)
 
(398,445
)
 
(137,379
)
(Increase) decrease in other assets
(101
)
 
20,224

 
21,836

(Decrease) increase in accounts payable and accrued liabilities
(8,118
)
 
(124,799
)
 
445,758

Net cash used in operating activities
(1,952,564
)
 
(174,613
)
 
(280,163
)
 
 
 
 
 
 
Investing Activities
 

 
 

 
 

Capital contribution to subsidiaries

 
(250,000
)
 

Dividends received from subsidiaries
9,252,919

 
5,609,489

 
223,331

Purchases of available-for-sale securities
(10,360,919
)
 
(4,960,208
)
 
(4,625,140
)
Purchases of short-term securities
(58,283
)
 
(3,565
)
 
(203,530
)
Purchases of and net earnings from other investments
(49,485
)
 
(94,881
)
 
(666,935
)
Proceeds from sales and maturities of available-for-sale securities
3,027,896

 
5,033,298

 
1,601,297

Proceeds from sales and maturities of short-term securities
2,748,876

 
3,641,978

 
13,403,243

Proceeds from sales and distributions of other investments
45,384

 
505,832

 
8,064

Proceeds from sales of other assets
4,832

 
176,815

 

Purchases of property
(24,820
)
 
(98,722
)
 
(96,161
)
Proceeds from disposals of property
7,200

 

 

Net cash provided by investing activities
4,593,600

 
9,560,036

 
9,644,169

 
 
 
 
 
 
Financing Activities
 

 
 

 
 

Repurchases of common stock
(4,262,260
)
 
(3,975,532
)
 
(5,940,463
)
Exercise of options
75,797

 
160,557

 
155,163

Dividends paid
(657,914
)
 
(603,334
)
 
(599,241
)
Net cash used in financing activities
(4,844,377
)
 
(4,418,309
)
 
(6,384,541
)
 
 
 
 
 
 
Net (Decrease) Increase in Cash and Cash Equivalents
(2,203,341
)
 
4,967,114

 
2,979,465

Cash and Cash Equivalents, Beginning of Period
9,414,297

 
4,447,183

 
1,467,718

Cash and Cash Equivalents, End of Period
$
7,210,956

 
$
9,414,297

 
$
4,447,183

 
 
 
 
 
 
Supplemental Disclosures:
 
 
 
 
 
Income tax payments, net
$
5,583,000

 
$
4,392,000

 
$
2,911,000


See notes to Condensed Financial Statements.
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2013, 2012 AND 2011

1.
The accompanying Condensed Financial Statements should be read in conjunction with the consolidated financial statements and notes thereto of Investors Title Company and Subsidiaries.

2.
Cash dividends paid to Investors Title Company by its wholly owned subsidiaries were as follows:
Subsidiaries
2013
 
2012
 
2011
Investors Title Insurance Company, net*
$
9,102,919

 
$
5,169,489

 
$
(81,669
)
Investors Title Exchange Corporation
50,000

 
10,000

 
175,000

Investors Title Accommodation Corporation

 
30,000

 

Investors Title Management Services, Inc.

 

 

Investors Title Capital Management Corporation

 
50,000

 
30,000

Investors Trust Company
100,000

 
350,000

 
100,000

Investors Title Commercial Agency

 

 

Total
$
9,252,919

 
$
5,609,489

 
$
223,331


* Total dividends of $9,196,255, $5,254,075 and $0 paid to the Parent Company in 2013, 2012 and 2011, respectively, netted with dividends of $93,336, $84,586 and $81,669 received from the Parent Company in 2013, 2012 and 2011, respectively.
v2.4.0.8
Schedule III
12 Months Ended
Dec. 31, 2013
Supplementary Insurance Information [Abstract]  
Supplementary Insurance Information
SUPPLEMENTARY INSURANCE INFORMATION
FOR THE YEARS ENDED DECEMBER 31, 2013, 2012 AND 2011
Segment
Deferred Policy Acquisition Cost
 
Future Policy Benefits, Losses, Claims and Loss Expenses
 
Unearned Premiums
 
Other Policy Claims and Benefits Payable
 
Premium Revenue
 
Net Investment Income
 
Benefits, Claims. Losses and Settlement Expenses
 
Amortization of Deferred Policy Acquisition Costs
 
Other Operating Expenses
 
Premiums Written
Year Ended December 31, 2013
Title Insurance
$

 
$
35,360,000

 
$

 
$
389,807

 
$
113,886,266

 
$
3,505,770

 
$
(571,596
)
 
$

 
$
99,093,516

 
N/A
All Other

 

 

 

 

 
388,838

 

 

 
6,186,840

 
N/A
 
$

 
$
35,360,000

 
$

 
$
389,807

 
$
113,886,266

 
$
3,894,608

 
$
(571,596
)
 
$

 
$
105,280,356

 
N/A
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31, 2012
Title Insurance
$

 
$
39,078,000

 
$

 
$
461,566

 
$
102,331,102

 
$
3,408,412

 
$
6,072,115

 
$

 
$
87,545,115

 
N/A
All Other

 

 

 

 

 
571,999

 

 

 
5,381,955

 
N/A
 
$

 
$
39,078,000

 
$

 
$
461,566

 
$
102,331,102

 
$
3,980,411

 
$
6,072,115

 
$

 
$
92,927,070

 
N/A
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31, 2011
Title Insurance
$

 
$
37,996,000

 
$

 
$
389,411

 
$
81,529,333

 
$
3,092,479

 
$
3,342,427

 
$

 
$
73,196,760

 
N/A
All Other

 

 

 

 

 
502,557

 

 

 
4,647,033

 
N/A
 
$

 
$
37,996,000

 
$

 
$
389,411

 
$
81,529,333

 
$
3,595,036

 
$
3,342,427

 
$

 
$
77,843,793

 
N/A
v2.4.0.8
Schedule IV
12 Months Ended
Dec. 31, 2013
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract]  
Reinsurance
REINSURANCE
FOR THE YEARS ENDED DECEMBER 31, 2013, 2012 AND 2011
 
Gross Amount
 
Ceded to Other Companies
 
Assumed from Other Companies
 
Net Amount
 
Percentages of Amount Assumed to Net
Year Ended December 31, 2013
Title Insurance
$
114,091,457

 
$
211,482

 
$
6,291

 
$
113,886,266

 
0.01
%
 
 
 
 
 
 
 
 
 
 
Year Ended December 31, 2012
Title Insurance
$
102,548,126

 
$
232,683

 
$
15,659

 
$
102,331,102

 
0.02
%
 
 
 
 
 
 
 
 
 
 
Year Ended December 31, 2011
Title Insurance
$
81,689,296

 
$
177,110

 
$
17,147

 
$
81,529,333

 
0.02
%
v2.4.0.8
Schedule V
12 Months Ended
Dec. 31, 2013
Valuation and Qualifying Accounts [Abstract]  
Valuation and Qualifying Accounts
VALUATION AND QUALIFYING ACCOUNTS
FOR THE YEARS ENDED DECEMBER 31, 2013, 2012 AND 2011
Description
Balance at Beginning of Period
 
Additions Charged to Costs and Expenses
 
Additions Charge to Other Accounts - Describe
 
Deductions - Describe
 
 
Balance at End of Period
2013
Premiums Receivable:
 
 
 
 
 
 
 
 
 
 
Valuation Provision
$
1,902,581

 
$
7,536,381

 
$

 
$
(6,818,059
)
(a)
 
$
2,620,903

Reserves for claims
$
39,078,000

 
$
(571,596
)
 
$

 
$
(3,146,404
)
(b)
 
$
35,360,000

 
 
 
 
 
 
 
 
 
 
 
2012
Premiums Receivable:
 
 
 
 
 
 
 
 
 
 
Valuation Provision
$
1,218,000

 
$
6,008,281

 
$

 
$
(5,323,700
)
(a)
 
$
1,902,581

Reserves for claims
$
37,996,000

 
$
6,072,115

 
$

 
$
(4,990,115
)
(b)
 
$
39,078,000

 
 
 
 
 
 
 
 
 
 
 
2011
Premiums Receivable:
 
 
 
 
 
 
 
 
 
 
Valuation Provision
$
1,421,000

 
$
4,748,127

 
$

 
$
(4,951,127
)
(a)
 
$
1,218,000

Reserves for claims
$
38,198,700

 
$
3,342,427

 
$

 
$
(3,545,127
)
(b)
 
$
37,996,000


(a)
Canceled premiums
(b)
Payments of claims, net of recoveries
v2.4.0.8
Basis Of Presentation and Significant Accounting Policies (Policy)
12 Months Ended
Dec. 31, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Principles of Consolidation and Basis of Presentation
Principles of Consolidation and Basis of Presentation – The accompanying Consolidated Financial Statements include the accounts and operations of Investors Title Company and its subsidiaries, and have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”).   Earnings attributable to the redeemable noncontrolling interest are recorded on the Consolidated Statements of Income for majority-owned subsidiaries. The redeemable noncontrolling interest representing the portion of equity not related to the Company’s ownership interest is recorded as redeemable equity in a separate section of the Consolidated Balance Sheets.  All intercompany balances and transactions have been eliminated in consolidation.
Cash and Cash Equivalents
Cash and Cash Equivalents
For the purpose of presentation in the Company’s Consolidated Statements of Cash Flows, cash equivalents are highly liquid instruments with remaining original maturities of three months or less. The carrying amount of cash and cash equivalents is a reasonable estimate of fair value due to the short-term maturity at purchase of these instruments.
Investments in Securities
Investments in Securities
Securities for which the Company has the intent and ability to hold to maturity are classified as held-to-maturity and reported at cost, adjusted for amortization of premiums or accretion of discounts, and other-than-temporary declines in fair value. Securities held principally for resale in the near term are classified as trading securities and recorded at fair values. Realized and unrealized gains and losses on trading securities are included in other income. Securities not classified as either trading or held-to-maturity are classified as available-for-sale and reported at fair value with unrealized gains and losses, net of tax, adjusted for other-than-temporary declines in fair value, reported as accumulated other comprehensive income. As of December 31, 2013 and 2012, all investments in securities are classified as available-for-sale. Securities are regularly reviewed for differences between the cost and estimated fair value of each security for factors that may indicate that a decline in fair value is other-than-temporary. Some factors considered in evaluating whether or not a decline in fair value is other-than-temporary include the duration and extent to which the fair value has been less than cost and the Company’s ability and intent to retain the investment for a period of time sufficient to allow for a recovery in value. Such reviews are inherently uncertain and the value of the investment may not fully recover or may decline in future periods resulting in a realized loss. Fair values of the majority of investments are based on quoted market prices. Realized gains and losses are determined on the specific identification method.  Refer to Note 3 for further information regarding investments in securities and fair value.
Short-term Investments
Short-term Investments
Short-term investments are comprised of money market accounts which are invested in short-term funds, time deposits with banks and savings and loan associations, and other investments expected to have maturities or redemptions greater than three months and less than twelve months. The Company monitors any events or changes in circumstances that may have a significant adverse effect on the fair value of these investments.
Other Investments
Other Investments
Other investments consist primarily of investments in title insurance agencies structured as limited liability companies (“LLCs”), which are accounted for under the equity or cost methods of accounting. The aggregate cost of the Company’s cost method investments totaled $1,834,229 and $1,778,115 at December 31, 2013 and December 31, 2012, respectively. The Company monitors any events or changes in circumstances that may have had a significant adverse effect on the fair value of these investments and makes any necessary adjustments.
Property Acquired in Settlement of Claims
Property Acquired in Settlement of Claims
Property acquired in settlement of claims is held for sale and valued at the lower of cost or market. Adjustments to reported estimated realizable values and realized gains or losses on dispositions are recorded as increases or decreases in claim costs.
Property and Equipment
Property and Equipment
Property and equipment are recorded at cost and are depreciated principally under the straight-line method over the estimated useful lives (three to twenty-five years) of the respective assets. Maintenance and repairs are charged to operating expenses and improvements are capitalized.
Reserves for Claims
Reserves for Claims
The total reserve for all reported and unreported losses the Company incurred through December 31, 2013 is represented by the reserves for claims. The Company’s reserves for unpaid losses and loss adjustment expenses are established using estimated amounts required to settle claims for which notice has been received (reported) and the amount estimated to be required to satisfy incurred claims of policyholders which may be reported in the future. Despite the variability of such estimates, management believes that the reserves are adequate to cover claim losses resulting from pending and future claims for policies issued through December 31, 2013.  The Company continually reviews and adjusts its reserve estimates as necessary to reflect its loss experience and any new information that becomes available. Adjustments resulting from such reviews may be significant.
Claims and losses paid are charged to the reserves for claims. Although claims losses are typically paid in cash, occasionally claims are settled by purchasing the interest of the insured or the claimant in the real property. When this event occurs, the acquiring company carries assets at the lower of cost or estimated realizable value, net of any indebtedness on the property.
Income Taxes
Income Taxes
The Company makes certain estimates and judgments in determining income tax expense (benefit) for financial statement purposes. These estimates and judgments occur in the calculation of certain tax assets and liabilities which arise from differences in the timing of recognition of revenue and expense for tax and financial statement purposes. The Company provides for deferred income taxes (benefits) for the tax consequences in future years of temporary differences between the financial statements’ carrying values and the tax bases of assets and liabilities using currently enacted tax rates.  The Company establishes valuation allowances if it believes that it is more likely than not that some or all of its deferred tax assets will not be realized.  Refer to Note 8 for further information regarding income taxes.
Premiums Written and Commissions to Agents
Premiums Written and Commissions to Agents
Generally, title insurance premiums are recognized at the time of closing of the related real estate transaction, as the earnings process is then considered complete. Policies or commitments are issued upon receipt of final certificates or preliminary reports with respect to titles. Title insurance commissions earned by the Company’s agents, taxes and a provision for claims losses are recognized as expenses concurrent with recognition of related premium revenue.
The Company’s premium revenues from certain agency operations include accruals based on estimates. These accruals estimate unreported agency premiums related to transactions which have settled as of the balance sheet date. Accruals for premiums from certain agencies are necessary because of the lag between policy effective dates and the reporting of these transactions to the Company by the agents. The lag time has historically been between 30 and 120 days, with the majority of agencies reporting within 60 to 90 days. The lag time is reviewed periodically to monitor accruals.  The accrual of premium revenues is based on historical data that includes transactional volume, fluctuations in the real estate market and the mix between refinance and purchase transactions.  There have been no material changes in historical estimates during the periods presented.
Quarterly, the Company evaluates the collectability of receivables. Premiums not collected within 7 months are fully reserved. Write-offs of receivables have not been material to the Company.
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts
Company management continually evaluates the collectability of receivables and provides an allowance for doubtful accounts equal to estimated losses expected to be incurred in the collection of amounts receivable.  Changes to the allowance for doubtful accounts are reflected within net premiums written in the Consolidated Statements of Income.  Amounts are charged off in the period they are deemed to be uncollectible.
Exchange Services Revenue
Exchange Services Revenue
Fees are recognized at the signing of a binding agreement and investment earnings are recognized as they are earned.
Fair Values of Financial Instruments
Fair Values of Financial Instruments
The carrying amounts reported in the Consolidated Balance Sheets for cash and cash equivalents, short-term investments, premium and fees receivable, accrued interest and dividends, accounts payable, commissions payable, reinsurance payable and current income taxes recoverable/payable approximate fair value due to the short-term nature of these assets and liabilities.  Fair values for the majority of investment securities are based on quoted market prices.  Auction rate securities (“ARS”) are valued using discounted cash flow models to determine the estimated fair value of these investments.  Some of the inputs for determining the fair value of ARS are unobservable in the securities markets and are significant.  Refer to Note 3 for further information regarding investments in securities and fair value.
Comprehensive Income
Comprehensive Income
The Company’s accumulated other comprehensive income is comprised of unrealized holding gains/losses on available-for-sale securities, net of tax, and unrecognized prior service cost and unrealized gains/losses associated with postretirement benefit liabilities, net of tax.  Accumulated other comprehensive income as of December 31, 2013 consists of $11,395,757 of unrealized holding gains on available-for-sale securities and $48,353 of unrecognized prior service cost and unrecognized actuarial losses associated with postretirement benefit liabilities.  Accumulated other comprehensive income as of December 31, 2012 consists of $8,920,884 of unrealized holding gains on available-for-sale securities and $102,454 of unrecognized prior service cost and unrecognized actuarial losses associated with postretirement benefit liabilities.
Share-Based Compensation
Share-Based Compensation
The Company accounts for share-based compensation in accordance with the fair value based principles required by the Financial Accounting Standards Board (“FASB”).  Estimated compensation expense for awards outstanding at the effective date is recognized over their remaining service period using the compensation cost.  Share-based compensation cost is generally measured at the grant date, based on the estimated fair value of the award, and is recognized as an expense over the employee’s requisite service period.
As the share-based compensation expense recognized in the Consolidated Statements of Income is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures.  Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates.
Other Intangible Assets
Other Intangible Assets
The Company’s other intangible assets consist of a non-compete agreement and referral relationships resulting from an agency acquisition and are recorded at fair value.  The referral relationships are amortized on a straight-line basis over the useful life and amortization of the non-compete contract will start at a future date when the related employment agreement is terminated.  Intangible assets are reviewed and tested for impairment at least quarterly.
Subsequent Events
Subsequent Events
The Company has evaluated and concluded that there were no material subsequent events requiring adjustment or disclosure to its Consolidated Financial Statements.
Recently Issued Accounting Standards
Recently Issued Accounting Standards
In July 2013, the FASB updated guidance to eliminate diversity in practice relating to the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, similar tax loss or a tax credit carryforward exists. The main provision of the update requires that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, be presented in the financial statements as a reduction to deferred tax assets for a net operating loss carryforward, a similar tax loss or a tax credit carryforward, except to the extent that a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date to settle any additional income taxes that would result from disallowance of a tax position, or the tax law does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, in which case the unrecognized tax benefit should be presented as a liability. For public entities, this update becomes effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted, and the Company elected to adopt this new guidance in the third quarter of 2013. This update did not have an impact on the Company’s financial condition or results of operations.

