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19982759 0 0 9540 7558 291676 291676 -198953 -1144006 <div> Note 3 - Earnings Per Common Share and Share Awards      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 number of incremental dilutive potential common shares, calculated using the treasury stock method, was 36,921 and 19,249 for the three months ended September 30, 2012, and 2011, respectively, and 33,753 and 16,215 for the nine months ended September 30, 2012, and 2011, 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> <table border="0" cellspacing="0"> <tr><td width="40%"> </td> <td width="2%"> </td> <td width="10%"> </td> <td width="2%"> </td> <td width="2%"> </td> <td width="11%"> </td> <td width="2%"> </td> <td width="10%"> </td> <td width="2%"> </td> <td width="2%"> </td> <td width="9%"> </td></tr> <tr valign="bottom"><td align="left"> </td> <td align="left"> </td> <td colspan="4" align="center">Three months ended</td> <td align="center"> </td> <td colspan="4" align="center">Nine months ended</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" colspan="4" align="center">September 30,</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" colspan="4" align="center">September 30,</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="center">2012</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">2011</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">2012</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">2011</td></tr> <tr><td colspan="11"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Net income attributable to the Company</td> <td style="border-bottom: #000000 1px solid;" align="left">$</td> <td style="border-bottom: #000000 1px solid;" align="right">3,158,185</td> <td style="border-bottom: #000000 1px solid;" align="right">$</td> <td style="border-bottom: #000000 1px solid;" colspan="2" align="right">2,440,465</td> <td style="border-bottom: #000000 1px solid;" align="left">$</td> <td style="border-bottom: #000000 1px solid;" align="right">7,939,812</td> <td style="border-bottom: #000000 1px solid;" align="right">$</td> <td style="border-bottom: #000000 1px solid;" colspan="2" align="right">5,054,477</td></tr> <tr valign="bottom"><td align="left">Weighted average common shares</td> <td align="left"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="left"> </td></tr> <tr valign="bottom"><td style="text-indent: 4px;" align="left">outstanding – Basic</td> <td align="left"> </td> <td align="right">2,071,605</td> <td align="right"> </td> <td align="left"> </td> <td align="right">2,124,078</td> <td align="left"> </td> <td align="right">2,090,369</td> <td align="right"> </td> <td align="left"> </td> <td align="right">2,164,240</td></tr> <tr valign="bottom"><td align="left">Incremental shares outstanding assuming</td> <td align="left"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="left"> </td></tr> <tr valign="bottom"><td style="text-indent: 4px;" align="left">the exercise of dilutive stock options</td> <td align="left"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 4px;" align="left">and SARs (share settled)</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">36,921</td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">19,249</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">33,753</td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">16,215</td></tr> <tr valign="bottom"><td align="left">Weighted average common shares</td> <td align="left"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 4px;" align="left">outstanding - Diluted</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">2,108,526</td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">2,143,327</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">2,124,122</td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">2,180,455</td></tr> <tr><td colspan="11"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 3px double;" align="left">Basic earnings per common share</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">1.52</td> <td style="border-bottom: #000000 3px double;" align="right"> </td> <td style="border-bottom: #000000 3px double;" align="center">$</td> <td style="border-bottom: #000000 3px double;" align="right">1.15</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">3.80</td> <td style="border-bottom: #000000 3px double;" align="right"> </td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">2.34</td></tr> <tr><td colspan="11"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 3px double;" align="left">Diluted earnings per common share</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">1.50</td> <td style="border-bottom: #000000 3px double;" align="right"> </td> <td style="border-bottom: #000000 3px double;" align="center">$</td> <td style="border-bottom: #000000 3px double;" align="right">1.14</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">3.74</td> <td style="border-bottom: #000000 3px double;" align="right"> </td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">2.32</td></tr></table></div>        There were 11,500 potential shares excluded from the computation of diluted earnings per share for both the three and nine month periods ended September 30, 2011, because these shares were anti-dilutive. These potential shares were anti-dilutive because the underlying share awards were out-of-the-money. There were no potential shares excluded from the computation of diluted earnings per share for either the three or nine month periods ended September 30, 2012.      The Company has adopted stock award plans under which restricted stock, and options or stock appreciation rights ("SARs") to acquire shares (not to exceed 500,000 shares) of the Company's stock may be granted to key employees or directors of the Company at a price not less than the market value on the date of grant. SARs and options (which have predominantly been incentive stock options) awarded under the plans thus far 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 2012 or 2011. A summary of share-based award transactions for all share-based award plans follows: <div> <table border="0" cellspacing="0"> <tr><td width="32%"> </td> <td width="16%"> </td> <td width="2%"> </td> <td width="2%"> </td> <td width="13%"> </td> <td width="16%"> </td> <td width="2%"> </td> <td width="13%"> </td></tr> <tr valign="bottom"><td align="left"> </td> <td align="center"> </td> <td align="center"> </td> <td align="center"> </td> <td align="center">Weighted</td> <td align="center">Average</td> <td align="center"> </td> <td align="center"> </td></tr> <tr valign="bottom"><td align="left"> </td> <td align="center"> </td> <td align="center"> </td> <td align="center"> </td> <td style="text-indent: 1px;" align="center">Average</td> <td align="center">Remaining</td> <td align="center"> </td> <td align="center">Aggregate</td></tr> <tr valign="bottom"><td align="left"> </td> <td align="center">Number</td> <td align="center"> </td> <td align="center"> </td> <td style="text-indent: 1px;" align="center">Exercise</td> <td align="center">Contractual</td> <td align="center"> </td> <td align="center">Intrinsic</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="center">Of Shares</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">Price</td> <td style="border-bottom: #000000 1px solid;" align="center">Term (years)</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">Value</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Outstanding as of January 1, 2011</td> <td style="border-bottom: #000000 1px solid;" align="right">110,800</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">$</td> <td style="border-bottom: #000000 1px solid;" align="right">28.77</td> <td style="border-bottom: #000000 1px solid; text-indent: 12px;" align="right">4.51</td> <td style="border-bottom: #000000 1px solid;" align="right">$</td> <td style="border-bottom: #000000 1px solid;" align="center">353,955</td></tr> <tr valign="bottom"><td align="left">SARs granted</td> <td align="right">3,000</td> <td align="left"> </td> <td align="right"> </td> <td align="right">41.50</td> <td align="right"> </td> <td align="right"> </td> <td align="left"> </td></tr> <tr valign="bottom"><td align="left">Options exercised</td> <td align="right">(7,700</td> <td align="left">)</td> <td align="right"> </td> <td align="right">20.15</td> <td align="right"> </td> <td align="right"> </td> <td align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Options/SARs cancelled/forfeited/expired</td> <td style="border-bottom: #000000 1px solid;" align="right">(4,500</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="right">28.61</td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Outstanding as of December 31, 2011</td> <td style="border-bottom: #000000 1px solid;" align="right">101,600</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">$</td> <td style="border-bottom: #000000 1px solid;" align="right">29.81</td> <td style="border-bottom: #000000 1px solid; text-indent: 12px;" align="right">3.91</td> <td style="border-bottom: #000000 1px solid;" align="right">$</td> <td style="border-bottom: #000000 1px solid;" align="center">697,780</td></tr> <tr valign="bottom"><td align="left">SARs granted</td> <td align="right">3,000</td> <td align="left"> </td> <td align="right"> </td> <td align="right">50.50</td> <td align="right"> </td> <td align="right"> </td> <td align="left"> </td></tr> <tr valign="bottom"><td align="left">Options exercised</td> <td align="right">(6,130)</td> <td align="left"> </td> <td align="right"> </td> <td align="right">24.93</td> <td align="right"> </td> <td align="right"> </td> <td align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Options/SARs cancelled/forfeited/expired</td> <td style="border-bottom: #000000 1px solid;" align="right">(70)</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="right">31.00</td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Outstanding as of September 30, 2012</td> <td style="border-bottom: #000000 1px solid;" align="right">98,400</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">$</td> <td style="border-bottom: #000000 1px solid;" align="right">30.74</td> <td style="border-bottom: #000000 1px solid; text-indent: 12px;" align="right">3.42</td> <td style="border-bottom: #000000 1px solid;" align="right">$</td> <td style="border-bottom: #000000 1px solid;" align="center">3,394,561</td></tr> <tr><td colspan="8"> </td></tr> <tr valign="bottom"><td align="left">Exercisable as of September 30, 2012</td> <td align="right">96,600</td> <td align="left"> </td> <td align="right">$</td> <td align="right">30.43</td> <td style="text-indent: 12px;" align="right">3.38</td> <td align="right">$</td> <td align="center">3,362,208</td></tr> <tr><td colspan="8"> </td></tr> <tr valign="bottom"><td align="left">Unvested as of September 30, 2012</td> <td align="right">1,800</td> <td align="left"> </td> <td align="right">$</td> <td align="right">47.27</td> <td style="text-indent: 12px;" align="right">5.82</td> <td align="right">$</td> <td align="center">32,353</td></tr></table></div>        During both the second quarters of 2012 and 2011, the Company issued 3,000 share-settled SARs to the directors of the Company. SARs give the holder the right to receive stock equal to the appreciation in the value of shares of stock from the grant date for a specified period of time, and as a result, are accounted for as equity instruments. 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 exercises and pre-exercise forfeitures within the valuation model. The expected term of awards represents the period of time that SARs granted are expected to be outstanding. The interest rate 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 2012 and 2011 were $18.84 and $15.55, respectively, and were estimated using the weighted-average assumptions shown in the table below. <div> <table border="0" cellspacing="0"> <tr><td width="60%"> </td> <td width="12%"> </td> <td width="5%"> </td> <td width="14%"> </td> <td width="5%"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="60%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center">2012</td> <td style="border-bottom: #000000 1px solid;" width="5%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="14%" align="center">2011</td> <td style="border-bottom: #000000 1px solid;" width="5%" align="left"> </td></tr> <tr valign="bottom"><td width="60%" align="left">Expected Life in Years</td> <td width="12%" align="right">5.0</td> <td width="5%" align="left"> </td> <td width="14%" align="right">5.0</td> <td width="5%" align="left"> </td></tr> <tr valign="bottom"><td width="60%" align="left">Volatility</td> <td width="12%" align="right">44.6</td> <td width="5%" align="left">%</td> <td width="14%" align="right">43.6</td> <td width="5%" align="left">%</td></tr> <tr valign="bottom"><td width="60%" align="left">Interest Rate</td> <td width="12%" align="right">0.8</td> <td width="5%" align="left">%</td> <td width="14%" align="right">1.9</td> <td width="5%" align="left">%</td></tr> <tr valign="bottom"><td width="60%" align="left">Yield Rate</td> <td width="12%" align="right">0.6</td> <td width="5%" align="left">%</td> <td width="14%" align="right">0.8</td> <td width="5%" align="left">%</td></tr></table></div>        There was approximately $56,000 and $160,000 of compensation expense relating to SARs or options vesting on or before September 30, 2012 and 2011, respectively, included in salaries, employee benefits and payroll taxes in the Consolidated Statements of Income for the nine months ended September 30, 2012 and 2011, respectively. As of September 30, 2012, there was approximately $43,000 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. <div> </div>      There have been no stock options or SARs granted where the exercise price was less than the market price on the date of grant. </div> 220 80 Yes Yes Fair Value Fair Value 43199 118336 101861 0 411897 79638 673992 140740 20454301 22797101 691250 -67430 205158 0.836 0.848 0.164 0.152 1.000 1.000 35359000 36508000 1000000 13 7 1 2836068 919681 2919749 954876 P2Y 2951959 3545127 3414523 <div> <div>      Pending Accounting Standards. In June 2011, the FASB updated requirements relating to the presentation of comprehensive income. In December 2011, the FASB issued a subsequent update to defer those changes in the June 2011 update that relate to the presentation of reclassification adjustments. All other requirements of the June 2011 update are not affected by the December 2011 update. The amendments are being made to allow the FASB time to redeliberate whether to present on the face of the financial statements the effects of reclassifications out of accumulated other comprehensive income on the components of net income and other comprehensive income for all periods presented.</div> </div> 0.796 0.970 0.04 0.03 0.04 0.03 0.046 0.013 0.041 0.040 0.001 0.000 0.000 0.987 0.954 0.960 0.959 0.050 0.045 0.045 1368168 459711 1312906 423626 <div> <table border="0" cellspacing="0"> <tr><td width="21%"> </td> <td width="8%"> </td> <td width="20%"> </td> <td width="11%"> </td> <td width="8%"> </td> <td width="20%"> </td> <td width="9%"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">September 30, 2012</td> <td style="border-bottom: #000000 1px solid;" align="right">%</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">December 31, 2011</td> <td style="border-bottom: #000000 1px solid;" align="right">%</td></tr> <tr valign="bottom"><td align="left">Known title claims</td> <td align="left">$</td> <td align="right">5,925,874</td> <td align="right">15.2</td> <td align="left">$</td> <td align="right">6,233,501</td> <td align="right">16.4</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">IBNR</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">33,080,126</td> <td style="border-bottom: #000000 1px solid;" align="right">84.8</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">31,762,499</td> <td style="border-bottom: #000000 1px solid;" align="right">83.6</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Total loss reserves</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">39,006,000</td> <td style="border-bottom: #000000 3px double;" align="right">100.0</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">37,996,000</td> <td style="border-bottom: #000000 3px double;" align="right">100.0</td></tr></table> </div> P10Y P5Y 32353 1800 47.27 P5Y9M26D 0.20 0.10 <div> <table border="0" cellspacing="0"> <tr><td width="46%"> </td> <td width="9%"> </td> <td width="20%"> </td> <td width="7%"> </td> <td width="15%"> </td></tr> <tr valign="bottom"><td align="left"> </td> <td align="left"> </td> <td align="center">As of</td> <td align="center"> </td> <td align="center">As of</td></tr> <tr valign="bottom"><td align="left">Financial Statement Classification,</td> <td align="left"> </td> <td align="center">September 30,</td> <td align="center"> </td> <td align="center">December 31,</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Consolidated Balance Sheets</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="center">2012</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">2011</td></tr> <tr valign="bottom"><td align="left">Other investments</td> <td align="left">$</td> <td style="text-indent: 1px;" align="left">4,030,000</td> <td align="left">$</td> <td align="right">2,328,000</td></tr> <tr valign="bottom"><td align="left">Premiums and fees receivable</td> <td align="left">$</td> <td style="text-indent: 1px;" align="left">1,016,000</td> <td align="left">$</td> <td align="right">681,000</td></tr></table> </div> <div> <table border="0" cellspacing="0"> <tr><td width="29%"> </td> <td width="2%"> </td> <td width="18%"> </td> <td width="5%"> </td> <td width="10%"> </td> <td width="2%"> </td> <td width="16%"> </td> <td width="5%"> </td> <td width="7%"> </td></tr> <tr valign="bottom"><td align="left"> </td> <td align="right"> </td> <td colspan="3" align="center">For the three months ended</td> <td align="center"> </td> <td colspan="3" align="center">For the nine months ended</td></tr> <tr valign="bottom"><td align="left">Financial Statement Classification,</td> <td align="right"> </td> <td colspan="3" align="center">September 30,</td> <td align="center"> </td> <td colspan="3" align="center">September 30,</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Consolidated Statements of Income</td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="center">2012</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">2011</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">2012</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">2011</td></tr> <tr valign="bottom"><td align="left">Net premiums written</td> <td align="right">$</td> <td align="center">4,266,000</td> <td align="left">$</td> <td align="right">3,165,000</td> <td align="right">$</td> <td align="center">11,473,000</td> <td align="left">$</td> <td align="right">7,845,000</td></tr> <tr valign="bottom"><td align="left">Other income</td> <td align="right">$</td> <td align="center">655,000</td> <td align="left">$</td> <td align="right">362,000</td> <td align="right">$</td> <td align="center">1,628,000</td> <td align="left">$</td> <td align="right">820,000</td></tr></table> </div> 0 446250

