0000720858 us-gaap:CommonStockMember 2011-01-01 2011-09-30 0000720858 us-gaap:CommonStockMember 2010-01-01 2010-09-30 0000720858 us-gaap:RetainedEarningsMember 2011-09-30 0000720858 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2011-09-30 0000720858 us-gaap:RetainedEarningsMember 2010-12-31 0000720858 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2010-12-31 0000720858 us-gaap:RetainedEarningsMember 2010-09-30 0000720858 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2010-09-30 0000720858 us-gaap:RetainedEarningsMember 2009-12-31 0000720858 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2009-12-31 0000720858 us-gaap:CommonStockMember 2011-09-30 0000720858 us-gaap:CommonStockMember 2010-12-31 0000720858 us-gaap:CommonStockMember 2010-09-30 0000720858 us-gaap:CommonStockMember 2009-12-31 0000720858 us-gaap:PreferredClassAMember 2011-09-30 0000720858 us-gaap:PreferredClassAMember 2010-12-31 0000720858 2010-09-30 0000720858 2009-12-31 0000720858 us-gaap:RetainedEarningsMember 2011-01-01 2011-09-30 0000720858 us-gaap:RetainedEarningsMember 2010-01-01 2010-09-30 0000720858 2011-07-01 2011-09-30 0000720858 2010-07-01 2010-09-30 0000720858 2011-09-30 0000720858 2010-12-31 0000720858 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2011-01-01 2011-09-30 0000720858 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2010-01-01 2010-09-30 0000720858 2010-01-01 2010-09-30 0000720858 2011-10-19 0000720858 2011-01-01 2011-09-30 iso4217:USD xbrli:shares iso4217:USD xbrli:shares false --12-31 Q3 2011 2011-09-30 10-Q 0000720858 2120524 Smaller Reporting Company INVESTORS TITLE CO 11365 11365 6296 6296 9458773 14693945 17220 9540 291676 291676 -896219 -198953 <h1 style="text-align: left; text-indent: 0in; margin: 0in 0in 0pt; font-family: 'CG Times','serif'; letter-spacing: -0.15pt; font-size: 12pt; text-decoration: underline; text-underline: single;" align="left">Note 3 - Earnings Per Common Share and Share Awards</h1>   Basic earnings per common share are computed by dividing net income by the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per common share is computed by dividing net income 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 19,249 and 1,454 for the three months ended September 30, 2011 and 2010, respectively, and 16,215 and 6,021 for the nine months ended September 30, 2011 and 2010, respectively.     The following table sets forth the computation of basic and diluted earnings per share for the three and nine month periods ended September 30:   <div align="center"> <table style="font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="630"> <tr><td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 206.2pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="275">  </td> <td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 1pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1">  </td> <td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 137.1pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="183" colspan="5"> Three Months Ended September 30,</td> <td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 1pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1" nowrap="nowrap">  </td> <td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 127.4pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="170" colspan="5"> Nine Months Ended September 30,</td></tr> <tr><td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 206.2pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="275">  </td> <td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 1pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1">  </td> <td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 9pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="12">  </td> <td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 51.6pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="69"> 2011</td> <td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 13.5pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 0.75in; padding-right: 0in; padding-top: 0in;" valign="bottom" width="72"> 2010</td> <td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 9pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="12" nowrap="nowrap">  </td> <td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 1pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1">  </td> <td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 3.5pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="5">  </td> <td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 9pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="12">  </td> <td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 49.5pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="66"> 2011</td> <td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 9pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="12">  </td> <td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 56.4pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="75"> 2010</td></tr> <tr><td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 206.2pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="275"> Net income</td> <td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 1pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1">  </td> <td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 9pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="12"> $ </td> <td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 51.6pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="69"> 2,440,465 </td> <td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 13.5pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="18"> $</td> <td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 0.75in; padding-right: 0in; padding-top: 0in;" valign="bottom" width="72"> 1,449,101 </td> <td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 9pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="12" nowrap="nowrap">  </td> <td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 1pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1">  </td> <td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 3.5pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="5">  </td> <td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 9pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="12"> $</td> <td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 49.5pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="66"> 5,054,477 </td> <td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 9pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="12"> $ </td> <td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 56.4pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="75"> 4,004,076 </td></tr> <tr><td style="padding-bottom: 0in; padding-left: 0in; width: 206.2pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="275"> Weighted average common shares outstanding – Basic</td> <td style="padding-bottom: 0in; padding-left: 0in; width: 1pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1">  </td> <td style="padding-bottom: 0in; padding-left: 0in; width: 9pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="12">  </td> <td style="padding-bottom: 0in; padding-left: 0in; width: 51.6pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="69"> 2,124,078 </td> <td style="padding-bottom: 0in; padding-left: 0in; width: 13.5pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="padding-bottom: 0in; padding-left: 0in; width: 0.75in; padding-right: 0in; padding-top: 0in;" valign="bottom" width="72"> 2,284,331 </td> <td style="padding-bottom: 0in; padding-left: 0in; width: 9pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="12" nowrap="nowrap">  </td> <td style="padding-bottom: 0in; padding-left: 0in; width: 1pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1">  </td> <td style="padding-bottom: 0in; padding-left: 0in; width: 3.5pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="5">  </td> <td style="padding-bottom: 0in; padding-left: 0in; width: 9pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="12">  </td> <td style="padding-bottom: 0in; padding-left: 0in; width: 49.5pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="66"> 2,164,240 </td> <td style="padding-bottom: 0in; padding-left: 0in; width: 9pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="12">  </td> <td style="padding-bottom: 0in; padding-left: 0in; width: 56.4pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="75"> 2,285,039 </td></tr> <tr><td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 206.2pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="275"> Incremental shares outstanding assuming the exercise of dilutive stock options and SARs (share settled) </td> <td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 1pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1">  </td> <td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 9pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="12">  </td> <td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 51.6pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="69"> 19,249 </td> <td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 13.5pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 0.75in; padding-right: 0in; padding-top: 0in;" valign="bottom" width="72"> 1,454 </td> <td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 9pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="12" nowrap="nowrap">  </td> <td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 1pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1">  </td> <td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 3.5pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="5">  </td> <td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 9pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="12">  </td> <td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 49.5pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="66"> 16,215 </td> <td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 9pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="12">  </td> <td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 56.4pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="75"> 6,021 </td></tr> <tr><td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 206.2pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="275"> Weighted average common shares outstanding - Diluted </td> <td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 1pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1">  </td> <td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 9pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="12">  </td> <td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 51.6pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="69"> 2,143,327 </td> <td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 13.5pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 0.75in; padding-right: 0in; padding-top: 0in;" valign="bottom" width="72"> 2,285,785 </td> <td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 9pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="12" nowrap="nowrap">  </td> <td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 1pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1">  </td> <td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 3.5pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="5">  </td> <td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 9pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="12">  </td> <td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 49.5pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="66"> 2,180,455 </td> <td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 9pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="12">  </td> <td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 56.4pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="75"> 2,291,060 </td></tr> <tr><td style="border-bottom: black 3px double; padding-bottom: 0in; padding-left: 0in; width: 206.2pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="275"> Basic earnings per common share </td> <td style="border-bottom: black 3px double; padding-bottom: 0in; padding-left: 0in; width: 1pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1">  </td> <td style="border-bottom: black 3px double; padding-bottom: 0in; padding-left: 0in; width: 9pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="12"> $ </td> <td style="border-bottom: black 3px double; padding-bottom: 0in; padding-left: 0in; width: 51.6pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="69"> 1.15 </td> <td style="border-bottom: black 3px double; padding-bottom: 0in; padding-left: 0in; width: 13.5pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="18"> $ </td> <td style="border-bottom: black 3px double; padding-bottom: 0in; padding-left: 0in; width: 0.75in; padding-right: 0in; padding-top: 0in;" valign="bottom" width="72"> 0.63 </td> <td style="border-bottom: black 3px double; padding-bottom: 0in; padding-left: 0in; width: 9pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="12" nowrap="nowrap">  </td> <td style="border-bottom: black 3px double; padding-bottom: 0in; padding-left: 0in; width: 1pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1">  </td> <td style="border-bottom: black 3px double; padding-bottom: 0in; padding-left: 0in; width: 3.5pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="5">  </td> <td style="border-bottom: black 3px double; padding-bottom: 0in; padding-left: 0in; width: 9pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="12"> $ </td> <td style="border-bottom: black 3px double; padding-bottom: 0in; padding-left: 0in; width: 49.5pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="66"> 2.34 </td> <td style="border-bottom: black 3px double; padding-bottom: 0in; padding-left: 0in; width: 9pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="12"> $ </td> <td style="border-bottom: black 3px double; padding-bottom: 0in; padding-left: 0in; width: 56.4pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="75"> 1.75 </td></tr> <tr><td style="border-bottom: black 3px double; padding-bottom: 0in; padding-left: 0in; width: 206.2pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="275"> Diluted earnings per common share </td> <td style="border-bottom: black 3px double; padding-bottom: 0in; padding-left: 0in; width: 1pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1">  </td> <td style="border-bottom: black 3px double; padding-bottom: 0in; padding-left: 0in; width: 9pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="12"> $ </td> <td style="border-bottom: black 3px double; padding-bottom: 0in; padding-left: 0in; width: 51.6pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="69"> 1.14 </td> <td style="border-bottom: black 3px double; padding-bottom: 0in; padding-left: 0in; width: 13.5pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="18"> $ </td> <td style="border-bottom: black 3px double; padding-bottom: 0in; padding-left: 0in; width: 0.75in; padding-right: 0in; padding-top: 0in;" valign="bottom" width="72"> 0.63 </td> <td style="border-bottom: black 3px double; padding-bottom: 0in; padding-left: 0in; width: 9pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="12" nowrap="nowrap">  </td> <td style="border-bottom: black 3px double; padding-bottom: 0in; padding-left: 0in; width: 1pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1">  </td> <td style="border-bottom: black 3px double; padding-bottom: 0in; padding-left: 0in; width: 3.5pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="5">  </td> <td style="border-bottom: black 3px double; padding-bottom: 0in; padding-left: 0in; width: 9pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="12"> $ </td> <td style="border-bottom: black 3px double; padding-bottom: 0in; padding-left: 0in; width: 49.5pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="66"> 2.32 </td> <td style="border-bottom: black 3px double; padding-bottom: 0in; padding-left: 0in; width: 9pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="12"> $ </td> <td style="border-bottom: black 3px double; padding-bottom: 0in; padding-left: 0in; width: 56.4pt; padding-right: 0in; padding-top: 0in;" valign="bottom" width="75"> 1.75 </td></tr></table></div>   There were 11,500 and 20,200 shares excluded from the computation of diluted earnings per share for the three months ended September 30, 2011 and 2010, respectively, because these shares were anti-dilutive. There were 11,500 and 13,500 shares excluded from the computation of diluted earnings per share for the nine months ended September 30, 2011 and 2010, respectively, because these shares were anti-dilutive.             The Company has adopted employee stock award plans (the "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 are exercisable and vest immediately or within one year or at 10% to 20% per year beginning on the date of grant and generally expire in five to ten years. All SARs issued to date have been share settled only. There have not been any SARs exercised in 2011 or 2010.   