In February 2013, the FASB updated guidance to improve the reporting of reclassifications from accumulated other comprehensive income.  The main provisions of this guidance require an entity to provide information about the amount reclassified from accumulated other comprehensive income by component.  In addition, an entity is required to present, either on the face of the statement where net income is presented or in the footnotes, the amount reclassified out of accumulated other comprehensive income by the respective line items of net income if the amount is reclassified to net income in its entirety in the same reporting period.  For other amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures providing additional detail about those amounts.  The amendments do not change the requirements for reporting net income or other comprehensive income in financial statements.  The Company complied with this update, and it did not have an impact on the Company’s financial condition or results of operations.
Use Of Estimates and Assumptions
Use of Estimates and Assumptions
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period and accompanying notes. Actual results could differ materially from those estimates and assumptions used.  The more significant of these estimates and assumptions include the following:
Claims – The Company’s reserves for claims are established using estimated amounts required to settle claims for which notice has been received (reported) and the amount estimated to be required to satisfy incurred claims of policyholders which may be reported in the future (incurred but not reported,  or “IBNR”).  A provision for estimated future claims payments is recorded at the time policy revenue is recorded as a percentage of premium income. By their nature, title claims can often be complex, vary greatly in dollar amounts, vary in number due to economic and market conditions such as an increase in mortgage foreclosures, and involve uncertainties as to ultimate exposure. In addition, some claims may require a number of years to settle and determine the final liability for indemnity and loss adjustment expense. The payment experience may extend for more than 20 years after the issuance of a policy. Events such as fraud, defalcation and multiple property defects can substantially and unexpectedly cause increases in estimates of losses. Due to the length of time over which claim payments are made and regularly occurring changes in underlying economic and market conditions, these estimates are subject to variability.
Management considers factors such as the Company’s historical claims experience, case reserve estimates on reported claims, large claims, actuarial projections and other relevant factors in determining loss provision rates and the aggregate recorded expected liability for claims. In establishing reserves, actuarial projections are compared with recorded reserves to evaluate the adequacy of such recorded claims reserves and any necessary adjustments are then recorded in current operations. As the most recent claims experience develops and new information becomes available, the loss reserve estimate related to prior periods will change to more accurately reflect updated and improved emerging data. The Company reflects any adjustments to reserves in the results of operations in the period in which new information (principally claims experience) becomes available.
The Company’s reserves for claims are established using estimated amounts required to settle claims for which notice has been received (reported) and the amount estimated to be required to satisfy incurred claims of policyholders which have been incurred but not reported (“IBNR”).  During the third quarter of 2013 certain actuarial inputs were changed  to provide a more refined IBNR reserve estimate. See Note 6 in the accompanying Consolidated Financial Statements for further information regarding this change in accounting estimate.
Impairments – Securities are regularly evaluated and reviewed for differences between the cost and estimated fair value of each security for factors that may indicate that a decline in fair value is other-than-temporary.  When, in the opinion of management, a decline in the fair value of an investment is considered to be other-than-temporary, such investment is written down to its fair value. Some factors considered in evaluating whether or not a decline in fair value is other-than-temporary include the duration and extent to which the fair value has been less than cost, the probability that the Company will be unable to collect all amounts due under the contractual terms of the security; with respect to equity securities, whether the Company’s ability and intent to retain the investment for a period of time is sufficient to allow for a recovery in value; with respect to fixed maturity securities, whether the Company has the intent to sell or will more likely than not be required to sell a particular security before recovery in value; and the financial condition and prospects of the issuer (including credit ratings).  These factors are reviewed quarterly and any material degradation in the prospect for recovery will be considered in the other-than-temporary impairment analysis.  Such reviews are inherently uncertain and the value of the investment may not fully recover or may decline in future periods resulting in a realized loss.  The fair values of the majority of the Company’s investments are based on quoted market prices from independent pricing services.
v2.4.0.8
Investments in Securities and Fair Value (Tables)
12 Months Ended
Dec. 31, 2013
Investments, Debt and Equity Securities [Abstract]  
Schedule of Gross Unrealized Gains (Losses) and Amortized Cost for Securities
The aggregate fair value, gross unrealized holding gains, gross unrealized holding losses, and amortized cost for securities by major security type at December 31 were as follows:
December 31, 2013
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
Fixed maturities, available-for-sale, at fair value:
 
 
 
 
 
 
 
General obligations of U.S. States, territories and political subdivisions
$
38,449,309


$
1,922,862


$
184,351


$
40,187,820

Issuer obligations of U.S. States, territories and political subdivisions special revenue
30,874,571


1,234,130


204,800


31,903,901

Corporate debt securities
17,736,608


789,840


108,456


18,417,992

Auction rate securities
919,672


16,028




935,700

Total
$
87,980,160


$
3,962,860


$
497,607


$
91,445,413

Equity securities, available-for-sale at fair value:











Common stocks and nonredeemable preferred stocks
$
22,200,369


$
14,052,780


$
109,084


$
36,144,065

Total
$
22,200,369


$
14,052,780


$
109,084


$
36,144,065

Short-term investments:











Certificates of deposit and money market funds
$
7,926,373


$


$


$
7,926,373

Total
$
7,926,373


$


$


$
7,926,373

December 31, 2012
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
Fixed maturities, available-for-sale, at fair value:
 
 
 
 
 
 
 
General obligations of U.S. States, territories and political subdivisions
$
38,658,463

 
$
3,211,445

 
$

 
$
41,869,908

Issuer obligations of U.S. States, territories and political subdivisions special revenue
18,933,299

 
1,909,106

 
10,455

 
20,831,950

Corporate debt securities
17,064,697

 
1,252,973

 
14,750

 
18,302,920

Auction rate securities
917,214

 
14,986

 

 
932,200

Total
$
75,573,673

 
$
6,388,510

 
$
25,205

 
$
81,936,978

Equity securities, available-for sale at fair value:
 
 
 
 
 
 
 
Common stocks and nonredeemable preferred stocks
$
21,229,114

 
$
7,373,056

 
$
91,237

 
$
28,510,933

Total
$
21,229,114

 
$
7,373,056

 
$
91,237

 
$
28,510,933

Short-term investments:
 

 
 

 
 

 
 

Certificates of deposit and money market funds
$
13,567,648

 
$

 
$

 
$
13,567,648

Total
$
13,567,648

 
$

 
$

 
$
13,567,648

Schedule Of Fixed Maturity Securities
The scheduled maturities of fixed maturity securities at December 31, 2013 were as follows:
 
Available-for-Sale
 
Amortized
Cost
 
Fair
Value
Due in one year or less
$
8,685,106

 
$
8,848,668

Due after one year through five years
57,287,230

 
60,170,845

Due five years through ten years
14,159,839

 
14,285,208

Due after ten years
7,847,985

 
8,140,692

Total
$
87,980,160

 
$
91,445,413

Schedule of Earnings on Investments
Earnings on investments for the years ended December 31 were as follows:
 
2013
 
2012
 
2011
Fixed maturities
$
2,997,901

 
$
3,154,131

 
$
3,233,988

Equity securities
890,917

 
815,674

 
347,843

Invested cash and other short-term investments
5,754

 
10,576

 
12,725

Miscellaneous interest
36

 
30

 
480

Investment income
$
3,894,608

 
$
3,980,411

 
$
3,595,036

Schedule of Gross Realized Gain (Loss) on Securities
Gross realized gains and losses on sales of available-for-sale securities for the years ended December 31 are summarized as follows:
 
2013
 
2012
 
2011
Gross realized gains:
 
 
 
 
 
General obligations of U.S. States, territories and political subdivisions
$

 
$
250

 
$
386

Corporate

 
52,396

 
20,459

Common stocks and nonredeemable preferred stocks
369,673

 
450,461

 
529,811

Auction rate securities

 
211,061

 
43,199

Total
369,673

 
714,168

 
593,855

Gross realized losses:
 
 
 
 
 
Common stocks and nonredeemable preferred stocks
(180,169
)
 
(91,975
)
 
(247,117
)
Other than temporary impairment of securities

 
(93,436
)
 
(280,987
)
Total
(180,169
)
 
(185,411
)
 
(528,104
)
Net realized gain
$
189,504

 
$
528,757

 
$
65,751

Net realized gains (losses) on other investments:
 
 
 
 
 
Impairments of other assets and investments
$
(34,070
)
 
$
(6,504
)
 
$
(44,404
)
Gain on other assets and investments
48,946

 
543,986

 
30,238

Loss on other assets and investments
(8,580
)
 

 
(23,026
)
Total
$
6,296

 
$
537,482

 
$
(37,192
)
Net Realized Gain
$
195,800

 
$
1,066,239

 
$
28,559

Schedule of Unrealized Loss on Investments
The following table presents the gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous loss position at December 31, 2013 and 2012:
 
Less than 12 Months
 
12 Months or Longer
 
Total
December 31, 2013
Fair Value
 
Unrealized Loss
 
Fair Value
 
Unrealized Loss
 
Fair Value
 
Unrealized Loss
General obligations of U.S. states, territories and political subdivisions
$
4,198,012

 
$
(184,351
)
 
$

 
$

 
$
4,198,012

 
$
(184,351
)
Special revenue obligations of U.S. states territories and political subdivisions
11,010,093

 
(204,800
)
 

 

 
11,010,093

 
(204,800
)
Corporate debt securities
5,942,570

 
(108,456
)
 

 

 
5,942,570

 
(108,456
)
Total fixed maturity securities
$
21,150,675

 
$
(497,607
)
 
$

 
$

 
$
21,150,675

 
$
(497,607
)
Equity securities
2,035,971

 
(72,998
)
 
244,929

 
(36,086
)
 
2,280,900

 
(109,084
)
Total temporarily impaired securities
$
23,186,646

 
$
(570,605
)
 
$
244,929

 
$
(36,086
)
 
$
23,431,575

 
$
(606,691
)
December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
Special revenue obligations of U.S. states territories and political subdivisions
$
1,236,906

 
$
(10,455
)
 
$

 
$

 
$
1,236,906

 
$
(10,455
)
Corporate debt securities
985,250

 
(14,750
)
 

 

 
985,250

 
(14,750
)
Total fixed maturity securities
$
2,222,156

 
$
(25,205
)
 
$

 
$

 
$
2,222,156

 
$
(25,205
)
Equity securities
2,551,215

 
(91,237
)
 

 

 
2,551,215

 
(91,237
)
Total temporarily impaired securities
$
4,773,371

 
$
(116,442
)
 
$

 
$

 
$
4,773,371

 
$
(116,442
)
Schedule of Assumptions Used to Determine Fair Value
The following table summarizes some key assumptions the service used to determine fair value as of December 31, 2013 and 2012:
 
2013
 
2012
Cumulative probability of earning maximum rate until maturity
—%
 
—%
Cumulative probability of principle returned prior to maturity
95.6%
 
96.1%
Cumulative probability of default at some future point
4.4%
 
3.9%
Schedule of Fair Value Assets Measured on Recurring Basis
The following table presents, by level, the financial assets carried at fair value measured on a recurring basis as of December 31, 2013 and 2012.  The table does not include cash on hand and also does not include assets which are measured at historical cost or any basis other than fair value.  Level 3 assets are comprised solely of ARS.
As of December 31, 2013
Level 1
 
Level 2
 
Level 3
 
Total
Short Term
$
7,926,373

 
$

 
$

 
$
7,926,373

Equity Securities:
 
 
 
 
 
 
 
Common stock and nonredeemable preferred stock
36,144,065

 

 

 
36,144,065

Fixed Maturities:
 
 
 
 
 
 
 
Obligations of U.S. States, territories and political subdivisions*

 
72,091,721

 

 
72,091,721

Corporate debt securities*

 
18,417,992

 
935,700

 
19,353,692

Total
$
44,070,438

 
$
90,509,713

 
$
935,700

 
$
135,515,851

As of December 31, 2012
Level 1
 
Level 2
 
Level 3
 
Total
Short Term
$
13,567,648

 
$

 
$

 
$
13,567,648

Equity Securities:
 
 
 
 
 
 
 
Common stock and nonredeemable preferred stock
28,510,933

 

 

 
28,510,933

Fixed Maturities:
 
 
 
 
 
 
 
Obligations of U.S. States, territories and political subdivisions*

 
62,701,858

 

 
62,701,858

Corporate debt securities*

 
18,302,920

 
932,200

 
19,235,120

Total
$
42,078,581

 
$
81,004,778

 
$
932,200

 
$
124,015,559

*Denotes fair market value obtained from pricing services.
Schedule of Carrying Value and Fair Value of Financial Assets
The carrying amounts and fair values of these financial instruments (please note investments are disclosed in a previous table) as of December 31, 2013 and 2012 are presented in the following table:
As of December 31, 2013
 
 
 
 
 
 
 
 
 
Financial Assets
Carrying Value
 
Estimated Fair
Value
 
Level 1
 
Level 2
 
Level 3
Cash and cash equivalents
$
23,626,761

 
$
23,626,761

 
$
23,626,761

 
$

 
$

Cost-basis investments
1,927,429

 
2,069,302

 

 

 
2,069,302

Accrued dividends and interest
1,006,698

 
1,006,698

 
1,006,698

 

 

Total
$
26,560,888

 
$
26,702,761

 
$
24,633,459

 
$

 
$
2,069,302

 
 
 
 
 
 
 
 
 
 
Financial Liabilities
 
 
 
 
 
 
 
 
 
Contingent consideration
$
341,250

 
$
341,250

 
$

 
$

 
$
341,250

Total
$
341,250

 
$
341,250

 
$

 
$

 
$
341,250

As of December 31, 2012
 
 
 
 
 
 
 
 
 
