v2.4.0.8
Document And Entity Information
 6 Months Ended
Jun. 30, 2013
Jul. 16, 2013
Document And Entity Information [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Jun. 30, 2013  
Document Fiscal Period Focus Q2  
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   2,073,648
v2.4.0.8
Consolidated Balance Sheets (USD $)
Jun. 30, 2013
Dec. 31, 2012
Investments in securities:    
Fixed maturities, available-for-sale, at fair value (amortized cost: 2013: $70,909,769; 2012: $75,573,673) $ 75,228,040 $ 81,936,978
Equity securities, available-for-sale, at fair value (cost: 2013: $21,203,886; 2012: $21,229,114) 31,208,595 28,510,933
Short-term investments 16,078,465 13,567,648
Other investments 7,216,155 6,763,100
Total investments 129,731,255 130,778,659
Cash and cash equivalents 26,402,136 20,810,018
Premium and fees receivable (less allowance for doubtful accounts: 2013: $2,121,045; 2012: $1,902,581) 10,807,083 11,037,714
Accrued interest and dividends 915,703 1,037,447
Prepaid expenses and other assets 8,053,251 4,651,115
Property, net 3,844,487 3,603,323
Current income taxes recoverable 771,419 0
Total Assets 180,525,334 171,918,276
Liabilities:    
Reserves for claims 38,767,000 39,078,000
Accounts payable and accrued liabilities 16,825,629 15,477,545
Current income taxes payable 0 1,336,824
Deferred income taxes, net 2,647,827 893,156
Total liabilities 58,240,456 56,785,525
Commitments and Contingencies      
Redeemable Noncontrolling Interest 485,025 493,861
Stockholders' Equity:    
Preferred stock (1,000,000 authorized shares; no shares issued) 0 0
Common stock - no par value (10,000,000 authorized shares; 2,073,648 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 112,538,851 105,820,459
Accumulated other comprehensive income 9,261,001 8,818,430
Total stockholders' equity 121,799,853 114,638,890
Total Liabilities and Stockholders' Equity $ 180,525,334 $ 171,918,276
v2.4.0.8
Consolidated Balance Sheets (Parenthetical) (USD $)
Jun. 30, 2013
Dec. 31, 2012
Statement of Financial Position [Abstract]    
Fixed maturities, available-for-sale, amortized cost $ 70,909,769 $ 75,573,673
Equity securities, available-for-sale, cost 21,203,886 21,229,114
Premiums and fees receivable, allowance for doubtful accounts $ 2,121,045 $ 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 2,073,648 2,043,359
Common stock, shares outstanding 2,073,648 2,043,359
Common stock, held by Company's subsidiary 291,676 291,676
v2.4.0.8
Consolidated Statements Of Income (USD $)
 3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Revenues:        
Net premiums written $ 30,429,761 $ 23,241,570 $ 54,355,758 $ 42,908,990
Investment income - interest and dividends 925,047 1,009,918 1,845,532 1,987,179
Net realized gain on investments 55,272 65,148 71,616 258,029
Other 2,283,320 1,763,689 4,268,767 3,340,401
Total Revenues 33,693,400 26,080,325 60,541,673 48,494,599
Operating Expenses:        
Commissions to agents 17,608,789 12,650,817 31,098,220 23,842,944
Provision for claims 996,870 361,107 607,812 1,992,466
Salaries, employee benefits and payroll taxes 6,248,492 5,489,107 12,398,153 10,479,739
Office occupancy and operations 1,011,050 1,037,835 2,059,715 1,964,873
Business development 453,653 404,718 878,686 798,165
Filing fees, franchise and local taxes 188,950 181,330 369,520 533,252
Premium and retaliatory taxes 530,524 474,486 971,047 889,280
Professional and contract labor fees 560,146 706,690 1,174,589 1,107,227
Other 224,876 154,534 362,463 321,813
Total Operating Expenses 27,823,350 21,460,624 49,920,205 41,929,759
Income before Income Taxes 5,870,050 4,619,701 10,621,468 6,564,840
Provision for Income Taxes 1,846,000 1,247,000 3,211,000 1,760,000
Net Income 4,024,050 3,372,701 7,410,468 4,804,840
Less: Net Income Attributable to Redeemable Noncontrolling Interest (18,375) (23,213) (28,063) (23,213)
Net Income Attributable to the Company $ 4,005,675 $ 3,349,488 $ 7,382,405 $ 4,781,627
Basic Earnings per Common Share $ 1.94 $ 1.60 $ 3.59 $ 2.28
Weighted Average Shares Outstanding – Basic 2,063,797 2,098,666 2,054,300 2,099,751
Diluted Earnings per Common Share $ 1.92 $ 1.57 $ 3.54 $ 2.24
Weighted Average Shares Outstanding – Diluted 2,089,674 2,132,732 2,087,229 2,131,164
Cash Dividends Paid per Common Share $ 0.08 $ 0.07 $ 0.16 $ 0.14
v2.4.0.8
Consolidated Statements Of Comprehensive Income (USD $)
 3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Statement of Other Comprehensive Income [Abstract]        
Net income $ 4,024,050 $ 3,372,701 $ 7,410,468 $ 4,804,840
Other comprehensive income, before tax:        
(Accretion) amortization related to prior year service cost (379) 2,349 (759) 4,698
Amortization of unrecognized loss 1,574 170 3,147 340
Unrealized (losses) gains on investments arising during the period (1,649,518) (461,611) 749,471 1,534,815
Reclassification adjustment for sale of securities included in net income (70,857) (141,687) (105,686) (334,568)
Reclassification adjustment for write-down of securities included in net income 15,585 76,539 34,070 76,539
Other comprehensive (loss) income, before tax (1,703,595) (524,240) 680,243 1,281,824
Income tax expense related to postretirement health benefits 408 856 813 1,713
Income tax (benefit) expense related to unrealized (losses) gains on investments arising during the year (568,422) (155,412) 260,323 536,531
Income tax benefit related to reclassification adjustment for sale of securities included in net income (24,609) (55,280) (36,598) (121,336)
Income tax expense related to reclassification adjustment for write-down of securities included in net income 6,007 26,265 13,134 26,265
Net income tax (benefit) expense on other comprehensive (loss) income (586,616) (183,571) 237,672 443,173
Other comprehensive (loss) income (1,116,979) (340,669) 442,571 838,651
Comprehensive Income 2,907,071 3,032,032 7,853,039 5,643,491
Less: Comprehensive income attributable to redeemable noncontrolling interest (18,375) (23,213) (28,063) (23,213)
Comprehensive Income Attributable to the Company $ 2,888,696 $ 3,008,819 $ 7,824,976 $ 5,620,278
v2.4.0.8
Consolidated Statements Of Stockholders' Equity (USD $)
Total
Common Stock
Retained Earnings
Accumulated Other Comprehensive Income
Balance, beginning of year at Dec. 31, 2011 $ 106,512,184 $ 1 $ 99,003,018 $ 7,509,165
Balance, beginning of year, shares at Dec. 31, 2011   2,107,681    
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Net income attributable to the Company 4,781,627   4,781,627  
Dividends ($0.14 per share) (294,048)   (294,048)  
Shares of common stock repurchased and retired (in shares)   (14,502)    
Shares of common stock repurchased and retired (626,885)   (626,885)  
Stock options and stock appreciation rights exercised (in shares)   6,130    
Stock options and stock appreciation rights exercised 152,792   152,792  
Share-based compensation expense 36,947   36,947  
Amortization related to postretirement health benefits 3,325     3,325
Net unrealized gain on investments 835,326     835,326
Balance, end of year at Jun. 30, 2012 111,401,268 1 103,053,451 8,347,816
Balance, end of year, shares at Jun. 30, 2012   2,099,309    
Balance, beginning of year at Dec. 31, 2012 114,638,890 1 105,820,459 8,818,430
Balance, beginning of year, shares at Dec. 31, 2012   2,043,359    
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Net income attributable to the Company 7,382,405   7,382,405  
Dividends ($0.14 per share) (329,569)   (329,569)  
Shares of common stock repurchased and retired (in shares)   (19,460)    
Shares of common stock repurchased and retired (1,378,131)   (1,378,131)  
Stock options and stock appreciation rights exercised (in shares)   49,749    
Stock options and stock appreciation rights exercised 68,032   68,032  
Share-based compensation expense 40,092   40,092  
Amortization related to postretirement health benefits 1,575     1,575
Net unrealized gain on investments 440,996     440,996
Income tax benefit from share-based compensation 935,563   935,563  
Balance, end of year at Jun. 30, 2013 $ 121,799,853 $ 1 $ 112,538,851 $ 9,261,001
Balance, end of year, shares at Jun. 30, 2013   2,073,648    
v2.4.0.8
Consolidated Statements Of Stockholders' Equity (Parenthetical) (USD $)
 3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Statement of Stockholders' Equity [Abstract]        
Dividends, per share $ 0.08 $ 0.07 $ 0.16 $ 0.14
v2.4.0.8
Consolidated Statements Of Cash Flows (USD $)
 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Operating Activities    
Net income $ 7,410,468 $ 4,804,840
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation 292,732 232,009
Amortization, net 267,516 201,824
Amortization related to postretirement benefits obligation 2,388 5,038
Share-based compensation expense related to stock options 40,092 36,947
Increase in allowance for doubtful accounts on premiums receivable 218,464 481,000
Net loss (gain) on disposals of property 1,435 (16,782)
Net realized gain on investments (71,616) (258,029)
Net earnings from other investments (815,714) (694,906)
Provision for claims 607,812 1,992,466
Provision for deferred income taxes 1,517,000 957,000
Excess tax benefits related to exercise of stock options and SARs (935,563) 0
Changes in assets and liabilities:    
Decrease (increase) in receivables 12,167 (2,278,352)
Increase in other assets (3,367,497) (261,317)
Increase in current income taxes recoverable (771,419) (372,426)
Increase (decrease) in accounts payable and accrued liabilities 1,698,084 (222,017)
Decrease in current income taxes payable (1,336,824) (640,533)
Payments of claims, net of recoveries (918,812) (2,441,466)
Net cash provided by operating activities 5,721,839 1,525,296
Investing Activities    
Purchases of available-for-sale securities (641,302) (10,435,418)
Purchases of short-term securities (3,835,960) (2,424,628)
Purchases of other investments (780,778) (2,265,523)
Investment in/purchase of subsidiary (350,000) (350,000)
Proceeds from sales and maturities of available-for-sale securities 5,230,400 4,947,338
Proceeds from sales and maturities of short-term securities 1,325,143 8,115,946
Proceeds from sales and distributions of other investments 1,072,467 995,592
Proceeds from sales of other assets 25,308 204,750
Purchases of property (538,466) (164,183)
Proceeds from disposals of property 3,135 34,364
Net cash provided by (used in) investing activities 1,509,947 (1,341,762)
Financing Activities    
Repurchases of common stock (1,378,131) (626,885)
Exercise of options 68,032 152,792
Dividends paid (329,569) (294,048)
Net cash used in financing activities (1,639,668) (768,141)
Net Increase (Decrease) in Cash and Cash Equivalents 5,592,118 (584,607)
Cash and Cash Equivalents, Beginning of Period 20,810,018 18,042,258
Cash and Cash Equivalents, End of Period 26,402,136 17,457,651
Cash Paid During the Year for:    
Income taxes, payments, net 2,892,000 1,817,000
Non cash net unrealized gain on investments, net of deferred tax provision of $(236,859) and $(441,460) for 2013 and 2012, respectively (440,996) (835,326)
Non cash intangible assets acquired from purchase of subsidiary 0 (1,481,900)
Non cash contingent liability from purchase of subsidiary $ 0 $ 691,250
v2.4.0.8
Consolidated Statements Of Cash Flows (Parenthetical) (USD $)
 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Statement of Cash Flows [Abstract]    
Non cash net unrealized gain on investments, deferred tax provision $ (236,859) $ (441,460)
v2.4.0.8
Basis Of Presentation And Significant Accounting Policies
 6 Months Ended
Jun. 30, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis Of Presentation And Significant Accounting Policies
Basis of Presentation and Significant Accounting Policies

Reference should be made to the "Notes to Consolidated Financial Statements" appearing in the Annual Report on Form 10-K for the year ended December 31, 2012 of Investors Title Company (the “Company”) for a complete description of the Company’s significant accounting policies.