A summary of share-based award transactions for all share-based award plans follows:   <table style="width: 517.3pt; border-collapse: collapse; font-family: 'Calibri','sans-serif'; margin-left: 5.4pt; font-size: 11pt;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="690"> <tr style="height: 13.2pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 202.5pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" valign="top" width="270">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62.65pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" valign="top" width="84">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 15.85pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" valign="top" width="21">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 57.45pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" valign="top" width="77"> Weighted</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.1pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 79.35pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" valign="top" width="106"> Average</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 71.15pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" valign="top" width="95">  </td></tr> <tr style="height: 13.2pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 202.5pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" valign="top" width="270">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62.65pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" valign="top" width="84">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 15.85pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" valign="top" width="21">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 57.45pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" valign="top" width="77"> Average</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.1pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 79.35pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" valign="top" width="106"> Remaining</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 71.15pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" valign="top" width="95"> Aggregate</td></tr> <tr style="height: 13.2pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 202.5pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" valign="top" width="270">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62.65pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" valign="top" width="84"> Number</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 15.85pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" valign="top" width="21">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 57.45pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" valign="top" width="77"> Exercise</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.1pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 79.35pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" valign="top" width="106"> Contractual</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 71.15pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" valign="top" width="95"> Intrinsic</td></tr> <tr style="height: 13.2pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 202.5pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" valign="top" width="270">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 62.65pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" valign="top" width="84"> Of Shares</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 15.85pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" valign="top" width="21">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 57.45pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" valign="top" width="77"> Price</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.1pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 79.35pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" valign="top" width="106"> Term (years)</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 71.15pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" valign="top" width="95"> Value</td></tr> <tr style="height: 13.2pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 202.5pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" valign="bottom" width="270"> Outstanding as of January 1, 2010</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 62.65pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="84"> 117,245</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 15.85pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="21">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 57.45pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="77"> $         27.54</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.1pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="19">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 79.35pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="106"> 5.10</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="19">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 71.15pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="95"> $           541,543</td></tr> <tr style="height: 13.2pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 202.5pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" valign="bottom" width="270"> SARs granted</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62.65pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="84"> 3,000</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 15.85pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="21">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 57.45pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="77"> 33.31</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.1pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 79.35pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="106">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 71.15pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="95">  </td></tr> <tr style="height: 13.2pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 202.5pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" valign="bottom" width="270"> Options exercised</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62.65pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="84"> (9,445)</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 15.85pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="21">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 57.45pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="77"> 14.88</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.1pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 79.35pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="106">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 71.15pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="95">  </td></tr> <tr style="height: 13.2pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 202.5pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" valign="bottom" width="270"> Options/SARs cancelled/forfeited/expired</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 62.65pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="84"> -</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 15.85pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="21">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 57.45pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="77"> -</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.1pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="19">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 79.35pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="106">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="19">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 71.15pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="95">  </td></tr> <tr style="height: 13.2pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 202.5pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" valign="bottom" width="270"> Outstanding as of December 31, 2010</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 62.65pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="84"> 110,800</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 15.85pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="21">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 57.45pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="77"> $         28.77</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.1pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="19">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 79.35pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="106"> 4.51</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="19">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 71.15pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="95"> $           353,955</td></tr> <tr style="height: 13.2pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 202.5pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" valign="bottom" width="270"> SARs granted</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62.65pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="84"> 3,000</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 15.85pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="21">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 57.45pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="77"> 41.50</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.1pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 79.35pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="106">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 71.15pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="95">  </td></tr> <tr style="height: 13.2pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 202.5pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" valign="bottom" width="270"> Options exercised</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62.65pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="84"> (7,550)</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 15.85pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="21">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 57.45pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="77"> 20.20</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.1pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 79.35pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="106">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 71.15pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="95">  </td></tr> <tr style="height: 13.2pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 202.5pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" valign="bottom" width="270"> Options/SARs cancelled/forfeited/expired</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 62.65pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="84"> (4,500)</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 15.85pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="21">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 57.45pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="77"> 28.61</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.1pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="19">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 79.35pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="106">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="19">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 71.15pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="95">  </td></tr> <tr style="height: 13.2pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 202.5pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" valign="bottom" width="270"> Outstanding as of September 30, 2011</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 62.65pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="84"> 101,750</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 15.85pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="21">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 57.45pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="77"> $         29.79</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.1pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="19">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 79.35pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="106">  4.15</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="19">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 71.15pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="95"> $           657,189</td></tr> <tr style="height: 13.2pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 202.5pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" valign="top" width="270">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62.65pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="84">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 15.85pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="21">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 57.45pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="77">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.1pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 79.35pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="106">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 71.15pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="95">  </td></tr> <tr style="height: 13.2pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 202.5pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" valign="top" width="270"> Exercisable as of September 30, 2011</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62.65pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="84"> 94,644</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 15.85pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="21">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 57.45pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="77"> $         29.74</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.1pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 79.35pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="106"> 4.14</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 71.15pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="95"> $           613,968</td></tr> <tr style="height: 13.2pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 202.5pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" valign="top" width="270">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62.65pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="84">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 15.85pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="21">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 57.45pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="77">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.1pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 79.35pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="106">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 71.15pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="95">  </td></tr> <tr style="height: 13.2pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 202.5pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" valign="top" width="270"> Unvested as of September 30, 2011</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62.65pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="84"> 7,106</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 15.85pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="21">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 57.45pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="77"> $         30.52</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.1pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 79.35pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="106"> 4.41</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 71.15pt; padding-right: 5.4pt; height: 13.2pt; padding-top: 0in;" width="95"> $             43,221</td></tr></table>   During the second quarters of 2011 and 2010, the Company issued 3,000 share-settled SARs to the directors of the Company.   SARs give the holder the right to receive stock equal to the appreciation in the value of shares of stock from the grant date for a specified period of time, and as a result, are accounted for as equity instruments.  As such, these were valued using the Black-Scholes option valuation model.  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 exercise and employee termination 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 for periods during 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 2011 and 2010 were $15.55 and $12.30, respectively, and were estimated using the weighted-average assumptions shown in the table below.   <div align="center"> <table style="width: 60.64%; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="60%"> <tr><td style="padding-bottom: 1.5pt; padding-left: 0in; width: 69.4%; padding-right: 0in; padding-top: 0in;" valign="top" width="69%">  </td> <td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 13.06%; padding-right: 0in; padding-top: 0in;" valign="top" width="13%"> 2011</td> <td style="padding-bottom: 0in; padding-left: 0in; width: 3.46%; padding-right: 0in; padding-top: 0in;" valign="top" width="3%">  </td> <td style="border-bottom: black 1.5pt solid; padding-bottom: 0in; padding-left: 0in; width: 14.08%; padding-right: 0in; padding-top: 0in;" valign="top" width="14%"> 2010</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 0in; width: 69.4%; padding-right: 0in; padding-top: 0in;" valign="top" width="69%"> Expected Life in Years</td> <td style="padding-bottom: 0in; padding-left: 0in; width: 13.06%; padding-right: 0in; padding-top: 0in;" valign="top" width="13%"> 5.0</td> <td style="padding-bottom: 0in; padding-left: 0in; width: 3.46%; padding-right: 0in; padding-top: 0in;" valign="top" width="3%">  </td> <td style="padding-bottom: 0in; padding-left: 0in; width: 14.08%; padding-right: 0in; padding-top: 0in;" valign="top" width="14%"> 5.0</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 0in; width: 69.4%; padding-right: 0in; padding-top: 0in;" valign="top" width="69%"> Volatility</td> <td style="padding-bottom: 0in; padding-left: 0in; width: 13.06%; padding-right: 0in; padding-top: 0in;" valign="top" width="13%"> 43.6%</td> <td style="padding-bottom: 0in; padding-left: 0in; width: 3.46%; padding-right: 0in; padding-top: 0in;" valign="top" width="3%">  </td> <td style="padding-bottom: 0in; padding-left: 0in; width: 14.08%; padding-right: 0in; padding-top: 0in;" valign="top" width="14%"> 42.4%</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 0in; width: 69.4%; padding-right: 0in; padding-top: 0in;" valign="top" width="69%"> Interest Rate</td> <td style="padding-bottom: 0in; padding-left: 0in; width: 13.06%; padding-right: 0in; padding-top: 0in;" valign="top" width="13%"> 1.9%</td> <td style="padding-bottom: 0in; padding-left: 0in; width: 3.46%; padding-right: 0in; padding-top: 0in;" valign="top" width="3%">  </td> <td style="padding-bottom: 0in; padding-left: 0in; width: 14.08%; padding-right: 0in; padding-top: 0in;" valign="top" width="14%"> 2.1%</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 0in; width: 69.4%; padding-right: 0in; padding-top: 0in;" valign="top" width="69%"> Yield Rate</td> <td style="padding-bottom: 0in; padding-left: 0in; width: 13.06%; padding-right: 0in; padding-top: 0in;" valign="top" width="13%"> 0.8%</td> <td style="padding-bottom: 0in; padding-left: 0in; width: 3.46%; padding-right: 0in; padding-top: 0in;" valign="top" width="3%">  </td> <td style="padding-bottom: 0in; padding-left: 0in; width: 14.08%; padding-right: 0in; padding-top: 0in;" valign="top" width="14%"> 0.8%</td></tr></table></div>   There was approximately $160,000 and $164,000 of compensation expense relating to SARs or options vesting on or before September 30, 2011 and 2010, respectively, included in salaries, employee benefits and payroll taxes in the consolidated statements of income. As of September 30, 2011, there was approximately $96,000 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 5 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. 534473 241774 411897 79638 3038491 971264 2836068 919681 4669341 2951959 919655 336925 1368168 459711