Financial Assets
Carrying Value
 
Estimated Fair
Value
 
Level 1
 
Level 2
 
Level 3
Cash and cash equivalents
$
20,810,018

 
$
20,810,018

 
$
20,810,018

 
$

 
$

Cost-basis investments
1,871,315

 
1,952,323

 

 

 
1,952,323

Accrued dividends and interest
1,037,447

 
1,037,447

 
1,037,447

 

 

Total
$
23,718,780

 
$
23,799,788

 
$
21,847,465

 
$

 
$
1,952,323

 
 
 
 
 
 
 
 
 
 
Financial Liabilities
 
 
 
 
 
 
 
 
 
Contingent consideration
$
691,250

 
$
691,250

 
$

 
$

 
$
691,250

Total
$
691,250

 
$
691,250

 
$

 
$

 
$
691,250

Schedule of Fair Value Assets Measured at Unobservable Input Reconciliation
The following table presents a reconciliation of the Company’s assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3), which are all ARS securities, for the twelve months ended December 31, 2013 and 2012:
Changes in fair value during the year ended December 31:
2013
 
2012
Beginning balance at January 1
$
932,200

 
$
4,552,400

Redemptions and sales

 
(3,900,000
)
Realized gain – included in net realized gain on investments

 
211,061

Realized loss – included in net realized gain on investments

 

Unrealized gain - included in other comprehensive income
3,500

 
68,739

Ending balance at December 31
$
935,700

 
$
932,200

Schedule of Changing in Fair Value of Liabilities on Recurring Basis Using Significant Unobservable Inputs
The following table presents a reconciliation of the Company’s liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3), consisting solely of contingent consideration, for the twelve months ended December 31, 2013 and 2012:
Changes in fair value during the period ended:
2013
 
2012
Beginning balance at January 1
$
691,250

 
$

Addition of contingent consideration

 
691,250

Payment for contingent consideration
(350,000
)
 

Ending balance, net
$
341,250

 
$
691,250

Schedule of Estimated Fair Value Hierarchy of Investments and Related Impairments Recognized
The following table summarizes the corresponding estimated fair value hierarchy of such investments at December 31, 2013 and 2012 and the related impairments recognized:
December 31, 2013
Valuation
Method
 
Impaired
 
Level 1
 
Level 2
 
Level 3
 
Total at
Estimated
Fair
Value
 
Impairment
Losses
Cost-basis investments
Fair Value
 
Yes
 
$

 
$

 
$
32,744

 
$
32,744

 
$
(34,070
)
Total cost method investments and other assets
 
 
 
 
$

 
$

 
$
32,744

 
$
32,744

 
$
(34,070
)
December 31, 2012
Valuation
Method
 
Impaired
 
Level 1
 
Level 2
 
Level 3
 
Total at
Estimated
Fair
Value
 
Impairment
Losses
Cost-basis investments
Fair Value
 
Yes
 
$

 
$

 
$
36,406

 
$
36,406

 
$
(6,504
)
Total cost method investments and other assets
 
 
 
 
$

 
$

 
$
36,406

 
$
36,406

 
$
(6,504
)
v2.4.0.8
Property and Equipment (Tables)
12 Months Ended
Dec. 31, 2013
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment
Property and equipment and estimated useful lives at December 31 are summarized as follows:
 
2013
 
2012
Land
$
1,107,582

 
$
1,107,582

Office buildings and improvements (25 years)
3,365,699

 
3,345,762

Furniture, fixtures and equipment (3 to 10 years)
6,201,618

 
5,209,505

Automobiles (3 years)
855,018

 
787,180

Total
11,529,917

 
10,450,029

Less accumulated depreciation
(7,204,379
)
 
(6,846,706
)
Property and equipment, net
$
4,325,538

 
$
3,603,323

v2.4.0.8
Reserves for Claims (Tables)
12 Months Ended
Dec. 31, 2013
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]  
Summary Of Transactions In Reserves For Claims

Changes in the reserves for claims for the years ended December 31 are summarized as follows based on the year in which the policies were written:
 
2013
 
2012
 
2011
Balance, beginning of period
$
39,078,000

 
$
37,996,000

 
$
38,198,700

Provisions related to:
 
 
 
 
 
Current year
7,239,628

 
7,650,959

 
6,845,338

Prior year
(7,811,224
)
 
(1,578,844
)
 
(3,502,911
)
Total provision charged to operations
(571,596
)
 
6,072,115

 
3,342,427

Claims paid, net of recoveries, related to:
 
 
 
 
 
Current year
(110,240
)
 
(76,288
)
 
(305,079
)
Prior year
(3,036,164
)
 
(4,913,827
)
 
(3,240,048
)
Total claims paid, net of recoveries
(3,146,404
)
 
(4,990,115
)
 
(3,545,127
)
Balance, end of year
$
35,360,000

 
$
39,078,000

 
$
37,996,000

Summary Of The Company's Loss Reserves
A summary of the Company’s loss reserves, broken down into its components of known title claims and IBNR, follows:
 
2013
 
%
 
2012
 
%
Known title claims
$
4,670,809

 
13.2
 
$
5,166,370

 
13.2
IBNR
30,689,191

 
86.8
 
33,911,630

 
86.8
Total loss reserves
$
35,360,000

 
100.0
 
$
39,078,000

 
100.0
v2.4.0.8
Earnings Per Common Share and Share Awards (Tables)
12 Months Ended
Dec. 31, 2013
Earnings Per Share [Abstract]  
Computation Of Basic And Diluted Earnings Per Share
The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31:
For the Years Ended December 31,
2013
 
2012
 
2011
Net income attributable to the Company
$
14,708,210

 
$
11,102,496

 
$
6,933,936

Weighted average common shares outstanding – Basic
2,056,169

 
2,081,703

 
2,151,350

Incremental shares outstanding assuming the exercise of dilutive stock options and SARs (share-settled)
20,459

 
35,090

 
18,286

Weighted average common shares outstanding – Diluted
2,076,628

 
2,116,793

 
2,169,636

Basic earnings per common share
$
7.15

 
$
5.33

 
$
3.22

Diluted earnings per common share
$
7.08

 
$
5.24

 
$
3.20

Summary Of Share-Based Award Transactions
A summary of share-based award transactions for all share-based award plans follows:
 
Number
Of Shares
 
Weighted
Average
Exercise
Price
 
Average
Remaining
Contractual
Term (Years)
 
Aggregate
Intrinsic
Value
Outstanding as of January 1, 2011
110,800

 
$
28.77

 
4.51
 
$
353,955

SARs granted
3,000

 
41.50

 
 
 
 

Options exercised
(7,700
)
 
20.15

 
 
 
 

Options/SARs canceled/forfeited/expired
(4,500
)
 
28.61

 
 
 
 

Outstanding as of December 31, 2011
101,600

 
$
29.81

 
3.91
 
$
697,780

SARs granted
3,000

 
50.50

 
 
 
 

Options exercised
(6,380
)
 
25.17

 
 
 
 

Options/SARs canceled/forfeited/expired
(70
)
 
31.00

 
 
 
 

Outstanding as of December 31, 2012
98,150

 
$
30.74

 
3.17
 
$
2,871,710

SARs granted
3,000

 
71.59

 
 
 
 

SARs exercised
(79,500
)
 
28.77

 
 
 
 

Options exercised
(2,650
)
 
28.63

 
 
 
 

Options/SARs canceled/forfeited/expired

 

 
 
 
 

Outstanding as of December 31, 2013
19,000

 
$
45.74

 
3.43
 
$
669,610

 
 
 
 
 
 
 
 
Exercisable as of December 31, 2013
18,250

 
$
44.67

 
3.31
 
$
662,567

 
 
 
 
 
 
 
 
Unvested as of December 31, 2013
750

 
$
71.59

 
6.38
 
$
7,043

Summary of Information of Fixed Stock Options
The following tables summarize information about fixed stock options outstanding at December 31, 2013:
 
 
 
 
 
 
Options Outstanding at Year-End
 
Options Exercisable at Year-End
Range of Exercise Prices
 
Number
Outstanding
 
Weighted
Average
Remaining
Contractual Life
 
Weighted
Average
Exercise
Price
 
Number
Exercisable
 
Weighted
Average
Exercise
Price
$
21.49

 
 
$
27.96

 
1,000

 
0.38
 
$
27.21

 
1,000

 
$
27.21

33.32

 
 
36.79

 
1,500

 
1.38
 
36.79

 
1,500

 
36.79

$
21.49

 
 
$
36.79

 
2,500

 
0.98
 
$
32.96

 
2,500

 
$
32.96

 
 
 
 
 
 
SARs Outstanding at Year-End
 
SARs Exercisable at Year-End
Range of Exercise Prices
 
Number
Outstanding
 
Weighted
Average
Remaining
Contractual Life
 
Weighted
Average
Exercise
Price
 
Number
Exercisable
 
Weighted
Average
Exercise
Price
$
32.00

 
 
$
32.00

 
2,000

 
2.39
 
$
32.00

 
2,000

 
$
32.00

33.31

 
 
33.31

 
2,500

 
3.38
 
33.31

 
2,500

 
33.31

36.80

 
 
71.59

 
12,000

 
4.13
 
53.28

 
11,250

 
52.06

$
32.00

 
 
$
71.59

 
16,500

 
3.81
 
$
47.67

 
15,750

 
$
46.54

Share-Based Valuation Assumptions
The weighted average fair values for the SARs issued during 2013, 2012 and 2011 were $27.55, $18.84 and $15.55, respectively, and were estimated using the weighted average assumptions shown in the table below.
 
2013
 
2012
 
2011
Expected Life in Years
5.0
 
5.0
 
5.0
Volatility
44.6%
 
44.6%
 
43.6%
Interest Rate
1.3%
 
0.8%
 
1.9%
Yield Rate
0.5%
 
0.6%
 
0.8%
Schedule of Weighted Average Grant Date Fair Value of Stock Awards Plans
The estimated weighted average grant-date fair value of SARs granted for the years ended December 31 was as follows:
For the Years Ended December 31,
2013
 
2012
 
2011
Exercise price equal to market price on date of grant:
 
 
 
 
 
Weighted average market price
$
71.59

 
$
50.50

 
$
41.50

Weighted average grant-date fair value
$
27.55

 
$
18.84

 
$
15.55

v2.4.0.8
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2013
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense
The components of income tax expense for the years ended December 31 are summarized as follows:
For the Years Ended December 31,
2013
 
2012
 
2011
Current:
 
 
 
 
 
Federal
$
4,873,000

 
$
5,018,000

 
$
2,515,000

State
69,000

 
163,000

 
29,000

Total current
4,942,000

 
5,181,000

 
2,544,000

Deferred:
 
 
 
 
 
Federal
1,805,215

 
(305,525
)
 
28,131

State
(1,215
)
 
13,525

 
(7,131
)
Total deferred
1,804,000

 
(292,000
)
 
21,000

Total
$
6,746,000

 
$
4,889,000

 
$
2,565,000

Schedule of Deferred Tax Assets and Liabilities
At December 31, the approximate tax effect of each component of deferred income tax assets and liabilities is summarized as follows:
For the Years Ended December 31,
2013
 
2012
Deferred income tax assets:
 
 
 
Accrued benefits and retirement services
$
3,074,164

 
$
2,889,350

Allowance for doubtful accounts
883,426

 
641,920

Other-than-temporary impairment of assets
319,962

 
344,701

Excess of book over tax depreciation
171,504

 
143,184

Postretirement benefit obligation
24,914

 
52,791

Reinsurance and commission payable
21,953

 
19,087

Net operating loss carryforward
5,000

 
12,000

Other
256,309

 
410,052

Total
4,757,232

 
4,513,085

Deferred income tax liabilities:
 
 
 
Net unrealized gain on investments
5,976,215

 
4,687,264

Recorded reserves for claims, net of statutory premium reserves
2,467,798

 
399,217

Other
327,202

 
319,760

Total
8,771,215

 
5,406,241

Net deferred income tax liabilities
$
(4,013,983
)
 
$
(893,156
)
Schedule of Reconciliation of Income Tax
A reconciliation of income tax as computed for the years ended December 31 at the U.S. federal statutory income tax rate of 34.1% for 2013 and 34% for 2012 and 2011, respectively, to income tax expense follows:
For the Years Ended December 31,
2013
 
2012
 
2011
Anticipated income tax expense
$
7,346,074

 
$
5,467,168

 
$
3,229,638

Increase (decrease) related to:
 
 
 
 
 
State income taxes, net of federal income tax benefit
45,471

 
107,580

 
19,140

Tax-exempt interest income (net of amortization)
(772,545
)
 
(757,005
)
 
(700,300
)
Other, net
127,000

 
71,257

 
16,522

Provision for income taxes
$
6,746,000

 
$
4,889,000

 
$
2,565,000

v2.4.0.8
Leases (Tables)
12 Months Ended
Dec. 31, 2013
Leases [Abstract]  
Schedule of Future Minimum Rental Payments for Operating Leases
The future minimum lease payments under operating leases that have initial or remaining noncancelable lease terms in excess of one year as of December 31, 2013, are summarized as follows:
Year Ended:
 
2014
$
548,451

2015
303,465

2016
162,022

2017
45,107

2018
4,200

Thereafter

Total
$
1,063,245

v2.4.0.8
Retirement Agreements and Other Postretirement Benefit Plan (Tables)
12 Months Ended
Dec. 31, 2013
Compensation and Retirement Disclosure [Abstract]  
Components Of Net Periodic Benefits Cost
Cost of the Company’s postretirement benefits included the following components:
 
2013
 
2012
 
2011
Net periodic benefit cost
 
 
 
 
 
  Service cost – benefits earned during the year
$
15,782

 
$
12,617

 
$
19,503

  Interest cost on the projected benefit obligation
28,412

 
27,867

 
24,607

  (Accretion) amortization of unrecognized prior service cost
(1,518
)
 
9,396

 
13,038

  Amortization (accretion) of unrecognized loss (gain)
6,293

 
680

 
(318
)
Net periodic benefits cost at end of year
$
48,969

 
$
50,560

 
$
56,830

Schedule of Net Funded Status On The Balance Sheet
The effects of the funded status on the Company’s Consolidated Balance Sheets at December 31, 2013 and 2012 are presented in the following table:
 
2013
 
2012
Funded status
 
 
 
Actuarial present value of future benefits:
 
 
 
Fully eligible active employee
$
(377,838
)
 
$
(401,553
)
Non-eligible active employees
(301,439
)
 
(310,743
)
Plan assets

 

Funded status of accumulated postretirement benefit obligation, recognized in other liabilities
$
(679,277
)
 
$
(712,296
)
Development Of The Accumulated Postretirement Benefit Obligation
Development of the accumulated postretirement benefit obligation for the years ended December 31, 2013 and 2012 includes the following:
 
2013
 
2012
Accrued postretirement  benefit obligation at beginning of year
$
(712,296
)
 
$
(588,894
)
Service cost – benefits earned during the year
(15,782
)
 
(12,617
)
Interest cost on projected benefit obligation
(28,412
)
 
(27,867
)
Actuarial gain (loss)
77,213

 
(82,918
)
Accrued postretirement benefit obligation at end of year
$
(679,277
)
 
$
(712,296
)
Changes in Amounts Related to Accumulated Other Comprehensive Income, Pre-Tax
The changes in amounts related to accumulated other comprehensive income, pre-tax, are as follows:
 
2013
 
2012
Balance at beginning of year
$
155,234

 
$
82,392

Components of accumulated other comprehensive income:
 
 
 
Unrecognized prior service credit (cost)
1,518

 
(9,396
)
Amortization of loss, net
(6,293
)
 
(680
)
Actuarial (gain) loss
(77,213
)
 
82,918

Balance at end of year
$
73,246

 
$
155,234

Amounts in Accumulated Other Comprehensive Income, Pre-Tax, to be Recognized as Components of Net Periodic Benefit Costs
The amounts currently in accumulated other comprehensive income, pre-tax, that will be reclassified to the Consolidated Statements of Income and recognized as components of net periodic benefit costs in 2014 are:
 