Principles of Consolidation – The accompanying unaudited 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 for interim financial information, with the instructions to Form 10-Q and with Article 10 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in annual financial statements have been condensed or omitted. Earnings attributable to the Company's redeemable noncontrolling interest in a majority-owned insurance agency are recorded on the Consolidated Statements of Income. 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.

In the opinion of management, all adjustments considered necessary for a fair presentation of the financial position, results of operations and cash flows of the Company in the accompanying unaudited Consolidated Financial Statements have been included.  All such adjustments are of a normal recurring nature.  Operating results for the quarter ended June 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013.

Use of Estimates and Assumptions – The preparation of the Company’s Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America (“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.  Actual results could differ from those estimates and assumptions used.

Subsequent Events - The Company has concluded that there were no material subsequent events requiring adjustment to or disclosure in its Consolidated Financial Statements.

Recently Issued Accounting Standards – In February 2013, the Financial Accounting Standards Board (“FASB”) updated guidance to improve the reporting of reclassifications out of accumulated other comprehensive income.  The main provisions of this guidance require an entity to provide information about the amount reclassified out of 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.

In June 2011, the FASB updated requirements relating to the presentation of comprehensive income.  The objectives of this accounting update are to facilitate convergence of GAAP and International Financial Reporting Standards (“IFRS”), to improve the comparability, consistency, and transparency of financial reporting and to increase the prominence of items reported in other comprehensive income.  The main provisions of the guidance require that all nonowner changes in stockholders’ equity be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements.  For public entities, this update became effective for fiscal years, and interim periods within those years, beginning after December 15, 2011.  The Company complied with this update, and it did not have an impact on the Company’s financial condition or results of operations.

In May 2011, the FASB updated requirements for measuring and disclosing fair value information, resulting in common principles and requirements in accordance with GAAP and IFRS.  For public entities, this guidance became effective during interim and annual periods beginning after December 15, 2011.  The Company complied with this update, and it did not have an impact on the Company’s financial condition or results of operations.
v2.4.0.8
Reserves For Claims
 6 Months Ended
Jun. 30, 2013
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]  
Reserves For Claims
Reserves for Claims

Transactions in the reserves for claims for the six months ended June 30, 2013 and the year ended December 31, 2012 are summarized as follows:
 
June 30, 2013
 
December 31, 2012
Balance, beginning of period
$
39,078,000

 
$
37,996,000

Provision, charged to operations
607,812

 
6,072,115

Payments of claims, net of recoveries
(918,812
)
 
(4,990,115
)
Ending balance
$
38,767,000

 
$
39,078,000



The total reserve for all reported and unreported losses the Company incurred through June 30, 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 which might result from pending and future claims under policies issued through June 30, 2013.  The Company continually reviews and adjusts its reserve estimates to reflect its loss experience and any new information that becomes available.  Adjustments resulting from such reviews may be significant.

A summary of the Company’s loss reserves, broken down into its components of known title claims and incurred but not reported claims (“IBNR”), follows:
 
June 30, 2013
 
%
 
December 31, 2012
 
%
Known title claims
$
4,438,667

 
11.4
 
$
5,166,370

 
13.2
IBNR
34,328,333

 
88.6
 
33,911,630

 
86.8
Total loss reserves
$
38,767,000

 
100.0
 
$
39,078,000

 
100.0


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 Company carries assets at the lower of cost or estimated realizable value, net of any indebtedness on the property.
v2.4.0.8
Earnings Per Common Share And Share Awards
 6 Months Ended
Jun. 30, 2013
Earnings Per Share [Abstract]  
Earnings Per Common Share And Share Awards
Earnings Per Common Share and Share Awards

Basic earnings per common share are 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 25,877 and 34,066 for the three months ended June 30, 2013 and 2012, respectively, and 32,929 and 31,413 for the six months ended June 30, 2013 and 2012, respectively.

The following table sets forth the computation of basic and diluted earnings per share for the three and six months ended June 30:

 
Three months ended June 30,
 
Six months ended June 30,
 
2013
 
2012
 
2013
 
2012
Net income attributable to the Company
$
4,005,675

 
$
3,349,488

 
$
7,382,405

 
$
4,781,627

Weighted average common shares outstanding – Basic
2,063,797

 
2,098,666

 
2,054,300

 
2,099,751

Incremental shares outstanding assuming the exercise of dilutive stock options and SARs (share-settled)
25,877

 
34,066

 
32,929

 
31,413

Weighted average common shares outstanding – Diluted
2,089,674

 
2,132,732

 
2,087,229

 
2,131,164

Basic earnings per common share
$
1.94

 
$
1.60

 
$
3.59

 
$
2.28

Diluted earnings per common share
$
1.92

 
$
1.57

 
$
3.54

 
$
2.24



There were 3,000 potential shares excluded from the computation of diluted earnings per share for the three months ended June 30, 2013. There were no potential shares excluded from the computation of diluted earnings per share for the three months ended June 30, 2012. There were 3,000 and 5,000 potential shares excluded from the computation of diluted earnings per share for the six months ended June 30, 2013 and 2012, respectively. These potential shares were anti-dilutive because the underlying share awards were out-of-the-money.
 
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: immediately; within one year; or 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, 2012
101,600

 
$
29.81

 
3.91
 
$
697,780

SARs granted
3,000

 
50.50

 
 
 
 

SARs exercised
—

 
—

 
 
 
 

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
(2,400
)
 
28.38

 
 
 
 

Options/SARs canceled/forfeited/expired
—

 
—

 
 
 
 

Outstanding as of June 30, 2013
19,250

 
$
45.55

 
3.90
 
$
490,770

 
 
 
 
 
 
 
 
Exercisable as of June 30, 2013
16,750

 
$
42.26

 
3.54
 
$
480,800

 
 
 
 
 
 
 
 
Unvested as of June 30, 2013
2,500

 
$
67.54

 
6.31
 
$
9,970



During the second quarters of both 2013 and 2012, the Company issued a total of 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 and 2012 were $27.55 and $18.84, respectively, and were estimated using the weighted-average assumptions shown in the table below.
 
2013
 
2012
Expected Life in Years
5.0
 
5.0
Volatility
44.6%
 
44.6%
Interest Rate
1.3%
 
0.8%
Yield Rate
0.5%
 
0.6%


There was approximately $40,000 and $37,000 of compensation expense relating to SARs or options vesting on or before June 30, 2013 and 2012, included in salaries, employee benefits and payroll taxes in the Consolidated Statements of Income.  As of June 30, 2013, there was approximately $67,000 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 4 months.

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
Segment Information
 6 Months Ended
Jun. 30, 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 June 30, 2013 and 2012:
Three Months Ended
June 30, 2013
Title
Insurance
 
All
Other
 
Intersegment
Eliminations
 
Total
Insurance and other services revenues
$
31,691,606

 
$
1,382,206

 
$
(360,731
)
 
$
32,713,081

Investment income
858,168

 
90,213

 
(23,334
)
 
925,047

Net realized gain (loss) on investments
59,473

 
(4,201
)
 
—

 
55,272

Total revenues
$
32,609,247

 
$
1,468,218

 
$
(384,065
)
 
$
33,693,400

Operating expenses
26,580,339

 
1,586,320

 
(343,309
)
 
27,823,350

Income (loss) before income taxes
$
6,028,908

 
$
(118,102
)
 
$
(40,756
)
 
$
5,870,050

Total assets
$
144,732,176

 
$
35,793,158

 
$
—

 
$
180,525,334

Three Months Ended
June 30, 2012
Title
Insurance
 
All
Other
 
Intersegment
Eliminations
 
Total
Insurance and other services revenues
$
24,264,268

 
$
1,102,786

 
$
(361,795
)
 
$
25,005,259

Investment income
880,803

 
149,533

 
(20,418
)
 
1,009,918

Net realized (loss) gain on investments
(85,725
)
 
150,873

 
—

 
65,148

Total revenues
$
25,059,346

 
$
1,403,192

 
$
(382,213
)
 
$
26,080,325

Operating expenses
20,430,840

 
1,374,158

 
(344,374
)
 
21,460,624

Income before income taxes
$
4,628,506

 
$
29,034

 
$
(37,839
)
 
$
4,619,701

Total assets
$
124,109,659

 
$
39,987,225

 
$
—

 
$
164,096,884

Six Months Ended
June 30, 2013
Title
Insurance
 
All
Other
 
Intersegment
Eliminations
 
Total
Insurance and other services revenues
$
56,720,164

 
$
2,608,457

 
$
(704,096
)
 
$
58,624,525

Investment income
1,706,823

 
185,377

 
(46,668
)
 
1,845,532

Net realized gain (loss) on investments
91,074

 
(19,458
)
 
—

 
71,616

Total revenues
$
58,518,061

 
$
2,774,376

 
$
(750,764
)
 
$
60,541,673

Operating expenses
47,445,711

 
3,143,747

 
(669,253
)
 
49,920,205

Income (loss) before income taxes
$
11,072,350

 
$
(369,371
)
 
$
(81,511
)
 
$
10,621,468

Total assets
$
144,732,176

 
$
35,793,158

 
$
—

 
$
180,525,334

Six Months Ended
June 30, 2012
Title
Insurance
 
All
Other
 
Intersegment
Eliminations
 
Total
Insurance and other services revenues
$
44,538,024

 
$
2,278,844

 
$
(567,477
)
 
$
46,249,391

Investment income
1,734,634

 
293,380

 
(40,835
)
 
1,987,179

Net realized gain on investments
96,689

 
161,340

 
—

 
258,029

Total revenues
$
46,369,347

 
$
2,733,564

 
$
(608,312
)
 
$
48,494,599

Operating expenses
39,685,564

 
2,794,251

 
(550,056
)
 
41,929,759

Income (loss) before income taxes
$
6,683,783

 
$
(60,687
)
 
$
(58,256
)
 
$
6,564,840

Total assets
$
124,109,659

 
$
39,987,225

 
$
—

 
$
164,096,884
v2.4.0.8
Retirement Agreements And Other Postretirement Benefits
 6 Months Ended
Jun. 30, 2013
Compensation and Retirement Disclosure [Abstract]  
Retirement Agreements And Other Postretirement Benefits
Retirement Agreements and Other Postretirement Benefits

On November 17, 2003, the Company’s subsidiary, Investors Title Insurance Company, entered into employment agreements with key executives that provide for the continuation of certain employee benefits and other payments due under the agreements upon retirement totaling $6,536,000 and $6,303,000 as of June 30, 2013 and December 31, 2012, respectively.  The executive employee benefits include health insurance, dental, vision and life insurance and are unfunded.  These amounts are classified as accounts payable and accrued liabilities in the Consolidated Balance Sheets.  The following sets forth the net periodic benefits cost for the executive benefits for the periods ended June 30, 2013 and 2012:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2013
 
2012
 
2013
 
2012
Service cost – benefits earned during the year
$
3,945

 
$
3,154

 
$
7,891

 
$
6,308

Interest cost on the projected benefit obligation
7,103

 
6,967

 
14,206

 
13,934

(Accretion) amortization of unrecognized prior service cost
(379
)
 
2,349

 
(759
)
 
4,698

Amortization of unrecognized losses
1,574

 
170

 
3,147

 
340

Net periodic benefits costs
$
12,243

 
$
12,640

 
$
24,485

 
$
25,280
v2.4.0.8
Fair Value Measurement
 6 Months Ended
Jun. 30, 2013
Fair Value Disclosures [Abstract]  
Fair Value Measurement
Fair Value Measurement
 
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 and money market mutual funds valued at transacted amounts.