12330383

13869604

640533

283595

1108156

919443

7509165

9690067

250728

320666

159783

55857

160000

56000

11500

155497009

36591725

118905284

157958463

170010036

37296333

132713703

122069602

36662237

80854965

4552400

124479664

39312598

82395166

2771900

20838676

19150414

23126455

20902202

2224253

17652745

20179479

78783968

17652745

14112262

4552400

12188639

78783968

17652745

14112262

62042929

78228525

20179479

11231113

2723393

17590282

78228525

20179479

11231113

57914850

14735

930

13805

3434

204308

148616

41823

162485

13869

57283

3434

40879

16404

12970

5763817

3015769

1061202

4702615

1686846

3982621

1013480

601776

3380845

2367365

189573

148616

40893

148680

53849

40879

12970

4636507

3015769

957072

3679435

663666

2969141

601776

2367365

1127310

104130

1023180

1013480

17886881

20044188

48492618

52604090

4759363

5323077

78228525

7089663

7195711

85407365

15959872

4702615

69447493

13242172

2717700

67612793

1834700

85167066

21703498

3380845

63463568

18931598

2771900

63463568

22549975

1061202

22549975

28081485

601776

28081485

22549975

14112262

4552400

13242172

85407365

22549975

14112262

67612793

28081485

11231113

2771900

18931598

85167066

28081485

11231113

63463568

-11742

152661

343944

279899

43200

20845

321175

199977

118336

2862

355686

141609

214077

168514

91975

76539

4939053

1202149

6785882

4939053

5583733

7942885

48507

1344750

6954945

7942885

5561688

41823

148616

162485

41823

162485

13869

40879

3434

16404

40879

16404

12970

63011626

3862595

-609385

59758416

22655405

1235234

-200486

21620657

69489252

3820487

-1103769

66772534

27559493

1026236

-553713

27086970

691250

350000

1041250

1000000

2012-01-01

2012-04-02

0.70

446250

1041250

<div> Note 10 – Agency Acquisition      In January 2012, a subsidiary of the Company, ITIC, entered into a membership interest purchase and sale agreement under which it agreed to acquire a majority ownership interest of United Title Agency Co., LLC ("United"). United, a Michigan limited liability company, is an insurance agency doing business in the State of Michigan. On April 2, 2012, ITIC purchased a 70% ownership interest in United, with both ITIC and the seller having the option to require ITIC to purchase the remaining 30% interest not less than 27 months from the closing.      The acquisition date fair value of the total consideration to be transferred is $1,041,250. This fair value total is equal to $350,000 ITIC has already paid toward the purchase price, as well as $691,250 in estimated contingent payments. The amount previously paid will be used to offset contingent payment amounts calculated for final consideration, and is eligible for refunding in part or in its entirety if greater than the final settlement amount.      The contingent payment arrangement requires that the purchase price for the 70% majority interest be paid over the next two years and determined by multiplying United's actual GAAP net income for the first full 24 calendar months subsequent to closing by an agreed upon factor. In no event will the purchase price for the majority interest exceed $1,041,250. The fair value of the contingent payment was derived using the Company's best estimate (Level 3 inputs) of net income of approximately $859,000 during the 24-month period, discounted at a 15% rate, and limited to the contractual maximum. The resulting $691,250 contingent payment is categorized in the Consolidated Balance Sheets as accounts payable and accrued liabilities. As of September 30, 2012, management's calculation of the fair value of the contingent consideration was materially unchanged from its acquisition date amount.      In the event that ITIC purchases the remaining 30% interest, the purchase price of the redeemable noncontrolling interest will be calculated by multiplying United's GAAP net income for the full 24 calendar months immediately preceding the written notice of the option exercise by an agreed upon factor. The agreement stipulates a minimum purchase price of $1,000,000 for the entire agency should this option be exercised.      ITIC is also required to purchase the remaining 30% interest in the event of death of a principal of the seller. As certain of these provisions place the acquisition of the remaining 30% by ITIC out of ITIC's control, the noncontrolling interest in United is deemed redeemable. The redeemable noncontrolling interest is presented outside of permanent equity, as redeemable equity in the Consolidated Balance Sheets. On the acquisition date, the fair value of the redeemable noncontrolling interest was $446,250. The fair value of the redeemable noncontrolling interest was based on the noncontrolling interest's share of the value of net assets.      The following table provides a reconciliation of total redeemable equity for the periods ended September 30, 2012 and 2011: <div> <table border="0" cellspacing="0"> <tr><td width="70%"> </td> <td width="5%"> </td> <td width="11%"> </td> <td width="3%"> </td> <td width="12%"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="70%" align="left">Changes in fair value during the period ended:</td> <td style="border-bottom: #000000 1px solid;" width="5%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="11%" align="center">2012</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center">2011</td></tr> <tr valign="bottom"><td width="70%" align="left">Beginning balance at January 1</td> <td width="5%" align="left">$</td> <td width="11%" align="right">0</td> <td width="3%" align="left">$</td> <td width="12%" align="left">0</td></tr> <tr valign="bottom"><td width="70%" align="left">Redeemable noncontrolling interest resulting from subsidiary purchase</td> <td width="5%" align="left"> </td> <td width="11%" align="right">446,250</td> <td width="3%" align="left"> </td> <td width="12%" align="left">0</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="70%" align="left">Net income</td> <td style="border-bottom: #000000 1px solid;" width="5%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="11%" align="right">103,943</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="12%" align="left">0</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="70%" align="left">Ending balance, net</td> <td style="border-bottom: #000000 3px double;" width="5%" align="left">$</td> <td style="border-bottom: #000000 3px double;" width="11%" align="right">550,193</td> <td style="border-bottom: #000000 3px double;" width="3%" align="left">$</td> <td style="border-bottom: #000000 3px double;" width="12%" align="left">0</td></tr></table></div>        Fair valuation methods used for the identifiable tangible net assets acquired in that acquisition make use of discounted cash flows using current interest rates. The fair value of identifiable net tangible assets at the acquisition date was $5,600. Identifiable assets acquired include cash and fixed assets. Liabilities assumed consisted of notes payable.      The transaction was accounted for using the acquisition method required by ASC 805, Business Combinations. Accordingly, the Company recognized the required identifiable intangible assets of United. There was no goodwill recorded as a result of the acquisition. The fair values of intangible assets, all Level 3 inputs, are principally based on values obtained from a third party valuation service. At acquisition, intangible assets included $645,685 relating to a non-compete contract resulting from the acquisition and $836,215 from referral relationships. The non-compete contract is being amortized over a 10-year period using the straight-line method, starting at a future date when the related employment agreement is terminated. The referral relationships are being amortized over a 12-year period using the straight-line method. Net intangible assets of $1,447,058 are categorized as prepaid expenses and other assets in the Consolidated Balance Sheets as of September 30, 2012. In accordance with ASC 350, Intangibles––Goodwill and Other, the Company completed interim impairment testing and determined that the intangible assets assigned to United were not impaired at September 30, 2012. <div>      The Consolidated Statement of Income, revenues and expenses includes the operations of United since April 2, 2012, which is the acquisition date. United was formed as a result of the Company's acquisition, and had no net income prior to the acquisition date.      The Company has not provided historical or pro forma financial information related to the United acquisition because none of the purchase price paid, assets acquired or income of United were significant to the Company under Rules 8-04 or 8-05 of the SEC's Regulation S-X.</div> </div>