Projected
2014
Amortization of unrecognized prior service cost
$
2,217

Amortization of unrecognized loss

Net periodic benefit cost at end of year
$
2,217

Effect of Net Periodic Postretirement Benefit Cost and Accumulated Postretirement Benefit Obligation
The following illustrates the effects on the net periodic postretirement benefit cost (“NPPBC”) and the accumulated postretirement benefit obligation (“APBO”) of a one percentage point increase and one percentage point decrease in the assumed health care cost trend rate as of December 31, 2013:
 
One-
Percentage
Point
Increase
 
One-
Percentage
Point
Decrease
Net periodic postretirement benefit cost
 
 
 
Effect on the service cost component
$
3,790

 
$
(2,860
)
Effect on interest cost
6,574

 
(5,056
)
Total effect on the net periodic postretirement benefit cost
$
10,364

 
$
(7,916
)
Accumulated postretirement benefit obligation (including active employees
who are not fully eligible)
 
 
 
Effect on those currently receiving benefits (retirees and spouses)
$

 
$

Effect on active fully eligible
68,198

 
(53,548
)
Effect on actives not yet eligible
77,887

 
(58,806
)
Total effect on the accumulated postretirement benefit obligation
$
146,085

 
$
(112,354
)
v2.4.0.8
Segment Information (Tables)
12 Months Ended
Dec. 31, 2013
Segment Reporting [Abstract]  
Selected Financial Information About The Company's Operations By Segment
Provided below is selected financial information about the Company’s operations by segment for the periods ended December 31, 2013, 2012 and 2011:
2013
Title
Insurance
 
All
Other
 
Intersegment
Eliminations
 
Total
Insurance and other services revenues
$
118,153,904

 
$
5,507,069

 
$
(1,499,884
)
 
$
122,161,089

Investment income
3,599,106

 
388,838

 
(93,336
)
 
3,894,608

Net realized gain (loss) on investments
225,661

 
(29,861
)
 

 
195,800

Total revenues
$
121,978,671

 
$
5,866,046

 
$
(1,593,220
)
 
$
126,251,497

Operating expenses
99,899,804

 
6,239,155

 
(1,430,200
)
 
104,708,759

Income (loss) before income taxes
$
22,078,867

 
$
(373,109
)
 
$
(163,020
)
 
$
21,542,738

Total assets
$
146,110,146

 
$
42,195,670

 
$

 
$
188,305,816

2012
Title
Insurance
 
All
Other
 
Intersegment
Eliminations
 
Total
Insurance and other services revenues
$
106,496,802

 
$
4,931,574

 
$
(1,395,934
)
 
$
110,032,442

Investment income
3,492,998

 
571,999

 
(84,586
)
 
3,980,411

Net realized gain on investments
430,495

 
635,744

 

 
1,066,239

Total revenues
$
110,420,295

 
$
6,139,317

 
$
(1,480,520
)
 
$
115,079,092

Operating expenses
94,909,649

 
5,433,207

 
(1,343,671
)
 
98,999,185

Income before income taxes
$
15,510,646

 
$
706,110

 
$
(136,849
)
 
$
16,079,907

Total assets
$
136,042,848

 
$
35,875,428

 
$

 
$
171,918,276

2011
Title
Insurance
 
All
Other
 
Intersegment
Eliminations
 
Total
Insurance and other services revenues
$
83,420,562

 
$
4,455,631

 
$
(814,632
)
 
$
87,061,561

Investment income
3,174,148

 
502,557

 
(81,669
)
 
3,595,036

Net realized gain (loss) on investments
97,640

 
(69,081
)
 

 
28,559

Total revenues
$
86,692,350

 
$
4,889,107

 
$
(896,301
)
 
$
90,685,156

Operating expenses
77,294,353

 
4,706,499

 
(814,632
)
 
81,186,220

Income before income taxes
$
9,397,997

 
$
182,608

 
$
(81,669
)
 
$
9,498,936

Total assets
$
123,712,762

 
$
34,245,701

 
$

 
$
157,958,463

v2.4.0.8
Related Party Transactions (Tables)
12 Months Ended
Dec. 31, 2013
Related Party Transactions [Abstract]  
Summary Of Approximate Values By Year Found Within Consolidated Balance Sheets
The following table sets forth the approximate values by year found within each financial statement classification:
Financial Statement Classification,
2013
 
2012
Consolidated Balance Sheets
 
Other investments
$
5,320,000

 
$
4,892,000

Premiums and fees receivable
$
657,000

 
$
1,011,000

Summary Of Approximate Values By Year Found Within Consolidated Statements Of Income
Financial Statement Classification,
 
 
 
Consolidated Statements of Income
2013
 
2012
 
2011
Net premiums written
$
12,442,000

 
$
15,558,000

 
$
11,004,000

Other income
$
1,839,000

 
$
2,238,000

 
$
1,336,000

v2.4.0.8
Acquisition (Tables)
12 Months Ended
Dec. 31, 2013
Business Combinations [Abstract]  
Reconciliation Of Total Redeemable Equity
The following table provides a reconciliation of total redeemable equity for the periods ended December 31, 2013, 2012 and 2011:
Changes in fair value during the period ended:
2013
 
2012
 
2011
Beginning balance at January 1
$
493,861

 
$

 
$

Redeemable noncontrolling interest resulting from subsidiary purchase

 
446,250

 

Net income attributable to redeemable noncontrolling interest
88,528

 
88,411

 

Distributions to noncontrolling interest
(36,900
)
 
(40,800
)
 

Balance, net
$
545,489

 
$
493,861

 
$

Schedule Of Aggregate Amortization Expense for Intangible Assets
The amortization of the non-compete contract will start at a future date when the related employment agreement is terminated.  Assuming that the amortization of the non-complete agreement begins on the first day subsequent to the employment period stated in the current employment agreement, estimated aggregate amortization expense for each of the five succeeding fiscal years are as follows:
Year Ended:
 
2014
$
134,253

2015
134,253

2016
134,253

2017
134,253

2018
134,253

Thereafter
688,688

Total
$
1,359,953

v2.4.0.8
Accumulated Other Comprehensive Income (Tables)
12 Months Ended
Dec. 31, 2013
Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule Of Changes In Balances Of Each Component Of Accumulated Other Comprehensive Income, Net Of Tax
The following tables illustrate changes in the balances of each component of accumulated other comprehensive income, net of tax, for the periods ended December 31, 2013, 2012 and 2011:
2013
Unrealized Gains and Losses
On Available-for-Sale
Securities
 
Postretirement
Benefits Plans
 
 
Total
Beginning balance at January 1
$
8,920,884

 
$
(102,454
)
 
$
8,818,430

Other comprehensive income before reclassifications
2,605,184

 
50,961

 
2,656,145

Amounts reclassified from accumulated other comprehensive income
(130,311
)
 
3,140

 
(127,171
)
Net current-period other comprehensive income
2,474,873

 
54,101

 
2,528,974

Ending balance
$
11,395,757

 
$
(48,353
)
 
$
11,347,404

2012
Unrealized Gains and Losses
On Available-for-Sale
Securities
 
Postretirement
Benefits Plans
 
 
Total
Beginning balance at January 1
$
7,563,541

 
$
(54,376
)
 
$
7,509,165

Other comprehensive income (loss) before reclassifications
2,032,134

 
(54,726
)
 
1,977,408

Amounts reclassified from accumulated other comprehensive income (loss)
(674,791
)
 
6,648

 
(668,143
)
Net current-period other comprehensive income (loss)
1,357,343

 
(48,078
)
 
1,309,265

Ending balance
$
8,920,884

 
$
(102,454
)
 
$
8,818,430

2011
Unrealized Gains and Losses
On Available-for-Sale
Securities
 
Postretirement
Benefits Plans
 
 
Total
Beginning balance at January 1
$
5,675,516

 
$
13,189

 
$
5,688,705

Other comprehensive income (loss) before reclassifications
1,910,017

 
(75,959
)
 
1,834,058

Amounts reclassified from accumulated other comprehensive income (loss)
(21,992
)
 
8,394

 
(13,598
)
Net current-period other comprehensive income (loss)
1,888,025

 
(67,565
)
 
1,820,460

Ending balance
$
7,563,541

 
$
(54,376
)
 
$
7,509,165

Schedule Of Reclassification Out Of Accumulated Other Comprehensive Income
The following tables provide significant amounts reclassified out of each component of accumulated other comprehensive income for the periods ended December 31, 2013, 2012 and 2011:
2013
 

 
Details about Accumulated Other
Comprehensive Income Components
Amount Reclassified from
Accumulated Other
Comprehensive Income

 Affected Line Item in the Consolidated
Statements of Income
Unrealized gains and losses on available-for-sale securities:
 

 
Net realized gain on investment
$
229,869


 
Other-than-temporary impairments
(34,070
)

 
Total
$
195,799


Net realized gain on investment
Tax
(65,488
)

Provision for Income Taxes
Net of Tax
$
130,311


 
Accretion (amortization) related to postretirement benefit plans:
 


 
Prior year service cost
$
1,518


 
Unrecognized loss
(6,293
)

 
Total
$
(4,775
)

(a)
Tax
1,635


Provision for Income Taxes
Net of Tax
$
(3,140
)

 
Reclassifications for the period
$
127,171


 
2012
 
 
 
Details about Accumulated Other
Comprehensive Income Components
Amount Reclassified from
Accumulated Other
Comprehensive Income
 
 Affected Line Item in the Consolidated
Statements of Income
Unrealized gains and losses on available-for-sale securities:
 
 
 
Net realized gain on investment
$
1,166,179

 
 
Other-than-temporary impairments
(99,940
)
 
 
Total
$
1,066,239

 
Net realized gain on investment
Tax
(391,448
)
 
Provision for Income Taxes
Net of Tax
$
674,791

 
 
Amortization related to postretirement benefit plans:
 

 
 
Prior year service cost
$
(9,396
)
 
 
Unrecognized loss
(680
)
 
 
Total
$
(10,076
)
 
(a)
Tax
3,428

 
Provision for Income Taxes
Net of Tax
$
(6,648
)
 
 
Reclassifications for the period
$
668,143

 
 
2011
 
 
 
Details about Accumulated Other
Comprehensive Income Components
Amount Reclassified from
Accumulated Other
Comprehensive Income
 
 Affected Line Item in the Consolidated
Statements of Income
Unrealized gains and losses on available-for-sale securities:
 
 
 
Net realized gain on investment
$
353,950

 
 
Other-than-temporary impairments
(325,391
)
 
 
Total
$
28,559

 
Net realized gain on investment
Tax
(6,567
)
 
Provision for Income Taxes
Net of Tax
$
21,992

 
 
(Amortization) accretion related to postretirement benefit plans:
 

 
 
Prior year service cost
$
(13,038
)
 
 
Unrecognized gain
318

 
 
Total
$
(12,720
)
 
(a)
Tax
4,326

 
Provision for Income Taxes
Net of Tax
$
(8,394
)
 
 
Reclassifications for the period
$
13,598

 
 

(a)
These accumulated other comprehensive income components are not reclassified to net income in their entirety in the same reporting period. The amounts are presented within Salaries, employee benefits and payroll taxes on the Consolidated Statements of Income as amortized. Amortization related to postretirement benefit plans is included in the computation of net periodic pension costs, as discussed in Note 10.
v2.4.0.8
Basis Of Presentation and Significant Accounting Policies (Details) (USD $)
12 Months Ended
Dec. 31, 2013
Subsidiary
State
Dec. 31, 2012
Organization, Consolidation and Presentation of Financial Statements [Line Items]    
Number of title insurance subsidiaries 2  
Number of States in which Entity operates 22  
Cost method investment, aggregate cost $ 1,834,229 $ 1,778,115
Premium collection period before reserved 7 months  
Unrealized holding gains on available-for-sale securities 11,395,757 8,920,884
Amount recognized in accumulated other comprehensive income, net of tax $ 48,353 $ 102,454
Potential claim payment period after policy issuance 20 years  
Minimum
   
Organization, Consolidation and Presentation of Financial Statements [Line Items]    
Property and equipment useful life 3 years  
Lag time between Policy effective dates and transaction reporting dates 30 days  
Transaction reporting period 60 days  
Maximum
   
Organization, Consolidation and Presentation of Financial Statements [Line Items]    
Property and equipment useful life 25 years  
Lag time between Policy effective dates and transaction reporting dates 120 days  
Transaction reporting period 90 days  
v2.4.0.8
Statutory Restrictions on Consolidated Stockholders' Equity and Investments (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2013
Dec. 31, 2012
Statutory Restrictions on Consolidated Stockholders' Equity and Investments [Abstract]    
Statutory accounting statutory premium and supplemental reserves $ 47,405 $ 44,829
Amount available for dividend distribution with approval from regulatory agencies 83,311 76,167
Investments on deposit with state insurance departments $ 7,022 $ 6,700
v2.4.0.8
Investments in Securities and Fair Value (Details) (USD $)
12 Months Ended
Dec. 31, 2013
security
Dec. 31, 2012
security
Dec. 31, 2011
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]      
Available-for-sale, fixed maturity $ 91,445,413 $ 81,936,978  
Available for sale securities, unrealized losses 497,607 25,205  
Available for sale securities, equity securities 36,144,065 28,510,933  
Number of securities with unrealized losses 26 7  
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net   93,436 280,987
Fixed maturities
     
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]      
Available-for-sale, fixed maturity 21,150,675 2,222,156  
Available for sale securities, unrealized losses 497,607 25,205  
Equity securities
     
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]      
Available for sale securities, unrealized losses 109,084 91,237  
Available for sale securities, equity securities 2,280,900 2,551,215  
Auction rate securities
     
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]      
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net     101,861
Difference in low to high range values as percent of carrying value 0.00% 4.00%  
Level 3 | Auction rate securities
     
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]      
Securities par value $ 1,000,000 $ 1,000,000  
Percent of securities par value guaranteed by the U.S. Department of Education 97.00% 97.00%  
v2.4.0.8
Investments in Securities and Fair Value Schedule of Gross Unrealized Gains and Losses and Amortized Cost for Securities (Details) (USD $)
Dec. 31, 2013
Dec. 31, 2012
Available-for-sale Securities [Abstract]    
Amortized Cost $ 87,980,160 $ 75,573,673
Gross Unrealized Gains 3,962,860 6,388,510
Gross Unrealized Losses 497,607 25,205
Estimated Fair Value 91,445,413 81,936,978
Amortized Cost 22,200,369 21,229,114
Gross Unrealized Gains 14,052,780 7,373,056
Gross Unrealized Losses 109,084 91,237
Estimated Fair Value 36,144,065 28,510,933
Short Term Investments Amortized Cost Basis 7,926,373 13,567,648
Short Term Investments Gross Unrealized Gains 0 0
Short Term Investments Gross Unrealized Losses 0 0
Short Term Investments Estimated Fair Value 7,926,373 13,567,648
General obligations of U.S. States, territories and political subdivisions
   
Available-for-sale Securities [Abstract]    
Amortized Cost 38,449,309 38,658,463
Gross Unrealized Gains 1,922,862 3,211,445
Gross Unrealized Losses 184,351 0
Estimated Fair Value 40,187,820 41,869,908
Issuer obligations of U.S. States, territories and political subdivisions special revenue
   
Available-for-sale Securities [Abstract]    
Amortized Cost 30,874,571 18,933,299
Gross Unrealized Gains 1,234,130 1,909,106
Gross Unrealized Losses 204,800 10,455
Estimated Fair Value 31,903,901 20,831,950
Corporate debt securities
   
Available-for-sale Securities [Abstract]    
Amortized Cost 17,736,608 17,064,697
Gross Unrealized Gains 789,840 1,252,973
Gross Unrealized Losses 108,456 14,750
Estimated Fair Value 18,417,992 18,302,920
Auction rate securities
   