The Level 2 category includes fixed maturity investments such as corporate bonds, U.S. government and agency bonds and municipal bonds.  Their fair value is principally based on market values obtained from a third party pricing service.  Factors that are used in determining their 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 June 30, 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 June 30, 2013 and December 31, 2012,  with approximately 97.0% as of June 30, 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.  That 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 June 30, 2013 and December 31, 2012:
 
2013
 
2012
Cumulative probability of earning maximum rate until maturity
—%
 
—%
Cumulative probability of principal returned prior to maturity
95.9%
 
96.1%
Cumulative probability of default at some future point
4.1%
 
3.9%


Significant increases or decreases in any of the inputs in isolation would 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 between approximately three 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 June 30, 2013 and December 31, 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 June 30, 2013
Level 1
 
Level 2
 
Level 3
 
Total
Short-term Investments
$
16,078,465

 
$
—

 
$
—

 
$
16,078,465

Equity Securities
 

 
 

 
 

 
 

Common stock and nonredeemable preferred stock
31,208,595

 
—

 
—

 
31,208,595

Fixed Maturities
 

 
 

 
 

 
 

Obligations of states and political subdivisions*
—

 
58,479,669

 
—

 
58,479,669

Corporate debt securities*
—

 
15,818,671

 
929,700

 
16,748,371

Total
$
47,287,060

 
$
74,298,340

 
$
929,700

 
$
122,515,100

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

 
$
—

 
$
—

 
$
13,567,648

Equity Securities
 

 
 

 
 

 
 

Common stock and nonredeemable preferred stock
28,510,933

 
—

 
—

 
28,510,933

Fixed Maturities
 

 
 

 
 

 
 

Obligations of states 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 market 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 contingent consideration was estimated based on the discounted value of 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 10.
 
The carrying amounts and fair values of these financial instruments (please note investments are disclosed in a previous table) as of June 30, 2013 and December 31, 2012 are presented in the following table:
As of June 30, 2013
Carrying Value
 
Estimated Fair
Value
 
Level 1
 
Level 2
 
Level 3
Financial Assets
 
 
 
 
 
 
 
 
 
Cash
$
26,402,136

 
$
26,402,136

 
$
26,402,136

 
$
—

 
$
—

Cost-basis investments
1,898,023

 
1,915,614

 
—

 
—

 
1,915,614

Accrued dividends and interest
915,703

 
915,703

 
915,703

 
—

 
—

Total Financial Assets
$
29,215,862

 
$
29,233,453

 
$
27,317,839

 
$
—

 
$
1,915,614

Financial Liabilities
 

 
 

 
 

 
 

 
 

Contingent consideration
$
341,250

 
$
341,250

 
$
—

 
$
—

 
$
341,250

Total Financial Liabilities
$
341,250

 
$
341,250

 
$
—

 
$
—

 
$
341,250


 
 
 
 
 
 
 
 
 
As of December 31, 2012
Carrying Value
 
Estimated Fair
Value
 
Level 1
 
Level 2
 
Level 3
Financial Assets
 
 
 
 
 
 
 
 
 
Cash
$
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 Financial Assets
$
23,718,780

 
$
23,799,788

 
$
21,847,465

 
$
—

 
$
1,952,323

Financial Liabilities
 

 
 

 
 

 
 

 
 

Contingent consideration
$
691,250

 
$
691,250

 
$
—

 
$
—

 
$
691,250

Total Financial Liabilities
$
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 period ended June 30, 2013 and the year ended December 31, 2012:
Changes in fair value during the period ended:
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

Unrealized (loss) gain - included in other comprehensive income
(2,500
)
 
68,739

Ending balance, net
$
929,700

 
$
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 acquisition consideration, for the period ended June 30, 2013 and the year ended December 31, 2012:
Changes in fair value during the period ended:
2013
 
2012
Beginning balance at January 1
$
691,250

 
$
—

Addition of contingent consideration
—

 
691,250

Reduction of contingent consideration
(350,000
)
 
—

Ending balance, net
$
341,250

 
$
691,250


 
Certain cost method investments are measured at estimated fair value on a non-recurring basis, such as investments that are impaired during the period and recorded at estimated fair value in the Consolidated Financial Statements as of June 30, 2013 and December 31, 2012.

The following table summarizes the corresponding estimated fair value hierarchy of such investments at June 30, 2013 and December 31, 2012 and the related impairments recognized.
As of June 30, 2013
Valuation
Method
 
Impaired
 
Level 1
 
Level 2
 
Level 3
 
Total at
Estimated
Fair
Value
 
Impairment
Losses
Cost method investments
Fair Value
 
Yes
 
$
—

 
$
—

 
$
31,486

 
$
31,486

 
$
(34,070
)
Total cost method investments
 
 
 
 
$
—

 
$
—

 
$
31,486

 
$
31,486

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

 
$
—

 
$
36,406

 
$
36,406

 
$
(6,504
)
Total cost method investments
 
 
 
 
$
—

 
$
—

 
$
36,406

 
$
36,406

 
$
(6,504
)
v2.4.0.8
Investments In Securities
 6 Months Ended
Jun. 30, 2013
Investments, Debt and Equity Securities [Abstract]  
Investments In Securities
Investments in Securities

The aggregate estimated fair value, gross unrealized holding gains, gross unrealized holding losses and cost or amortized cost for securities by major security type are as follows:
As of June 30, 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
$
37,812,768

 
$
2,303,400

 
$
114,892

 
$
40,001,276

Special revenue obligations of U.S. states, territories and political subdivisions
17,152,757

 
1,348,518

 
22,881

 
18,478,394

Corporate debt securities
15,025,811

 
837,221

 
44,362

 
15,818,670

Auction rate securities
918,433

 
11,267

 
—

 
929,700

Total
$
70,909,769

 
$
4,500,406

 
$
182,135

 
$
75,228,040

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

 
 

 
 

 
 

Common stocks and nonredeemable preferred stocks
$
21,203,886

 
$
10,193,487

 
$
188,778

 
$
31,208,595

Total
$
21,203,886

 
$
10,193,487

 
$
188,778

 
$
31,208,595

Short-term investments-
 

 
 

 
 

 
 

Certificates of deposit and other
$
16,078,465

 
$
—

 
$
—

 
$
16,078,465

Total
$
16,078,465

 
$
—

 
$
—

 
$
16,078,465

As of 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

Special revenue obligations of U.S. states, territories and political subdivisions
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 other
$
13,567,648

 
$
—

 
$
—

 
$
13,567,648

Total
$
13,567,648

 
$
—

 
$
—

 
$
13,567,648



The scheduled maturities of fixed maturity securities at June 30, 2013 were as follows:
 
Available-for-Sale
 
Amortized
Cost
 
Fair
Value
Due in one year or less
$
6,086,753

 
$
6,169,954

Due after one year through five years
51,363,098

 
54,725,442

Due five years through ten years
10,510,420

 
11,063,970

Due after ten years
2,949,498

 
3,268,674

Total
$
70,909,769

 
$
75,228,040



Realized gains and losses on investments for the six months ended June 30 are summarized as follows:
 
2013
 
2012
Gross realized gains:
 

 
 

General obligations of U.S. states, territories and political subdivisions
$
—

 
$
250

Corporate debt securities
20,476

 
—

Common stocks and nonredeemable preferred stocks
119,163

 
163,764

Auction rate securities
—

 
40,057

Total
$
139,639

 
$
204,071

Gross realized losses:
 

 
 

Common stocks and nonredeemable preferred stocks
$
(38,785
)
 
$
(74,661
)
Other than temporary impairment of securities
—

 
(76,539
)
Total
$
(38,785
)
 
$
(151,200
)
Net realized gain from securities
$
100,854

 
$
52,871

Net realized gains (losses) on other investments:
 
 
 
Impairments of other investments
$
(34,070
)
 
$
—

Gain on other investments
4,832

 
205,158

Total
$
(29,238
)
 
$
205,158

Net Realized Gain
$
71,616

 
$
258,029



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 securities, aggregated by investment category and length of time that individual securities have been in a continuous loss position at June 30, 2013 and December 31, 2012.
 
Less than 12 Months
 
12 Months or Longer
 
Total
As of June 30, 2013
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
General obligations of U.S. states, territories and political sub-divisions
$
1,013,804

 
$
(114,892
)
 
$
—

 
$
—

 
$
1,013,804

 
$
(114,892
)
Special revenue obligations of U.S. states territories and political sub-divisions
1,858,639

 
(22,881
)
 
—

 
—

 
1,858,639

 
(22,881
)
Corporate
3,264,893

 
(44,362
)
 
—

 
—

 
3,264,893

 
(44,362
)
Total fixed income securities
$
6,137,336

 
$
(182,135
)
 
$
—

 
$
—

 
$
6,137,336

 
$
(182,135
)
Equity securities
$
1,982,688

 
$
(146,660
)
 
$
197,001

 
$
(42,118
)
 
$
2,179,689

 
$
(188,778
)
Total temporarily impaired securities
$
8,120,024

 
$
(328,795
)
 
$
197,001

 
$
(42,118
)
 
$
8,317,025

 
$
(370,913
)
 
 
Less than 12 Months
 
12 Months or Longer
 
Total
As of December 31, 2012
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
General obligations of U.S. states, territories and political sub-divisions
$
1,236,906

 
$
(10,455
)
 
$
—

 
$
—

 
$
1,236,906

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

 
(14,750
)
 
—

 
—

 
985,250

 
(14,750
)
Total fixed income 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 June 30, 2013, the Company held $6,137,336 in fixed maturity securities with unrealized losses of $182,135 .  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 will likely 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 June 30, 2013, the Company held $2,179,689 in equity securities with unrealized losses of $188,778.  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 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 18 and 7 securities had unrealized losses at June 30, 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 the six months ended June 30, 2013 and 2012, the Company recorded other-than-temporary impairment charges in the amount of $0 and $76,539, respectively for securities.  For the 2012 fiscal year, the Company recorded other-than-temporary impairment charges in the amount of $93,436 related to securities.  Other-than-temporary impairment charges are included in net realized gain on investments in the Consolidated Statements of Income.
v2.4.0.8
Commitments And Contingencies
 6 Months Ended
Jun. 30, 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 Southern District of West Virginia against several title insurance companies, including Investors Title Insurance Company, entitled Backel v. Fidelity National Title Insurance et al. (6:2008- CV-00181).  The plaintiff in this case contends a lack of meaningful oversight by agencies with which title insurance rates are filed and approved.  There are further allegations that the title insurance companies have conspired to fix title insurance rates.  The plaintiffs seek monetary damages, including treble damages, as well as injunctive relief.  Similar suits have been filed in other jurisdictions, several of which have already been dismissed.  In West Virginia, the case has been placed on the inactive docket pending the outcome of several similar cases. 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.

The Company and its subsidiaries are also involved in other 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 Investors Title Insurance Company (“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.  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 $56,300,000 and $55,580,000 as of June 30, 2013 and December 31, 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
Related Party Transactions
 6 Months Ended
Jun. 30, 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 investment in these limited liability companies.  The following table sets forth the approximate values by year found within each financial statement classification:
Financial Statement Classification,
As of
June 30,
 
As of
December 31,
Consolidated Balance Sheets
2013
 
2012
Other investments
$
5,318,000

 
$
4,892,000

Premiums and fees receivable
$
922,000

 
$
1,011,000

 
Financial Statement Classification,
For the Three Months Ended
June 30,
 
For the Six Months Ended
June 30,
Consolidated Statements of Income
2013
 
2012
 
2013
 
2012
Net premiums written
$
3,941,000

 
$
3,824,000

 
$
7,358,000

 
$
7,207,000

Other income
$
544,000

 
$
499,000

 
$
1,069,000

 
$
973,000



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.
v2.4.0.8
Acquisition
 6 Months Ended
Jun. 30, 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 June 30, 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 June 30, 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 two 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 June 30, 2013 and December 31, 2012:
 
Changes in fair value during the period ended:
June 30, 2013
 
December 31, 2012
Beginning balance at January 1
$
493,861

 
$
—

Redeemable noncontrolling interest resulting from subsidiary purchase
—

 
446,250

Net income attributable to redeemable noncontrolling interest
28,063

 
88,411

Distributions to noncontrolling interest
(36,899
)
 
(40,800
)
Balance, net
$
485,025

 
$
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 June 30, 2013 and December 31, 2012, accumulated amortization of intangible assets was $87,105 and $52,263, respectively.  Net intangible assets of $1,394,795 and $1,429,637 are categorized as prepaid expenses and other assets in the Consolidated Balance Sheets as of June 30, 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 June 30, 2013.