5600

1123517

363731

1286566

488401

18042258

19982759

8117031

14692102

18042258

19982759

6575071

1940501

<div> Note 8 – Commitments and Contingencies      Legal Proceedings. A class action lawsuit is pending in the United States District Court for the Southern District of West Virginia against several title insurance companies, including Investors Title Insurance Company, entitled Backel v. Fidelity National Title Insurance et al. (6:2008- CV-00181). The plaintiff in this case contends a lack of meaningful oversight by agencies with which title insurance rates are filed and approved. There are further allegations that the title insurance companies have conspired to fix title insurance rates. The plaintiffs seek monetary damages, including treble damages, as well as injunctive relief. Similar suits have been filed in other jurisdictions, several of which have already been dismissed. In West Virginia, the case has been placed on the inactive list pending the resolution of the bankruptcy of LandAmerica Financial Group, Inc. The Company believes that this case is without merit, and intends to vigorously defend against the allegations. At this stage in the litigation, the Company does not have the ability to make a reasonable range of estimates in regards to potential loss amounts, if any.      The Company and its subsidiaries are also involved in other legal proceedings that are incidental to their business. In the Company's opinion, based on the present status of these proceedings, any potential liability of the Company or its subsidiaries with respect to these legal proceedings, will not, in the aggregate, be material to the Company's consolidated financial condition or operations. <div> </div>      Regulation. The Company's title insurance and trust subsidiaries are regulated by various federal, state and local governmental agencies and are subject to various audits and inquiries. It is the opinion of management based on its present expectations that these audits and inquiries will not have a material impact on the Company's consolidated financial condition or operations.      Escrow and Trust Deposits. As a service to its customers, the Company, through Investors Title Insurance Company ("ITIC"), administers escrow and trust deposits representing earnest money received under real estate contracts, undisbursed amounts received for settlement of mortgage loans and indemnities against specific title risks. These amounts are not considered assets of the Company and, therefore, are excluded from the accompanying Consolidated Balance Sheets. However, the Company remains contingently liable for the disposition of these deposits.      Like-Kind Exchanges Proceeds. In administering tax-deferred property exchanges, the Company's subsidiary, Investors Title Exchange Corporation ("ITEC"), serves as a qualified intermediary for exchanges, holding the net sales proceeds from relinquished property to be used for purchase of replacement property. Another Company subsidiary, Investors Title Accommodation Corporation ("ITAC"), serves as exchange accommodation titleholder and, through limited liability companies ("LLCs") that are wholly owned subsidiaries of ITAC, holds property for exchangers in reverse exchange transactions. Like-kind exchange deposits and reverse exchange property totaled approximately $36,508,000 and $35,359,000 as of September 30, 2012 and December 31, 2011, respectively. These amounts are not considered assets of the Company and, therefore, are excluded from the accompanying Consolidated Balance Sheets; however, the Company remains contingently liable for the disposition of the transfers of property, disbursements of proceeds and the return on the proceeds at the agreed upon rate. These like-kind exchange funds are primarily invested in money market and other short-term investments: however, as of September 30, 2012 approximately $1,000,000 of par value is invested in an auction rate security. The Company does not believe the current illiquidity of the auction rate security will impact its operations, as it believes it has sufficient capital to provide continuous and immediate liquidity as necessary. </div>

0.21

0.07

0.21

0.07

10000000

2107681

2062604

2107681

2062604

5484674

1780819

10120714

4500436

103943

80730

5484674

1780819

10224657

4581166

<div> <div>      Principles of Consolidation. The accompanying unaudited Consolidated Financial Statements include the accounts and operations of Investors Title Company and its subsidiaries, and have been prepared in accordance with generally accepted accounting principles for interim financial information, with the instructions to Form 10-Q and with Article 10 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in annual financial statements have been condensed or omitted. Earnings attributable to the redeemable noncontrolling interest are recorded on the Consolidated Statement of Income for majority-owned subsidiaries. The redeemable noncontrolling interest representing the portion of equity not related to the Company's ownership interest is recorded as redeemable equity in a separate section of the Consolidated Balance Sheets. All intercompany balances and transactions have been eliminated in consolidation.      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, 2012 are not necessarily indicative of the results that may be expected for the year ending December 31, 2012.</div> </div>

1303887

1688262

1894899

2224253

1688262

2224253

1233000

1076000

-479363

-2701940

5740000

6163000

239

1525

-511

-171

9779

-415

7047

2349

18455

3077

20900

6966

42622

2915

37921

12641

14627

1778

9463

3155

360820

348334

450822

438431

2.34

1.15

3.80

1.52

2.32

1.14

3.74

1.50

43000

P5M

<div> <table border="0" cellspacing="0"> <tr><td width="22%"> </td> <td width="7%"> </td> <td width="7%"> </td> <td width="2%"> </td> <td width="7%"> </td> <td width="2%"> </td> <td width="7%"> </td> <td width="2%"> </td> <td width="5%"> </td> <td width="2%"> </td> <td width="5%"> </td> <td width="3%"> </td> <td width="5%"> </td> <td width="2%"> </td></tr> <tr valign="bottom"><td width="22%" align="left">  </td> <td width="7%" align="center">  </td> <td width="7%" align="center">  </td> <td width="2%" align="center">  </td> <td width="7%" align="center">  </td> <td width="2%" align="center">  </td> <td width="7%" align="center">  </td> <td width="2%" align="center">  </td> <td width="5%" align="center">  </td> <td width="2%" align="center">  </td> <td style="text-indent: 1px;" width="5%" align="center">Total at </td> <td width="3%" align="center">  </td> <td width="5%" align="center">  </td> <td width="2%" align="left">  </td></tr> <tr valign="bottom"><td width="22%" align="left">  </td> <td width="7%" align="center">Valuation </td> <td width="7%" align="center">  </td> <td width="2%" align="center">  </td> <td width="7%" align="center">  </td> <td width="2%" align="center">  </td> <td width="7%" align="center">  </td> <td width="2%" align="center">  </td> <td width="5%" align="center">  </td> <td width="2%" align="center">  </td> <td width="5%" align="center">Estimated </td> <td width="3%" align="center">  </td> <td width="5%" align="center">Impairment </td> <td width="2%" align="left">  </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="22%" align="center">December 31, 2011 </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="center">Method </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="center">Impaired </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="center">Level 1 </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="center">Level 2 </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center">  </td> <td style="border-bottom: #000000 1px solid;" width="5%" align="center">Level 3 </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center">  </td> <td style="border-bottom: #000000 1px solid;" width="5%" align="center">Fair Value </td> <td style="border-bottom: #000000 1px solid;" width="3%" align="center">  </td> <td style="border-bottom: #000000 1px solid;" width="5%" align="center">Losses </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">  </td></tr> <tr valign="bottom"><td width="22%" align="left">Cost method investments </td> <td width="7%" align="right">Fair Value </td> <td width="7%" align="center">Yes </td> <td width="2%" align="left">$ </td> <td width="7%" align="left">0 </td> <td width="2%" align="left">$ </td> <td width="7%" align="left">0 </td> <td width="2%" align="right">$ </td> <td width="5%" align="right">58,281 </td> <td width="2%" align="right">$ </td> <td width="5%" align="right">58,281 </td> <td width="3%" align="left">$ </td> <td width="5%" align="right">(28,904 </td> <td width="2%" align="left">) </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="22%" align="left">Other assets </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">Fair Value </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="center">Yes </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">  </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="left">0 </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">  </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="left">0 </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">  </td> <td style="border-bottom: #000000 1px solid;" width="5%" align="right">17,000 </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">  </td> <td style="border-bottom: #000000 1px solid;" width="5%" align="right">17,000 </td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left">  </td> <td style="border-bottom: #000000 1px solid;" width="5%" align="right">(15,500 </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">) </td></tr> <tr valign="bottom"><td width="22%" align="left">Total cost method </td> <td width="7%" align="left">  </td> <td width="7%" align="left">  </td> <td width="2%" align="left">  </td> <td width="7%" align="left">  </td> <td width="2%" align="left">  </td> <td width="7%" align="left">  </td> <td width="2%" align="right">  </td> <td width="5%" align="left">  </td> <td width="2%" align="right">  </td> <td width="5%" align="left">  </td> <td width="3%" align="left">  </td> <td width="5%" align="left">  </td> <td width="2%" align="left">  </td></tr> <tr valign="bottom"><td width="22%" align="center">investments and other </td> <td width="7%" align="left">  </td> <td width="7%" align="left">  </td> <td width="2%" align="left">  </td> <td width="7%" align="left">  </td> <td width="2%" align="left">  </td> <td width="7%" align="left">  </td> <td width="2%" align="right">  </td> <td width="5%" align="left">  </td> <td width="2%" align="right">  </td> <td width="5%" align="left">  </td> <td width="3%" align="left">  </td> <td width="5%" align="left">  </td> <td width="2%" align="left">  </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 2px;" width="22%" align="left">assets </td> <td style="border-bottom: #000000 3px double;" width="7%" align="left">  </td> <td style="border-bottom: #000000 3px double;" width="7%" align="left">  </td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">$ </td> <td style="border-bottom: #000000 3px double;" width="7%" align="left">0 </td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">$ </td> <td style="border-bottom: #000000 3px double;" width="7%" align="left">0 </td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$ </td> <td style="border-bottom: #000000 3px double;" width="5%" align="right">75,281 </td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$ </td> <td style="border-bottom: #000000 3px double;" width="5%" align="right">75,281 </td> <td style="border-bottom: #000000 3px double;" width="3%" align="left">$ </td> <td style="border-bottom: #000000 3px double;" width="5%" align="right">(44,404 </td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">) </td></tr></table> </div>