Available-for-sale Securities [Abstract]    
Amortized Cost 919,672 917,214
Gross Unrealized Gains 16,028 14,986
Gross Unrealized Losses 0 0
Estimated Fair Value 935,700 932,200
Common stocks and nonredeemable preferred stocks
   
Available-for-sale Securities [Abstract]    
Amortized Cost 22,200,369 21,229,114
Gross Unrealized Gains 14,052,780 7,373,056
Gross Unrealized Losses 109,084 91,237
Estimated Fair Value 36,144,065 28,510,933
Certificates of deposit and money market funds
   
Available-for-sale Securities [Abstract]    
Short Term Investments Amortized Cost Basis 7,926,373 13,567,648
Short Term Investments Gross Unrealized Gains 0 0
Short Term Investments Gross Unrealized Losses 0 0
Short Term Investments Estimated Fair Value $ 7,926,373 $ 13,567,648
v2.4.0.8
Investments in Securities and Fair Value Schedule of Fixed Maturity Securities (Details) (USD $)
Dec. 31, 2013
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract]  
Due in one year or less $ 8,685,106
Due after one year through five years 57,287,230
Due five years through ten years 14,159,839
Due after ten years 7,847,985
Total 87,980,160
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract]  
Due after one year through five years 8,848,668
Due after one year through five years 60,170,845
Due five years through ten years 14,285,208
Due after ten years 8,140,692
Total $ 91,445,413
v2.4.0.8
Investments in Securities and Fair Value Schedule of Earnings on Investments (Details) (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Investment income $ 3,894,608 $ 3,980,411 $ 3,595,036
Fixed maturities
     
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Investment income 2,997,901 3,154,131 3,233,988
Equity securities
     
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Investment income 890,917 815,674 347,843
Invested cash and other short-term investments
     
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Investment income 5,754 10,576 12,725
Miscellaneous interest
     
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Investment income $ 36 $ 30 $ 480
v2.4.0.8
Investments in Securities and Fair Value Schedule of Gross Realized Gains (Losses) on Securities (Details) (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Schedule of Available-for-sale Securities [Line Items]      
Gross realized gains $ 369,673 $ 714,168 $ 593,855
Gross realized losses (180,169) (185,411) (528,104)
Net realized gain 189,504 528,757 65,751
Impairments of other assets and investments (34,070) (6,504) (44,404)
Gain on other assets and investments 48,946 543,986 30,238
Loss on other assets and investments (8,580) 0 (23,026)
Realized Investment Gains (Losses) 6,296 537,482 (37,192)
Gain (Loss) on Investments 195,800 1,066,239 28,559
General obligations of U.S. States, territories and political subdivisions
     
Schedule of Available-for-sale Securities [Line Items]      
Gross realized gains 0 250 386
Corporate debt securities
     
Schedule of Available-for-sale Securities [Line Items]      
Gross realized gains 0 52,396 20,459
Common stocks and nonredeemable preferred stocks
     
Schedule of Available-for-sale Securities [Line Items]      
Gross realized gains 369,673 450,461 529,811
Gross realized losses (180,169) (91,975) (247,117)
Auction rate securities
     
Schedule of Available-for-sale Securities [Line Items]      
Gross realized gains 0 211,061 43,199
Other Than Temporary Impairment Of Securities
     
Schedule of Available-for-sale Securities [Line Items]      
Gross realized losses $ 0 $ (93,436) $ (280,987)
v2.4.0.8
Investments in Securities and Fair Value Schedule of Unrealized Losses on Investments (Details) (USD $)
Dec. 31, 2013
Dec. 31, 2012
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Less than Twelve Months, Fair Value $ 23,186,646 $ 4,773,371
Available-for-sale Securities, Less than 12 Months, Aggregate Losses (570,605) (116,442)
Available-for-sale Securities, Twelve Months or Longer, Fair Value 244,929 0
Available-for-sale Securities, 12 Months or Longer, Aggregate Losses (36,086) 0
Available-for-sale Securities, Total Fair Value 23,431,575 4,773,371
Available-for-sale Securities, Total Aggregate Losses (606,691) (116,442)
General obligations of U.S. States, territories and political subdivisions
   
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Less than Twelve Months, Fair Value 4,198,012  
Available-for-sale Securities, Less than 12 Months, Aggregate Losses (184,351)  
Available-for-sale Securities, Twelve Months or Longer, Fair Value 0  
Available-for-sale Securities, 12 Months or Longer, Aggregate Losses 0  
Available-for-sale Securities, Total Fair Value 4,198,012  
Available-for-sale Securities, Total Aggregate Losses (184,351)  
Issuer obligations of U.S. States, territories and political subdivisions special revenue
   
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Less than Twelve Months, Fair Value 11,010,093 1,236,906
Available-for-sale Securities, Less than 12 Months, Aggregate Losses (204,800) (10,455)
Available-for-sale Securities, Twelve Months or Longer, Fair Value 0 0
Available-for-sale Securities, 12 Months or Longer, Aggregate Losses 0 0
Available-for-sale Securities, Total Fair Value 11,010,093 1,236,906
Available-for-sale Securities, Total Aggregate Losses (204,800) (10,455)
Corporate debt securities
   
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Less than Twelve Months, Fair Value 5,942,570 985,250
Available-for-sale Securities, Less than 12 Months, Aggregate Losses (108,456) (14,750)
Available-for-sale Securities, Twelve Months or Longer, Fair Value 0 0
Available-for-sale Securities, 12 Months or Longer, Aggregate Losses 0 0
Available-for-sale Securities, Total Fair Value 5,942,570 985,250
Available-for-sale Securities, Total Aggregate Losses (108,456) (14,750)
Total fixed maturity securities
   
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Less than Twelve Months, Fair Value 21,150,675 2,222,156
Available-for-sale Securities, Less than 12 Months, Aggregate Losses (497,607) (25,205)
Available-for-sale Securities, Twelve Months or Longer, Fair Value 0 0
Available-for-sale Securities, 12 Months or Longer, Aggregate Losses 0 0
Available-for-sale Securities, Total Fair Value 21,150,675 2,222,156
Available-for-sale Securities, Total Aggregate Losses (497,607) (25,205)
Equity securities
   
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Less than Twelve Months, Fair Value 2,035,971 2,551,215
Available-for-sale Securities, Less than 12 Months, Aggregate Losses (72,998) (91,237)
Available-for-sale Securities, Twelve Months or Longer, Fair Value 244,929 0
Available-for-sale Securities, 12 Months or Longer, Aggregate Losses (36,086) 0
Available-for-sale Securities, Total Fair Value 2,280,900 2,551,215
Available-for-sale Securities, Total Aggregate Losses $ (109,084) $ (91,237)
v2.4.0.8
Investments in Securities and Fair Value Schedule of Assumptions Used to Determine Fair Value (Details)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Investments, Debt and Equity Securities [Abstract]    
Cumulative probability of earning maximum rate until maturity 0.00% 0.00%
Cumulative probability of principle returned prior to maturity 95.60% 96.10%
Cumulative probability of default at some future point 4.40% 3.90%
v2.4.0.8
Investments in Securities and Fair Value Schedule of Fair Value Assets Measured on Recurring Basis (Details) (USD $)
Dec. 31, 2013
Dec. 31, 2012
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short Term $ 7,926,373 $ 13,567,648
Available for sale securities, equity securities 36,144,065 28,510,933
Available-for-sale, fixed maturity 91,445,413 81,936,978
Total 135,515,851 124,015,559
Level 1
   
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short Term 7,926,373 13,567,648
Total 44,070,438 42,078,581
Level 2
   
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short Term 0 0
Total 90,509,713 81,004,778
Level 3
   
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short Term 0 0
Total 935,700 932,200
Common stock and nonredeemable preferred stock
   
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available for sale securities, equity securities 36,144,065 28,510,933
Common stock and nonredeemable preferred stock | Level 1
   
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available for sale securities, equity securities 36,144,065 28,510,933
Common stock and nonredeemable preferred stock | Level 2
   
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available for sale securities, equity securities 0 0
Common stock and nonredeemable preferred stock | Level 3
   
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available for sale securities, equity securities 0 0
Obligations of U.S. States, territories and political subdivisions
   
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale, fixed maturity 72,091,721 [1] 62,701,858 [1]
Obligations of U.S. States, territories and political subdivisions | Level 1
   
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale, fixed maturity 0 [1] 0 [1]
Obligations of U.S. States, territories and political subdivisions | Level 2
   
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale, fixed maturity 72,091,721 [1] 62,701,858 [1]
Obligations of U.S. States, territories and political subdivisions | Level 3
   
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale, fixed maturity 0 [1] 0 [1]
Corporate debt securities
   
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale, fixed maturity 19,353,692 19,235,120
Corporate debt securities | Level 1
   
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale, fixed maturity 0 0
Corporate debt securities | Level 2
   
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale, fixed maturity 18,417,992 18,302,920
Corporate debt securities | Level 3
   
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale, fixed maturity $ 935,700 $ 932,200
[1] Denotes fair market value obtained from pricing services.
v2.4.0.8
Investments in Securities and Fair Value Schedule of Carrying Value and Fair Value of Financial Assets (Details) (USD $)
Dec. 31, 2013
Dec. 31, 2012
Apr. 02, 2012
Dec. 31, 2011
Dec. 31, 2010
Financial Assets          
Cash and cash equivalents, carrying value $ 23,626,761 $ 20,810,018   $ 18,042,258 $ 8,117,031
Cost-basis investments, carrying value 1,927,429 1,871,315      
Accrued dividends and interest, carrying value 1,006,698 1,037,447      
Financial assets disclosed, carrying value 26,560,888 23,718,780      
Cash and cash equivalents, estimated fair value 23,626,761 20,810,018      
Cost-basis investments, estimated fair value 2,069,302 1,952,323      
Accrued dividends and interest, estimated fair value 1,006,698 1,037,447      
Financial assets disclosed, estimated fair value 26,702,761 23,799,788      
Financial Liabilities          
Contingent consideration, carrying value 341,250 691,250      
Financial liabilities, carrying value 341,250 691,250      
Contingent consideration, estimated fair value 341,250 691,250 691,250    
Financial liabilities, estimated fair value 341,250 691,250      
Level 1
         
Financial Assets          
Cash and cash equivalents, estimated fair value 23,626,761 20,810,018      
Cost-basis investments, estimated fair value 0 0      
Accrued dividends and interest, estimated fair value 1,006,698 1,037,447      
Financial assets disclosed, estimated fair value 24,633,459 21,847,465      
Financial Liabilities          
Contingent consideration, estimated fair value 0 0      
Financial liabilities, estimated fair value 0 0      
Level 2
         
Financial Assets          
Cash and cash equivalents, estimated fair value 0 0      
Cost-basis investments, estimated fair value 0 0      
Accrued dividends and interest, estimated fair value 0 0      
Financial assets disclosed, estimated fair value 0 0      
Financial Liabilities          
Contingent consideration, estimated fair value 0 0      
Financial liabilities, estimated fair value 0 0      
Level 3
         
Financial Assets          
Cash and cash equivalents, estimated fair value 0 0      
Cost-basis investments, estimated fair value 2,069,302 1,952,323      
Accrued dividends and interest, estimated fair value 0 0      
Financial assets disclosed, estimated fair value 2,069,302 1,952,323      
Financial Liabilities          
Contingent consideration, estimated fair value 341,250 691,250      
Financial liabilities, estimated fair value $ 341,250 $ 691,250      
v2.4.0.8
Investments in Securities and Fair Value Schedule of Fair Value Assets Measured at Unobservable Inputs Reconciliation (Details) (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance at January 1 $ 932,200 $ 4,552,400
Redemptions and sales 0 (3,900,000)
Realized gain – included in net realized gain on investments 0 211,061
Realized loss – included in net realized gain on investments 0 0
Unrealized gain - included in other comprehensive income 3,500 68,739
Ending balance at December 31 $ 935,700 $ 932,200
v2.4.0.8
Investments in Securities and Fair Value Schedule of Changing in Fair Value of Liabilities on Recurring Basis Using Significant Unobservable Inputs (Details) (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance at January 1 $ 691,250 $ 0
Addition of contingent consideration 0 691,250
Payment for contingent consideration (350,000) 0
Ending balance, net $ 341,250 $ 691,250
v2.4.0.8
Investments in Securities and Fair Value Schedule of Estimated Fair Value Hierarchy of Investments and Related Impairments Recognized (Details) (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total at Estimated Fair Value $ 32,744 $ 36,406
Impairment Losses (34,070) (6,504)
Cost-basis investments
   
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Valuation Method Fair Value Fair Value
Impaired Yes Yes
Total at Estimated Fair Value 32,744 36,406
Impairment Losses (34,070) (6,504)
Level 1
   
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total at Estimated Fair Value 0 0
Level 1 | Cost-basis investments
   
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total at Estimated Fair Value 0 0
Level 2
   
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total at Estimated Fair Value 0 0
Level 2 | Cost-basis investments
   
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total at Estimated Fair Value 0 0
Level 3
   
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total at Estimated Fair Value 32,744 36,406
Level 3 | Cost-basis investments
   
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total at Estimated Fair Value $ 32,744 $ 36,406
v2.4.0.8
Property and Equipment (Details) (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 11,529,917 $ 10,450,029
Less accumulated depreciation (7,204,379) (6,846,706)
Property and equipment, net 4,325,538 3,603,323
Minimum
   
Property, Plant and Equipment [Line Items]    
Property and equipment useful life 3 years  
Maximum
   
Property, Plant and Equipment [Line Items]    
Property and equipment useful life 25 years  
Land
   
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 1,107,582 1,107,582
Office buildings and improvements (25 years)
   
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 3,365,699 3,345,762
Property and equipment useful life 25 years  
Furniture, fixtures and equipment (3 to 10 years)
   
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 6,201,618 5,209,505
Furniture, fixtures and equipment (3 to 10 years) | Minimum
   
Property, Plant and Equipment [Line Items]    
Property and equipment useful life 3 years  
Furniture, fixtures and equipment (3 to 10 years) | Maximum
   
Property, Plant and Equipment [Line Items]    
Property and equipment useful life 10 years  
Automobiles (3 years)
   
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 855,018 $ 787,180
Property and equipment useful life 3 years  
v2.4.0.8
Reinsurance (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Reinsurance Disclosures [Abstract]      
Assumed premiums written $ 6 $ 16 $ 17
Ceded premiums written $ 211 $ 233 $ 177
v2.4.0.8
Reserves for Claims Summary Of Transactions In Reserves For Claims (Details) (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]      
Balance, beginning of period $ 39,078,000 $ 37,996,000 $ 38,198,700
Provisions related to: Current year 7,239,628 7,650,959 6,845,338
Provisions related to: Prior years (7,811,224) (1,578,844) (3,502,911)
Total provision charged to operations (571,596) 6,072,115 3,342,427
Claims paid, net of recoveries, related to: Current year (110,240) (76,288) (305,079)
Claims paid, net of recoveries, related to: Prior years (3,036,164) (4,913,827) (3,240,048)
Total claims paid, net of recoveries (3,146,404) (4,990,115) (3,545,127)
Balance, end of year $ 35,360,000 $ 39,078,000 $ 37,996,000
v2.4.0.8
Reserves for Claims Summary Of The Company's Loss Reserves (Details) (USD $)
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]        
Known title claims $ 4,670,809 $ 5,166,370    
IBNR 30,689,191 33,911,630    
Total loss reserves $ 35,360,000 $ 39,078,000 $ 37,996,000 $ 38,198,700
% of Known title claims 13.20% 13.20%    
% of IBNR 86.80% 86.80%    
% of Total loss reserves 100.00% 100.00%    
v2.4.0.8
Reserves for Claims Change in Accounting Estimate (Details) (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Change in Accounting Estimate [Line Items]        
Liability for Title Claims and Claims Adjustment Expense $ 35,360,000 $ 39,078,000 $ 37,996,000 $ 38,198,700
Reduction in Policyholder Benefits and Claims Incurred, Net (571,596) 6,072,115 3,342,427  
(Benefit) Provision for Income Taxes 6,746,000 4,889,000 2,565,000  
Net Income Attributable to the Company 14,708,210 11,102,496 6,933,936  
Basic Earnings per Common Share $ 7.15 $ 5.33 $ 3.22  
Diluted Earnings per Common Share $ 7.08 $ 5.24 $ 3.20  
Change in Accounting IBNR Reserve Estimate
       