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
 6 Months Ended
Jun. 30, 2013
Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income

The following tables illustrates changes in the balances of each component of accumulated other comprehensive income, net of tax, for the periods ended June 30, 2013 and 2012:

Three Months Ended June 30, 2013
Unrealized Gains and Losses
On Available-for-Sale
Securities
 
Postretirement
Benefits Plans
 
 
Total
Beginning balance at April 1
$
10,479,645

 
$
(101,665
)
 
$
10,377,980

Other comprehensive (loss) income before reclassifications
(1,081,096
)
 
—

 
(1,081,096
)
Amounts reclassified from accumulated other comprehensive (loss) income
(36,670
)
 
787

 
(35,883
)
Net current-period other comprehensive (loss) income
(1,117,766
)
 
787

 
(1,116,979
)
Ending balance
$
9,361,879

 
$
(100,878
)
 
$
9,261,001

Three Months Ended June 30, 2012
Unrealized Gains and Losses
On Available-for-Sale
Securities
 
Postretirement
Benefits Plans
 
 
Total
Beginning balance at April 1
$
8,741,199

 
$
(52,714
)
 
$
8,688,485

Other comprehensive (loss) income before reclassifications
(306,199
)
 
—

 
(306,199
)
Amounts reclassified from accumulated other comprehensive (loss) income
(36,133
)
 
1,663

 
(34,470
)
Net current-period other comprehensive (loss) income
(342,332
)
 
1,663

 
(340,669
)
Ending balance
$
8,398,867

 
$
(51,051
)
 
$
8,347,816

Six Months Ended June 30, 2013
Unrealized Gains and Losses
On Available-for-Sale
Securities
 
Postretirement
Benefits Plans
 
 
Total
Beginning balance at January 1
$
8,920,883

 
$
(102,453
)
 
$
8,818,430

Other comprehensive (loss) income before reclassifications
489,148

 
—

 
489,148

Amounts reclassified from accumulated other comprehensive (loss) income
(48,152
)
 
1,575

 
(46,577
)
Net current-period other comprehensive (loss) income
440,996

 
1,575

 
442,571

Ending balance
$
9,361,879

 
$
(100,878
)
 
$
9,261,001

 
Six Months Ended June 30, 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 (loss) income before reclassifications
998,284

 
—

 
998,284

Amounts reclassified from accumulated other comprehensive (loss) income
(162,958
)
 
3,325

 
(159,633
)
Net current-period other comprehensive (loss) income
835,326

 
3,325

 
838,651

Ending balance
$
8,398,867

 
$
(51,051
)
 
$
8,347,816



The following tables provides significant amounts reclassified out of each component of accumulated other comprehensive income for the periods ended June 30, 2013 and 2012:
Three Months Ended June 30, 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
$
70,857


 
Other-than-temporary impairments
(15,585
)

 
Total
$
55,272


Net realized gain on investment
Tax
(18,602
)

Provision for Income Taxes
Net of Tax
$
36,670


 
Accretion (amortization) related to postretirement benefit plans:
 

 
 
Prior year service cost
$
379

 
 
Unrecognized loss
(1,574
)
 
 
Total
$
(1,195
)
 
(a)
Tax
408

 
Provision for Income Taxes
Net of Tax
$
(787
)
 
 
Reclassifications for the period
$
35,883

 
 
Three Months Ended June 30, 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
$
141,687

 
 
Other-than-temporary impairments
(76,539
)
 
 
Total
$
65,148

 
Net realized gain on investment
Tax
(29,015
)
 
Provision for Income Taxes
Net of Tax
$
36,133

 
 
Amortization related to postretirement benefit plans:
 

 
 
Prior year service cost
$
(2,349
)
 
 
Unrecognized loss
(170
)
 
 
Total
$
(2,519
)
 
(a)
Tax
856

 
Provision for Income Taxes
Net of Tax
$
(1,663
)
 
 
Reclassifications for the period
$
34,470

 
 
Six Months Ended June 30, 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
$
105,686


 
Other-than-temporary impairments
(34,070
)

 
Total
$
71,616


Net realized gain on investment
Tax
(23,464
)

Provision for Income Taxes
Net of Tax
$
48,152


 
Accretion (amortization) related to postretirement benefit plans:
 


 
Prior year service cost
$
759


 
Unrecognized loss
(3,147
)

 
Total
$
(2,388
)

(a)
Tax
813


Provision for Income Taxes
Net of Tax
$
(1,575
)

 
Reclassifications for the period
$
46,577


 
Six Months Ended June 30, 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
$
334,568

 
 
Other-than-temporary impairments
(76,539
)
 
 
Total
$
258,029

 
Net realized gain on investment
Tax
(95,071
)
 
Provision for Income Taxes
Net of Tax
$
162,958

 
 
Amortization related to postretirement benefit plans:
 

 
 
Prior year service cost
$
(4,698
)
 
 
Unrecognized loss
(340
)
 
 
Total
$
(5,038
)
 
(a)
Tax
1,713

 
Provision for Income Taxes
Net of Tax
$
(3,325
)
 
 
Reclassifications for the period
$
159,633

 
 

(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 5.
v2.4.0.8
Basis Of Presentation And Significant Accounting Policies (Policy)
 6 Months Ended
Jun. 30, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Principles Of Consolidation
Principles of Consolidation – The accompanying unaudited 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 for interim financial information, with the instructions to Form 10-Q and with Article 10 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in annual financial statements have been condensed or omitted. Earnings attributable to the Company's redeemable noncontrolling interest in a majority-owned insurance agency are recorded on the Consolidated Statements of Income. 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.

In the opinion of management, all adjustments considered necessary for a fair presentation of the financial position, results of operations and cash flows of the Company in the accompanying unaudited Consolidated Financial Statements have been included.  All such adjustments are of a normal recurring nature.
Use Of Estimates And Assumptions
Use of Estimates and Assumptions – The preparation of the Company’s Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America (“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.  Actual results could differ from those estimates and assumptions used.
Subsequent Events
Subsequent Events - The Company has concluded that there were no material subsequent events requiring adjustment to or disclosure in its Consolidated Financial Statements.
Recently Issued Accounting Standards
Recently Issued Accounting Standards – In February 2013, the Financial Accounting Standards Board (“FASB”) updated guidance to improve the reporting of reclassifications out of accumulated other comprehensive income.  The main provisions of this guidance require an entity to provide information about the amount reclassified out of 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.

In June 2011, the FASB updated requirements relating to the presentation of comprehensive income.  The objectives of this accounting update are to facilitate convergence of GAAP and International Financial Reporting Standards (“IFRS”), to improve the comparability, consistency, and transparency of financial reporting and to increase the prominence of items reported in other comprehensive income.  The main provisions of the guidance require that all nonowner changes in stockholders’ equity be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements.  For public entities, this update became effective for fiscal years, and interim periods within those years, beginning after December 15, 2011.  The Company complied with this update, and it did not have an impact on the Company’s financial condition or results of operations.

In May 2011, the FASB updated requirements for measuring and disclosing fair value information, resulting in common principles and requirements in accordance with GAAP and IFRS.  For public entities, this guidance became effective during interim and annual periods beginning after December 15, 2011.  The Company complied with this update, and it did not have an impact on the Company’s financial condition or results of operations.
v2.4.0.8
Reserves For Claims (Tables)
 6 Months Ended
Jun. 30, 2013
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]  
Summary Of Transactions In Reserves For Claims

Transactions in the reserves for claims for the six months ended June 30, 2013 and the year ended December 31, 2012 are summarized as follows:
 
June 30, 2013
 
December 31, 2012
Balance, beginning of period
$
39,078,000

 
$
37,996,000

Provision, charged to operations
607,812

 
6,072,115

Payments of claims, net of recoveries
(918,812
)
 
(4,990,115
)
Ending balance
$
38,767,000

 
$
39,078,000
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 incurred but not reported claims (“IBNR”), follows:
 
June 30, 2013
 
%
 
December 31, 2012
 
%
Known title claims
$
4,438,667

 
11.4
 
$
5,166,370

 
13.2
IBNR
34,328,333

 
88.6
 
33,911,630

 
86.8
Total loss reserves
$
38,767,000

 
100.0
 
$
39,078,000

 
100.0
v2.4.0.8
Earnings Per Common Share And Share Awards (Tables)
 6 Months Ended
Jun. 30, 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 three and six months ended June 30:

 
Three months ended June 30,
 
Six months ended June 30,
 
2013
 
2012
 
2013
 
2012
Net income attributable to the Company
$
4,005,675

 
$
3,349,488

 
$
7,382,405

 
$
4,781,627

Weighted average common shares outstanding – Basic
2,063,797

 
2,098,666

 
2,054,300

 
2,099,751

Incremental shares outstanding assuming the exercise of dilutive stock options and SARs (share-settled)
25,877

 
34,066

 
32,929

 
31,413

Weighted average common shares outstanding – Diluted
2,089,674

 
2,132,732

 
2,087,229

 
2,131,164

Basic earnings per common share
$
1.94

 
$
1.60

 
$
3.59

 
$
2.28

Diluted earnings per common share
$
1.92

 
$
1.57

 
$
3.54

 
$
2.24
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, 2012
101,600

 
$
29.81

 
3.91
 
$
697,780

SARs granted
3,000

 
50.50

 
 
 
 

SARs exercised
—

 
—

 
 
 
 

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
(2,400
)
 
28.38

 
 
 
 

Options/SARs canceled/forfeited/expired
—

 
—

 
 
 
 

Outstanding as of June 30, 2013
19,250

 
$
45.55

 
3.90
 
$
490,770

 
 
 
 
 
 
 
 
Exercisable as of June 30, 2013
16,750

 
$
42.26

 
3.54
 
$
480,800

 
 
 
 
 
 
 
 
Unvested as of June 30, 2013
2,500

 
$
67.54

 
6.31
 
$
9,970
Share-Based Valuation Assumptions
The weighted-average fair values for the SARs issued during 2013 and 2012 were $27.55 and $18.84, respectively, and were estimated using the weighted-average assumptions shown in the table below.
 
2013
 
2012
Expected Life in Years
5.0
 
5.0
Volatility
44.6%
 
44.6%
Interest Rate
1.3%
 
0.8%
Yield Rate
0.5%
 
0.6%
v2.4.0.8
Segment Information (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2013 and 2012:
Three Months Ended
June 30, 2013
Title
Insurance
 
All
Other
 
Intersegment
Eliminations
 
Total
Insurance and other services revenues
$
31,691,606

 
$
1,382,206

 
$
(360,731
)
 
$
32,713,081

Investment income
858,168

 
90,213

 
(23,334
)
 
925,047

Net realized gain (loss) on investments
59,473

 
(4,201
)
 
—

 
55,272

Total revenues
$
32,609,247

 
$
1,468,218

 
$
(384,065
)
 
$
33,693,400

Operating expenses
26,580,339

 
1,586,320

 
(343,309
)
 
27,823,350

Income (loss) before income taxes
$
6,028,908

 
$
(118,102
)
 
$
(40,756
)
 
$
5,870,050

Total assets
$
144,732,176

 
$
35,793,158

 
$
—

 
$
180,525,334

Three Months Ended
June 30, 2012
Title
Insurance
 
All
Other
 
Intersegment
Eliminations
 
Total
Insurance and other services revenues
$
24,264,268

 
$
1,102,786

 
$
(361,795
)
 
$
25,005,259

Investment income
880,803

 
149,533

 
(20,418
)
 
1,009,918

Net realized (loss) gain on investments
(85,725
)
 
150,873

 
—

 
65,148

Total revenues
$
25,059,346

 
$
1,403,192

 
$
(382,213
)
 
$
26,080,325

Operating expenses
20,430,840

 
1,374,158

 
(344,374
)
 
21,460,624

Income before income taxes
$
4,628,506

 
$
29,034

 
$
(37,839
)
 
$
4,619,701

Total assets
$
124,109,659

 
$
39,987,225

 
$
—

 
$
164,096,884

Six Months Ended
June 30, 2013
Title
Insurance
 
All
Other
 
Intersegment
Eliminations
 
Total
Insurance and other services revenues
$
56,720,164

 
$
2,608,457

 
$
(704,096
)
 
$
58,624,525

Investment income
1,706,823

 
185,377

 
(46,668
)
 
1,845,532

Net realized gain (loss) on investments
91,074

 
(19,458
)
 
—

 
71,616

Total revenues
$
58,518,061

 
$
2,774,376

 
$
(750,764
)
 
$
60,541,673

Operating expenses
47,445,711

 
3,143,747

 
(669,253
)
 
49,920,205

Income (loss) before income taxes
$
11,072,350

 
$
(369,371
)
 
$
(81,511
)
 
$
10,621,468

Total assets
$
144,732,176

 
$
35,793,158

 
$
—

 
$
180,525,334

Six Months Ended
June 30, 2012
Title
Insurance
 
All
Other
 
Intersegment
Eliminations
 
Total
Insurance and other services revenues
$
44,538,024

 
$
2,278,844

 
$
(567,477
)
 