<div> <div> <div> <table border="0" cellspacing="0"> <tr><td width="38%"> </td> <td width="2%"> </td> <td width="13%"> </td> <td width="2%"> </td> <td width="13%"> </td> <td width="2%"> </td> <td width="13%"> </td> <td width="2%"> </td> <td width="11%"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">As of September 30, 2012 </td> <td style="border-bottom: #000000 1px solid;" align="right">  </td> <td style="border-bottom: #000000 1px solid;" align="center">Level 1 </td> <td style="border-bottom: #000000 1px solid;" align="center">  </td> <td style="border-bottom: #000000 1px solid;" align="center">Level 2 </td> <td style="border-bottom: #000000 1px solid;" align="center">  </td> <td style="border-bottom: #000000 1px solid;" align="center">Level 3 </td> <td style="border-bottom: #000000 1px solid;" align="center">  </td> <td style="border-bottom: #000000 1px solid; text-indent: 4px;" align="center">Total </td></tr> <tr valign="bottom"><td align="left">Short-term investments </td> <td align="right">$ </td> <td align="right">11,231,113 </td> <td align="right">$ </td> <td align="right">0 </td> <td align="right">$ </td> <td align="right">0 </td> <td align="right">$ </td> <td align="right">11,231,113 </td></tr> <tr valign="bottom"><td align="left">Equity securities </td> <td align="right">  </td> <td align="left">  </td> <td align="right">  </td> <td align="left">  </td> <td align="right">  </td> <td align="left">  </td> <td align="right">  </td> <td align="left">  </td></tr> <tr valign="bottom"><td style="text-indent: 2px;" align="left">Common stock and nonredeemable preferred stock </td> <td align="right">  </td> <td align="right">28,081,485 </td> <td align="right">  </td> <td align="right">0 </td> <td align="right">  </td> <td align="right">0 </td> <td align="right">  </td> <td align="right">28,081,485 </td></tr> <tr valign="bottom"><td align="left">Fixed maturities </td> <td align="right">  </td> <td align="left">  </td> <td align="right">  </td> <td align="left">  </td> <td align="right">  </td> <td align="left">  </td> <td align="right">  </td> <td align="left">  </td></tr> <tr valign="bottom"><td style="text-indent: 2px;" align="left">Obligations of states and political subdivisions* </td> <td align="right">  </td> <td align="right">0 </td> <td align="right">  </td> <td align="right">63,463,568 </td> <td align="right">  </td> <td align="right">0 </td> <td align="right">  </td> <td align="right">63,463,568 </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 2px;" align="left">Corporate debt securities* </td> <td style="border-bottom: #000000 1px solid;" align="right">  </td> <td style="border-bottom: #000000 1px solid;" align="right">0 </td> <td style="border-bottom: #000000 1px solid;" align="right">  </td> <td style="border-bottom: #000000 1px solid;" align="right">18,931,598 </td> <td style="border-bottom: #000000 1px solid;" align="right">  </td> <td style="border-bottom: #000000 1px solid;" align="right">2,771,900 </td> <td style="border-bottom: #000000 1px solid;" align="right">  </td> <td style="border-bottom: #000000 1px solid;" align="right">21,703,498 </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Total </td> <td style="border-bottom: #000000 3px double;" align="right">$ </td> <td style="border-bottom: #000000 3px double;" align="right">39,312,598 </td> <td style="border-bottom: #000000 3px double;" align="right">$ </td> <td style="border-bottom: #000000 3px double;" align="right">82,395,166 </td> <td style="border-bottom: #000000 3px double;" align="right">$ </td> <td style="border-bottom: #000000 3px double;" align="right">2,771,900 </td> <td style="border-bottom: #000000 3px double;" align="right">$ </td> <td style="border-bottom: #000000 3px double;" align="right">124,479,664 </td></tr></table></div>   <div> <table border="0" cellspacing="0"> <tr><td width="37%"> </td> <td width="2%"> </td> <td width="14%"> </td> <td width="2%"> </td> <td width="13%"> </td> <td width="2%"> </td> <td width="13%"> </td> <td width="2%"> </td> <td width="11%"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">As of December 31, 2011 </td> <td style="border-bottom: #000000 1px solid;" align="right">  </td> <td style="border-bottom: #000000 1px solid;" align="center">Level 1 </td> <td style="border-bottom: #000000 1px solid;" align="center">  </td> <td style="border-bottom: #000000 1px solid;" align="center">Level 2 </td> <td style="border-bottom: #000000 1px solid;" align="center">  </td> <td style="border-bottom: #000000 1px solid;" align="center">Level 3 </td> <td style="border-bottom: #000000 1px solid;" align="center">  </td> <td style="border-bottom: #000000 1px solid;" align="center">Total </td></tr> <tr valign="bottom"><td align="left">Short-term investments </td> <td align="right">$ </td> <td align="right">14,112,262 </td> <td align="right">$ </td> <td align="right">0 </td> <td align="right">$ </td> <td align="right">0 </td> <td align="right">$ </td> <td align="right">14,112,262 </td></tr> <tr valign="bottom"><td align="left">Equity securities </td> <td align="right">  </td> <td align="left">  </td> <td align="right">  </td> <td align="left">  </td> <td align="right">  </td> <td align="left">  </td> <td align="right">  </td> <td align="left">  </td></tr> <tr valign="bottom"><td style="text-indent: 2px;" align="left">Common stock and nonredeemable preferred stock </td> <td align="right">  </td> <td align="right">22,549,975 </td> <td align="right">  </td> <td align="right">0 </td> <td align="right">  </td> <td align="right">0 </td> <td align="right">  </td> <td align="right">22,549,975 </td></tr> <tr valign="bottom"><td align="left">Fixed maturities </td> <td align="right">  </td> <td align="left">  </td> <td align="right">  </td> <td align="left">  </td> <td align="right">  </td> <td align="left">  </td> <td align="right">  </td> <td align="left">  </td></tr> <tr valign="bottom"><td style="text-indent: 2px;" align="left">Obligations of states and political subdivisions* </td> <td align="right">  </td> <td align="right">0 </td> <td align="right">  </td> <td align="right">67,612,793 </td> <td align="right">  </td> <td align="right">1,834,700 </td> <td align="right">  </td> <td align="right">69,447,493 </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 2px;" align="left">Corporate debt securities* </td> <td style="border-bottom: #000000 1px solid;" align="right">  </td> <td style="border-bottom: #000000 1px solid;" align="right">0 </td> <td style="border-bottom: #000000 1px solid;" align="right">  </td> <td style="border-bottom: #000000 1px solid;" align="right">13,242,172 </td> <td style="border-bottom: #000000 1px solid;" align="right">  </td> <td style="border-bottom: #000000 1px solid;" align="right">2,717,700 </td> <td style="border-bottom: #000000 1px solid;" align="right">  </td> <td style="border-bottom: #000000 1px solid;" align="right">15,959,872 </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Total </td> <td style="border-bottom: #000000 3px double;" align="right">$ </td> <td style="border-bottom: #000000 3px double;" align="right">36,662,237 </td> <td style="border-bottom: #000000 3px double;" align="right">$ </td> <td style="border-bottom: #000000 3px double;" align="right">80,854,965 </td> <td style="border-bottom: #000000 3px double;" align="right">$ </td> <td style="border-bottom: #000000 3px double;" align="right">4,552,400 </td> <td style="border-bottom: #000000 3px double;" align="right">$ </td> <td style="border-bottom: #000000 3px double;" align="right">122,069,602 </td></tr></table></div>   *Denotes fair market value obtained from pricing services.</div> </div>

<div> <table border="0" cellspacing="0"> <tr><td width="59%"> </td> <td width="8%"> </td> <td width="11%"> </td> <td width="2%"> </td> <td width="4%"> </td> <td width="10%"> </td> <td width="2%"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Changes in fair value during the period ended: </td> <td style="border-bottom: #000000 1px solid;" align="left">  </td> <td style="border-bottom: #000000 1px solid;" align="center">2012 </td> <td style="border-bottom: #000000 1px solid;" align="center">  </td> <td style="border-bottom: #000000 1px solid;" align="center">  </td> <td style="border-bottom: #000000 1px solid;" align="center">2011 </td> <td style="border-bottom: #000000 1px solid;" align="left">  </td></tr> <tr valign="bottom"><td align="left">Beginning balance at January 1 </td> <td style="text-indent: 2px;" align="left">$ </td> <td align="right">4,552,400 </td> <td align="left">  </td> <td style="text-indent: 1px;" align="left">$ </td> <td align="right">5,472,244 </td> <td align="left">  </td></tr> <tr valign="bottom"><td align="left">Redemptions and sales </td> <td align="left">  </td> <td align="right">(2,000,000 </td> <td align="left">) </td> <td align="left">  </td> <td align="right">(900,000 </td> <td align="left">) </td></tr> <tr valign="bottom"><td align="left">Realized gain - included in realized gain on investments </td> <td align="left">  </td> <td align="right">118,336 </td> <td align="left">  </td> <td align="left">  </td> <td align="right">43,199 </td> <td align="left">  </td></tr> <tr valign="bottom"><td align="left">Realized loss - included in realized gain on investments </td> <td align="left">  </td> <td align="right">0 </td> <td align="left">  </td> <td align="left">  </td> <td align="right">(101,861 </td> <td align="left">) </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Unrealized gain - included in other comprehensive income </td> <td style="border-bottom: #000000 1px solid;" align="left">  </td> <td style="border-bottom: #000000 1px solid;" align="right">101,164 </td> <td style="border-bottom: #000000 1px solid;" align="left">  </td> <td style="border-bottom: #000000 1px solid;" align="left">  </td> <td style="border-bottom: #000000 1px solid;" align="right">38,818 </td> <td style="border-bottom: #000000 1px solid;" align="left">  </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Ending balance, net </td> <td style="border-bottom: #000000 3px double;" align="left">$ </td> <td style="border-bottom: #000000 3px double;" align="right">2,771,900 </td> <td style="border-bottom: #000000 3px double;" align="left">  </td> <td style="border-bottom: #000000 3px double;" align="left">$ </td> <td style="border-bottom: #000000 3px double;" align="right">4,552,400 </td> <td style="border-bottom: #000000 3px double;" align="left">  </td></tr></table> </div>