Change in Accounting Estimate [Line Items]        
Liability for Title Claims and Claims Adjustment Expense (2,200,000)      
Reduction in Policyholder Benefits and Claims Incurred, Net (2,200,000)      
(Benefit) Provision for Income Taxes 750,000      
Net Income Attributable to the Company $ 1,450,000      
Basic Earnings per Common Share $ 0.71      
Diluted Earnings per Common Share $ 0.70      
v2.4.0.8
Reserves for Claims Narrative (Details) (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Realized claim recoveries $ 1,165,000 $ 1,324,000 $ 1,488,000
Provision rate for title insurance claims (0.50%) 5.90% 4.10%
Minimum
     
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Large claim threshold $ 250,000    
v2.4.0.8
Earnings Per Common Share and Share Awards (Details) (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Earnings Per Common Share And Share Awards [Line Items]      
Incremental dilutive potential common shares, calculated using treasury stock method (in shares) 20,459 35,090 18,286
Anti-dilutive shares excluded from computation of diluted earnings per share 0 0 11,500
SARs and options vesting period 1 year    
Intrinsic values of options exercised $ 3,486,000 $ 153,000 $ 118,000
Options and SARs vested 3,250    
Fair value of options and SARs vested 79,755    
Share-settled SARs to directors (in shares) 3,000 3,000 3,000
Weighted-average fair values for SARs issued (dollars per share) $ 27.55 $ 18.84 $ 15.55
Compensation expense relating to SARs or options vesting 84,000 75,000 214,000
Total unrecognized compensation cost related to unvested share-based compensation arrangements granted under stock award plans $ 23,000    
Weighted-average period of unrecognized compensation cost recognition 3 months    
Number of stock options or SARs granted where exercise price was less than market price on date of grant 0    
Minimum
     
Earnings Per Common Share And Share Awards [Line Items]      
Annual rate at which stock appreciation rights and options are exercisable and vest 10.00%    
SARs and options expiration period 5 years    
Maximum
     
Earnings Per Common Share And Share Awards [Line Items]      
Maximum shares of Company stock to be granted to key employees or directors 500,000    
Annual rate at which stock appreciation rights and options are exercisable and vest 20.00%    
SARs and options expiration period 10 years    
v2.4.0.8
Earnings Per Common Share and Share Awards Computation Of Basic And Diluted Earnings Per Share (Details) (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Earnings Per Share [Abstract]      
Net income attributable to the Company $ 14,708,210 $ 11,102,496 $ 6,933,936
Weighted Average Shares Outstanding – Basic 2,056,169 2,081,703 2,151,350
Incremental shares outstanding assuming the exercise of dilutive stock options and SARs (share settled) 20,459 35,090 18,286
Weighted average common shares outstanding - Diluted 2,076,628 2,116,793 2,169,636
Basic Earnings per Common Share $ 7.15 $ 5.33 $ 3.22
Diluted Earnings per Common Share $ 7.08 $ 5.24 $ 3.20
v2.4.0.8
Earnings Per Common Share and Share Awards Summary Of Share-Based Award Transactions (Details) (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]        
Number Of Shares, Options exercised (2,650) (6,380) (7,700)  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]        
Weighted Average Exercise Price, Options exercised $ 28.63 $ 25.17 $ 20.15  
StockOptionsAndStockAppreciationRightsSARS
       
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]        
Number Of Shares, Outstanding Beginning Balance 98,150 101,600 110,800  
Number Of Shares, Options/SARs cancelled/forfeited/expired 0 (70) (4,500)  
Number Of Shares, Outstanding Ending Balance 19,000 98,150 101,600 110,800
Number Of Shares, Exercisable as of December 31, 2013 18,250      
Number Of Shares, Unvested as of December 31, 2013 750      
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]        
Weighted Average Exercise Price, Outstanding Beginning Balance $ 30.74 $ 29.81 $ 28.77  
Weighted Average Exercise Price, Options/SARs cancelled/forfeited/expired $ 0.00 $ 31.00 $ 28.61  
Weighted Average Exercise Price, Outstanding Ending Balance $ 45.74 $ 30.74 $ 29.81 $ 28.77
Weighted Average Exercise Price, Exercisable as of December 31, 2013 $ 44.67      
Weighted Average Exercise Price, Unvested as of December 31, 2013 $ 71.59      
Average Remaining Contractual Term, Outstanding Beginning Balance 3 years 5 months 5 days 3 years 2 months 1 day 3 years 10 months 28 days 4 years 6 months 4 days
Average Remaining Contractual Term, Outstanding Ending Balance 3 years 5 months 5 days 3 years 2 months 1 day 3 years 10 months 28 days 4 years 6 months 4 days
Average Remaining Contractual Term, Exercisable as of December 31, 2013 3 years 3 months 22 days      
Average Remaining Contractual Term, Unvested as of December 31, 2013 6 years 4 months 17 days      
Aggregate Intrinsic Value, Outstanding Beginning Balance $ 2,871,710 $ 697,780 $ 353,955  
Aggregate Intrinsic Value, Outstanding Ending Balance 669,610 2,871,710 697,780 353,955
Aggregate Intrinsic Value, Exercisable as of December 31, 2013 662,567      
Aggregate Intrinsic Value, Unvested as of December 31, 2013 $ 7,043      
SARs
       
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]        
Number Of Shares, SARs granted 3,000 3,000 3,000  
Number Of Shares, Options exercised (79,500)      
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]        
Weighted Average Exercise Price, SARs granted $ 71.59 $ 50.50 $ 41.50  
Weighted Average Exercise Price, Options exercised $ 28.77      
v2.4.0.8
Earnings Per Common Share and Share Awards Summary of Information of Fixed Stock Options (Details) (USD $)
12 Months Ended
Dec. 31, 2013
$21.49 - $27.96
 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Options exercise price, lower limit $ 21.49
Options exercise price, upper limit $ 27.96
Options Outstanding - Number Outstanding 1,000
Options Outstanding - Weighted Average Remaining Contractual Life 4 months 17 days
Options Outstanding - Weighted Average Exercise Price $ 27.21
Options Exercisable - Number Exercisable 1,000
Options Exercisable - Weighted Average Exercise Price $ 27.21
$33.32 - $36.79
 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Options exercise price, lower limit $ 33.32
Options exercise price, upper limit $ 36.79
Options Outstanding - Number Outstanding 1,500
Options Outstanding - Weighted Average Remaining Contractual Life 1 year 4 months 17 days
Options Outstanding - Weighted Average Exercise Price $ 36.79
Options Exercisable - Number Exercisable 1,500
Options Exercisable - Weighted Average Exercise Price $ 36.79
$21.49 - $36.79
 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Options exercise price, lower limit $ 21.49
Options exercise price, upper limit $ 36.79
Options Outstanding - Number Outstanding 2,500
Options Outstanding - Weighted Average Remaining Contractual Life 11 months 23 days
Options Outstanding - Weighted Average Exercise Price $ 32.96
Options Exercisable - Number Exercisable 2,500
Options Exercisable - Weighted Average Exercise Price $ 32.96
$32.00 - $32.00
 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
SARs exercise price, lower limit $ 32.00
SARs exercise price, upper limit $ 32.00
SAR Outstanding - Number Outstanding 2,000
SARs Outstanding - Weighted Average Remaining Contractual Life 2 years 4 months 21 days
SARs - Weighted Average Exercise Price $ 32.00
SARs Exercisable - Number Exercisable 2,000
SARs Exercisable - Weighted Average Exercise Price $ 32.00
$33.31 - $33.31
 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
SARs exercise price, lower limit $ 33.31
SARs exercise price, upper limit $ 33.31
SAR Outstanding - Number Outstanding 2,500
SARs Outstanding - Weighted Average Remaining Contractual Life 3 years 4 months 17 days
SARs - Weighted Average Exercise Price $ 33.31
SARs Exercisable - Number Exercisable 2,500
SARs Exercisable - Weighted Average Exercise Price $ 33.31
$36.80 - $71.59
 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
SARs exercise price, lower limit $ 36.80
SARs exercise price, upper limit $ 71.59
SAR Outstanding - Number Outstanding 12,000
SARs Outstanding - Weighted Average Remaining Contractual Life 4 years 1 month 17 days
SARs - Weighted Average Exercise Price $ 53.28
SARs Exercisable - Number Exercisable 11,250
SARs Exercisable - Weighted Average Exercise Price $ 52.06
$32.00 - $71.59
 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
SARs exercise price, lower limit $ 32.00
SARs exercise price, upper limit $ 71.59
SAR Outstanding - Number Outstanding 16,500
SARs Outstanding - Weighted Average Remaining Contractual Life 3 years 9 months 22 days
SARs - Weighted Average Exercise Price $ 47.67
SARs Exercisable - Number Exercisable 15,750
SARs Exercisable - Weighted Average Exercise Price $ 46.54
v2.4.0.8
Earnings Per Common Share and Share Awards Share-Based Assumptions (Details)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Earnings Per Share [Abstract]      
Expected Life (in years) 5 years 5 years 5 years
Volatility 44.60% 44.60% 43.60%
Interest Rate 1.30% 0.80% 1.90%
Yield Rate 0.50% 0.60% 0.80%
v2.4.0.8
Earnings Per Common Share and Share Awards Schedule of Weighted Average Grant Date Fair Value of Stock Awards Plans (Details) (USD $)
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Earnings Per Share [Abstract]      
Weighted-average market price $ 71.59 $ 50.50 $ 41.50
Weighted-average grant-date fair value $ 27.55 $ 18.84 $ 15.55
v2.4.0.8
Income Taxes Schedule of Components of Income Taxes (Details) (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Current:      
Federal $ 4,873,000 $ 5,018,000 $ 2,515,000
State 69,000 163,000 29,000
Total current 4,942,000 5,181,000 2,544,000
Deferred:      
Federal 1,805,215 (305,525) 28,131
State (1,215) 13,525 (7,131)
Deferred Income Tax Expense (Benefit) 1,804,000 (292,000) 21,000
Total $ 6,746,000 $ 4,889,000 $ 2,565,000
v2.4.0.8
Income Taxes Schedule of Deferred Tax Assets and Liabilities (Details) (USD $)
Dec. 31, 2013
Dec. 31, 2012
Deferred income tax assets:    
Accrued benefits and retirement services $ 3,074,164 $ 2,889,350
Allowance for doubtful accounts 883,426 641,920
Other-than-temporary impairment of assets 319,962 344,701
Excess of book over tax depreciation 171,504 143,184
Postretirement benefit obligation 24,914 52,791
Reinsurance and commission payable 21,953 19,087
Net operating loss carryforward 5,000 12,000
Other 256,309 410,052
Total deferred income tax assets 4,757,232 4,513,085
Deferred income tax liabilities:    
Net unrealized gain on investments 5,976,215 4,687,264
Recorded reserves for claims, net of statutory premium reserves 2,467,798 399,217
Other 327,202 319,760
Total deferred income tax liabilities 8,771,215 5,406,241
Net deferred income tax liabilities $ (4,013,983) $ (893,156)
v2.4.0.8
Income Taxes Reconciliation of Income Tax (Details) (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Income Tax Disclosure [Abstract]      
Anticipated income tax expense $ 7,346,074 $ 5,467,168 $ 3,229,638
State income taxes, net of federal income tax benefit 45,471 107,580 19,140
Tax-exempt interest income (net of amortization) (772,545) (757,005) (700,300)
Other, net 127,000 71,257 16,522
Total $ 6,746,000 $ 4,889,000 $ 2,565,000
U.S. Federal statutory income tax rate 34.10% 34.00% 34.00%
v2.4.0.8
Leases (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Leases [Abstract]      
Rent expense $ 699 $ 692 $ 623
v2.4.0.8
Leases Schedule of Future Minimum Rental Payments for Operating Leases (Details) (USD $)
Dec. 31, 2013
Leases [Abstract]  
2014 $ 548,451
2015 303,465
2016 162,022
2017 45,107
2018 4,200
Thereafter 0
Total $ 1,063,245
v2.4.0.8
Retirement Agreements and Other Postretirement Benefit Plan (Details) (USD $)
12 Months Ended
Dec. 31, 2013
H
Dec. 31, 2012
Dec. 31, 2011
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Minimum number of years employed in order to participate in the 401(k) plan 1 year    
Minimum number of hours worked annually in order to participate in the 401(k) plan 1,000    
Defined contribution plan contribution percent 3.00%    
Expenses related to the 401(k) plan $ 579,000 $ 518,000 $ 479,000
Amount accrued for all deferred compensation plan agreements 6,580,000 6,303,000  
Amount recognized in accumulated other comprehensive income, before tax (73,246) (155,234) (82,392)
Amount recognized in accumulated other comprehensive income, net of tax (48,353) (102,454)  
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract]      
2014 4,231    
2015 4,596    
2016 4,937    
2017 8,093    
2018 11,751    
Thereafter $ 100,122    
Minimum
     