$
46,249,391

Investment income
1,734,634

 
293,380

 
(40,835
)
 
1,987,179

Net realized gain on investments
96,689

 
161,340

 
—

 
258,029

Total revenues
$
46,369,347

 
$
2,733,564

 
$
(608,312
)
 
$
48,494,599

Operating expenses
39,685,564

 
2,794,251

 
(550,056
)
 
41,929,759

Income (loss) before income taxes
$
6,683,783

 
$
(60,687
)
 
$
(58,256
)
 
$
6,564,840

Total assets
$
124,109,659

 
$
39,987,225

 
$
—

 
$
164,096,884
v2.4.0.8
Retirement Agreements And Other Postretirement Benefits (Tables)
 6 Months Ended
Jun. 30, 2013
Compensation and Retirement Disclosure [Abstract]  
Components Of Net Periodic Benefits Cost
The following sets forth the net periodic benefits cost for the executive benefits for the periods ended June 30, 2013 and 2012:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2013
 
2012
 
2013
 
2012
Service cost – benefits earned during the year
$
3,945

 
$
3,154

 
$
7,891

 
$
6,308

Interest cost on the projected benefit obligation
7,103

 
6,967

 
14,206

 
13,934

(Accretion) amortization of unrecognized prior service cost
(379
)
 
2,349

 
(759
)
 
4,698

Amortization of unrecognized losses
1,574

 
170

 
3,147

 
340

Net periodic benefits costs
$
12,243

 
$
12,640

 
$
24,485

 
$
25,280
v2.4.0.8
Fair Value Measurement (Tables)
 6 Months Ended
Jun. 30, 2013
Fair Value Disclosures [Abstract]  
Schedule Of Assumptions Used To Determine Fair Value
  The following table summarizes some key assumptions the service used to determine fair value as of June 30, 2013 and December 31, 2012:
 
2013
 
2012
Cumulative probability of earning maximum rate until maturity
—%
 
—%
Cumulative probability of principal returned prior to maturity
95.9%
 
96.1%
Cumulative probability of default at some future point
4.1%
 
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 June 30, 2013 and December 31, 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 June 30, 2013
Level 1
 
Level 2
 
Level 3
 
Total
Short-term Investments
$
16,078,465

 
$
—

 
$
—

 
$
16,078,465

Equity Securities
 

 
 

 
 

 
 

Common stock and nonredeemable preferred stock
31,208,595

 
—

 
—

 
31,208,595

Fixed Maturities
 

 
 

 
 

 
 

Obligations of states and political subdivisions*
—

 
58,479,669

 
—

 
58,479,669

Corporate debt securities*
—

 
15,818,671

 
929,700

 
16,748,371

Total
$
47,287,060

 
$
74,298,340

 
$
929,700

 
$
122,515,100

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

 
$
—

 
$
—

 
$
13,567,648

Equity Securities
 

 
 

 
 

 
 

Common stock and nonredeemable preferred stock
28,510,933

 
—

 
—

 
28,510,933

Fixed Maturities
 

 
 

 
 

 
 

Obligations of states 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
Schedule Of Carrying Value And Fair Value Of Financial Assets Disclosed
The carrying amounts and fair values of these financial instruments (please note investments are disclosed in a previous table) as of June 30, 2013 and December 31, 2012 are presented in the following table:
As of June 30, 2013
Carrying Value
 
Estimated Fair
Value
 
Level 1
 
Level 2
 
Level 3
Financial Assets
 
 
 
 
 
 
 
 
 
Cash
$
26,402,136

 
$
26,402,136

 
$
26,402,136

 
$
—

 
$
—

Cost-basis investments
1,898,023

 
1,915,614

 
—

 
—

 
1,915,614

Accrued dividends and interest
915,703

 
915,703

 
915,703

 
—

 
—

Total Financial Assets
$
29,215,862

 
$
29,233,453

 
$
27,317,839

 
$
—

 
$
1,915,614

Financial Liabilities
 

 
 

 
 

 
 

 
 

Contingent consideration
$
341,250

 
$
341,250

 
$
—

 
$
—

 
$
341,250

Total Financial Liabilities
$
341,250

 
$
341,250

 
$
—

 
$
—

 
$
341,250


 
 
 
 
 
 
 
 
 
As of December 31, 2012
Carrying Value
 
Estimated Fair
Value
 
Level 1
 
Level 2
 
Level 3
Financial Assets
 
 
 
 
 
 
 
 
 
Cash
$
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 Financial Assets
$
23,718,780

 
$
23,799,788

 
$
21,847,465

 
$
—

 
$
1,952,323

Financial Liabilities
 

 
 

 
 

 
 

 
 

Contingent consideration
$
691,250

 
$
691,250

 
$
—

 
$
—

 
$
691,250

Total Financial Liabilities
$
691,250

 
$
691,250

 
$
—

 
$
—

 
$
691,250
Schedule Of Fair Value Assets Measured At Unobservable Inputs 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 period ended June 30, 2013 and the year ended December 31, 2012:
Changes in fair value during the period ended:
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

Unrealized (loss) gain - included in other comprehensive income
(2,500
)
 
68,739

Ending balance, net
$
929,700

 
$
932,200
Reconciliation Of Liabilities Measured At Fair Value On A Recurring Basis Using Significant Unobservable Inputs (Level 3)
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 acquisition consideration, for the period ended June 30, 2013 and the year ended December 31, 2012:
Changes in fair value during the period ended:
2013
 
2012
Beginning balance at January 1
$
691,250

 
$
—

Addition of contingent consideration
—

 
691,250

Reduction of 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 June 30, 2013 and December 31, 2012 and the related impairments recognized.
As of June 30, 2013
Valuation
Method
 
Impaired
 
Level 1
 
Level 2
 
Level 3
 
Total at
Estimated
Fair
Value
 
Impairment
Losses
Cost method investments
Fair Value
 
Yes
 
$
—

 
$
—

 
$
31,486

 
$
31,486

 
$
(34,070
)
Total cost method investments
 
 
 
 
$
—

 
$
—

 
$
31,486

 
$
31,486

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

 
$
—

 
$
36,406

 
$
36,406

 
$
(6,504
)
Total cost method investments
 
 
 
 
$
—

 
$
—

 
$
36,406

 
$
36,406

 
$
(6,504
)
v2.4.0.8
Investments In Securities (Tables)
 6 Months Ended
Jun. 30, 2013
Investments, Debt and Equity Securities [Abstract]  
Schedule Of Gross Unrealized Gains And Losses And Amortized Cost For Securities

The aggregate estimated fair value, gross unrealized holding gains, gross unrealized holding losses and cost or amortized cost for securities by major security type are as follows:
As of June 30, 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
$
37,812,768

 
$
2,303,400

 
$
114,892

 
$
40,001,276

Special revenue obligations of U.S. states, territories and political subdivisions
17,152,757

 
1,348,518

 
22,881

 
18,478,394

Corporate debt securities
15,025,811

 
837,221

 
44,362

 
15,818,670

Auction rate securities
918,433

 
11,267

 
—

 
929,700

Total
$
70,909,769

 
$
4,500,406

 
$
182,135

 
$
75,228,040

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

 
 

 
 

 
 

Common stocks and nonredeemable preferred stocks
$
21,203,886

 
$
10,193,487

 
$
188,778

 
$
31,208,595

Total
$
21,203,886

 
$
10,193,487

 
$
188,778

 
$
31,208,595

Short-term investments-
 

 
 

 
 

 
 

Certificates of deposit and other
$
16,078,465

 
$
—

 
$
—

 
$
16,078,465

Total
$
16,078,465

 
$
—

 
$
—

 
$
16,078,465

As of 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

Special revenue obligations of U.S. states, territories and political subdivisions
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 other
$
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 June 30, 2013 were as follows:
 
Available-for-Sale
 
Amortized
Cost
 
Fair
Value
Due in one year or less
$
6,086,753

 
$
6,169,954

Due after one year through five years
51,363,098

 
54,725,442

Due five years through ten years
10,510,420

 
11,063,970

Due after ten years
2,949,498

 
3,268,674

Total
$
70,909,769

 
$
75,228,040
Schedule Of Gross Realized Gains And Losses On Securities
ealized gains and losses on investments for the six months ended June 30 are summarized as follows:
 
2013
 
2012
Gross realized gains:
 

 
 

General obligations of U.S. states, territories and political subdivisions
$
—

 
$
250

Corporate debt securities
20,476

 
—

Common stocks and nonredeemable preferred stocks
119,163

 
163,764

Auction rate securities
—

 
40,057

Total
$
139,639

 
$
204,071

Gross realized losses:
 

 
 

Common stocks and nonredeemable preferred stocks
$
(38,785
)
 
$
(74,661
)
Other than temporary impairment of securities
—

 
(76,539
)
Total
$
(38,785
)
 
$
(151,200
)
Net realized gain from securities
$
100,854

 
$
52,871

Net realized gains (losses) on other investments:
 
 
 
Impairments of other investments
$
(34,070
)
 
$
—

Gain on other investments
4,832

 
205,158

Total
$
(29,238
)
 
$
205,158

Net Realized Gain
$
71,616

 
$
258,029
Schedule Of Unrealized Losses On Investments
The following table presents the gross unrealized losses on investment securities and the fair value of the securities, aggregated by investment category and length of time that individual securities have been in a continuous loss position at June 30, 2013 and December 31, 2012.
 
Less than 12 Months
 
12 Months or Longer
 
Total
As of June 30, 2013
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
General obligations of U.S. states, territories and political sub-divisions
$
1,013,804

 
$
(114,892
)
 
$
—

 
$
—

 
$
1,013,804

 
$
(114,892
)
Special revenue obligations of U.S. states territories and political sub-divisions
1,858,639

 
(22,881
)
 
—

 
—

 
1,858,639

 
(22,881
)
Corporate
3,264,893

 
(44,362
)
 
—

 
—

 
3,264,893

 
(44,362
)
Total fixed income securities
$
6,137,336

 
$
(182,135
)
 
$
—

 
$
—

 
$
6,137,336

 
$
(182,135
)
Equity securities
$
1,982,688

 
$
(146,660
)
 
$
197,001

 
$
(42,118
)
 
$
2,179,689

 
$
(188,778
)
Total temporarily impaired securities
$
8,120,024

 
$
(328,795
)
 
$
197,001

 
$
(42,118
)
 
$
8,317,025

 
$
(370,913
)
 
 
Less than 12 Months
 
12 Months or Longer
 
Total
As of December 31, 2012
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
General obligations of U.S. states, territories and political sub-divisions
$
1,236,906

 
$
(10,455
)
 
$
—

 
$
—

 
$
1,236,906

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

 
(14,750
)
 
—

 
—

 
985,250

 
(14,750
)
Total fixed income 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
)
v2.4.0.8
Related Party Transactions (Tables)
 6 Months Ended
Jun. 30, 2013
Related Party Transactions [Abstract]  
Summary Of Approximate Values By Year Found Within Consolidated Balance Sheets
Financial Statement Classification,
As of
June 30,
 
As of
December 31,
Consolidated Balance Sheets
2013
 
2012
Other investments
$
5,318,000

 
$
4,892,000

Premiums and fees receivable
$
922,000

 
$
1,011,000
Summary Of Approximate Values By Year Found Within Consolidated Statements Of Income
 
Financial Statement Classification,
For the Three Months Ended
June 30,
 
For the Six Months Ended
June 30,
Consolidated Statements of Income
2013
 
2012
 
2013
 
2012
Net premiums written
$
3,941,000

 
$
3,824,000

 
$
7,358,000

 
$
7,207,000

Other income
$
544,000

 
$
499,000

 
$
1,069,000

 
$
973,000
v2.4.0.8
Acquisition (Tables)
 6 Months Ended
Jun. 30, 2013
Business Combinations [Abstract]  
Reconciliation Of Total Redeemable Equity
The following table provides a reconciliation of total redeemable equity for the periods ended June 30, 2013 and December 31, 2012:
 
Changes in fair value during the period ended:
June 30, 2013
 
December 31, 2012
Beginning balance at January 1
$
493,861

 
$
—

Redeemable noncontrolling interest resulting from subsidiary purchase
—

 
446,250

Net income attributable to redeemable noncontrolling interest
28,063

 
88,411

Distributions to noncontrolling interest
(36,899
)
 