10301495

13141854

1056356

1150602

913234

5688705

6118902

251456

250728

163739

159783

153485366

155497009

81784262

77394287

86033557

83603960

13872370

17770019

44051785

17153583

63011626

22655405

962115

335454

1123517

363731

8733221

5467341

8117031

14692102

-3265880

6575071

0.21

0.07

0.21

0.07

10000000

2282596

2121630

2282596

2121630

5711730

3312805

5484674

1780819

1718000

1233000

958657

476534

384601

360820

479861

450822

1.75

0.63

2.34

1.15

1.75

0.63

2.32

1.14

Note 6 - Fair Value Measurement   Valuation Hierarchy. 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.   Valuation Techniques. 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.   The Level 1 category includes equity securities that are measured at fair value using quoted active market prices.   The Level 2 category includes fixed maturity investments such as corporate bonds, U.S. government and agency bonds and municipal bonds. 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 the 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 September 30, 2011 and December 31, 2010, 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 third party 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. Some of the inputs to this model are unobservable in the market and are significant—therefore, the Company utilizes another third party pricing service to assist in the determination of 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 September 30, 2011 and December 31, 2010:   <table style="border-collapse: collapse; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="650"> <tr><td style="padding-bottom: 0in; padding-left: 5.75pt; width: 299.15pt; padding-right: 5.75pt; padding-top: 0in;" valign="top" width="399">  </td> <td style="padding-bottom: 0in; padding-left: 5.75pt; width: 14.55pt; padding-right: 5.75pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.75pt; width: 79.8pt; padding-right: 5.75pt; padding-top: 0in;" valign="top" width="106">        2011</td> <td style="padding-bottom: 0in; padding-left: 5.75pt; width: 13.95pt; padding-right: 5.75pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.75pt; width: 79.8pt; padding-right: 5.75pt; padding-top: 0in;" valign="top" width="106">        2010</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.75pt; width: 299.15pt; padding-right: 5.75pt; padding-top: 0in;" valign="top" width="399"> Cumulative probability of earning maximum rate until maturity</td> <td style="padding-bottom: 0in; padding-left: 5.75pt; width: 14.55pt; padding-right: 5.75pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.75pt; width: 79.8pt; padding-right: 5.75pt; padding-top: 0in;" valign="top" width="106"> 0.0-0.1%</td> <td style="padding-bottom: 0in; padding-left: 5.75pt; width: 13.95pt; padding-right: 5.75pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.75pt; width: 79.8pt; padding-right: 5.75pt; padding-top: 0in;" valign="top" width="106"> 0.0-0.8%</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.75pt; width: 299.15pt; padding-right: 5.75pt; padding-top: 0in;" valign="top" width="399"> Cumulative probability of principle returned prior to maturity</td> <td style="padding-bottom: 0in; padding-left: 5.75pt; width: 14.55pt; padding-right: 5.75pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.75pt; width: 79.8pt; padding-right: 5.75pt; padding-top: 0in;" valign="top" width="106"> 95.4-98.7%</td> <td style="padding-bottom: 0in; padding-left: 5.75pt; width: 13.95pt; padding-right: 5.75pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.75pt; width: 79.8pt; padding-right: 5.75pt; padding-top: 0in;" valign="top" width="106"> 85.3-98.6%</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.75pt; width: 299.15pt; padding-right: 5.75pt; padding-top: 0in;" valign="top" width="399"> Cumulative probability of default at some future point</td> <td style="padding-bottom: 0in; padding-left: 5.75pt; width: 14.55pt; padding-right: 5.75pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.75pt; width: 79.8pt; padding-right: 5.75pt; padding-top: 0in;" valign="top" width="106"> 1.3-4.6%</td> <td style="padding-bottom: 0in; padding-left: 5.75pt; width: 13.95pt; padding-right: 5.75pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.75pt; width: 79.8pt; padding-right: 5.75pt; padding-top: 0in;" valign="top" width="106"> 1.4-14.7%</td></tr></table>   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 2011 and 2010, 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 Company's ARS portfolio is comprised entirely of investment grade student loan ARS. The par value of the ARS bonds was $5,000,000 and $5,900,000 as of September 30, 2011 and December 31, 2010, respectively, with approximately 79.6% and 82.2% as of September 30, 2011 and December 31, 2010, respectively, guaranteed by the U.S. Department of Education.   The following table presents, by level, the financial assets carried at fair value measured on a recurring basis as of September 30, 2011 and December 31, 2010. 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.   <table style="width: 531.95pt; border-collapse: collapse; font-family: 'Calibri','sans-serif'; margin-left: 0px !important; font-size: 11pt;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="709"> <tr><td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 220.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="294"> As of September 30, 2011</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 15.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="20">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 0.85in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="82"> Level 1</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 62.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="83"> Level 2</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 63.65pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="85"> Level 3</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 66.6pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="89"> Total</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 220.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="294"> Equity Securities</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 15.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="20">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 0.85in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="82">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="83">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 63.65pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="85">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 66.6pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="89">  </td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 220.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="294">     Common stock and nonredeemable preferred stock</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 15.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="20">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 0.85in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="82"> $ 17,770,019</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="83"> $                -</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 63.65pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="85"> $                 -</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 66.6pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="89"> $   17,770,019</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 220.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="294"> Fixed Maturities </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 15.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="20">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 0.85in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="82">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="83">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 63.65pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="85">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 66.6pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="89">  </td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 220.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="294">     Obligations of states and political subdivisions*</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 15.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="20">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 0.85in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="82"> -</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="83"> 66,842,938</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 63.65pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="85"> 1,837,200</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 66.6pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="89"> 68,680,138</td></tr> <tr><td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 220.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="294">     Corporate Debt Securities*</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 15.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="20">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 0.85in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="82"> -</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 62.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="83"> 12,140,622</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 63.65pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="85"> 2,783,200</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 66.6pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="89"> 14,923,822</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 220.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="294"> Total</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 15.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="20">  </td> <td style="border-bottom: windowtext 3px double; padding-bottom: 0in; padding-left: 5.4pt; width: 0.85in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="82"> $ 17,770,019</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="border-bottom: windowtext 3px double; padding-bottom: 0in; padding-left: 5.4pt; width: 62.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="83"> $ 78,983,560</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="border-bottom: windowtext 3px double; padding-bottom: 0in; padding-left: 5.4pt; width: 63.65pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="85"> $    4,620,400</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="border-bottom: windowtext 3px double; padding-bottom: 0in; padding-left: 5.4pt; width: 66.6pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="89"> $ 101,373,979</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 220.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="294">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 15.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="20">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 0.85in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="82">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="83">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 63.65pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="85">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 66.6pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="89">  </td></tr></table>   <table style="width: 531.95pt; border-collapse: collapse; font-family: 'Calibri','sans-serif'; margin-left: 0px !important; font-size: 11pt;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="709"> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 220.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="294">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 15.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="20">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 0.85in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="82">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="83">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 63.65pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="85">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 66.6pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="89">  </td></tr> <tr><td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 220.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="294"> As of December 31, 2010</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 15.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="20">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 0.85in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="82"> Level 1</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 62.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="83"> Level 2</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 63.65pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="85"> Level 3</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 66.6pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="89"> Total</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 220.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="294"> Equity Securities</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 15.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="20">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 0.85in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="82">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="83">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 63.65pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="85">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 66.6pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="89">  </td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 220.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="294">     Common stock and nonredeemable preferred stock</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 15.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="20">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 0.85in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="82"> $ 13,872,370</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="83"> $                -</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 63.65pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="85"> $                 -</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 66.6pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="89"> $   13,872,370</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 220.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="294"> Fixed Maturities</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 15.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="20">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 0.85in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="82">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="83">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 63.65pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="85">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 66.6pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="89">  </td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 220.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="294">     Obligations of states and political subdivisions*</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 15.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="20">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 0.85in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="82"> -</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="83"> 67,202,641</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 63.65pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="85"> 2,618,844</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 66.6pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="89"> 69,821,485</td></tr> <tr><td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 220.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="294">     Corporate Debt Securities*</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 15.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="20">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 0.85in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="82"> -</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 62.