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Noncompete period following employment 2 years    
v2.4.0.8
Retirement Agreements and Other Postretirement Benefit Plan Components of Net Periodic Benefit Cost (Details) (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Compensation and Retirement Disclosure [Abstract]      
Service cost - benefits earned during the year $ 15,782 $ 12,617 $ 19,503
Interest cost on the projected benefit obligation 28,412 27,867 24,607
(Accretion) amortization of unrecognized prior service cost (1,518) 9,396 13,038
Amortization of unrecognized losses 6,293 680 (318)
Net periodic benefits costs $ 48,969 $ 50,560 $ 56,830
v2.4.0.8
Retirement Agreements and Other Postretirement Benefit Plan Effected of the Funded Status on the Balance Sheet (Details) (USD $)
Dec. 31, 2013
Dec. 31, 2012
Compensation and Retirement Disclosure [Abstract]    
Fully eligible active employee $ (377,838) $ (401,553)
Non-eligible active employees (301,439) (310,743)
Plan assets 0 0
Funded status of accumulated postretirement benefit obligation, recognized in other liabilities $ (679,277) $ (712,296)
v2.4.0.8
Retirement Agreements and Other Postretirement Benefit Plan Development of the Accumulated Postretirement Benefit Obligation (Details) (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Accrued postretirement benefit obligation at beginning of year $ (712,296) $ (588,894)  
Service cost – benefits earned during the year (15,782) (12,617) (19,503)
Interest cost on projected benefit obligation (28,412) (27,867) (24,607)
Actuarial gain (loss) 77,213 (82,918)  
Accrued postretirement benefit obligation at end of year $ (679,277) $ (712,296) $ (588,894)
v2.4.0.8
Retirement Agreements and Other Postretirement Benefit Plan Changes in Amounts Related to Accumulated Other Comprehensive Income, Pre-tax (Details) (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Balance at beginning of year $ 155,234 $ 82,392  
Unrecognized prior service credit (cost) 1,518 (9,396) (13,038)
Amortization of loss, net (6,293) (680) 318
Actuarial (gain) loss (77,213) 82,918 115,089
Balance at end of year $ 73,246 $ 155,234 $ 82,392
v2.4.0.8
Retirement Agreements and Other Postretirement Benefit Plan Amounts in Accumulated Other Comprehensive Income, Pre-tax, to be Recognized as Components of Net Periodic Benefit Costs (Details) (USD $)
12 Months Ended
Dec. 31, 2013
Compensation and Retirement Disclosure [Abstract]  
Amortization of unrecognized prior service cost $ 2,217
Amortization of unrecognized loss 0
Net periodic benefit cost at end of year $ 2,217
v2.4.0.8
Retirement Agreements and Other Postretirement Benefit Plan Effects on Net Periodic Postretirement Benefit Cost and Accumulated Postretirement Benefit Obligation (Details) (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Compensation and Retirement Disclosure [Abstract]    
One-Percent Point Increase: Effect on the service cost component $ 3,790  
One-Percent Point Increase: Effect on interest cost 6,574  
One-Percent Point Increase: Total effect on the net periodic postretirement benefit cost 10,364  
One-Percent Point Decrease: Effect on the service cost component   (2,860)
One-Percent Point Decrease: Effect on interest cost   (5,056)
One-Percent Point Decrease: Total effect on the net periodic postretirement benefit cost   (7,916)
One-Percent Point Increase: Effect on those currently receiving benefits (retirees and spouses) 0  
One-Percent Point Increase: Effect on active fully eligible 68,198  
One-Percent Point Increase: Effect on actives not yet eligible 77,887  
One-Percent Point Increase: Total effect on the accumulated postretirement benefit obligation 146,085  
One-Percent Point Decrease: Effect on those currently receiving benefits (retirees and spouses)   0
One-Percent Point Decrease: Effect on active fully eligible   (53,548)
One-Percent Point Decrease: Effect on actives not yet eligible   (58,806)
One-Percent Point Decrease: Total effect on the accumulated postretirement benefit obligation   $ (112,354)
v2.4.0.8
Commitments and Contingencies (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2013
Dec. 31, 2012
Commitments and Contingencies Disclosure [Abstract]    
Cash held for escrow and trust deposits $ 11,824 $ 11,689
Like-kind exchange deposits and reverse exchange property $ 76,037 $ 55,580
v2.4.0.8
Statutory Accounting (Details) (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Statutory Accounting [Abstract]      
Combined capital and surplus on statutory basis $ 119,897,974 $ 102,047,179  
Net income statutory basis $ 11,858,699 $ 11,035,792 $ 6,416,684
v2.4.0.8
Segment Information Selected Financial Information By Segment (Details) (USD $)
12 Months Ended
Dec. 31, 2013
segment
Dec. 31, 2012
Dec. 31, 2011
Segment Reporting Information [Line Items]      
Number of reportable segments 1    
Insurance and other services revenues $ 122,161,089 $ 110,032,442 $ 87,061,561
Investment income – interest and dividends 3,894,608 3,980,411 3,595,036
Net realized (loss) gain on investments 195,800 1,066,239 28,559
Total Revenues 126,251,497 115,079,092 90,685,156
Operating expenses 104,708,759 98,999,185 81,186,220
Income (loss) before income taxes 21,542,738 16,079,907 9,498,936
Total assets 188,305,816 171,918,276 157,958,463
Title Insurance
     
Segment Reporting Information [Line Items]      
Insurance and other services revenues 118,153,904 106,496,802 83,420,562
Investment income – interest and dividends 3,599,106 3,492,998 3,174,148
Net realized (loss) gain on investments 225,661 430,495 97,640
Total Revenues 121,978,671 110,420,295 86,692,350
Operating expenses 99,899,804 94,909,649 77,294,353
Income (loss) before income taxes 22,078,867 15,510,646 9,397,997
Total assets 146,110,146 136,042,848 123,712,762
All Other
     
Segment Reporting Information [Line Items]      
Insurance and other services revenues 5,507,069 4,931,574 4,455,631
Investment income – interest and dividends 388,838 571,999 502,557
Net realized (loss) gain on investments (29,861) 635,744 (69,081)
Total Revenues 5,866,046 6,139,317 4,889,107
Operating expenses 6,239,155 5,433,207 4,706,499
Income (loss) before income taxes (373,109) 706,110 182,608
Total assets 42,195,670 35,875,428 34,245,701
Intersegment Eliminations
     
Segment Reporting Information [Line Items]      
Insurance and other services revenues (1,499,884) (1,395,934) (814,632)
Investment income – interest and dividends (93,336) (84,586) (81,669)
Net realized (loss) gain on investments 0 0 0
Total Revenues (1,593,220) (1,480,520) (896,301)
Operating expenses (1,430,200) (1,343,671) (814,632)
Income (loss) before income taxes (163,020) (136,849) (81,669)
Total assets $ 0 $ 0 $ 0
v2.4.0.8
Stockholders' Equity (Details) (USD $)
12 Months Ended
Dec. 31, 2013
Vote
Dec. 31, 2012
Oct. 31, 2012
Class of Stock [Line Items]      
Number of votes 100    
Threshold of days following requirements for exercise rights 10 days    
Redemption price per right 0.01    
Purchase price of preferred stock per Unit     $ 220
Preferred stock, shares authorized 1,000,000 1,000,000  
Preferred Class A
     
Class of Stock [Line Items]      
Preferred stock, shares authorized 200,000   200,000
Minimum
     
Class of Stock [Line Items]      
Threshold of common stock percentage for common stock diluted 15.00%    
Ownership percentage of common stock 15.00%    
Threshold of beneficial ownership of outstanding common stock for the Rights exchanging 15.00%    
Threshold of percentage of assets or earning power sold or transferred for merger 50.00%    
Threshold of prior acquisition common stock percentage for the Right exchanging 50.00%    
Plan Amendment
     
Class of Stock [Line Items]      
Purchase price of preferred stock per Unit     $ 80
Plan Amendment | Preferred Class A
     
Class of Stock [Line Items]      
Preferred stock, shares authorized     100,000
v2.4.0.8
Concentration of Credit Risk (Details) (USD $)
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Risks and Uncertainties [Abstract]        
Threshold of not insured deposits by FDIC $ 250,000      
Cash and cash equivalents 23,626,761 20,810,018 18,042,258 8,117,031
Cash and cash equivalents uninsured amount   3,200,000    
Cash and cash equivalents uninsured amount after expiration of unlimited coverage for noninterest-bearing transaction accounts $ 23,100,000      
v2.4.0.8
Business Concentration (Details)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Net Premiums Written
     
Concentration Risk [Line Items]      
Concentration percentage 16.40% 14.00% 22.60%
TEXAS | Geographic Concentration Risk
     
Concentration Risk [Line Items]      
Concentration percentage 26.80% 24.80% 32.20%
NORTH CAROLINA | Geographic Concentration Risk
     
Concentration Risk [Line Items]      
Concentration percentage 27.40% 30.50% 26.60%
SOUTH CAROLINA | Geographic Concentration Risk
     
Concentration Risk [Line Items]      
Concentration percentage 11.40% 8.60% 8.20%
v2.4.0.8
Related Party Transactions Summary Of Approximate Values By Year Found Within Consolidated Balance Sheets (Details) (USD $)
Dec. 31, 2013
Dec. 31, 2012
Related Party Transaction [Line Items]    
Other investments $ 7,247,831 $ 6,763,100
Premiums and fees receivable 8,750,224 11,037,714
Title Insurance Agencies
   
Related Party Transaction [Line Items]    
Other investments 5,320,000 4,892,000
Premiums and fees receivable $ 657,000 $ 1,011,000
v2.4.0.8
Related Party Transactions Summary Of Approximate Values By Year Found Within Consolidated Statements Of Income (Details) (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Related Party Transaction [Line Items]      
Net premiums written $ 113,886,266 $ 102,331,102 $ 81,529,333
Other income 8,274,823 7,701,340 5,532,228
Title Insurance Agencies
     
Related Party Transaction [Line Items]      
Net premiums written 12,442,000 15,558,000 11,004,000
Other income $ 1,839,000 $ 2,238,000 $ 1,336,000
v2.4.0.8
Related Party Transactions Company Repurchase of Common Stock from Related Parties (Details) (Officer, USD $)
3 Months Ended
Dec. 31, 2013
Jun. 30, 2013
Officer
   
Related Party Transaction [Line Items]    
Treasury Stock, Shares, Acquired 28,130 17,524
Treasury Stock Acquired, Average Cost Per Share $ 80.01 $ 71.50
v2.4.0.8
Acquisition (Details) (USD $)
0 Months Ended 0 Months Ended
Dec. 31, 2013
Jun. 17, 2013
Dec. 31, 2012
Apr. 02, 2012
Apr. 02, 2012
Minimum
Apr. 02, 2012
70%
Apr. 02, 2012
30%
Apr. 02, 2012
30%
Minimum
Apr. 02, 2012
Non-Compete Contract
Apr. 02, 2012
Referral Relationships
Business Acquisition [Line Items]                    
Ownership percentage acquired       70.00%            
Business acquisition, remaining ownership interest       30.00%            
Business acquisition, remaining purchase period         27 months          
Fair value of total consideration to be transferred       $ 1,041,250            
Fair value of consideration paid   350,000   350,000            
Estimated contingent payments 341,250   691,250 691,250            
Payment period of purchase price           2 years        
Business acquisition, purchase price payment calculation period           24 months 24 months      
Purchase price of acquisition           1,041,250   1,000,000    
Net income required to estimate fair value of purchase price           859,000        
Fair value input discount rate           15.00%        
Fair value of the noncontrolling interest amount       446,250            
Fair value of identifiable net assets       5,600            
Intangible assets acquired                 645,685 836,215
Intangible assets amortized period                 10 years 12 years
Accumulated amortization of intangible assets 121,947   52,263              
Net intangible assets $ 1,359,953   $ 1,429,637              
v2.4.0.8
Acquisition Reconciliation Of Total Redeemable Equity (Details) (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]      
Beginning balance at January 1 $ 493,861 $ 0 $ 0
Redeemable noncontrolling interest resulting from subsidiary purchase 0 446,250 0
Net income attributable to redeemable noncontrolling interest 88,528 88,411 0
Distributions to noncontrolling interest (36,900) (40,800) 0
Balance, net $ 545,489 $ 493,861 $ 0
v2.4.0.8
Acquisition Schedule of Aggregate Amortization Expense for Intangible Assets (Details) (USD $)
Dec. 31, 2013
Business Combinations [Abstract]  
2014 $ 134,253
2015 134,253
2016 134,253
2017 134,253
2018 134,253
Thereafter 688,688
Total $ 1,359,953
v2.4.0.8
Accumulated Other Comprehensive Income Balances Of Each Component Of Accumulated Other Comprehensive Income, Net Of Tax (Details) (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning balance $ 8,818,430 $ 7,509,165 $ 5,688,705
Other comprehensive income before reclassifications 2,656,145 1,977,408 1,834,058
Amounts reclassified from accumulated other comprehensive income (127,171) (668,143) (13,598)
Other comprehensive income 2,528,974 1,309,265 1,820,460
Ending balance 11,347,404 8,818,430 7,509,165
Unrealized Gains And Losses On Available-For-Sale Securities
     
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning balance 8,920,884 7,563,541 5,675,516
Other comprehensive income before reclassifications 2,605,184 2,032,134 1,910,017
Amounts reclassified from accumulated other comprehensive income (130,311) (674,791) (21,992)
Other comprehensive income 2,474,873 1,357,343 1,888,025
Ending balance 11,395,757 8,920,884 7,563,541
Postretirement Benefits Plans
     
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning balance (102,454) (54,376) 13,189
Other comprehensive income before reclassifications 50,961 (54,726) (75,959)
Amounts reclassified from accumulated other comprehensive income 3,140 6,648 8,394
Other comprehensive income 54,101 (48,078) (67,565)
Ending balance $ (48,353) $ (102,454) $ (54,376)
v2.4.0.8
Accumulated Other Comprehensive Income Reclassification Out Of Accumulated Other Comprehensive Income (Details) (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]      
Net realized gain on investment $ 195,800 $ 1,066,239 $ 28,559
Impairments of other assets and investments   (93,436) (280,987)
Unrecognized prior service credit (cost) (1,518) 9,396 13,038
Unrecognized loss (6,293) (680) 318
Income before Income Taxes 21,542,738 16,079,907 9,498,936
Tax (6,746,000) (4,889,000) (2,565,000)
Net income 14,796,738 11,190,907 6,933,936
Reclassification Out Of Accumulated Other Comprehensive Income
     
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]      
Net income 127,171 668,143 13,598
Reclassification Out Of Accumulated Other Comprehensive Income | Unrealized Gains And Losses On Available-For-Sale Securities
     
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]      
Net realized gain on investment 229,869 1,166,179 353,950
Impairments of other assets and investments (34,070) (99,940) (325,391)
Income before Income Taxes 195,799 1,066,239 28,559
Tax (65,488) (391,448) (6,567)
Net income 130,311 674,791 21,992
Reclassification Out Of Accumulated Other Comprehensive Income | Postretirement Benefits Plans
     
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]      
Unrecognized prior service credit (cost) 1,518 (9,396) (13,038)
Unrecognized loss (6,293) (680) 318
Income before Income Taxes (4,775) [1] (10,076) [1] (12,720) [1]
Tax 1,635 3,428 4,326
Net income $ (3,140) $ (6,648) $ (8,394)
[1] These accumulated other comprehensive income components are not reclassified to net income in their entirety in the same reporting period. The amounts are presented within Salaries, employee benefits and payroll taxes on the Consolidated Statements of Income as amortized. Amortization related to postretirement benefit plans is included in the computation of net periodic pension costs, as discussed in Note 10.
v2.4.0.8
Schedule I (Details) (USD $)
Dec. 31, 2013
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]  
Cost $ 123,772,214 [1],[2]
Market Value 141,181,163 [2]
Amount at which shown in the Balance Sheet 141,181,163 [2],[3]
Investments in related party accounted for under the cost and equity method 1,582,519
Fixed maturities
 
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]  
Cost 95,906,533 [1]
Market Value 99,371,786
Amount at which shown in the Balance Sheet 99,371,786 [3]
States, municipalities and political subdivisions
 
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]  
Cost 69,323,880 [1]
Market Value 72,091,721
Amount at which shown in the Balance Sheet 72,091,721 [3]
All other corporate bonds
 
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]  
Cost 18,656,280 [1]
Market Value 19,353,692
Amount at which shown in the Balance Sheet 19,353,692 [3]
Short-term investments
 
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]  
Cost 7,926,373 [1]
Market Value 7,926,373
Amount at which shown in the Balance Sheet 7,926,373 [3]
Equity securities
 
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]  
Cost 22,200,369 [1]
Market Value 36,144,065
Amount at which shown in the Balance Sheet 36,144,065 [3]
Public utilities
 
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]  
Cost 958,864 [1]
Market Value 1,274,489
Amount at which shown in the Balance Sheet 1,274,489 [3]
Banks, trust and insurance companies
 
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]  
Cost 1,700,194 [1]
Market Value 2,800,874
Amount at which shown in the Balance Sheet 2,800,874 [3]
Industrial, miscellaneous and all other
 
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]  
Cost 19,346,311 [1]
Market Value 31,827,202
Amount at which shown in the Balance Sheet 31,827,202 [3]
Nonredeemable preferred stocks
 
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]  
Cost 195,000 [1]
Market Value 241,500
Amount at which shown in the Balance Sheet 241,500 [3]
Other investments
 