<div> <div> Note 6 - Fair Value Measurement Valuation of Financial Assets and Liabilities      The FASB has established a valuation hierarchy for disclosure of the inputs to valuation used to measure fair value of financial assets and liabilities, such as securities. This hierarchy categorizes the inputs into three broad levels as follows. Level 1 inputs to the valuation methodology are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs to the valuation methodology are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on the Company's own assumptions used to measure assets and liabilities at fair value.      A financial instrument's classification within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement—consequently, if there are multiple significant valuation inputs that are categorized in different levels of the hierarchy, the instrument's hierarchy level is the lowest level (with Level 3 being the lowest level) within which any significant input falls. Debt and Equity Securities      The Level 1 category includes equity securities that are measured at fair value using quoted active market prices and money market mutual funds valued at transacted amounts.      The Level 2 category includes fixed maturity investments such as corporate bonds, U.S. government and agency bonds and municipal bonds. Their fair value is principally based on market values obtained from a third party pricing service. Factors that are used in determining their fair market value include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data. The Company receives one quote per security from 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, 2012 and December 31, 2011, 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 the fair market value of these securities on a quarterly basis. That service uses a proprietary valuation model that considers factors such as: 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, 2012 and December 31, 2011: <div> <table border="0" cellspacing="0"> <tr><td width="60%"> </td> <td width="19%"> </td> <td width="2%"> </td> <td width="14%"> </td> <td width="2%"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">  </td> <td style="border-bottom: #000000 1px solid;" align="center">2012 </td> <td style="border-bottom: #000000 1px solid;" align="center">  </td> <td style="border-bottom: #000000 1px solid;" align="center">2011 </td> <td style="border-bottom: #000000 1px solid;" align="left">  </td></tr> <tr valign="bottom"><td align="left">Cumulative probability of earning maximum rate until maturity </td> <td align="right">0.0 </td> <td align="left">% </td> <td align="right">0.0-0.1 </td> <td align="left">% </td></tr> <tr valign="bottom"><td align="left">Cumulative probability of principal returned prior to maturity </td> <td align="right">95.9-96.0% </td> <td align="left">  </td> <td align="right">95.4-98.7% </td> <td align="left">  </td></tr> <tr valign="bottom"><td align="left">Cumulative probability of default at some future point </td> <td align="right">4.0-4.1 </td> <td align="left">% </td> <td align="right">1.3-4.6 </td> <td align="left">% </td></tr> <tr valign="bottom"><td align="left">Liquidity risk premium </td> <td align="right">4.5 </td> <td align="left">% </td> <td align="right">4.5-5.0 </td> <td align="left">% </td></tr></table></div>        <div> <div>     Significant increases or decreases in any of the inputs in isolation would result in significant changes to the fair value measurement. Generally, increases in default probabilities and liquidity risk premiums lower the fair market value while increases in the principal being returned and interest rates increase fair market values. </div> <div>      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. The Company believes that the midpoint valuation is the most reasonable estimate of fair value. On a quarterly basis, the Company reviews the valuation for significant changes in quarter over quarter values compared with changes to the current market and economic environments. In 2012 and 2011, 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.</div></div>      The Company's ARS portfolio is comprised entirely of investment grade student loan ARS. The par value of these securities was $3,000,000 and $5,000,000 as of September 30, 2012 and December 31, 2011, respectively, with approximately 97% and 79.6% as of September 30, 2012 and December 31, 2011, respectively, guaranteed by the U.S. Department of Education.      The following table presents, by level, investments carried at fair value measured on a recurring basis as of September 30, 2012 and December 31, 2011. The table does not include cash on hand and also does not include assets which are measured at historical cost or any basis other than fair value. <div> <div> <table border="0" cellspacing="0"> <tr><td width="38%"> </td> <td width="2%"> </td> <td width="13%"> </td> <td width="2%"> </td> <td width="13%"> </td> <td width="2%"> </td> <td width="13%"> </td> <td width="2%"> </td> <td width="11%"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">As of September 30, 2012 </td> <td style="border-bottom: #000000 1px solid;" align="right">  </td> <td style="border-bottom: #000000 1px solid;" align="center">Level 1 </td> <td style="border-bottom: #000000 1px solid;" align="center">  </td> <td style="border-bottom: #000000 1px solid;" align="center">Level 2 </td> <td style="border-bottom: #000000 1px solid;" align="center">  </td> <td style="border-bottom: #000000 1px solid;" align="center">Level 3 </td> <td style="border-bottom: #000000 1px solid;" align="center">  </td> <td style="border-bottom: #000000 1px solid; text-indent: 4px;" align="center">Total </td></tr> <tr valign="bottom"><td align="left">Short-term investments </td> <td align="right">$ </td> <td align="right">11,231,113 </td> <td align="right">$ </td> <td align="right">0 </td> <td align="right">$ </td> <td align="right">0 </td> <td align="right">$ </td> <td align="right">11,231,113 </td></tr> <tr valign="bottom"><td align="left">Equity securities </td> <td align="right">  </td> <td align="left">  </td> <td align="right">  </td> <td align="left">  </td> <td align="right">  </td> <td align="left">  </td> <td align="right">  </td> <td align="left">  </td></tr> <tr valign="bottom"><td style="text-indent: 2px;" align="left">Common stock and nonredeemable preferred stock </td> <td align="right">  </td> <td align="right">28,081,485 </td> <td align="right">  </td> <td align="right">0 </td> <td align="right">  </td> <td align="right">0 </td> <td align="right">  </td> <td align="right">28,081,485 </td></tr> <tr valign="bottom"><td align="left">Fixed maturities </td> <td align="right">  </td> <td align="left">  </td> <td align="right">  </td> <td align="left">  </td> <td align="right">  </td> <td align="left">  </td> <td align="right">  </td> <td align="left">  </td></tr> <tr valign="bottom"><td style="text-indent: 2px;" align="left">Obligations of states and political subdivisions* </td> <td align="right">  </td> <td align="right">0 </td> <td align="right">  </td> <td align="right">63,463,568 </td> <td align="right">  </td> <td align="right">0 </td> <td align="right">  </td> <td align="right">63,463,568 </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 2px;" align="left">Corporate debt securities* </td> <td style="border-bottom: #000000 1px solid;" align="right">  </td> <td style="border-bottom: #000000 1px solid;" align="right">0 </td> <td style="border-bottom: #000000 1px solid;" align="right">  </td> <td style="border-bottom: #000000 1px solid;" align="right">18,931,598 </td> <td style="border-bottom: #000000 1px solid;" align="right">  </td> <td style="border-bottom: #000000 1px solid;" align="right">2,771,900 </td> <td style="border-bottom: #000000 1px solid;" align="right">  </td> <td style="border-bottom: #000000 1px solid;" align="right">21,703,498 </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Total </td> <td style="border-bottom: #000000 3px double;" align="right">$ </td> <td style="border-bottom: #000000 3px double;" align="right">39,312,598 </td> <td style="border-bottom: #000000 3px double;" align="right">$ </td> <td style="border-bottom: #000000 3px double;" align="right">82,395,166 </td> <td style="border-bottom: #000000 3px double;" align="right">$ </td> <td style="border-bottom: #000000 3px double;" align="right">2,771,900 </td> <td style="border-bottom: #000000 3px double;" align="right">$ </td> <td style="border-bottom: #000000 3px double;" align="right">124,479,664 </td></tr></table></div>   <div> <table border="0" cellspacing="0"> <tr><td width="37%"> </td> <td width="2%"> </td> <td width="14%"> </td> <td width="2%"> </td> <td width="13%"> </td> <td width="2%"> </td> <td width="13%"> </td> <td width="2%"> </td> <td width="11%"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">As of December 31, 2011 </td> <td style="border-bottom: #000000 1px solid;" align="right">  </td> <td style="border-bottom: #000000 1px solid;" align="center">Level 1 </td> <td style="border-bottom: #000000 1px solid;" align="center">  </td> <td style="border-bottom: #000000 1px solid;" align="center">Level 2 </td> <td style="border-bottom: #000000 1px solid;" align="center">  </td> <td style="border-bottom: #000000 1px solid;" align="center">Level 3 </td> <td style="border-bottom: #000000 1px solid;" align="center">  </td> <td style="border-bottom: #000000 1px solid;" align="center">Total </td></tr> <tr valign="bottom"><td align="left">Short-term investments </td> <td align="right">$ </td> <td align="right">14,112,262 </td> <td align="right">$ </td> <td align="right">0 </td> <td align="right">$ </td> <td align="right">0 </td> <td align="right">$ </td> <td align="right">14,112,262 </td></tr> <tr valign="bottom"><td align="left">Equity securities </td> <td align="right">  </td> <td align="left">  </td> <td align="right">  </td> <td align="left">  </td> <td align="right">  </td> <td align="left">  </td> <td align="right">  </td> <td align="left">  </td></tr> <tr valign="bottom"><td style="text-indent: 2px;" align="left">Common stock and nonredeemable preferred stock </td> <td align="right">  </td> <td align="right">22,549,975 </td> <td align="right">  </td> <td align="right">0 </td> <td align="right">  </td> <td align="right">0 </td> <td align="right">  </td> <td align="right">22,549,975 </td></tr> <tr valign="bottom"><td align="left">Fixed maturities </td> <td align="right">  </td> <td align="left">  </td> <td align="right">  </td> <td align="left">  </td> <td align="right">  </td> <td align="left">  </td> <td align="right">  </td> <td align="left">  </td></tr> <tr valign="bottom"><td style="text-indent: 2px;" align="left">Obligations of states and political subdivisions* </td> <td align="right">  </td> <td align="right">0 </td> <td align="right">  </td> <td align="right">67,612,793 </td> <td align="right">  </td> <td align="right">1,834,700 </td> <td align="right">  </td> <td align="right">69,447,493 </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 2px;" align="left">Corporate debt securities* </td> <td style="border-bottom: #000000 1px solid;" align="right">  </td> <td style="border-bottom: #000000 1px solid;" align="right">0 </td> <td style="border-bottom: #000000 1px solid;" align="right">  </td> <td style="border-bottom: #000000 1px solid;" align="right">13,242,172 </td> <td style="border-bottom: #000000 1px solid;" align="right">  </td> <td style="border-bottom: #000000 1px solid;" align="right">2,717,700 </td> <td style="border-bottom: #000000 1px solid;" align="right">  </td> <td style="border-bottom: #000000 1px solid;" align="right">15,959,872 </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Total </td> <td style="border-bottom: #000000 3px double;" align="right">$ </td> <td style="border-bottom: #000000 3px double;" align="right">36,662,237 </td> <td style="border-bottom: #000000 3px double;" align="right">$ </td> <td style="border-bottom: #000000 3px double;" align="right">80,854,965 </td> <td style="border-bottom: #000000 3px double;" align="right">$ </td> <td style="border-bottom: #000000 3px double;" align="right">4,552,400 </td> <td style="border-bottom: #000000 3px double;" align="right">$ </td> <td style="border-bottom: #000000 3px double;" align="right">122,069,602 </td></tr></table></div>   *Denotes fair market value obtained from pricing services.</div> There were no transfers into or out of Levels 1 and 2 during the period.      To help ensure that fair value determinations are consistent with ASC 820 fair value measurements, prices from our pricing services go through multiple review processes to ensure appropriate pricing. Pricing procedures and inputs used to price each security include, but are not limited to, the following: unadjusted quoted market prices for identical securities such as stock market closing prices; non-binding quoted prices for identical securities in markets that are not active; interest rates; yield curves observable at commonly quoted intervals; volatility; prepayment speeds; loss severity; credit risks and default rates. The Company reviews the procedures and inputs used by its pricing services and verifies a sample of the services' quotes by comparing them to values obtained from other pricing resources. In the event the Company disagrees with a price provided by its pricing services, the service reevaluates the price to corroborate the market information and then reviews inputs to the evaluation in light of potentially new market data. The Company believes that these processes and inputs result in appropriate classifications and fair values consistent with ASC 820. Other Financial Instruments      The Company uses various financial instruments in the normal course of its business. In the measurement of the fair value of certain financial instruments, other valuation techniques were utilized if quoted market prices were not available. These derived fair value estimates are significantly affected by the assumptions used. Additionally, ASC 820 excludes from its scope certain financial instruments including those related to insurance contracts, pension and other postretirement benefits, and equity method investments.      In estimating the fair value of the financial instruments presented, the Company used the following methods and assumptions: Cash and cash equivalents      The carrying amount for cash and cash equivalents is a reasonable estimate of fair value due to the short-term maturity of these investments. <div> Cost-basis investments      The estimated fair value of cost basis investments is calculated from the book value of the underlying entities. Accrued dividends and interest      The carrying amount for accrued dividends and interest is a reasonable estimate of fair value due to the short-term maturity of these assets. Contingent consideration      The fair value of the contingent consideration was estimated based on the discounted value of the future cash flows. Contingent consideration consists of additional monies the Company may become obligated to pay based on the future performance of a business the Company acquired, as discussed in Note 10.</div>      The carrying amounts and fair values of these financial instruments (please note investments are disclosed in a previous table) as of September 30, 2012 and December 31, 2011 are presented in the following table: <div> As of September 30, 2012: <table border="0" cellspacing="0"> <tr><td width="29%"> </td> <td width="5%"> </td> <td width="12%"> </td> <td width="2%"> </td> <td width="15%"> </td> <td width="4%"> </td> <td width="10%"> </td> <td width="3%"> </td> <td width="9%"> </td> <td width="2%"> </td> <td width="9%"> </td></tr> <tr valign="bottom"><td width="29%" align="left">  </td> <td width="5%" align="left">  </td> <td width="12%" align="center">  </td> <td width="2%" align="center">  </td> <td width="15%" align="center">Estimated Fair </td> <td width="4%" align="center">  </td> <td width="10%" align="center">  </td> <td width="3%" align="center">  </td> <td width="9%" align="center">  </td> <td width="2%" align="center">  </td> <td width="9%" align="center">  </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="29%" align="left">Financial Assets </td> <td style="border-bottom: #000000 1px solid;" width="5%" align="left">  </td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center">Carrying Value </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center">  </td> <td style="border-bottom: #000000 1px solid;" width="15%" align="center">Value </td> <td style="border-bottom: #000000 1px solid;" width="4%" align="center">  </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="center">Level 1 </td> <td style="border-bottom: #000000 1px solid;" width="3%" align="center">  </td> <td style="border-bottom: #000000 1px solid;" width="9%" align="center">Level 2 </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center">  </td> <td style="border-bottom: #000000 1px solid;" width="9%" align="center">Level 3 </td></tr> <tr valign="bottom"><td style="text-indent: 1px;" width="29%" align="left">Cash </td> <td width="5%" align="left">$ </td> <td width="12%" align="right">19,982,759 </td> <td width="2%" align="right">$ </td> <td width="15%" align="right">19,982,759 </td> <td width="4%" align="left">$ </td> <td width="10%" align="right">19,982,759 </td> <td width="3%" align="left">$ </td> <td width="9%" align="right">0 </td> <td width="2%" align="right">$ </td> <td width="9%" align="right">0 </td></tr> <tr valign="bottom"><td style="text-indent: 1px;" width="29%" align="left">Cost-basis investments </td> <td width="5%" align="left">  </td> <td width="12%" align="right">1,894,899 </td> <td width="2%" align="right">  </td> <td width="15%" align="right">2,224,253 </td> <td width="4%" align="left">  </td> <td width="10%" align="right">0 </td> <td width="3%" align="left">  </td> <td width="9%" align="right">0 </td> <td width="2%" align="right">  </td> <td width="9%" align="right">2,224,253 </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 1px;" width="29%" align="left">Accrued dividends and interest </td> <td style="border-bottom: #000000 1px solid;" width="5%" align="left">  </td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right">919,443 </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">  </td> <td style="border-bottom: #000000 1px solid;" width="15%" align="right">919,443 </td> <td style="border-bottom: #000000 1px solid;" width="4%" align="left">  </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">919,443 </td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left">  </td> <td style="border-bottom: #000000 1px solid;" width="9%" align="right">0 </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">  </td> <td style="border-bottom: #000000 1px solid;" width="9%" align="right">0 </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="29%" align="left">Total </td> <td style="border-bottom: #000000 3px double;" width="5%" align="left">$ </td> <td style="border-bottom: #000000 3px double;" width="12%" align="right">22,797,101 </td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$ </td> <td style="border-bottom: #000000 3px double;" width="15%" align="right">23,126,455 </td> <td style="border-bottom: #000000 3px double;" width="4%" align="left">$ </td> <td style="border-bottom: #000000 3px double;" width="10%" align="right">20,902,202 </td> <td style="border-bottom: #000000 3px double;" width="3%" align="left">$ </td> <td style="border-bottom: #000000 3px double;" width="9%" align="right">0 </td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$ </td> <td style="border-bottom: #000000 3px double;" width="9%" align="right">2,224,253 </td></tr> <tr><td width="100%" colspan="11">  </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="29%" align="left">Financial Liabilities </td> <td style="border-bottom: #000000 1px solid;" width="5%" align="left">  </td> <td style="border-bottom: #000000 1px solid;" width="12%" align="left">  </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">  </td> <td style="border-bottom: #000000 1px solid;" width="15%" align="left">  </td> <td style="border-bottom: #000000 1px solid;" width="4%" align="left">  </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="left">  </td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left">  </td> <td style="border-bottom: #000000 1px solid;" width="9%" align="left">  </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">  </td> <td style="border-bottom: #000000 1px solid;" width="9%" align="left">  </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 2px;" width="29%" align="left">Contingent consideration </td> <td style="border-bottom: #000000 1px solid;" width="5%" align="left">$ </td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right">691,250 </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$ </td> <td style="border-bottom: #000000 1px solid;" width="15%" align="right">691,250 </td> <td style="border-bottom: #000000 1px solid; text-indent: 1px;" width="4%" align="left">$ </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">0 </td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left">$ </td> <td style="border-bottom: #000000 1px solid;" width="9%" align="right">0 </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$ </td> <td style="border-bottom: #000000 1px solid;" width="9%" align="right">691,250 </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="29%" align="left">Total </td> <td style="border-bottom: #000000 3px double;" width="5%" align="left">$ </td> <td style="border-bottom: #000000 3px double;" width="12%" align="right">691,250 </td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$ </td> <td style="border-bottom: #000000 3px double;" width="15%" align="right">691,250 </td> <td style="border-bottom: #000000 3px double; text-indent: 1px;" width="4%" align="left">$ </td> <td style="border-bottom: #000000 3px double;" width="10%" align="right">0 </td> <td style="border-bottom: #000000 3px double;" width="3%" align="left">$ </td> <td style="border-bottom: #000000 3px double;" width="9%" align="right">0 </td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$ </td> <td style="border-bottom: #000000 3px double;" width="9%" align="right">691,250 </td></tr></table>   As of December 31, 2011: <div> <table border="0" cellspacing="0"> <tr><td width="28%"> </td> <td width="2%"> </td> <td width="18%"> </td> <td width="2%"> </td> <td width="14%"> </td> <td width="2%"> </td> <td width="11%"> </td> <td width="2%"> </td> <td width="10%"> </td> <td width="2%"> </td> <td width="9%"> </td></tr> <tr valign="bottom"><td width="28%" align="left">  </td> <td width="2%" align="right">  </td> <td width="18%" align="center">  </td> <td width="2%" align="center">  </td> <td width="14%" align="center">Estimated Fair </td> <td width="2%" align="center">  </td> <td width="11%" align="center">  </td> <td width="2%" align="center">  </td> <td width="10%" align="center">  </td> <td width="2%" align="center">  </td> <td width="9%" align="center">  </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="28%" align="left">Financial Assets </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">  </td> <td style="border-bottom: #000000 1px solid;" width="18%" align="center">Carrying Value </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center">  </td> <td style="border-bottom: #000000 1px solid;" width="14%" align="center">Value </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center">  </td> <td style="border-bottom: #000000 1px solid;" width="11%" align="center">Level 1 </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center">  </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="center">Level 2 </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center">  </td> <td style="border-bottom: #000000 1px solid;" width="9%" align="center">Level 3 </td></tr> <tr valign="bottom"><td style="text-indent: 1px;" width="28%" align="left">Cash </td> <td width="2%" align="right">$ </td> <td width="18%" align="right">18,042,258 </td> <td width="2%" align="right">$ </td> <td width="14%" align="right">18,042,258 </td> <td width="2%" align="left">$ </td> <td width="11%" align="right">18,042,258 </td> <td width="2%" align="left">$ </td> <td width="10%" align="right">0 </td> <td width="2%" align="right">$ </td> <td width="9%" align="right">0 </td></tr> <tr valign="bottom"><td style="text-indent: 1px;" width="28%" align="left">Cost-basis investments </td> <td width="2%" align="right">  </td> <td width="18%" align="right">1,303,887 </td> <td width="2%" align="right">  </td> <td width="14%" align="right">1,688,262 </td> <td width="2%" align="left">  </td> <td width="11%" align="right">0 </td> <td width="2%" align="left">  </td> <td width="10%" align="right">0 </td> <td width="2%" align="right">  </td> <td width="9%" align="right">1,688,262 </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 1px;" width="28%" align="left">Accrued dividends and interest </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">  </td> <td style="border-bottom: #000000 1px solid;" width="18%" align="right">1,108,156 </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">  </td> <td style="border-bottom: #000000 1px solid;" width="14%" align="right">1,108,156 </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">  </td> <td style="border-bottom: #000000 1px solid;" width="11%" align="right">1,108,156 </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">  </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">0 </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">  </td> <td style="border-bottom: #000000 1px solid;" width="9%" align="right">0 </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="28%" align="left">Total </td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$ </td> <td style="border-bottom: #000000 3px double;" width="18%" align="right">20,454,301 </td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$ </td> <td style="border-bottom: #000000 3px double;" width="14%" align="right">20,838,676 </td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">$ </td> <td style="border-bottom: #000000 3px double;" width="11%" align="right">19,150,414 </td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">$ </td> <td style="border-bottom: #000000 3px double;" width="10%" align="right">0 </td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$ </td> <td style="border-bottom: #000000 3px double;" width="9%" align="right">1,688,262 </td></tr></table></div></div>          The following table presents a reconciliation of the Company's assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3), which are all ARS securities, for the nine months ended September 30, 2012 and the year ended December 31, 2011: <table border="0" cellspacing="0"> <tr><td width="59%"> </td> <td width="8%"> </td> <td width="11%"> </td> <td width="2%"> </td> <td width="4%"> </td> <td width="10%"> </td> <td width="2%"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Changes in fair value during the period ended: </td> <td style="border-bottom: #000000 1px solid;" align="left">  </td> <td style="border-bottom: #000000 1px solid;" align="center">2012 </td> <td style="border-bottom: #000000 1px solid;" align="center">  </td> <td style="border-bottom: #000000 1px solid;" align="center">  </td> <td style="border-bottom: #000000 1px solid;" align="center">2011 </td> <td style="border-bottom: #000000 1px solid;" align="left">  </td></tr> <tr valign="bottom"><td align="left">Beginning balance at January 1 </td> <td style="text-indent: 2px;" align="left">$ </td> <td align="right">4,552,400 </td> <td align="left">  </td> <td style="text-indent: 1px;" align="left">$ </td> <td align="right">5,472,244 </td> <td align="left">  </td></tr> <tr valign="bottom"><td align="left">Redemptions and sales </td> <td align="left">  </td> <td align="right">(2,000,000 </td> <td align="left">) </td> <td align="left">  </td> <td align="right">(900,000 </td> <td align="left">) </td></tr> <tr valign="bottom"><td align="left">Realized gain - included in realized gain on investments </td> <td align="left">  </td> <td align="right">118,336 </td> <td align="left">  </td> <td align="left">  </td> <td align="right">43,199 </td> <td align="left">  </td></tr> <tr valign="bottom"><td align="left">Realized loss - included in realized gain on investments </td> <td align="left">  </td> <td align="right">0 </td> <td align="left">  </td> <td align="left">  </td> <td align="right">(101,861 </td> <td align="left">) </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Unrealized gain - included in other comprehensive income </td> <td style="border-bottom: #000000 1px solid;" align="left">  </td> <td style="border-bottom: #000000 1px solid;" align="right">101,164 </td> <td style="border-bottom: #000000 1px solid;" align="left">  </td> <td style="border-bottom: #000000 1px solid;" align="left">  </td> <td style="border-bottom: #000000 1px solid;" align="right">38,818 </td> <td style="border-bottom: #000000 1px solid;" align="left">  </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Ending balance, net </td> <td style="border-bottom: #000000 3px double;" align="left">$ </td> <td style="border-bottom: #000000 3px double;" align="right">2,771,900 </td> <td style="border-bottom: #000000 3px double;" align="left">  </td> <td style="border-bottom: #000000 3px double;" align="left">$ </td> <td style="border-bottom: #000000 3px double;" align="right">4,552,400 </td> <td style="border-bottom: #000000 3px double;" align="left">  </td></tr></table></div>        The following table presents a reconciliation of the Company's liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3), consisting solely of contingent consideration, for the nine months ended September 30, 2012 and the year ended December 31, 2011: <div> <table border="0" cellspacing="0"> <tr><td width="56%"> </td> <td width="13%"> </td> <td width="13%"> </td> <td width="4%"> </td> <td width="14%"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="56%" align="left">Changes in fair value during the period ended: </td> <td style="border-bottom: #000000 1px solid;" width="13%" align="left">  </td> <td style="border-bottom: #000000 1px solid;" width="13%" align="center">2012 </td> <td style="border-bottom: #000000 1px solid;" width="4%" align="center">  </td> <td style="border-bottom: #000000 1px solid;" width="14%" align="center">2011 </td></tr> <tr valign="bottom"><td width="56%" align="left">Beginning balance at January 1 </td> <td width="13%" align="left">$ </td> <td width="13%" align="right">0 </td> <td width="4%" align="left">$ </td> <td width="14%" align="left">0 </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="56%" align="left">Addition of contingent consideration </td> <td style="border-bottom: #000000 1px solid;" width="13%" align="left">  </td> <td style="border-bottom: #000000 1px solid;" width="13%" align="right">691,250 </td> <td style="border-bottom: #000000 1px solid;" width="4%" align="left">  </td> <td style="border-bottom: #000000 1px solid;" width="14%" align="left">0 </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="56%" align="left">Ending balance, net </td> <td style="border-bottom: #000000 3px double;" width="13%" align="left">$ </td> <td style="border-bottom: #000000 3px double;" width="13%" align="right">691,250 </td> <td style="border-bottom: #000000 3px double;" width="4%" align="left">$ </td> <td style="border-bottom: #000000 3px double;" width="14%" align="left">0 </td></tr></table></div>        Certain cost method investments are measured at estimated fair value on a non-recurring basis, such as investments that are impaired during the period and recorded at estimated fair value in the Consolidated Financial Statements as of September 30, 2012 and December 31, 2011. There were no assets valued at fair market value on a non-recurring basis as of September 30, 2012.      The following table summarizes the corresponding estimated fair value hierarchy of such investments at December 31, 2011 and the related impairments recognized. <div> <table border="0" cellspacing="0"> <tr><td width="22%"> </td> <td width="7%"> </td> <td width="7%"> </td> <td width="2%"> </td> <td width="7%"> </td> <td width="2%"> </td> <td width="7%"> </td> <td width="2%"> </td> <td width="5%"> </td> <td width="2%"> </td> <td width="5%"> </td> <td width="3%"> </td> <td width="5%"> </td> <td width="2%"> </td></tr> <tr valign="bottom"><td width="22%" align="left">  </td> <td width="7%" align="center">  </td> <td width="7%" align="center">  </td> <td width="2%" align="center">  </td> <td width="7%" align="center">  </td> <td width="2%" align="center">  </td> <td width="7%" align="center">  </td> <td width="2%" align="center">  </td> <td width="5%" align="center">  </td> <td width="2%" align="center">  </td> <td style="text-indent: 1px;" width="5%" align="center">Total at </td> <td width="3%" align="center">  </td> <td width="5%" align="center">  </td> <td width="2%" align="left">  </td></tr> <tr valign="bottom"><td width="22%" align="left">  </td> <td width="7%" align="center">Valuation </td> <td width="7%" align="center">  </td> <td width="2%" align="center">  </td> <td width="7%" align="center">  </td> <td width="2%" align="center">  </td> <td width="7%" align="center">  </td> <td width="2%" align="center">  </td> <td width="5%" align="center">  </td> <td width="2%" align="center">  </td> <td width="5%" align="center">Estimated </td> <td width="3%" align="center">  </td> <td width="5%" align="center">Impairment </td> <td width="2%" align="left">  </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="22%" align="center">December 31, 2011 </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="center">Method </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="center">Impaired </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="center">Level 1 </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="center">Level 2 </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center">  </td> <td style="border-bottom: #000000 1px solid;" width="5%" align="center">Level 3 </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center">  </td> <td style="border-bottom: #000000 1px solid;" width="5%" align="center">Fair Value </td> <td style="border-bottom: #000000 1px solid;" width="3%" align="center">  </td> <td style="border-bottom: #000000 1px solid;" width="5%" align="center">Losses </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">  </td></tr> <tr valign="bottom"><td width="22%" align="left">Cost method investments </td> <td width="7%" align="right">Fair Value </td> <td width="7%" align="center">Yes </td> <td width="2%" align="left">$ </td> <td width="7%" align="left">0 </td> <td width="2%" align="left">$ </td> <td width="7%" align="left">0 </td> <td width="2%" align="right">$ </td> <td width="5%" align="right">58,281 </td> <td width="2%" align="right">$ </td> <td width="5%" align="right">58,281 </td> <td width="3%" align="left">$ </td> <td width="5%" align="right">(28,904 </td> <td width="2%" align="left">) </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="22%" align="left">Other assets </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">Fair Value </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="center">Yes </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">  </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="left">0 </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">  </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="left">0 </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">  </td> <td style="border-bottom: #000000 1px solid;" width="5%" align="right">17,000 </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">  </td> <td style="border-bottom: #000000 1px solid;" width="5%" align="right">17,000 </td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left">  </td> <td style="border-bottom: #000000 1px solid;" width="5%" align="right">(15,500 </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">) </td></tr> <tr valign="bottom"><td width="22%" align="left">Total cost method </td> <td width="7%" align="left">  </td> <td width="7%" align="left">  </td> <td width="2%" align="left">  </td> <td width="7%" align="left">  </td> <td width="2%" align="left">  </td> <td width="7%" align="left">  </td> <td width="2%" align="right">  </td> <td width="5%" align="left">  </td> <td width="2%" align="right">  </td> <td width="5%" align="left">  </td> <td width="3%" align="left">  </td> <td width="5%" align="left">  </td> <td width="2%" align="left">  </td></tr> <tr valign="bottom"><td width="22%" align="center">investments and other </td> <td width="7%" align="left">  </td> <td width="7%" align="left">  </td> <td width="2%" align="left">  </td> <td width="7%" align="left">  </td> <td width="2%" align="left">  </td> <td width="7%" align="left">  </td> <td width="2%" align="right">  </td> <td width="5%" align="left">  </td> <td width="2%" align="right">  </td> <td width="5%" align="left">  </td> <td width="3%" align="left">  </td> <td width="5%" align="left">  </td> <td width="2%" align="left">  </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 2px;" width="22%" align="left">assets </td> <td style="border-bottom: #000000 3px double;" width="7%" align="left">  </td> <td style="border-bottom: #000000 3px double;" width="7%" align="left">  </td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">$ </td> <td style="border-bottom: #000000 3px double;" width="7%" align="left">0 </td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">$ </td> <td style="border-bottom: #000000 3px double;" width="7%" align="left">0 </td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$ </td> <td style="border-bottom: #000000 3px double;" width="5%" align="right">75,281 </td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$ </td> <td style="border-bottom: #000000 3px double;" width="5%" align="right">75,281 </td> <td style="border-bottom: #000000 3px double;" width="3%" align="left">$ </td> <td style="border-bottom: #000000 3px double;" width="5%" align="right">(44,404 </td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">) </td></tr></table></div>   <div> </div> <div> </div> </div>