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="83"> 13,358,672</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 63.65pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="85"> 2,853,400</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 66.6pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="89"> 16,212,072</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 220.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="294"> Total</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 15.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="20">  </td> <td style="border-bottom: windowtext 3px double; padding-bottom: 0in; padding-left: 5.4pt; width: 0.85in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="82"> $ 13,872,370</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="border-bottom: windowtext 3px double; padding-bottom: 0in; padding-left: 5.4pt; width: 62.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="83"> $ 80,561,313</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="border-bottom: windowtext 3px double; padding-bottom: 0in; padding-left: 5.4pt; width: 63.65pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="85"> $    5,472,244</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="border-bottom: windowtext 3px double; padding-bottom: 0in; padding-left: 5.4pt; width: 66.6pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="89"> $   99,905,927</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 531.95pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="709" colspan="9">     *Denotes fair market value obtained from pricing services.</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 220.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="294">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 15.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="20">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 0.85in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="82">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 62.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="83">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 63.65pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="85">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 14.25pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="19">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 66.6pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="89">  </td></tr></table>   There were no transfers into or out of Levels 1 and 2 during the period.  The following table presents a reconciliation of the Company's assets measured at fair value using significant unobservable inputs (Level 3) for the period ended September 30, 2011 and the year ended December 31, 2010:             <table style="border-collapse: collapse; font-family: 'Calibri','sans-serif'; margin-left: 5.4pt; font-size: 11pt;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="654"> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 328.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="438"> Changes in fair value during the period ended:</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="108"> 2011</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="108"> 2010</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 328.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="438"> Beginning balance at January 1</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="108"> $      5,472,244</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="108"> $    10,097,795</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 328.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="438"> Redemptions and sales</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="108"> (900,000)</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="108"> (4,938,500)</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 328.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="438"> Realized gain (loss)-included in realized (loss) gain on investments</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="108"> 8,248</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="108"> (314,386)</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 328.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="438"> Unrealized gain-included in other comprehensive income</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="108">              39,908</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="108"> 627,335</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 328.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="438"> Ending balance </td> <td style="border-bottom: windowtext 3px double; padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="108"> $      4,620,400</td> <td style="border-bottom: windowtext 3px double; padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="108"> $      5,472,244</td></tr></table> Certain investments and other assets 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 financial statements as of or during the periods ended September 30, 2011 and December 31, 2010. The following table summarizes the corresponding estimated fair value hierarchy of such investments and other assets at September 30, 2011 and December 31, 2010 and the related impairments recognized.   <table style="border-bottom: medium none; border-left: medium none; width: 552.3pt; border-collapse: collapse; font-family: 'Calibri','sans-serif'; margin-left: 0px !important; font-size: 11pt; border-top: medium none; border-right: medium none;" class="MsoNormalTable" border="1" cellspacing="0" cellpadding="0" width="736"> <tr><td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 104.3pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="139">     September 30, 2011 </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 55.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="74"> Valuation Method  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="16">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 47.1pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="63"> Impaired </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="16">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 53.1pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="71"> Level 1</td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="16">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 51.9pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="69"> Level 2</td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 13.15pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 61.95pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="83"> Level 3</td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="16">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 50.75pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="68"> Total at Estimated Fair Value</td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="16">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 55.35pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="74"> Impairment Losses</td></tr></table>   <table style="border-bottom: medium none; border-left: medium none; width: 552.3pt; border-collapse: collapse; font-family: 'Calibri','sans-serif'; margin-left: 0px !important; font-size: 11pt; border-top: medium none; border-right: medium none;" class="MsoNormalTable" border="1" cellspacing="0" cellpadding="0" width="736"> <tr><td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 104.3pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="139"> Cost method investment Other assets</td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 55.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="74"> Fair Value Fair Value</td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="16">  </td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 47.1pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="63"> Yes Yes</td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="16">  </td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 53.1pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="71"> $               - -</td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="16">  </td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 51.9pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="69"> $              - -</td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 13.15pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="18">  </td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 61.95pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="83"> $          58,281 17,000</td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="16">  </td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 50.75pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="68"> $     58,281 17,000</td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="16">  </td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 55.35pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="74"> $     (28,904) (15,500)</td></tr> <tr><td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 104.3pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="139"> Total cost method investments and other assets</td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 55.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="74">  </td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="16">  </td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 47.1pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="63">  </td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="16">  </td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 53.1pt; padding-right: 5.4pt; border-top: windowtext 1pt solid; border-right: medium none; padding-top: 0in;" valign="top" width="71">     $               -</td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="16">  </td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 51.9pt; padding-right: 5.4pt; border-top: windowtext 1pt solid; border-right: medium none; padding-top: 0in;" valign="top" width="69">     $              -</td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 13.15pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="18">  </td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 61.95pt; padding-right: 5.4pt; border-top: windowtext 1pt solid; border-right: medium none; padding-top: 0in;" valign="top" width="83">     $          75,281</td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="16">  </td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 50.75pt; padding-right: 5.4pt; border-top: windowtext 1pt solid; border-right: medium none; padding-top: 0in;" valign="top" width="68">     $     75,281</td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="16">  </td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 55.35pt; padding-right: 5.4pt; border-top: windowtext 1pt solid; border-right: medium none; padding-top: 0in;" valign="top" width="74">     $       44,404</td></tr></table>   <table style="width: 552.3pt; border-collapse: collapse; font-family: 'Calibri','sans-serif'; margin-left: 0px !important; font-size: 11pt;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="736"> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 104.3pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="139">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 55.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="74">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 47.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="63">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 53.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="71">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 51.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="69">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="18">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 61.95pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="83">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 50.75pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="68">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 55.35pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="74">  </td></tr> <tr><td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 104.3pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="139">     December 31, 2010</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 55.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="74"> Valuation Method  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="16">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 47.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="63"> Impaired </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="16">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 53.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="71"> Level 1</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="16">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 51.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="69"> Level 2</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 13.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 61.95pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="83"> Level 3</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="16">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 50.75pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="68"> Total at Estimated Fair Value</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="16">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 55.35pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="74"> Impairment Losses</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 104.3pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="139"> Cost method investment Other assets</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 55.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="74"> Fair Value Fair Value</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 47.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="63"> Yes Yes</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 53.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="71"> $               - -</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 51.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="69"> $              - -</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="18">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 61.95pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="83"> $          52,625 -            </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 50.75pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="68"> $     52,625 -</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 55.35pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="74"> $     (47,141)      (47,550)</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 104.3pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="139"> Total cost method investments and other assets</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 55.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="74">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 47.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="63">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="border-bottom: windowtext 3px double; padding-bottom: 0in; padding-left: 5.4pt; width: 53.1pt; padding-right: 5.4pt; border-top: windowtext 1pt solid; padding-top: 0in;" valign="top" width="71">     $               -</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="border-bottom: windowtext 3px double; padding-bottom: 0in; padding-left: 5.4pt; width: 51.9pt; padding-right: 5.4pt; border-top: windowtext 1pt solid; padding-top: 0in;" valign="top" width="69">     $              -</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="18">  </td> <td style="border-bottom: windowtext 3px double; padding-bottom: 0in; padding-left: 5.4pt; width: 61.95pt; padding-right: 5.4pt; border-top: windowtext 1pt solid; padding-top: 0in;" valign="top" width="83">     $          52,625</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="border-bottom: windowtext 3px double; padding-bottom: 0in; padding-left: 5.4pt; width: 50.75pt; padding-right: 5.4pt; border-top: windowtext 1pt solid; padding-top: 0in;" valign="top" width="68">     $     52,625</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="border-bottom: windowtext 3px double; padding-bottom: 0in; padding-left: 5.4pt; width: 55.35pt; padding-right: 5.4pt; border-top: windowtext 1pt solid; padding-top: 0in;" valign="top" width="74">     $     (94,691)</td></tr></table>        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.