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]  
Cost 5,665,312 [1]
Market Value 5,665,312
Amount at which shown in the Balance Sheet $ 5,665,312 [3]
[1] Fixed maturities are shown at amortized cost and equity securities are shown at original cost
[2] The above summary of investments does not include investments in related parties accounted for under the cost and equity methods of accounting in the amount of $1,582,519
[3] Bonds of states, municipalities and political subdivisions are shown at amortized cost for held-to-maturity bonds and fair value for available-for-sale bonds. Equity securities are shown at fair value
v2.4.0.8
Schedule II - Condensed Balance Sheets (Details) (USD $)
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Condensed Financial Statements, Captions [Line Items]        
Cash and cash equivalents $ 23,626,761 $ 20,810,018 $ 18,042,258 $ 8,117,031
Available-for-sale, fixed maturity 91,445,413 81,936,978    
Available for sale securities, equity securities 36,144,065 28,510,933    
Short-term investments 7,926,373 13,567,648    
Other investments 7,247,831 6,763,100    
Premiums and fees receivable 8,750,224 11,037,714    
Current income taxes recoverable 366,772 0    
Accrued interest and dividends 1,006,698 1,037,447    
Property, net 4,325,538 3,603,323    
Total Assets 188,305,816 171,918,276 157,958,463  
Accounts payable and accrued liabilities 20,324,190 15,477,545    
Deferred income taxes, net 4,013,983 893,156    
Total liabilities 59,698,173 56,785,525    
Preferred stock (1,000,000 authorized shares; no shares issued) 0 0    
Common stock - no par value (10,000,000 authorized shares; 2,037,135 and 2,043,359 shares issued and outstanding 2013 and 2012, respectively, excluding 291,676 shares for 2013 and 2012 of common stock held by the Company’s subsidiary) 1 1    
Retained earnings 116,714,749 105,820,459    
Accumulated other comprehensive income 11,347,404 8,818,430 7,509,165 5,688,705
Total stockholders’ equity 128,062,154 114,638,890 106,512,184 103,928,815
Total Liabilities and Stockholders’ Equity 188,305,816 171,918,276    
Parent Company
       
Condensed Financial Statements, Captions [Line Items]        
Cash and cash equivalents 7,210,956 9,414,297 4,447,183 1,467,718
Available-for-sale, fixed maturity 19,202,320 12,176,628    
Available for sale securities, equity securities 2,265,136 1,862,518    
Short-term investments 2,213,496 4,904,089    
Investments in affiliated companies 90,570,724 81,395,754    
Other investments 737,378 734,848    
Premiums and fees receivable 135,669 138,830    
Other receivables 1,456,037 1,306,629    
Current income taxes recoverable 3,230,977 1,584,604    
Accrued interest and dividends 103,571 103,470    
Property, net 2,504,969 2,623,380    
Total Assets 129,631,233 116,245,047    
Accounts payable and accrued liabilities 1,558,095 1,566,213    
Deferred income taxes, net 10,984 39,944    
Total liabilities 1,569,079 1,606,157    
Preferred stock (1,000,000 authorized shares; no shares issued) 0 0    
Common stock - no par value (10,000,000 authorized shares; 2,037,135 and 2,043,359 shares issued and outstanding 2013 and 2012, respectively, excluding 291,676 shares for 2013 and 2012 of common stock held by the Company’s subsidiary) 1 1    
Retained earnings 116,714,749 105,820,459    
Accumulated other comprehensive income 11,347,404 8,818,430    
Total stockholders’ equity 128,062,154 114,638,890    
Total Liabilities and Stockholders’ Equity $ 129,631,233 $ 116,245,047    
v2.4.0.8
Schedule II - Condensed Statement of Income (Details) (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Condensed Financial Statements, Captions [Line Items]      
Investment income – interest and dividends $ 3,894,608 $ 3,980,411 $ 3,595,036
Net realized (loss) gain on investments 195,800 1,066,239 28,559
Other 8,274,823 7,701,340 5,532,228
Total Revenues 126,251,497 115,079,092 90,685,156
Salaries, employee benefits and payroll taxes 25,386,511 21,881,540 18,556,802
Office occupancy and operations 4,430,220 3,994,244 3,723,803
Business development 2,145,639 1,856,848 1,671,834
Professional and contract labor fees 2,171,606 2,420,387 1,507,368
Other expenses 755,407 615,053 541,526
(Benefit) Provision for Income Taxes 6,746,000 4,889,000 2,565,000
Less: Net Income Attributable to Redeemable Noncontrolling Interest (88,528) (88,411) 0
Net Income Attributable to the Company 14,708,210 11,102,496 6,933,936
Basic Earnings per Common Share $ 7.15 $ 5.33 $ 3.22
Weighted Average Shares Outstanding – Basic 2,056,169 2,081,703 2,151,350
Diluted Earnings per Common Share $ 7.08 $ 5.24 $ 3.20
Weighted Average Shares Outstanding – Diluted 2,076,628 2,116,793 2,169,636
Parent Company
     
Condensed Financial Statements, Captions [Line Items]      
Investment income – interest and dividends 348,933 520,511 459,682
Net realized (loss) gain on investments (50,778) 616,001 (81,389)
Rental income 748,764 736,159 739,524
Other 68,966 (62,253) 16,365
Total Revenues 1,115,885 1,810,418 1,134,182
Salaries, employee benefits and payroll taxes 576,429 459,248 348,463
Office occupancy and operations 408,373 390,227 304,371
Business development 45,022 25,909 37,017
Taxes – other than payroll and income 188,314 240,607 120,445
Professional and contract labor fees 351,093 245,398 139,711
Other expenses 177,810 161,937 113,018
Total operating expenses 1,747,041 1,523,326 1,063,025
Equity in Net Income of Affiliated Companies 15,164,894 10,992,815 6,851,779
Income before Income Taxes 14,533,738 11,279,907 6,922,936
(Benefit) Provision for Income Taxes (263,000) 89,000 (11,000)
Net Income 14,796,738 11,190,907 6,933,936
Less: Net Income Attributable to Redeemable Noncontrolling Interest (88,528) (88,411) 0
Net Income Attributable to the Company $ 14,708,210 $ 11,102,496 $ 6,933,936
Basic Earnings per Common Share $ 7.15 $ 5.33 $ 3.22
Weighted Average Shares Outstanding – Basic 2,056,169 2,081,703 2,151,350
Diluted Earnings per Common Share $ 7.08 $ 5.24 $ 3.20
Weighted Average Shares Outstanding – Diluted 2,076,628 2,116,793 2,169,636
v2.4.0.8
Schedule II - Condensed Statement of Cash Flows (Details) (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Operating Activities      
Net income $ 14,796,738 $ 11,190,907 $ 6,933,936
Depreciation 669,727 486,922 475,679
Amortization, net 507,111 468,006 338,967
Net realized loss (gain) on investments (195,800) (1,066,239) (28,559)
Net (earnings) loss from other investments (1,257,266) (1,674,594) (749,688)
(Benefit) provision for deferred income taxes 1,804,000 (292,000) 21,000
Excess tax benefit 946,605 22,101 0
(Increase) decrease in receivables 1,569,167 (4,912,295) 646,786
Increase in income taxes recoverable (366,772) 0 0
(Increase) decrease in other assets (2,906,224) (407,252) 77,056
(Decrease) increase in accounts payable and accrued liabilities 4,923,858 2,372,995 1,913,799
Net cash used in operating activities 16,251,090 8,707,514 9,007,159
Investing Activities      
Capital contribution to subsidiaries 0 (350,000) 0
Purchases of available-for-sale securities (23,466,037) (15,899,439) (15,318,418)
Purchases of short-term securities (2,638,908) (6,347,527) (1,883,562)
Purchases of and net earnings from other investments (1,369,210) (3,441,412) (853,599)
Proceeds from sales and maturities of available-for-sale securities 9,892,634 15,646,381 9,851,523
Proceeds from sales and maturities of short-term securities 8,280,183 6,892,141 14,974,850
Proceeds from sales and distributions of other investments 2,107,675 2,301,647 861,865
Proceeds from sales of other assets 40,366 220,455 0
Purchases of property (1,424,108) (568,728) (361,207)
Proceeds from disposals of property 24,335 65,837 31,157
Net cash provided by investing activities (8,553,070) (1,480,645) 7,302,609
Financing Activities      
Repurchases of common stock (4,262,260) (3,975,532) (5,940,463)
Exercise of options 75,797 160,557 155,163
Dividends paid (657,914) (603,334) (599,241)
Net cash used in financing activities (4,881,277) (4,459,109) (6,384,541)
Net (Decrease) Increase in Cash and Cash Equivalents 2,816,743 2,767,760 9,925,227
Cash and Cash Equivalents, Beginning of Period 20,810,018 18,042,258 8,117,031
Cash and Cash Equivalents, End of Period 23,626,761 20,810,018 18,042,258
Parent Company
     
Operating Activities      
Net income 14,796,738 11,190,907 6,933,936
Equity in net earnings of subsidiaries (15,164,894) (10,992,815) (6,851,779)
Depreciation 136,031 133,334 128,215
Amortization, net 69,969 51,111 (15,859)
Issuance of common stock in payment of bonuses and fees 76,110 54,041 44,205
Net realized loss (gain) on investments 50,778 (616,001) 81,389
Net (earnings) loss from other investments (32,499) 91,256 1,723
(Benefit) provision for deferred income taxes (93,000) 48,000 (94,000)
Excess tax benefit 9,042 0 0
(Increase) decrease in receivables (146,247) 368,574 (838,208)
Increase in income taxes recoverable (1,646,373) (398,445) (137,379)
(Increase) decrease in other assets (101) 20,224 21,836
(Decrease) increase in accounts payable and accrued liabilities (8,118) (124,799) 445,758
Net cash used in operating activities (1,952,564) (174,613) (280,163)
Investing Activities      
Capital contribution to subsidiaries 0 (250,000) 0
Dividends received from subsidiaries 9,252,919 5,609,489 223,331
Purchases of available-for-sale securities (10,360,919) (4,960,208) (4,625,140)
Purchases of short-term securities (58,283) (3,565) (203,530)
Purchases of and net earnings from other investments (49,485) (94,881) (666,935)
Proceeds from sales and maturities of available-for-sale securities 3,027,896 5,033,298 1,601,297
Proceeds from sales and maturities of short-term securities 2,748,876 3,641,978 13,403,243
Proceeds from sales and distributions of other investments 45,384 505,832 8,064
Proceeds from sales of other assets 4,832 176,815 0
Purchases of property (24,820) (98,722) (96,161)
Proceeds from disposals of property 7,200 0 0
Net cash provided by investing activities 4,593,600 9,560,036 9,644,169
Financing Activities      
Repurchases of common stock (4,262,260) (3,975,532) (5,940,463)
Exercise of options 75,797 160,557 155,163
Dividends paid (657,914) (603,334) (599,241)
Net cash used in financing activities (4,844,377) (4,418,309) (6,384,541)
Net (Decrease) Increase in Cash and Cash Equivalents (2,203,341) 4,967,114 2,979,465
Cash and Cash Equivalents, Beginning of Period 9,414,297 4,447,183 1,467,718
Cash and Cash Equivalents, End of Period 7,210,956 9,414,297 4,447,183
Supplemental Disclosures:      
Income tax payments, net $ 5,583,000 $ 4,392,000 $ 2,911,000
v2.4.0.8
Schedule II - Notes to Condensed Financial Statements (Details) (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Condensed Financial Statements, Captions [Line Items]      
Cash dividends paid to parent by wholly owned subsidiaries $ 9,252,919 $ 5,609,489 $ 223,331
Investors Title Insurance Company, net
     
Condensed Financial Statements, Captions [Line Items]      
Cash dividends paid (received) to (from) Parent Company 9,102,919 [1] 5,169,489 [1] (81,669) [1]
Cash dividends paid to parent by wholly owned subsidiaries 9,196,255 5,254,075 0
Dividend received from parent company 93,336 84,586 81,669
Investors Title Exchange Corporation
     
Condensed Financial Statements, Captions [Line Items]      
Cash dividends paid to parent by wholly owned subsidiaries 50,000 10,000 175,000
Investors Title Accommodation Corporation
     
Condensed Financial Statements, Captions [Line Items]      
Cash dividends paid to parent by wholly owned subsidiaries 0 30,000 0
Investors Title Management Services, Inc.
     
Condensed Financial Statements, Captions [Line Items]      
Cash dividends paid to parent by wholly owned subsidiaries 0 0 0
Investors Title Capital Management Corporation
     
Condensed Financial Statements, Captions [Line Items]      
Cash dividends paid to parent by wholly owned subsidiaries 0 50,000 30,000
Investors Trust Company
     
Condensed Financial Statements, Captions [Line Items]      
Cash dividends paid to parent by wholly owned subsidiaries 100,000 350,000 100,000
Investors Title Commercial Agency
     
Condensed Financial Statements, Captions [Line Items]      
Cash dividends paid to parent by wholly owned subsidiaries $ 0 $ 0 $ 0
[1] Total dividends of $9,196,255, $5,254,075 and $0 paid to the Parent Company in 2013, 2012 and 2011, respectively, netted with dividends of $93,336, $84,586 and $81,669 received from the Parent Company in 2013, 2012 and 2011, respectively.
v2.4.0.8
Schedule III (Details) (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Supplementary Insurance Information, by Segment [Line Items]      
Deferred Policy Acquisition Cost $ 0 $ 0 $ 0
Future Policy Benefits, Losses, Claims and Loss Expenses 35,360,000 39,078,000 37,996,000
Unearned Premiums 0 0 0
Other Policy Claims and Benefits Payable 389,807 461,566 389,411
Premium Revenue 113,886,266 102,331,102 81,529,333
Net Investment Income 3,894,608 3,980,411 3,595,036
Benefits, Claims. Losses and Settlement Expenses (571,596) 6,072,115 3,342,427
Amortization of Deferred Policy Acquisition Costs 0 0 0
Other Operating Expenses 105,280,356 92,927,070 77,843,793
Title Insurance
     
Supplementary Insurance Information, by Segment [Line Items]      
Deferred Policy Acquisition Cost 0 0 0
Future Policy Benefits, Losses, Claims and Loss Expenses 35,360,000 39,078,000 37,996,000
Unearned Premiums 0 0 0
Other Policy Claims and Benefits Payable 389,807 461,566 389,411
Premium Revenue 113,886,266 102,331,102 81,529,333
Net Investment Income 3,505,770 3,408,412 3,092,479
Benefits, Claims. Losses and Settlement Expenses (571,596) 6,072,115 3,342,427
Amortization of Deferred Policy Acquisition Costs 0 0 0
Other Operating Expenses 99,093,516 87,545,115 73,196,760
All Other
     
Supplementary Insurance Information, by Segment [Line Items]      
Deferred Policy Acquisition Cost 0 0 0
Future Policy Benefits, Losses, Claims and Loss Expenses 0 0 0
Unearned Premiums 0 0 0
Other Policy Claims and Benefits Payable 0 0 0
Premium Revenue 0 0 0
Net Investment Income 388,838 571,999 502,557
Benefits, Claims. Losses and Settlement Expenses 0 0 0
Amortization of Deferred Policy Acquisition Costs 0 0 0
Other Operating Expenses $ 6,186,840 $ 5,381,955 $ 4,647,033
v2.4.0.8
Schedule IV (Details) (Title Insurance, USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Title Insurance
     
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]      
Gross Amount $ 114,091,457 $ 102,548,126 $ 81,689,296
Ceded to Other Companies 211,482 232,683 177,110
Assumed from Other Companies 6,291 15,659 17,147
Net Amount $ 113,886,266 $ 102,331,102 $ 81,529,333
Percentages of Amount Assumed to Net 0.01% 0.02% 0.02%
v2.4.0.8
Schedule V (Details) (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Valuation Provision
     
Valuation and Qualifying Accounts Disclosure [Line Items]      
Balance at Beginning of Period $ 1,902,581 $ 1,218,000 $ 1,421,000
Additions Charged to Costs and Expenses 7,536,381 6,008,281 4,748,127
Additions Charge to Other Accounts - Describe 0 0 0
Deductions - Describe (6,818,059) [1] (5,323,700) [1] (4,951,127) [1]
Balance at End of Period 2,620,903 1,902,581 1,218,000
Reserves for claims
     
Valuation and Qualifying Accounts Disclosure [Line Items]      
Balance at Beginning of Period 39,078,000 37,996,000 38,198,700
Additions Charged to Costs and Expenses (571,596) 6,072,115 3,342,427
Additions Charge to Other Accounts - Describe 0 0 0
Deductions - Describe (3,146,404) [2] (4,990,115) [2] (3,545,127) [2]
Balance at End of Period $ 35,360,000 $ 39,078,000 $ 37,996,000
[1] Canceled premiums
[2] Payments of claims, net of recoveries