(40,800
)
Balance, net
$
485,025

 
$
493,861
v2.4.0.8
Accumulated Other Comprehensive Income (Tables)
 6 Months Ended
Jun. 30, 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 illustrates changes in the balances of each component of accumulated other comprehensive income, net of tax, for the periods ended June 30, 2013 and 2012:

Three Months Ended June 30, 2013
Unrealized Gains and Losses
On Available-for-Sale
Securities
 
Postretirement
Benefits Plans
 
 
Total
Beginning balance at April 1
$
10,479,645

 
$
(101,665
)
 
$
10,377,980

Other comprehensive (loss) income before reclassifications
(1,081,096
)
 
—

 
(1,081,096
)
Amounts reclassified from accumulated other comprehensive (loss) income
(36,670
)
 
787

 
(35,883
)
Net current-period other comprehensive (loss) income
(1,117,766
)
 
787

 
(1,116,979
)
Ending balance
$
9,361,879

 
$
(100,878
)
 
$
9,261,001

Three Months Ended June 30, 2012
Unrealized Gains and Losses
On Available-for-Sale
Securities
 
Postretirement
Benefits Plans
 
 
Total
Beginning balance at April 1
$
8,741,199

 
$
(52,714
)
 
$
8,688,485

Other comprehensive (loss) income before reclassifications
(306,199
)
 
—

 
(306,199
)
Amounts reclassified from accumulated other comprehensive (loss) income
(36,133
)
 
1,663

 
(34,470
)
Net current-period other comprehensive (loss) income
(342,332
)
 
1,663

 
(340,669
)
Ending balance
$
8,398,867

 
$
(51,051
)
 
$
8,347,816

Six Months Ended June 30, 2013
Unrealized Gains and Losses
On Available-for-Sale
Securities
 
Postretirement
Benefits Plans
 
 
Total
Beginning balance at January 1
$
8,920,883

 
$
(102,453
)
 
$
8,818,430

Other comprehensive (loss) income before reclassifications
489,148

 
—

 
489,148

Amounts reclassified from accumulated other comprehensive (loss) income
(48,152
)
 
1,575

 
(46,577
)
Net current-period other comprehensive (loss) income
440,996

 
1,575

 
442,571

Ending balance
$
9,361,879

 
$
(100,878
)
 
$
9,261,001

 
Six Months Ended June 30, 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 (loss) income before reclassifications
998,284

 
—

 
998,284

Amounts reclassified from accumulated other comprehensive (loss) income
(162,958
)
 
3,325

 
(159,633
)
Net current-period other comprehensive (loss) income
835,326

 
3,325

 
838,651

Ending balance
$
8,398,867

 
$
(51,051
)
 
$
8,347,816
Schedule Of Reclassification Out Of Accumulated Other Comprehensive Income
The following tables provides significant amounts reclassified out of each component of accumulated other comprehensive income for the periods ended June 30, 2013 and 2012:
Three Months Ended June 30, 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
$
70,857


 
Other-than-temporary impairments
(15,585
)

 
Total
$
55,272


Net realized gain on investment
Tax
(18,602
)

Provision for Income Taxes
Net of Tax
$
36,670


 
Accretion (amortization) related to postretirement benefit plans:
 

 
 
Prior year service cost
$
379

 
 
Unrecognized loss
(1,574
)
 
 
Total
$
(1,195
)
 
(a)
Tax
408

 
Provision for Income Taxes
Net of Tax
$
(787
)
 
 
Reclassifications for the period
$
35,883

 
 
Three Months Ended June 30, 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
$
141,687

 
 
Other-than-temporary impairments
(76,539
)
 
 
Total
$
65,148

 
Net realized gain on investment
Tax
(29,015
)
 
Provision for Income Taxes
Net of Tax
$
36,133

 
 
Amortization related to postretirement benefit plans:
 

 
 
Prior year service cost
$
(2,349
)
 
 
Unrecognized loss
(170
)
 
 
Total
$
(2,519
)
 
(a)
Tax
856

 
Provision for Income Taxes
Net of Tax
$
(1,663
)
 
 
Reclassifications for the period
$
34,470

 
 
Six Months Ended June 30, 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
$
105,686


 
Other-than-temporary impairments
(34,070
)

 
Total
$
71,616


Net realized gain on investment
Tax
(23,464
)

Provision for Income Taxes
Net of Tax
$
48,152


 
Accretion (amortization) related to postretirement benefit plans:
 


 
Prior year service cost
$
759


 
Unrecognized loss
(3,147
)

 
Total
$
(2,388
)

(a)
Tax
813


Provision for Income Taxes
Net of Tax
$
(1,575
)

 
Reclassifications for the period
$
46,577


 
Six Months Ended June 30, 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
$
334,568

 
 
Other-than-temporary impairments
(76,539
)
 
 
Total
$
258,029

 
Net realized gain on investment
Tax
(95,071
)
 
Provision for Income Taxes
Net of Tax
$
162,958

 
 
Amortization related to postretirement benefit plans:
 

 
 
Prior year service cost
$
(4,698
)
 
 
Unrecognized loss
(340
)
 
 
Total
$
(5,038
)
 
(a)
Tax
1,713

 
Provision for Income Taxes
Net of Tax
$
(3,325
)
 
 
Reclassifications for the period
$
159,633

 
 

(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 5.
v2.4.0.8
Reserves For Claims Summary Of Transactions In Reserves For Claims (Details) (USD $)
 6 Months Ended 12 Months Ended
Jun. 30, 2013
Dec. 31, 2012
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]    
Balance, beginning of period $ 39,078,000 $ 37,996,000
Provision, charged to operations 607,812 6,072,115
Payments of claims, net of recoveries (918,812) (4,990,115)
Balance, End of period $ 38,767,000 $ 39,078,000
v2.4.0.8
Reserves For Claims Summary Of The Company's Loss Reserves (Details) (USD $)
Jun. 30, 2013
Dec. 31, 2012
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]    
Known title claims $ 4,438,667 $ 5,166,370
IBNR 34,328,333 33,911,630
Total loss reserves $ 38,767,000 $ 39,078,000
% of Known title claims 11.40% 13.20%
% of IBNR 88.60% 86.80%
% of Total loss reserves 100.00% 100.00%
v2.4.0.8
Earnings Per Common Share And Share Awards (Details) (USD $)
In Thousands, except Share data, unless otherwise specified
 3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Earnings Per Common Share And Share Awards [Line Items]        
Incremental dilutive potential common shares, calculated using treasury stock method (in shares) 25,877 34,066 32,929 31,413
Anti-dilutive shares excluded from computation of diluted earnings per share 3,000 0 3,000 5,000
SARs and options vesting period     1 year  
Share-settled SARs to directors (in shares) 3,000 3,000    
Weighted-average fair values for SARs issued (dollars per share) $ 27.55 $ 18.84    
Compensation expense relating to SARs or options vesting     $ 40 $ 37
Total unrecognized compensation cost related to unvested share-based compensation arrangements granted under stock award plans $ 67   $ 67  
Weighted-average period of unrecognized compensation cost recognition     0 years 4 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]        
SARs and options expiration period     5 years  
Annual rate at which stock appreciation rights and options are exercisable and vest     10.00%  
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  
SARs and options expiration period     10 years  
Annual rate at which stock appreciation rights and options are exercisable and vest     20.00%  
v2.4.0.8
Earnings Per Common Share And Share Awards Computation Of Basic And Diluted Earnings Per Share (Details) (USD $)
 3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Earnings Per Share [Abstract]        
Net income attributable to the Company $ 4,005,675 $ 3,349,488 $ 7,382,405 $ 4,781,627
Weighted average common shares outstanding - Basic 2,063,797 2,098,666 2,054,300 2,099,751
Incremental shares outstanding assuming the exercise of dilutive stock options and SARs (share settled) 25,877 34,066 32,929 31,413
Weighted average common shares outstanding - Diluted 2,089,674 2,132,732 2,087,229 2,131,164
Basic earnings per common share $ 1.94 $ 1.60 $ 3.59 $ 2.28
Diluted earnings per common share $ 1.92 $ 1.57 $ 3.54 $ 2.24
v2.4.0.8
Earnings Per Common Share And Share Awards Summary Of Share-Based Award Transactions (Details) (USD $)
 6 Months Ended 12 Months Ended
Jun. 30, 2013
Dec. 31, 2012
Dec. 31, 2011
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]      
Number Of Shares, Options exercised (2,400) (6,380)  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]      
Weighted Average Exercise Price, Options exercised $ 28.38 $ 25.17  
StockOptionsAndStockAppreciationRightsSARS [Member]
      
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]      
Number Of Shares, Outstanding Beginning Balance 98,150 101,600  
Number Of Shares, Options/SARs cancelled/forfeited/expired 0 (70)  
Number Of Shares, Outstanding Ending Balance 19,250 98,150 101,600
Number Of Shares, Exercisable as of June 30, 2013 16,750    
Number Of Shares, Unvested as of June 30. 2013 2,500    
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  
Weighted Average Exercise Price, Options/SARs cancelled/forfeited/expired $ 0.00 $ 31.00  
Weighted Average Exercise Price, Outstanding Ending Balance $ 45.55 $ 30.74 $ 29.81
Weighted Average Exercise Price, Exercisable as of June 30, 2013 $ 42.26    
Weighted Average Exercise Price, Unvested as of June 30, 2013 $ 67.54    
Average Remaining Contractual Term, Outstanding Beginning Balance 3 years 10 months 24 days 3 years 2 months 1 day 3 years 10 months 28 days
Average Remaining Contractual Term, Outstanding Ending Balance 3 years 10 months 24 days 3 years 2 months 1 day 3 years 10 months 28 days
Average Remaining Contractual Term, Exercisable as of June 30, 2013 3 years 6 months 16 days    
Average Remaining Contractual Term, Unvested as of June 30, 2013 6 years 3 months 23 days    
Aggregate Intrinsic Value, Outstanding Beginning Balance $ 2,871,710 $ 697,780  
Aggregate Intrinsic Value, Outstanding Ending Balance 490,770 2,871,710 697,780
Aggregate Intrinsic Value, Exercisable as of June 30, 2013 480,800    
Aggregate Intrinsic Value, Unvested as of June 30, 2013 $ 9,970    
SARs
      
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]      
Number Of Shares, SARs granted 3,000 3,000  
Number Of Shares, Options exercised (79,500) 0  
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  
Weighted Average Exercise Price, Options exercised $ 28.77 $ 0.00  
v2.4.0.8
Earnings Per Common Share And Share Awards Share-Based Assumptions (Details)
 3 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Earnings Per Share [Abstract]    
Expected Life (in years) 5 years 5 years
Volatility 44.60% 44.60%
Interest Rate 1.30% 0.80%
Yield Rate 0.50% 0.60%
v2.4.0.8
Segment Information Selected Financial Information By Segment (Details) (USD $)
 3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
segment
Jun. 30, 2012
Dec. 31, 2012
Segment Reporting Information [Line Items]          
Number of reportable segments     1    
Insurance and other services revenues $ 32,713,081 $ 25,005,259 $ 58,624,525 $ 46,249,391  
Investment income 925,047 1,009,918 1,845,532 1,987,179  
Net realized gain (loss) on investments 55,272 65,148 71,616 258,029  
Total Revenues 33,693,400 26,080,325 60,541,673 48,494,599  
Operating expenses 27,823,350 21,460,624 49,920,205 41,929,759  
Income (loss) before income taxes 5,870,050 4,619,701 10,621,468 6,564,840  
Total assets 180,525,334 164,096,884 180,525,334 164,096,884 171,918,276
Title Insurance
          
Segment Reporting Information [Line Items]          
Insurance and other services revenues 31,691,606 24,264,268 56,720,164 44,538,024  
Investment income 858,168 880,803 1,706,823 1,734,634  
Net realized gain (loss) on investments 59,473 (85,725) 91,074 96,689  
Total Revenues 32,609,247 25,059,346 58,518,061 46,369,347  
Operating expenses 26,580,339 20,430,840 47,445,711 39,685,564  
Income (loss) before income taxes 6,028,908 4,628,506 11,072,350 6,683,783  
Total assets 144,732,176 124,109,659 144,732,176 124,109,659  
All Other
          