306066

-44864

-79172

-200087

506448

396487

2870

26528

5026076

2008101

6846477

3461465

1075000

2125000

1022000

559000

1792000

1021000

506717

434167

2840359

-670290

-1056356

1047057

506717

-305154

-73731

1419857

-762755

20707910

8632083

39335237

15161823

2757228

934754

2665245

887055

129998435

126202154

<h2 style="text-align: justify; margin: 0in 0in 0pt; font-family: 'CG Times','serif'; letter-spacing: -0.15pt; font-size: 12pt; font-weight: normal; text-decoration: underline; text-underline: single;">Note 7 – Investments in Securities</h2>   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:   <table style="width: 537.7pt; border-collapse: collapse; font-family: 'Calibri','sans-serif'; margin-left: 0px !important; font-size: 11pt;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="717"> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 265.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="354">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="98">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 0.9in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="86"> Gross</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 63.45pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="85"> Gross</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 70.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="94"> Estimated</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 265.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="354">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="98"> Amortized</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 0.9in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="86"> Unrealized</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 63.45pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="85"> Unrealized</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 70.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="94"> Fair</td></tr> <tr><td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 265.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="354"> September 30, 2011</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 73.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="98"> Cost</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 0.9in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="86"> Gains</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 63.45pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="85"> Losses</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 70.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="94"> Value</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 265.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="354"> Fixed Maturities-</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="98">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 0.9in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="86">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 63.45pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="85">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 70.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="94">  </td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 265.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="354">   Available-for-sale, at fair value:</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="98">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 0.9in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="86">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 63.45pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="85">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 70.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="94">  </td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 265.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="354">      Obligations of states and political subdivisions</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="98"> $    61,632,682</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 0.9in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="86"> $   5,219,246</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 63.45pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="85"> $          8,990</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 70.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="94"> $   66,842,938</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 265.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="354">      Corporate debt securities</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="98"> 11,144,741</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 0.9in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="86"> 1,149,633</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 63.45pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="85"> $      153,752</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 70.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="94"> 12,140,622</td></tr> <tr><td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 265.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="354">      Auction rate securities</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 73.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="98"> 4,616,864</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 0.9in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="86"> 3,536</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 63.45pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="85"> -</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 70.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="94"> 4,620,400</td></tr> <tr><td style="border-bottom: windowtext 2.25pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 265.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="354">      Total</td> <td style="border-bottom: windowtext 2.25pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 73.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="98"> $    77,394,287</td> <td style="border-bottom: windowtext 2.25pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 0.9in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="86"> $   6,372,415</td> <td style="border-bottom: windowtext 2.25pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 63.45pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="85"> $      162,742</td> <td style="border-bottom: windowtext 2.25pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 70.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="94"> $    83,603,960</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 265.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="354"> Equity Securities, available-for-sale at fair value-</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="98">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 0.9in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="86">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 63.45pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="85">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 70.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="94">  </td></tr> <tr><td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 265.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="354">   Common stocks and nonredeemable preferred stocks</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 73.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="98"> $    14,693,945</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 0.9in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="86"> $   3,410,160</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 63.45pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="85"> $      334,086</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 70.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="94"> $   17,770,019</td></tr> <tr><td style="border-bottom: windowtext 2.25pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 265.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="354">      Total</td> <td style="border-bottom: windowtext 2.25pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 73.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="98"> $    14,693,945</td> <td style="border-bottom: windowtext 2.25pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 0.9in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="86"> $   3,410,160</td> <td style="border-bottom: windowtext 2.25pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 63.45pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="85"> $      334,086</td> <td style="border-bottom: windowtext 2.25pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 70.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="94"> $   17,770,019</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 265.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="354"> Short-term investments- </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="98">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 0.9in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="86">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 63.45pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="85">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 70.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="94">  </td></tr> <tr><td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 265.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="354">   Certificates of deposit and other</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 73.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="98"> $    21,723,492</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 0.9in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="86"> $                  -</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 63.45pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="85"> $                 -</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 70.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="94"> $    21,723,492</td></tr> <tr><td style="border-bottom: windowtext 2.25pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 265.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="354">      Total</td> <td style="border-bottom: windowtext 2.25pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 73.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="98"> $    21,723,492</td> <td style="border-bottom: windowtext 2.25pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 0.9in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="86"> $                  -</td> <td style="border-bottom: windowtext 2.25pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 63.45pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="85"> $                 -</td> <td style="border-bottom: windowtext 2.25pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 70.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="94"> $    21,723,492</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 265.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="354">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="98">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 0.9in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="86">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 63.45pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="85">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 70.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="94">  </td></tr> <tr><td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 265.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="354"> December 31, 2010</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 73.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="98">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 0.9in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="86">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 63.45pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="85">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 70.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="94">  </td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 265.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="354"> Fixed Maturities-</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="98">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 0.9in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="86">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 63.45pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="85">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 70.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="94">  </td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 265.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="354">   Available-for-sale, at fair value:</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="98">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 0.9in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="86">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 63.45pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="85">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 70.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="94">  </td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 265.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="354">      Obligations of states and political subdivisions</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="98"> $    64,120,509</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 0.9in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="86"> $   3,248,821</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 63.45pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="85"> $     166,690</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 70.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="94"> $   67,202,640</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 265.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="354">      Corporate debt securities</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="98"> 12,258,359</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 0.9in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="86"> 1,123,051</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 63.45pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="85"> 22,737</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 70.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="94"> 13,358,673</td></tr> <tr><td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 265.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="354">      Auction rate securities</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 73.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="98"> 5,405,394</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 0.9in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="86"> 66,850</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 63.45pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="85"> -</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 70.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="94"> 5,472,244</td></tr> <tr><td style="border-bottom: windowtext 2.25pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 265.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="354">      Total</td> <td style="border-bottom: windowtext 2.25pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 73.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="98"> $    81,784,262</td> <td style="border-bottom: windowtext 2.25pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 0.9in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="86"> $   4,438,722</td> <td style="border-bottom: windowtext 2.25pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 63.45pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="85"> $     189,427</td> <td style="border-bottom: windowtext 2.25pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 70.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="94"> $   86,033,557</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 265.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="354"> Equity Securities, available-for-sale at fair value-</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="98">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 0.9in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="86">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 63.45pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="85">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 70.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="94">  </td></tr> <tr><td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 265.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="354">   Common stocks and nonredeemable preferred stocks</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 73.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="98"> $      9,458,773</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 0.9in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="86"> $   4,430,175</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 63.45pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="85"> $       16,578</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 70.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="94"> $   13,872,370</td></tr> <tr><td style="border-bottom: windowtext 2.25pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 265.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="354">      Total</td> <td style="border-bottom: windowtext 2.25pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 73.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="98"> $      9,458,773</td> <td style="border-bottom: windowtext 2.25pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 0.9in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="86"> $   4,430,175</td> <td style="border-bottom: windowtext 2.25pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 63.45pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="85"> $       16,578</td> <td style="border-bottom: windowtext 2.25pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 70.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="94"> $   13,872,370</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 265.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="354"> Short-term investments- </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="98">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 0.9in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="86">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 63.45pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="85">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 70.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="94">  </td></tr> <tr><td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 265.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="354">   Certificates of deposit and other</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 73.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="98"> $    27,203,550</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 0.9in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="86"> $                  -</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 63.45pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="85"> $                 -</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 70.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="94"> $   27,203,550</td></tr> <tr><td style="border-bottom: windowtext 2.25pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 265.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="354">      Total</td> <td style="border-bottom: windowtext 2.25pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 73.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="98"> $    27,203,550</td> <td style="border-bottom: windowtext 2.25pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 0.9in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="86"> $                  -</td> <td style="border-bottom: windowtext 2.25pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 63.45pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="85"> $                 -</td> <td style="border-bottom: windowtext 2.25pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 70.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="94"> $   27,203,550</td></tr></table>   <table style="width: 537.7pt; border-collapse: collapse; font-family: 'Calibri','sans-serif'; margin-left: 0px !important; font-size: 11pt;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="717"> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 537.7pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="717" colspan="4"> The scheduled maturities of fixed maturity securities at September 30, 2011 were as follows:  </td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 261.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="349">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 143.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="192" colspan="2"> Available-for-Sale</td> <td style="padding-bottom: 0in; padding-left: 0in; padding-right: 0in; padding-top: 0in;" width="176">  </td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 261.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="349">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="97"> Amortized</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 70.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="94"> Fair</td> <td style="padding-bottom: 0in; padding-left: 0in; padding-right: 0in; padding-top: 0in;" width="176">  </td></tr> <tr><td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 261.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="349">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 73.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="97"> Cost</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 70.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="94"> Value</td> <td style="padding-bottom: 0in; padding-left: 0in; padding-right: 0in; padding-top: 0in;" width="176">  </td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 261.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="349"> Due in one year or less</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="97"> $  6,219,802</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 70.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="94"> $  6,362,555</td> <td style="padding-bottom: 0in; padding-left: 0in; padding-right: 0in; padding-top: 0in;" width="176">  </td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 261.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="349"> Due after one year through five years</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73.1pt; padding-right: 5.4pt; background: white; padding-top: 0in;" valign="top" width="97"> 29,804,598</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 70.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="94"> 31,883,803</td> <td style="padding-bottom: 0in; padding-left: 0in; padding-right: 0in; padding-top: 0in;" width="176">  </td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 261.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="349"> Due five years through ten years</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="97"> 32,879,859</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 70.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="94"> 36,180,952</td> <td style="padding-bottom: 0in; padding-left: 0in; padding-right: 0in; padding-top: 0in;" width="176">  </td></tr> <tr><td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 261.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="349"> Due after ten years</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 73.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="97"> 8,490,028</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 70.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="94"> 9,176,650</td> <td style="padding-bottom: 0in; padding-left: 0in; padding-right: 0in; padding-top: 0in;" width="176">  </td></tr> <tr><td style="border-bottom: windowtext 2.25pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 261.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="349">      Total</td> <td style="border-bottom: windowtext 2.25pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 73.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="97"> $77,394,287</td> <td style="border-bottom: windowtext 2.25pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 70.