0.15

<div> <table border="0" cellspacing="0"> <tr><td width="56%"> </td> <td width="13%"> </td> <td width="13%"> </td> <td width="4%"> </td> <td width="14%"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="56%" align="left">Changes in fair value during the period ended: </td> <td style="border-bottom: #000000 1px solid;" width="13%" align="left">  </td> <td style="border-bottom: #000000 1px solid;" width="13%" align="center">2012 </td> <td style="border-bottom: #000000 1px solid;" width="4%" align="center">  </td> <td style="border-bottom: #000000 1px solid;" width="14%" align="center">2011 </td></tr> <tr valign="bottom"><td width="56%" align="left">Beginning balance at January 1 </td> <td width="13%" align="left">$ </td> <td width="13%" align="right">0 </td> <td width="4%" align="left">$ </td> <td width="14%" align="left">0 </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="56%" align="left">Addition of contingent consideration </td> <td style="border-bottom: #000000 1px solid;" width="13%" align="left">  </td> <td style="border-bottom: #000000 1px solid;" width="13%" align="right">691,250 </td> <td style="border-bottom: #000000 1px solid;" width="4%" align="left">  </td> <td style="border-bottom: #000000 1px solid;" width="14%" align="left">0 </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="56%" align="left">Ending balance, net </td> <td style="border-bottom: #000000 3px double;" width="13%" align="left">$ </td> <td style="border-bottom: #000000 3px double;" width="13%" align="right">691,250 </td> <td style="border-bottom: #000000 3px double;" width="4%" align="left">$ </td> <td style="border-bottom: #000000 3px double;" width="14%" align="left">0 </td></tr></table> </div>