Segment Reporting Information [Line Items]          
Insurance and other services revenues 1,382,206 1,102,786 2,608,457 2,278,844  
Investment income 90,213 149,533 185,377 293,380  
Net realized gain (loss) on investments (4,201) 150,873 (19,458) 161,340  
Total Revenues 1,468,218 1,403,192 2,774,376 2,733,564  
Operating expenses 1,586,320 1,374,158 3,143,747 2,794,251  
Income (loss) before income taxes (118,102) 29,034 (369,371) (60,687)  
Total assets 35,793,158 39,987,225 35,793,158 39,987,225  
Intersegment Eliminations
          
Segment Reporting Information [Line Items]          
Insurance and other services revenues (360,731) (361,795) (704,096) (567,477)  
Investment income (23,334) (20,418) (46,668) (40,835)  
Net realized gain (loss) on investments 0 0 0 0  
Total Revenues (384,065) (382,213) (750,764) (608,312)  
Operating expenses (343,309) (344,374) (669,253) (550,056)  
Income (loss) before income taxes (40,756) (37,839) (81,511) (58,256)  
Total assets $ 0 $ 0 $ 0 $ 0  
v2.4.0.8
Retirement Agreements And Other Postretirement Benefits (Details) (USD $)
 3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Dec. 31, 2012
Compensation and Retirement Disclosure [Abstract]          
Service cost - benefits earned during the year $ 3,945 $ 3,154 $ 7,891 $ 6,308  
Interest cost on the projected benefit obligation 7,103 6,967 14,206 13,934  
(Accretion) amortization of unrecognized prior service cost (379) 2,349 (759) 4,698  
Amortization of unrecognized losses 1,574 170 3,147 340  
Net periodic benefits costs 12,243 12,640 24,485 25,280  
Employee benefits and other payments $ 6,536,000   $ 6,536,000   $ 6,303,000
v2.4.0.8
Fair Value Measurement (Details) (USD $)
 6 Months Ended 12 Months Ended
Jun. 30, 2013
Dec. 31, 2012
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Auction rate security bond par value $ 1,000,000 $ 1,000,000
Percentage of auction rate security guaranteed 97.00% 97.00%
Minimum
    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Percentage of carrying value of auction rate securities 3.00% 3.00%
Maximum
    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Percentage of carrying value of auction rate securities 4.00% 4.00%
v2.4.0.8
Fair Value Measurement Schedule Of Assumptions Used To Determine Fair Value (Details)
 6 Months Ended 12 Months Ended
Jun. 30, 2013
Dec. 31, 2012
Fair Value Disclosures [Abstract]    
Cumulative probability of earning maximum rate until maturity 0.00% 0.00%
Cumulative probability of principle returned prior to maturity 95.90% 96.10%
Cumulative probability of default at some future point 4.10% 3.90%
v2.4.0.8
Fair Value Measurement Schedule Of Fair Value Assets Measured On Recurring Basis (Details) (USD $)
Jun. 30, 2013
Dec. 31, 2012
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments $ 16,078,465 $ 13,567,648
Equity securities 31,208,595 28,510,933
Fixed maturities 75,228,040 81,936,978
Total 122,515,100 124,015,559
Level 1
    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments 16,078,465 13,567,648
Total 47,287,060 42,078,581
Level 2
    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments 0 0
Total 74,298,340 81,004,778
Level 3
    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments 0 0
Total 929,700 932,200
Common Stock And Nonredeemable Preferred Stock
    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity securities 31,208,595 28,510,933
Common Stock And Nonredeemable Preferred Stock | Level 1
    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity securities 31,208,595 28,510,933
Common Stock And Nonredeemable Preferred Stock | Level 2
    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
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]    
Equity securities 0 0
General Obligations Of U.S. States, Territories And Political Subdivisions
    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities 58,479,669 [1] 62,701,858 [1]
General Obligations Of U.S. States, Territories And Political Subdivisions | Level 1
    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities 0 [1] 0 [1]
General Obligations Of U.S. States, Territories And Political Subdivisions | Level 2
    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities 58,479,669 [1] 62,701,858 [1]
General Obligations Of U.S. States, Territories And Political Subdivisions | Level 3
    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities 0 [1] 0 [1]
Corporate Debt Securities
    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities 16,748,371 [1] 19,235,120 [1]
Corporate Debt Securities | Level 1
    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities 0 [1] 0 [1]
Corporate Debt Securities | Level 2
    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities 15,818,671 [1] 18,302,920 [1]
Corporate Debt Securities | Level 3
    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities $ 929,700 [1] $ 932,200 [1]
[1] Denotes fair market value obtained from pricing services.
v2.4.0.8
Fair Value Measurement Schedule Of Carrying Value And Fair Value Of Financial Assets Disclosed (Details) (USD $)
Jun. 30, 2013
Dec. 31, 2012
Apr. 02, 2012
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Contingent consideration $ 341,250 $ 691,250 $ 691,250
Level 1
      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Cash 26,402,136 20,810,018  
Cost-basis investments 0 0  
Accrued dividends and interest 915,703 1,037,447  
Total Financial Assets 27,317,839 21,847,465  
Contingent consideration 0 0  
Total Financial Liabilities 0 0  
Level 2
      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Cash 0 0  
Cost-basis investments 0 0  
Accrued dividends and interest 0 0  
Total Financial Assets 0 0  
Contingent consideration 0 0  
Total Financial Liabilities 0 0  
Level 3
      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Cash 0 0  
Cost-basis investments 1,915,614 1,952,323  
Accrued dividends and interest 0 0  
Total Financial Assets 1,915,614 1,952,323  
Contingent consideration 341,250 691,250  
Total Financial Liabilities 341,250 691,250  
Carrying Value
      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Cash 26,402,136 20,810,018  
Cost-basis investments 1,898,023 1,871,315  
Accrued dividends and interest 915,703 1,037,447  
Total Financial Assets 29,215,862 23,718,780  
Contingent consideration 341,250 691,250  
Total Financial Liabilities 341,250 691,250  
Estimated Fair Value
      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Cash 26,402,136 20,810,018  
Cost-basis investments 1,915,614 1,952,323  
Accrued dividends and interest 915,703 1,037,447  
Total Financial Assets 29,233,453 23,799,788  
Contingent consideration 341,250 691,250  
Total Financial Liabilities $ 341,250 $ 691,250  
v2.4.0.8
Fair Value Measurement Schedule Of Fair Value Assets Measured At Unobservable Inputs Reconciliation (Details) (USD $)
 6 Months Ended 12 Months Ended
Jun. 30, 2013
Dec. 31, 2012
Fair Value, Assets 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
Unrealized gain - included in other comprehensive income (2,500) 68,739
Ending balance, net $ 929,700 $ 932,200
v2.4.0.8
Fair Value Measurement Reconciliation Of Liabilities Measured At Fair Value On A Recurring Basis Using Significant Unobservable Inputs (Level 3) (Details) (USD $)
 6 Months Ended 12 Months Ended
Jun. 30, 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 liability 0 691,250
Reduction of contingent consideration (350,000) 0
Ending balance, net $ 341,250 $ 691,250
v2.4.0.8
Fair Value Measurement Schedule Of Estimated Fair Value Hierarchy Of Investments And Related Impairments Recognized (Details) (USD $)
 6 Months Ended 12 Months Ended
Jun. 30, 2013
Dec. 31, 2012
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total cost method investments, Total at Estimated Fair Value $ 31,486 $ 36,406
Total cost method investments, Impairment Losses (34,070) (6,504)
Level 1
    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total cost method investments, Total at Estimated Fair Value 0 0
Level 2
    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total cost method investments, Total at Estimated Fair Value 0 0
Level 3
    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total cost method investments, Total at Estimated Fair Value 31,486 36,406
Cost Method Investments
    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Valuation Method Fair Value Fair Value
Impaired Yes Yes
Total cost method investments, Total at Estimated Fair Value 31,486 36,406
Total cost method investments, Impairment Losses (34,070) (6,504)
Cost Method Investments | Level 1
    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total cost method investments, Total at Estimated Fair Value 0 0
Cost Method Investments | Level 2
    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total cost method investments, Total at Estimated Fair Value 0 0
Cost Method Investments | Level 3
    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total cost method investments, Total at Estimated Fair Value $ 31,486 $ 36,406
v2.4.0.8
Investments In Securities (Details) (USD $)
 6 Months Ended 12 Months Ended
Jun. 30, 2013
security
Jun. 30, 2012
Dec. 31, 2012
security
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]      
Available-for-sale securities $ 8,317,025   $ 4,773,371
Unrealized losses 370,913   116,442
Number of securities with unrealized losses 18   7
Other-than-temporary impairment charges 0 76,539 93,436
Fixed Maturities
      
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]      
Available-for-sale securities 6,137,336   2,222,156
Unrealized losses 182,135   25,205
Equity Securities
      
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]      
Available-for-sale securities 2,179,689   2,551,215
Unrealized losses $ 188,778   $ 91,237
v2.4.0.8
Investments In Securities (Schedule Of Gross Unrealized Gains And Losses And Amortized Cost For Securities) (Details) (USD $)
Jun. 30, 2013
Dec. 31, 2012
Schedule of Trading Securities and Other Trading Assets [Line Items]    
Available-for-sale, at fair value, Amortized Cost $ 70,909,769 $ 75,573,673
General Obligations Of U.S. States, Territories And Political Subdivisions
    
Schedule of Trading Securities and Other Trading Assets [Line Items]    
Available-for-sale, at fair value, Amortized Cost 37,812,768 38,658,463
Available-for-sale, at fair value, Gross Unrealized Gains 2,303,400 3,211,445
Available-for-sale, at fair value, Gross Unrealized Losses 114,892 0
Available-for-sale, at fair value, Estimated Fair Value 40,001,276 41,869,908
Special Revenue Obligations Of U.S. States, Territories And Political Subdivisions
    
Schedule of Trading Securities and Other Trading Assets [Line Items]    
Available-for-sale, at fair value, Amortized Cost 17,152,757 18,933,299
Available-for-sale, at fair value, Gross Unrealized Gains 1,348,518 1,909,106
Available-for-sale, at fair value, Gross Unrealized Losses 22,881 10,455
Available-for-sale, at fair value, Estimated Fair Value 18,478,394 20,831,950
Corporate Debt Securities
    
Schedule of Trading Securities and Other Trading Assets [Line Items]    
Available-for-sale, at fair value, Amortized Cost 15,025,811 17,064,697
Available-for-sale, at fair value, Gross Unrealized Gains 837,221 1,252,973
Available-for-sale, at fair value, Gross Unrealized Losses 44,362 14,750
Available-for-sale, at fair value, Estimated Fair Value 15,818,670 18,302,920
Auction Rate Securities
    
Schedule of Trading Securities and Other Trading Assets [Line Items]    
Available-for-sale, at fair value, Amortized Cost 918,433 917,214
Available-for-sale, at fair value, Gross Unrealized Gains 11,267 14,986
Available-for-sale, at fair value, Gross Unrealized Losses 0 0
Available-for-sale, at fair value, Estimated Fair Value 929,700 932,200
Total Fixed Maturities
    
Schedule of Trading Securities and Other Trading Assets [Line Items]    
Available-for-sale, at fair value, Amortized Cost 70,909,769 75,573,673
Available-for-sale, at fair value, Gross Unrealized Gains 4,500,406 6,388,510
Available-for-sale, at fair value, Gross Unrealized Losses 182,135 25,205
Available-for-sale, at fair value, Estimated Fair Value 75,228,040 81,936,978
Common Stocks And Nonredeemable Preferred Stocks
    
Schedule of Trading Securities and Other Trading Assets [Line Items]    
Available-for-sale, at fair value, Amortized Cost 21,203,886 21,229,114
Available-for-sale, at fair value, Gross Unrealized Gains 10,193,487 7,373,056
Available-for-sale, at fair value, Gross Unrealized Losses 188,778 91,237
Available-for-sale, at fair value, Estimated Fair Value 31,208,595 28,510,933
Equity Securities
    
Schedule of Trading Securities and Other Trading Assets [Line Items]    
Available-for-sale, at fair value, Amortized Cost 21,203,886 21,229,114
Available-for-sale, at fair value, Gross Unrealized Gains 10,193,487 7,373,056
Available-for-sale, at fair value, Gross Unrealized Losses 188,778 91,237
Available-for-sale, at fair value, Estimated Fair Value 31,208,595 28,510,933
Certificates Of Deposit And Other
    