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="94"> $83,603,960</td> <td style="padding-bottom: 0in; padding-left: 0in; padding-right: 0in; padding-top: 0in;" width="176">  </td></tr></table>   Gross realized gains and losses on securities for the nine months ended September 30 are summarized as follows:   <table style="border-collapse: collapse; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0"> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 3.95in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="379">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 63pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="84"> 2011</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 63pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="84"> 2010</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 3.95in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="379"> Gross realized gains:</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 63pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="84">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 63pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="84">  </td></tr></table>   <table style="border-collapse: collapse; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0"> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 3.95in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="379">   Obligations of states and political subdivisions</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 63pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="84"> $       20,845</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 63pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="84"> $       19,927</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 3.95in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="379">   Common stocks and nonredeemable preferred stocks</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 63pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="84"> 138,290</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 63pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="84"> 440,797</td></tr> <tr><td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 3.95in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="379">    Auction rate securities</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 63pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="84"> 43,200</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 63pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="84"> -</td></tr> <tr><td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 3.95in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="379">      Total</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 63pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="84"> $     202,335</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 63pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="84"> $     460,724</td></tr></table>   <table style="border-collapse: collapse; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0"> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 3.95in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="379"> Gross realized losses:</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 63pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="84">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 63pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="84">  </td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 3.95in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="379">   Obligations of states and political subdivisions</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 63pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="84"> $                 -</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 63pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="84"> $                 - </td></tr></table>   <table style="border-collapse: collapse; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0"> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 3.95in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="379">   Common stocks and nonredeemable preferred stocks</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 63pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="84"> -</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 63pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="84"> (19,024)</td></tr></table>   <table style="border-collapse: collapse; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0"> <tr><td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 3.95in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="379">   Other than temporary impairment of securities</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 63pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="84"> (214,077)</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 63pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="84">        (54,395)</td></tr> <tr><td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 3.95in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="379">      Total</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 63pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="84"> (214,077)</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 63pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="84"> (73,419)</td></tr> <tr><td style="border-bottom: windowtext 2.25pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 3.95in; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="379"> Net realized (loss) gain </td> <td style="border-bottom: windowtext 2.25pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 63pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="84"> $     (11,742)</td> <td style="border-bottom: windowtext 2.25pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 63pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="84">  $    387,305</td></tr></table>             Realized gains and losses are determined on the specific identification method. Also included in net realized gain on sales in the Consolidated Statements of Income are impairments of other investments and loss on sales of property acquired in the settlement of claims totaling $(67,430) and $(81,239) for the nine months ended September 30, 2011 and 2010, respectively.   The following table presents the gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous loss position at September 30, 2011 and December 31, 2010.   <table style="width: 483.35pt; border-collapse: collapse; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="644"> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="133">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 121.45pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="162" colspan="2"> Less than 12 Months</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 116.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="156" colspan="3"> 12 Months or Longer</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 121.2pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="162" colspan="2"> Total</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="133">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 59.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="79"> Fair</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 61.9pt; padding-right: 5.4pt; border-top: windowtext 1pt solid; padding-top: 0in;" valign="top" width="83"> Unrealized</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 57.75pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="77" colspan="2"> Fair</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 59.15pt; padding-right: 5.4pt; border-top: windowtext 1pt solid; padding-top: 0in;" valign="top" width="79"> Unrealized</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 59.65pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="80"> Fair</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 61.55pt; padding-right: 5.4pt; border-top: windowtext 1pt solid; padding-top: 0in;" valign="top" width="82"> Unrealized</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="133">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 59.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="79"> Value</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 61.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="83"> Losses</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 57.75pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="77" colspan="2"> Value</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 59.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="79"> Losses</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 59.65pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="80"> Value</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 61.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="82"> Losses</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="133"> September 30, 2011</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 59.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="79">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 61.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="83">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 57.75pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="77" colspan="2">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 59.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="79">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 59.65pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="80">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 61.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="82">  </td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="133"> Obligations of states      and  political      subdivisions Corporate debt      securities</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 59.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="79">     $   1,033,880   1,969,100</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 61.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="83">     $         (8,990)   (153,752)</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 57.75pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="77" colspan="2">     $                 -   -</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 59.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="79">     $                 -   -</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 59.65pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="80">     $   1,033,880   1,969,100</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 61.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="82">     $        (8,990)   (153,752)</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="133"> Total Fixed Income      Securities</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 59.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="79">   $   3,002,980</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 61.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="83">   $     (162,742)</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 57.75pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="77" colspan="2">   $                 -</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 59.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="79">   $                  -</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 59.65pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="80">   $   3,002,980</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 61.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="82">   $    (162,742)</td></tr> <tr style="height: 0.15in;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99.9pt; padding-right: 5.4pt; height: 0.15in; padding-top: 0in;" valign="top" width="133"> Equity Securities</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 59.55pt; padding-right: 5.4pt; height: 0.15in; padding-top: 0in;" valign="top" width="79"> 4,501,592</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 61.9pt; padding-right: 5.4pt; height: 0.15in; padding-top: 0in;" valign="top" width="83"> (334,086)</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; height: 0.15in; padding-top: 0in;" valign="top" width="16">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 57.75pt; padding-right: 5.4pt; height: 0.15in; padding-top: 0in;" valign="top" width="77" colspan="2"> -</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 59.15pt; padding-right: 5.4pt; height: 0.15in; padding-top: 0in;" valign="top" width="79"> -</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; height: 0.15in; padding-top: 0in;" valign="top" width="16">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 59.65pt; padding-right: 5.4pt; height: 0.15in; padding-top: 0in;" valign="top" width="80"> 4,501,592</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 61.55pt; padding-right: 5.4pt; height: 0.15in; padding-top: 0in;" valign="top" width="82"> (334,086)</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="133"> Total temporarily      impaired securities</td> <td style="border-bottom: windowtext 3px double; padding-bottom: 0in; padding-left: 5.4pt; width: 59.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="79">   $   7,504,572</td> <td style="border-bottom: windowtext 3px double; padding-bottom: 0in; padding-left: 5.4pt; width: 61.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="83">   $     (496,828)</td> <td style="border-bottom: windowtext 3px double; padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="border-bottom: windowtext 3px double; padding-bottom: 0in; padding-left: 5.4pt; width: 57.75pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="77" colspan="2">   $                 -</td> <td style="border-bottom: windowtext 3px double; padding-bottom: 0in; padding-left: 5.4pt; width: 59.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="79">   $                  -</td> <td style="border-bottom: windowtext 3px double; padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="border-bottom: windowtext 3px double; padding-bottom: 0in; padding-left: 5.4pt; width: 59.65pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="80">   $   7,504,572</td> <td style="border-bottom: windowtext 3px double; padding-bottom: 0in; padding-left: 5.4pt; width: 61.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="82">   $    (496,828)</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="133">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 121.45pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="162" colspan="2">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.85pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="18" colspan="2">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 115.15pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="154" colspan="2">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 121.2pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="162" colspan="2">  </td></tr> <tr><td width="133"> </td> <td width="79"> </td> <td width="83"> </td> <td width="16"> </td> <td width="2"> </td> <td width="75"> </td> <td width="79"> </td> <td width="16"> </td> <td width="80"> </td> <td width="82"> </td></tr></table>   <table style="width: 485.1pt; border-collapse: collapse; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="647"> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="133">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 123.2pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="164" colspan="2"> Less than 12 Months</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 119.65pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="160" colspan="2"> 12 Months or Longer</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 118.45pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="158" colspan="2"> Total</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="133">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 61.3pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="82"> Fair</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 61.9pt; padding-right: 5.4pt; border-top: windowtext 1pt solid; padding-top: 0in;" valign="top" width="83"> Unrealized</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 60.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="81"> Fair</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 58.75pt; padding-right: 5.4pt; border-top: windowtext 1pt solid; padding-top: 0in;" valign="top" width="78"> Unrealized</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 56.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="76"> Fair</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 61.55pt; padding-right: 5.4pt; border-top: windowtext 1pt solid; padding-top: 0in;" valign="top" width="82"> Unrealized</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="133">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 61.3pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="82"> Value</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 61.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="83"> Losses</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 60.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="81"> Value</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 58.75pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="78"> Losses</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 56.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="76"> Value</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 61.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="82"> Losses</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="133"> December 31, 2010</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 61.3pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="82">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 61.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="83">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 60.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="81">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 58.75pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="78">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 56.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="76">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 61.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="82">  </td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="133"> Obligations of states       and  political      subdivisions</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 61.3pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="82">       $  7,008,818</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 61.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="83">     $    (166,690)</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 60.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="81">     $                  -</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 58.75pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="78">     $                 -</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 56.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="76">       $7,008,818</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 61.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="82">     $    (166,690)</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="133"> Corporate debt      securities</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 61.3pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="82">   1,077,263</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 61.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="83">   (22,737)</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 60.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="81">   -</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 58.75pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="78">   -</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 56.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="76">   1,077,263</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 61.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="82">   (22,737)</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="133"> Total Fixed Income      Securities</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 61.3pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="82">     $  8,086,081</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 61.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="83">   $    (189,427)</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 60.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="81">   $                  - </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 58.75pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="78">   $                 - </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 56.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="76">   $8,086,081</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 61.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="82">   $    (189,427)</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="133"> Equity Securities</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 61.3pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="82"> 746,388</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 61.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="83"> (7,710)</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 60.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="81"> 220,635</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 58.75pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="78"> (8,868)</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 56.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="76"> 967,023</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 61.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="82"> (16,578)</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 99.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="133"> Total temporarily      impaired securities</td> <td style="border-bottom: windowtext 3px double; padding-bottom: 0in; padding-left: 5.4pt; width: 61.3pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="82">   $  8,832,469</td> <td style="border-bottom: windowtext 3px double; padding-bottom: 0in; padding-left: 5.4pt; width: 61.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="83">   $    (197,137)</td> <td style="border-bottom: windowtext 3px double; padding-bottom: 0in; padding-left: 5.4pt; width: 12.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="border-bottom: windowtext 3px double; padding-bottom: 0in; padding-left: 5.4pt; width: 60.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="81">   $      220,635</td> <td style="border-bottom: windowtext 3px double; padding-bottom: 0in; padding-left: 5.4pt; width: 58.75pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="78">   $       (8,868)</td> <td style="border-bottom: windowtext 3px double; padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="border-bottom: windowtext 3px double; padding-bottom: 0in; padding-left: 5.4pt; width: 56.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="76">   $9,053,104</td> <td style="border-bottom: windowtext 3px double; padding-bottom: 0in; padding-left: 5.4pt; width: 61.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="82">   $    (206,005)</td></tr></table>   As of September 30, 2011, the Company held $3,002,980 in fixed maturity securities with unrealized losses of $162,742. As of December 31, 2010, the Company held $8,086,081 in fixed maturity securities with unrealized losses of $189,427. 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 September 30, 2011, the Company held $4,501,592 in equity securities with unrealized losses of $334,086. As of December 31, 2010, the Company held $967,023 in equity securities with unrealized losses of $16,578. The unrealized losses related to holdings of equity securities were caused by market changes that the Company considers to be temporary. Since the Company has the intent and ability to hold these equity income securities until a recovery of fair value, the Company does not consider these investments other-than-temporarily impaired.        Factors considered in determining whether a loss is temporary include the length of time and extent to which fair value has been below cost, the financial condition and prospects of the issuer (including credit ratings and analyst reports) and macro-economic changes.  A total of 26 securities had unrealized losses at September 30, 2011 and December 31, 2010.  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 2011, the Company recorded other-than-temporary impairment charges in the amount of $242,981 related to securities and other assets, of which $34,952 was related to Level 3 auction rate securities that have had a history of being below cost and a change in the Company's intent not to sell these securities.  During 2010, the Company recorded other-than-temporary impairment charges in the amount of $382,692 related to securities and other assets, of which, $281,156 was related to Level 3 auction rate securities. Other-than-temporary impairment charges are included in net realized gain on investments in the Consolidated Statements of Income.

13185127

4354854

14110213

4778542

49556551

51648511

153485366

155497009

Note 2 - Reserves for Claims             Transactions in the reserves for claims for the nine months ended September 30, 2011 and the year ended December 31, 2010 are summarized as follows:   <table style="border-collapse: collapse; font-family: 'Calibri','sans-serif'; margin-left: 41.4pt; font-size: 11pt;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0"> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">   September 30, 2011</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top"> December 31, 2010</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top"> Balance, beginning of period</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top"> $                      38,198,700</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top"> $            39,490,000</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top"> Provision, charged to operations</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top"> 2,301,259</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">          4,435,066</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top"> Payments of claims, net of recoveries</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">            (2,951,959)</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">                (5,726,366)</td></tr> <tr style="height: 13.05pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; height: 13.05pt; padding-top: 0in;" valign="top"> Ending balance</td> <td style="border-bottom: windowtext 3px double; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; height: 13.05pt; padding-top: 0in;" valign="top"> $                      37,548,000 </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; height: 13.05pt; padding-top: 0in;" valign="top">  </td> <td style="border-bottom: windowtext 3px double; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; height: 13.05pt; padding-top: 0in;" valign="top"> $            38,198,700 </td></tr></table>             The total reserve for all reported and unreported losses the Company incurred through September 30, 2011 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 September 30, 2011.  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:             <table style="border-collapse: collapse; font-family: 'Calibri','sans-serif'; margin-left: 5.4pt; font-size: 11pt;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="618"> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 112.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="150">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 112.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="150">   September 30, 2011</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="18">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 40.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="54"> %</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="18">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 117pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="156"> December 31, 2010</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="18">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 40.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="54"> %</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 112.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="150"> Known title claims</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 112.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="150">  $                5,881,172</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="18">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 40.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="54">  15.7 </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="18">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 117pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="156"> $              6,121,941</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="18">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 40.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="54"> 16.0 </td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 112.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="150"> IBNR</td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 112.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="150">      <a name="CyIBNR">31,666,828</a> </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="18">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 40.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="54"> 84.3 </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="18">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 117pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="156">               32,076,759</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="18">  </td> <td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 40.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="54"> 84.0 </td></tr> <tr style="height: 13.05pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 112.5pt; padding-right: 5.4pt; height: 13.05pt; padding-top: 0in;" valign="top" width="150"> Total loss reserves</td> <td style="border-bottom: windowtext 3px double; padding-bottom: 0in; padding-left: 5.4pt; width: 112.5pt; padding-right: 5.4pt; height: 13.05pt; padding-top: 0in;" valign="top" width="150">  $              37,548,000 </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; height: 13.05pt; padding-top: 0in;" valign="top" width="18">  </td> <td style="border-bottom: windowtext 3px double; padding-bottom: 0in; padding-left: 5.4pt; width: 40.5pt; padding-right: 5.4pt; height: 13.05pt; padding-top: 0in;" valign="top" width="54">  100 </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; height: 13.05pt; padding-top: 0in;" valign="top" width="18">  </td> <td style="border-bottom: windowtext 3px double; padding-bottom: 0in; padding-left: 5.4pt; width: 117pt; padding-right: 5.4pt; height: 13.05pt; padding-top: 0in;" valign="top" width="156"> $            38,198,700 </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; height: 13.05pt; padding-top: 0in;" valign="top" width="18">  </td> <td style="border-bottom: windowtext 3px double; padding-bottom: 0in; padding-left: 5.4pt; width: 40.5pt; padding-right: 5.4pt; height: 13.05pt; padding-top: 0in;" valign="top" width="54">  100 </td></tr></table>        Claims and losses paid are charged to the reserves for claims. Although claims losses are typically paid in cash, occasionally claims are settled by purchasing the interest of the insured or the claimant in the real property. When this event occurs, the acquiring company carries assets at the lower of cost or estimated realizable value, net of any indebtedness on the property.

38198700

37548000

-671544

-5724774

-4442161

4227268

1847825

8072577

4004076

1449101

5054477

2440465

Note 1 - Basis of Presentation and Significant Accounting Policies   Reference should be made to the "Notes to Consolidated Financial Statements" of Investors Title Company's ("the Company") Annual Report on Form 10-K for the year ended December 31, 2010 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 (Investors Title Insurance Company, National Investors Title Insurance Company, Investors Title Exchange Corporation, Investors Title Accommodation Corporation, Investors Title Management Services, Inc., Investors Title Commercial Agency, LLC, Investors Capital Management Company, and Investors Trust Company), and have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in annual financial statements have been condensed or omitted. 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 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 September 30, 2011 are not necessarily indicative of the results that may be expected for the year ending December 31, 2011.   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 evaluated and concluded that there were no material subsequent events requiring adjustment to or disclosure in its consolidated financial statements.         Recently Issued Accounting Standards – In January 2010, the FASB updated the requirements for fair value measurements and disclosures to provide for additional disclosures related to transfers in and out of fair value hierarchy Levels 1 and 2, and to require companies to present purchases, sales, issuances and settlements of Level 3 securities on a gross rather than net basis. Refer to Note 6 for a discussion of valuation hierarchy levels. The new disclosures are clarifications of existing disclosures and are effective for interim and annual reporting periods beginning after December 15, 2009, except that the disclosures requiring the presentation of Level 3 securities trading activity on a gross basis are effective for fiscal years beginning after December 15, 2010. This update did not have an impact on the Company's financial condition or results of operations.   Pending Accounting Standards – 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 becomes effective during interim and annual periods beginning after December 15, 2011. Early application by public entities is not permitted. Management does not expect the adoption of this standard to have a material impact on the Company's consolidated financial statements.         In June 2011, the Financial Accounting Standards Board ("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 becomes effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. Management does not expect the adoption of this standard to have a material impact on the Company's consolidated financial statements.   Change in Estimate. The Company's premium revenues from certain agency operations include accruals based on estimates using historical information, as well as other relevant trends and data.  The accruals for premiums are necessary because of the lag between policy effective dates and the reporting of these transactions to the Company by the agents.  In addition to accruing these earned but unreported agency premiums, the Company also accrues agent commission expenses, premium taxes and income taxes, and records a provision for claim losses at the prevailing provision rate as of the balance sheet date.    <div align="left">      During the third quarter of 2011, the Company performed a study of certain agency transactions to more accurately gauge the lag time between policy effective dates and the reporting of these transactions to the Company by the agents.  Based on the results of this study, the Company reevaluated and refined the estimate for this accrual, which resulted in an increase in accrued premiums receivable. The Company believes that this adjustment is properly reflected as a change in accounting estimate in the third quarter of 2011.  The approximate impact of this change in estimate for the quarter ended September 30, 2011 were increases of $3,004,000 in net premiums written, $2,554,000 in commissions to agents, $60,000 in premium taxes, $90,000 in the provision for claims, $102,000 in the provision for income taxes and $198,000 in net income, or approximately $0.09 per share, compared with the amounts that would have been recorded under the Company's prior estimate.  The net income and earnings per share effects exclude certain fixed expenses.</div>