Schedule of Trading Securities and Other Trading Assets [Line Items]    
Available-for-sale, at fair value, Amortized Cost 16,078,465 13,567,648
Available-for-sale, at fair value, Gross Unrealized Gains 0 0
Available-for-sale, at fair value, Gross Unrealized Losses 0 0
Available-for-sale, at fair value, Estimated Fair Value 16,078,465 13,567,648
Short-Term Investments
    
Schedule of Trading Securities and Other Trading Assets [Line Items]    
Available-for-sale, at fair value, Amortized Cost 16,078,465 13,567,648
Available-for-sale, at fair value, Gross Unrealized Gains 0 0
Available-for-sale, at fair value, Gross Unrealized Losses 0 0
Available-for-sale, at fair value, Estimated Fair Value $ 16,078,465 $ 13,567,648
v2.4.0.8
Investments In Securities (Schedule Of Fixed Maturity Securities) (Details) (USD $)
Jun. 30, 2013
Investments, Debt and Equity Securities [Abstract]  
Due in one year or less, Amortized Cost $ 6,086,753
Due after one year through five years, Amortized Cost 51,363,098
Due five years through ten years, Amortized Cost 10,510,420
Due after ten years, Amortized Cost 2,949,498
Total, Amortized Cost 70,909,769
Due in one year or less, Fair Value 6,169,954
Due after one year through five years, Fair Value 54,725,442
Due five years through ten years, Fair Value 11,063,970
Due after ten years, Fair Value 3,268,674
Total, Fair Value $ 75,228,040
v2.4.0.8
Investments In Securities (Schedule Of Gross Realized Gains And Losses On Securities) (Details) (USD $)
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Dec. 31, 2012
Schedule of Available-for-sale Securities [Line Items]          
Total, Gross realized gains     $ 139,639 $ 204,071  
Other than temporary impairment of securities     0 (76,539) (93,436)
Total, Gross realized losses     38,785 151,200  
Net realized gain from securities     100,854 52,871  
Impairments of other investments     (34,070) 0  
Gain on other investments     4,832 205,158  
Total     (29,238) 205,158  
Net Realized Gain 55,272 65,148 71,616 258,029  
General Obligations Of U.S. States, Territories And Political Subdivisions
          
Schedule of Available-for-sale Securities [Line Items]          
Total, Gross realized gains     0 250  
Corporate Debt Securities
          
Schedule of Available-for-sale Securities [Line Items]          
Total, Gross realized gains     20,476 0  
Common Stocks And Nonredeemable Preferred Stocks
          
Schedule of Available-for-sale Securities [Line Items]          
Total, Gross realized gains     119,163 163,764  
Common stocks and nonredeemable preferred stocks     (38,785) (74,661)  
Auction Rate Securities
          
Schedule of Available-for-sale Securities [Line Items]          
Total, Gross realized gains     $ 0 $ 40,057  
v2.4.0.8
Investments In Securities (Schedule Of Unrealized Losses On Investments) (Details) (USD $)
Jun. 30, 2013
Dec. 31, 2012
Schedule of Available-for-sale Securities [Line Items]    
Total temporarily impaired securities, Less than 12 Months, Fair Value $ 8,120,024 $ 4,773,371
Total temporarily impaired securities, Less than 12 Months, Unrealized Losses (328,795) (116,442)
Total temporarily impaired securities, 12 Months or Longer, Fair Value 197,001 0
Total temporarily impaired securities, 12 Months or Longer, Unrealized Losses (42,118) 0
Total temporarily impaired securities, Total Fair Value 8,317,025 4,773,371
Total temporarily impaired securities, Total Unrealized Losses 370,913 116,442
General Obligations Of U.S. States, Territories And Political Subdivisions
    
Schedule of Available-for-sale Securities [Line Items]    
Total temporarily impaired securities, Less than 12 Months, Fair Value 1,013,804 1,236,906
Total temporarily impaired securities, Less than 12 Months, Unrealized Losses (114,892) (10,455)
Total temporarily impaired securities, 12 Months or Longer, Fair Value 0 0
Total temporarily impaired securities, 12 Months or Longer, Unrealized Losses 0 0
Total temporarily impaired securities, Total Fair Value 1,013,804 1,236,906
Total temporarily impaired securities, Total Unrealized Losses 114,892 10,455
Special Revenue Obligations Of U.S. States, Territories And Political Subdivisions
    
Schedule of Available-for-sale Securities [Line Items]    
Total temporarily impaired securities, Less than 12 Months, Fair Value 1,858,639  
Total temporarily impaired securities, Less than 12 Months, Unrealized Losses (22,881)  
Total temporarily impaired securities, 12 Months or Longer, Fair Value 0  
Total temporarily impaired securities, 12 Months or Longer, Unrealized Losses 0  
Total temporarily impaired securities, Total Fair Value 1,858,639  
Total temporarily impaired securities, Total Unrealized Losses 22,881  
Corporate Debt Securities
    
Schedule of Available-for-sale Securities [Line Items]    
Total temporarily impaired securities, Less than 12 Months, Fair Value 3,264,893 985,250
Total temporarily impaired securities, Less than 12 Months, Unrealized Losses (44,362) (14,750)
Total temporarily impaired securities, 12 Months or Longer, Fair Value 0 0
Total temporarily impaired securities, 12 Months or Longer, Unrealized Losses 0 0
Total temporarily impaired securities, Total Fair Value 3,264,893 985,250
Total temporarily impaired securities, Total Unrealized Losses 44,362 14,750
Total Fixed Income Securities
    
Schedule of Available-for-sale Securities [Line Items]    
Total temporarily impaired securities, Less than 12 Months, Fair Value 6,137,336 2,222,156
Total temporarily impaired securities, Less than 12 Months, Unrealized Losses (182,135) (25,205)
Total temporarily impaired securities, 12 Months or Longer, Fair Value 0 0
Total temporarily impaired securities, 12 Months or Longer, Unrealized Losses 0 0
Total temporarily impaired securities, Total Fair Value 6,137,336 2,222,156
Total temporarily impaired securities, Total Unrealized Losses 182,135 25,205
Equity Securities
    
Schedule of Available-for-sale Securities [Line Items]    
Total temporarily impaired securities, Less than 12 Months, Fair Value 1,982,688 2,551,215
Total temporarily impaired securities, Less than 12 Months, Unrealized Losses (146,660) (91,237)
Total temporarily impaired securities, 12 Months or Longer, Fair Value 197,001 0
Total temporarily impaired securities, 12 Months or Longer, Unrealized Losses (42,118) 0
Total temporarily impaired securities, Total Fair Value 2,179,689 2,551,215
Total temporarily impaired securities, Total Unrealized Losses $ 188,778 $ 91,237
v2.4.0.8
Commitments And Contingencies (Details) (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2013
Dec. 31, 2012
Commitments and Contingencies Disclosure [Abstract]    
Like-kind exchange deposits and reverse exchange property $ 56,300 $ 55,580
v2.4.0.8
Related Party Transactions Summary Of Approximate Values By Year Found Within Consolidated Balance Sheets (Details) (USD $)
Jun. 30, 2013
Dec. 31, 2012
Related Party Transaction [Line Items]    
Other investments $ 7,216,155 $ 6,763,100
Premiums and fees receivable 10,807,083 11,037,714
Title Insurance Agencies
    
Related Party Transaction [Line Items]    
Other investments 5,318,000 4,892,000
Premiums and fees receivable $ 922,000 $ 1,011,000
v2.4.0.8
Related Party Transactions Summary Of Approximate Values By Year Found Within Consolidated Statements Of Income (Details) (USD $)
 3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Related Party Transaction [Line Items]        
Net premiums written $ 30,429,761 $ 23,241,570 $ 54,355,758 $ 42,908,990
Other income 2,283,320 1,763,689 4,268,767 3,340,401
Title Insurance Agencies
        
Related Party Transaction [Line Items]        
Net premiums written 3,941,000 3,824,000 7,358,000 7,207,000
Other income $ 544,000 $ 499,000 $ 1,069,000 $ 973,000
v2.4.0.8
Related Party Transactions Company Repurchase of Common Stock from Related Parties (Details) (USD $)
 3 Months Ended
Jun. 30, 2013
Related Party Transactions [Abstract]  
Treasury stock shares acquired from Company officers 17,524
Treasury stock acquired from Company officers (dollars per share) $ 71.50
v2.4.0.8
Acquisition (Details) (USD $)
 0 Months Ended 0 Months Ended
Jun. 30, 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 87,105   52,263              
Net intangible assets $ 1,394,795   $ 1,429,637              
v2.4.0.8
Acquisition Reconciliation Of Total Redeemable Equity (Details) (USD $)
 6 Months Ended 12 Months Ended
Jun. 30, 2013
Dec. 31, 2012
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]    
Beginning balance at January 1 $ 493,861 $ 0
Redeemable noncontrolling interest resulting from subsidiary purchase 0 446,250
Net income attributable to redeemable noncontrolling interest 28,063.37 88,411
Distributions to noncontrolling interest (36,899) (40,800)
Balance, net $ 485,025 $ 493,861
v2.4.0.8
Accumulated Other Comprehensive Income Balances Of Each Component Of Accumulated Other Comprehensive Income, Net Of Tax (Details) (USD $)
 3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Accumulated Other Comprehensive Income (Loss) [Roll Forward]        
Beginning balance $ 10,377,980 $ 8,688,485 $ 8,818,430 $ 7,509,165
Other comprehensive income before reclassifications (1,081,096) (306,199) 489,148 998,284
Amounts reclassified from accumulated other comprehensive income (35,883) (34,470) (46,577) (159,633)
Other comprehensive (loss) income (1,116,979) (340,669) 442,571 838,651
Ending balance 9,261,001 8,347,816 9,261,001 8,347,816
Unrealized Gains And Losses On Available-For-Sale Securities
        
Accumulated Other Comprehensive Income (Loss) [Roll Forward]        
Beginning balance 10,479,645 8,741,199 8,920,883 7,563,541
Other comprehensive income before reclassifications (1,081,096) (306,199) 489,148 998,284
Amounts reclassified from accumulated other comprehensive income (36,670) (36,133) (48,152) (162,958)
Other comprehensive (loss) income (1,117,766) (342,332) 440,996 835,326
Ending balance 9,361,879 8,398,867 9,361,879 8,398,867
Postretirement Benefits Plans
        
Accumulated Other Comprehensive Income (Loss) [Roll Forward]        
Beginning balance (101,665) (52,714) (102,453) (54,376)
Other comprehensive income before reclassifications 0 0 0 0
Amounts reclassified from accumulated other comprehensive income 787 1,663 1,575 3,325
Other comprehensive (loss) income 787 1,663 1,575 3,325
Ending balance $ (100,878) $ (51,051) $ (100,878) $ (51,051)
v2.4.0.8
Accumulated Other Comprehensive Income Reclassification Out Of Accumulated Other Comprehensive Income (Details) (USD $)
 3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]        
Net realized gain on investment $ 55,272 $ 65,148 $ 71,616 $ 258,029
Accretion (amortization) related to prior year service cost 379 (2,349) 759 (4,698)
Unrecognized loss (1,574) (170) (3,147) (340)
Income before Income Taxes 5,870,050 4,619,701 10,621,468 6,564,840
Tax (1,846,000) (1,247,000) (3,211,000) (1,760,000)
Net Income 4,024,050 3,372,701 7,410,468 4,804,840
Reclassification Out Of Accumulated Other Comprehensive Income
        
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]        
Net Income 35,883 34,470 46,577 159,633
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 70,857 141,687 105,686 334,568
Other-than-temporary impairments (15,585) (76,539) (34,070) (76,539)
Income before Income Taxes 55,272 65,148 71,616 258,029
Tax (18,602) (29,015) (23,464) (95,071)
Net Income 36,670 36,133 48,152 162,958
Reclassification Out Of Accumulated Other Comprehensive Income | Postretirement Benefits Plans
        
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]        
Accretion (amortization) related to prior year service cost 379 (2,349) 759 (4,698)
Unrecognized loss (1,574) (170) (3,147) (340)
Income before Income Taxes (1,195) [1] (2,519) [1] (2,388) [1] (5,038) [1]
Tax 408 856 813 1,713
Net Income $ (787) $ (1,663) $ (1,575) $ (3,325)
[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 5.