15291

5097

9779

-415

-5855

-1956

-3244

661

2609724

2837429

632395

-1019157

1707654

1863704

430197

-659646

902070

973725

202198

-359511

437301

1477

179309

-49979

152395

340

61842

-17377

131235

46341

258481

150108

-46315

-15752

-89888

-51612

1929

645

-239

-1525

2898570

2786823

543683

-1217304

1696289

423901

1002295

956357

170908

-427839

420828

126734

392959

130380

3839920

1522399

3968828

1443310

2888958

3104683

27203550

21723492

330683

5426478

479861

450822

11970880

8610912

416100

341117

163343

328138

9695660

4592762

3244341

1819522

2301259

349672

100000

7253786

6606031

1421000

1306000

42174647

16749395

63303202

23986592

2816661

2941765

2000

11630860

7503245

5640859

10072820

512903

492975

17200

31157

139000

152526

1038845

334973

1132308

412227

3672317

3635006

-53000

-115000

Note 9 – Related Party Transactions   The Company does business with, and has investments in, unconsolidated limited liability companies, 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:   <table style="width: 697.6pt; border-collapse: collapse; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="930"> <tr style="height: 132.75pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 7.35in; padding-right: 5.4pt; height: 132.75pt; padding-top: 0in;" valign="top" width="706"> <table style="width: 513pt; border-collapse: collapse; font-family: 'Calibri','sans-serif'; margin-left: 5.4pt; font-size: 11pt;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="684"> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 159.2pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="212"> Financial Statement Classification,</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="108">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 78.2pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="104">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73.7pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="98"> As of September 30,</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.85pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="18">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 71.65pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="96"> As of December 31,</td></tr> <tr><td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 159.2pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="212"> Consolidated Balance Sheets</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="108">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 78.2pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="104">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 73.7pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="98"> 2011</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.85pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="18">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 71.65pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="96"> 2010</td></tr> <tr><td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 159.2pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="212"> Other investments</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="108">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 78.2pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="104">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 73.7pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="98"> $       1,824,000</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.85pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="18">  </td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 71.65pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="96"> $      1,682,000</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 159.2pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="212"> Premiums and fees receivable</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="108">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 78.2pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="104">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73.7pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="98"> $          706,000</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.85pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="18">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 71.65pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="96"> $         739,000</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 159.2pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="212">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="108">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 78.2pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="104">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73.7pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="98">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.85pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="18">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 71.65pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="96">  </td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 159.2pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="212"> Financial Statement Classification,</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 171pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="228" colspan="3"> For the Three Months Ended September 30,</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 159.2pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="212" colspan="3"> For the Nine Months Ended September 30,</td></tr> <tr><td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 159.2pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="212"> Consolidated Statements of Income </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="108"> 2011</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 78.2pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="104"> 2010</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 73.7pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="98"> 2011</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.85pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="18">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 71.65pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="96"> 2010</td></tr> <tr><td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 159.2pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="212"> Net premiums written</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="108"> $          3,165,000</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 78.2pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="104"> $        3,724,000</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 73.7pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="98"> $       7,845,000</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.85pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="18">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 71.65pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="96"> $      8,572,000</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 159.2pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="212"> Other income</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="108"> $             362,000</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 78.2pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="104"> $           451,000</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 73.7pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="98"> $          820,000</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.85pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="18">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 71.65pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="96"> $         906,000</td></tr></table> </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 12.25pt; padding-right: 5.4pt; height: 132.75pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 94.2pt; padding-right: 5.4pt; height: 132.75pt; padding-top: 0in;" valign="top" width="126">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; height: 132.75pt; padding-top: 0in;" valign="top" width="16">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 38.35pt; padding-right: 5.4pt; height: 132.75pt; padding-top: 0in;" valign="top" width="51">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; height: 132.75pt; padding-top: 0in;" valign="top" width="16">  </td></tr></table>

98240109

97729595

49077861

19161684

69858103

26116870

<h2 style="text-align: left; margin: 0in 0in 0pt; font-family: 'CG Times','serif'; letter-spacing: -0.15pt; font-size: 12pt; font-weight: normal; text-decoration: underline; text-underline: single;" align="left">Note 4 – Segment Information</h2>   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 September 30, 2011 and 2010:   <table style="width: 490.7pt; border-collapse: collapse; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="654"> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 164.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="219"> Three Months Ended September 30, 2011 </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 16.2pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="22">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.2pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="86"> Title Insurance</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top"> All Other</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top"> Intersegment Eliminations</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">   Total</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 164.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="219"> Operating revenues</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 16.2pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="22"> $</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.2pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="86"> 24,501,862</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top"> $</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top"> 1,128,526</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top"> $</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">  (200,486)</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top"> $</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top"> 25,429,902</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 164.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="219"> Investment income</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 16.2pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="22">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.2pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="86"> 783,495</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top"> 123,977</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top"> (20,417)</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top"> 887,055</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 164.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="219"> Net realized loss on investments </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 16.2pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="22">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 64.2pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="86"> (179,016)</td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> (21,071)</td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> -</td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> (200,087)</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 164.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="219"> Total revenues</td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 16.2pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="22"> $</td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 64.2pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="86"> 25,106,341</td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> $</td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> 1,231,432</td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> $</td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> (220,903)</td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> $</td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> 26,116,870</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 164.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="219"> Operating expenses</td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 16.2pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="22">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 64.2pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="86"> 21,620,657</td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> 1,235,234</td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> (200,486)</td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> 22,655,405</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 164.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="219"> Income (loss) before income taxes</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 16.2pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="22"> $</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 64.2pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="86"> 3,485,684</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> $</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> (3,802)</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> $</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> (20,417)</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> $</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> 3,461,465</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 164.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="219"> Total assets</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 16.2pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="22"> $</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 64.2pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="86"> 118,905,284</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> $</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> 36,591,725</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> $</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> -</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> $</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> 155,497,009</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 164.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="219">  </td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 16.2pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="22">  </td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 64.2pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="86">  </td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top">  </td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top">  </td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top">  </td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top">  </td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top">  </td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top">  </td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 164.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="219"> Three Months Ended</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 16.2pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="22">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.2pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="86">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">  </td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 164.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="219"> September 30, 2010 </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 16.2pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="22">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.2pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="86">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">  </td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 164.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="219"> Operating revenues</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 16.2pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="22"> $</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.2pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="86"> 17,402,778</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top"> $</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top"> 1,066,743</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top"> $</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top"> (197,727)</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top"> $</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top"> 18,271,794</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 164.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="219"> Investment income</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 16.2pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="22">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.2pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="86"> 794,078</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top"> 161,093</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top"> (20,417)</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top"> 934,754</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 164.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="219"> Net realized loss on investments </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 16.2pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="22">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 64.2pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="86"> (41,277)</td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> (3,587)</td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> -</td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> (44,864)</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 164.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="219"> Total revenues</td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 16.2pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="22"> $</td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 64.2pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="86"> 18,155,579</td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> $</td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> 1,224,249</td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> $</td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> (218,144)</td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> $</td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> 19,161,684</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 164.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="219"> Operating expenses</td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 16.2pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="22">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 64.2pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="86"> 15,987,300</td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> 1,364,010</td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> (197,727)</td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> 17,153,583</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 164.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="219"> Income (loss) before income taxes</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 16.2pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="22"> $</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 64.2pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="86"> 2,168,279</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> $</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> (139,761)</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> $</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> (20,417)</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> $</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> 2,008,101</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 164.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="219"> Total assets</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 16.2pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="22"> $</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 64.2pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="86"> 109,070,835</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> $</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> 41,686,534</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> $</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top">            -</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> $</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> 150,757,369</td></tr></table>   <table style="width: 490.7pt; border-collapse: collapse; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="654"> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 164.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="219"> Nine Months Ended September 30, 2011</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 16.2pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="22">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.2pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="86"> Title Insurance</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top"> All Other</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top"> Intersegment Eliminations</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">   Total</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 164.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="219"> Operating revenues</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 16.2pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="22"> $</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.2pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="86"> 64,498,303</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top"> $</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top"> 3,383,112</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top"> $</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top"> (609,385)</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top"> $</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top"> 67,272,030</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 164.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="219"> Investment income</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 16.2pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="22">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.2pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="86"> 2,348,441</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top"> 378,056</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top"> (61,252)</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top"> 2,665,245</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 164.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="219"> Net realized loss on investments </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 16.2pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="22">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 64.2pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="86"> (54,407)</td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> (24,765)</td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> -</td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> (79,172)</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 164.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="219"> Total revenues</td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 16.2pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="22"> $</td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 64.2pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="86"> 66,792,337</td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> $</td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top">  3,736,403</td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> $</td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top">     (670,637)</td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> $</td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> 69,858,103</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 164.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="219"> Operating expenses</td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 16.2pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="22">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 64.2pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="86"> 59,758,416</td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> 3,862,595</td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> (609,385)</td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> 63,011,626</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 164.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="219"> Income (loss) before income taxes</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 16.2pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="22"> $</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 64.2pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="86"> 7,033,921</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> $</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top">  (126,192)</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> $</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top">   (61,252)</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> $</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> 6,846,477</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 164.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="219"> Total assets</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 16.2pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="22"> $</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 64.2pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="86"> 118,905,284</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> $</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> 36,591,725</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> $</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top">                      -</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> $</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> 155,497,009</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 164.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="219">  </td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 16.2pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="22">  </td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 64.2pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="86">  </td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top">  </td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top">  </td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top">  </td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top">  </td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top">  </td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top">  </td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 164.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="219"> Nine Months Ended</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 16.2pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="22">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.2pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="86">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">  </td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 164.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="219"> September 30, 2010 </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 16.2pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="22">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.2pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="86">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">  </td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 164.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="219"> Operating revenues</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 16.2pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="22"> $</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.2pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="86"> 43,441,943</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top"> $</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">   3,163,721</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top"> $</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">   (591,097)</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top"> $</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top"> 46,014,567</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 164.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="219"> Investment income</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 16.2pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="22">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.2pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="86"> 2,361,414</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top"> 457,066</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top"> (61,252)</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top"> 2,757,228</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 164.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="219"> Net realized gain on investments </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 16.2pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="22">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 64.2pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="86"> 261,819</td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> 44,247</td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> -</td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> 306,066</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 164.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="219"> Total revenues</td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 16.2pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="22"> $</td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 64.2pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="86">  46,065,176</td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> $</td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top">    3,665,034</td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> $</td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top">       (652,349)</td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> $</td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top">   49,077,861</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 164.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="219"> Operating expenses</td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 16.2pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="22">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 64.2pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="86"> 40,996,122</td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> 3,646,760</td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> (591,097)</td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> 44,051,785</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 164.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="219"> Income before income taxes</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 16.2pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="22"> $</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 64.2pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="86"> 5,069,054</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> $</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top">   18,274</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> $</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top">     (61,252)</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> $</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top">  5,026,076</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 164.55pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="219"> Total assets</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 16.2pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="22"> $</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 64.2pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="86"> 109,070,835</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> $</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top">  41,686,534</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> $</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top">                     -</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> $</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top"> 150,757,369</td></tr></table>

163739

159783

2285289

2284042

2282596

2131630

97259077

4730258

92528818

102463002

6437912

96025089

103928815

5688705

98240109

103848498

6118902

97729595

9345

7550

139000

152526

10592

168516

330683

5426478

2291060

2285785

2180455

2143327

2285039

2284331

2164240

2124078