38818

101164

-900000

-2000000

5472244

4552400

2771900

691250

836215

645685

P12Y

P10Y

-79172

-24765

-54407

-200087

-21071

-179016

357819

175570

182249

99790

14230

85560

396487

1211188

26528

23076

<div> <table border="0" cellspacing="0"> <tr><td width="50%"> </td> <td width="3%"> </td> <td width="29%"> </td> <td width="3%"> </td> <td width="12%"> </td></tr> <tr valign="bottom"><td align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" colspan="3" align="center">Available-for-Sale</td></tr> <tr valign="bottom"><td align="left"> </td> <td align="right"> </td> <td align="center">Amortized</td> <td align="center"> </td> <td align="center">Fair</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 5px;" align="center">Cost</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">Value</td></tr> <tr valign="bottom"><td align="left">Due in one year or less</td> <td align="right">$</td> <td align="right">7,089,663</td> <td align="left">$</td> <td align="right">7,195,711</td></tr> <tr valign="bottom"><td align="left">Due after one year through five years</td> <td align="right"> </td> <td align="right">48,492,618</td> <td align="left"> </td> <td align="right">52,604,090</td></tr> <tr valign="bottom"><td align="left">Due five years through ten years</td> <td align="right"> </td> <td align="right">17,886,881</td> <td align="left"> </td> <td align="right">20,044,188</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Due after ten years</td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="right">4,759,363</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">5,323,077</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 4px;" align="left">Total</td> <td style="border-bottom: #000000 1px solid;" align="right">$</td> <td style="border-bottom: #000000 1px solid;" align="right">78,228,525</td> <td style="border-bottom: #000000 1px solid;" align="left">$</td> <td style="border-bottom: #000000 1px solid;" align="right">85,167,066</td></tr></table> </div>

44404

28904

15500

6846477

3461465

11282755

4717915

6846477

-126192

-61252

7033921

3461465

-3802

-20417

3485684

11282755

434789

-96094

10944060

4717915

495476

-37838

4260277

2125000

2523000

1792000

1021000

3239000

1479000

2840359

847971

-1056356

-356938

506717

-73731

524563

-762755

3892948

16215

19249

33753

36921

39335237

15161823

40683365

16840421

1447058

2665245

378056

-61252

2348441

887055

123977

-20417

783495

2949752

444129

-61252

2566875

962573

150749

-20417

832241

125701316

130404684

75281

58281

75281

17000

58281

17000

<div> Note 7 – Investments in Securities      The aggregate estimated fair value, gross unrealized holding gains, gross unrealized holding losses and cost or amortized cost for securities by major security type are as follows: <div class="MetaData"> <div> <table border="0" cellspacing="0"> <tr><td width="46%"> </td> <td width="2%"> </td> <td width="16%"> </td> <td width="2%"> </td> <td width="8%"> </td> <td width="2%"> </td> <td width="9%"> </td> <td width="2%"> </td> <td width="12%"> </td></tr> <tr valign="bottom"><td width="46%" align="left"> </td> <td width="2%" align="right"> </td> <td width="16%" align="center"> </td> <td width="2%" align="center"> </td> <td width="8%" align="center">Gross</td> <td width="2%" align="center"> </td> <td width="9%" align="center">Gross</td> <td width="2%" align="center"> </td> <td width="12%" align="center">Estimated</td></tr> <tr valign="bottom"><td width="46%" align="left"> </td> <td width="2%" align="right"> </td> <td style="text-indent: 1px;" width="16%" align="center">Amortized</td> <td width="2%" align="center"> </td> <td width="8%" align="center">Unrealized</td> <td width="2%" align="center"> </td> <td width="9%" align="center">Unrealized</td> <td width="2%" align="center"> </td> <td width="12%" align="center">Fair</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="46%" align="left">September 30, 2012</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 5px;" width="16%" align="center">Cost</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="8%" align="center">Gains</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="9%" align="center">Losses</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center">Value</td></tr> <tr valign="bottom"><td width="46%" align="left">Fixed maturities, available-for-sale, at fair value-</td> <td width="2%" align="right"> </td> <td width="16%" align="left"> </td> <td width="2%" align="right"> </td> <td width="8%" align="left"> </td> <td width="2%" align="left"> </td> <td width="9%" align="left"> </td> <td width="2%" align="right"> </td> <td width="12%" align="left"> </td></tr> <tr valign="bottom"><td style="text-indent: 1px;" width="46%" align="left">Obligations of states and political subdivisions</td> <td width="2%" align="right">$</td> <td width="16%" align="right">57,914,850</td> <td width="2%" align="right">$</td> <td width="8%" align="right">5,561,688</td> <td width="2%" align="right">$</td> <td width="9%" align="right">12,970</td> <td width="2%" align="right">$</td> <td width="12%" align="center">63,463,568</td></tr> <tr valign="bottom"><td style="text-indent: 1px;" width="46%" align="left">Corporate debt securities</td> <td width="2%" align="right"> </td> <td width="16%" align="right">17,590,282</td> <td width="2%" align="right"> </td> <td width="8%" align="right">1,344,750</td> <td width="2%" align="right"> </td> <td width="9%" align="right">3,434</td> <td width="2%" align="right"> </td> <td width="12%" align="right">18,931,598</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 1px;" width="46%" align="left">Auction rate securities</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="16%" align="right">2,723,393</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right">48,507</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="9%" align="right">0</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right">2,771,900</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 3px;" width="46%" align="left">Total</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="16%" align="right">78,228,525</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right">6,954,945</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="9%" align="right">16,404</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center">85,167,066</td></tr> <tr valign="bottom"><td width="46%" align="left">Equity securities, available-for-sale at fair value-</td> <td width="2%" align="right"> </td> <td width="16%" align="left"> </td> <td width="2%" align="right"> </td> <td width="8%" align="left"> </td> <td width="2%" align="right"> </td> <td width="9%" align="left"> </td> <td width="2%" align="right"> </td> <td width="12%" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 1px;" width="46%" align="left">Common stocks and nonredeemable preferred stocks</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="16%" align="right">20,179,479</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right">7,942,885</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="9%" align="right">40,879</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center">28,081,485</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 3px;" width="46%" align="left">Total</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="16%" align="right">20,179,479</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right">7,942,885</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="9%" align="right">40,879</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center">28,081,485</td></tr> <tr valign="bottom"><td width="46%" align="left">Short-term investments-</td> <td width="2%" align="right"> </td> <td width="16%" align="left"> </td> <td width="2%" align="right"> </td> <td width="8%" align="left"> </td> <td width="2%" align="right"> </td> <td width="9%" align="left"> </td> <td width="2%" align="right"> </td> <td width="12%" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 1px;" width="46%" align="left">Money market mutual funds and certificates of deposit</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="16%" align="right">11,231,113</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right"> 0</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="9%" align="right">0</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center">11,231,113</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 3px;" width="46%" align="left">Total</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="16%" align="right">11,231,113</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> $</td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right"> 0</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="9%" align="right">0</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center">11,231,113</td></tr></table></div>   <div> <table border="0" cellspacing="0"> <tr><td width="47%"> </td> <td width="2%"> </td> <td width="16%"> </td> <td width="4%"> </td> <td width="8%"> </td> <td width="2%"> </td> <td width="9%"> </td> <td width="2%"> </td> <td width="9%"> </td></tr> <tr valign="bottom"><td width="47%" align="left"> </td> <td width="2%" align="right"> </td> <td width="16%" align="center"> </td> <td width="4%" align="center"> </td> <td width="8%" align="center">Gross</td> <td width="2%" align="center"> </td> <td width="9%" align="center">Gross</td> <td width="2%" align="center"> </td> <td width="9%" align="center">Estimated</td></tr> <tr valign="bottom"><td width="47%" align="left"> </td> <td width="2%" align="right"> </td> <td style="text-indent: 1px;" width="16%" align="center">Amortized</td> <td width="4%" align="center"> </td> <td width="8%" align="center">Unrealized</td> <td width="2%" align="center"> </td> <td width="9%" align="center">Unrealized</td> <td width="2%" align="center"> </td> <td width="9%" align="center">Fair</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="47%" align="left">December 31, 2011</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 5px;" width="16%" align="center">Cost</td> <td style="border-bottom: #000000 1px solid;" width="4%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="8%" align="center">Gains</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="9%" align="center">Losses</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 2px;" width="9%" align="center">Value</td></tr> <tr valign="bottom"><td width="47%" align="left">Fixed maturities, available-for-sale, at fair value-</td> <td width="2%" align="right"> </td> <td width="16%" align="left"> </td> <td width="4%" align="right"> </td> <td width="8%" align="left"> </td> <td width="2%" align="left"> </td> <td width="9%" align="left"> </td> <td width="2%" align="left"> </td> <td width="9%" align="left"> </td></tr> <tr valign="bottom"><td width="47%" align="left">Obligations of states and political subdivisions</td> <td width="2%" align="right">$</td> <td width="16%" align="right">62,042,929</td> <td width="4%" align="right">$</td> <td width="8%" align="right">5,583,733</td> <td width="2%" align="right">$</td> <td width="9%" align="right">13,869</td> <td width="2%" align="right">$</td> <td width="9%" align="right">67,612,793</td></tr> <tr valign="bottom"><td width="47%" align="left">Corporate debt securities</td> <td width="2%" align="right"> </td> <td width="16%" align="right">12,188,639</td> <td width="4%" align="right"> </td> <td width="8%" align="right">1,202,149</td> <td width="2%" align="right"> </td> <td width="9%" align="right">148,616</td> <td width="2%" align="left"> </td> <td width="9%" align="right">13,242,172</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="47%" align="left">Auction rate securities</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="16%" align="right">4,552,400</td> <td style="border-bottom: #000000 1px solid;" width="4%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right">0</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="9%" align="right">0</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="9%" align="right">4,552,400</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 3px;" width="47%" align="left">Total</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="16%" align="right">78,783,968</td> <td style="border-bottom: #000000 1px solid;" width="4%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right">6,785,882</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="9%" align="right">162,485</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="9%" align="right">85,407,365</td></tr> <tr valign="bottom"><td width="47%" align="left">Equity securities, available-for-sale at fair value-</td> <td width="2%" align="right"> </td> <td width="16%" align="left"> </td> <td width="4%" align="right"> </td> <td width="8%" align="left"> </td> <td width="2%" align="right"> </td> <td width="9%" align="left"> </td> <td width="2%" align="left"> </td> <td width="9%" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 1px;" width="47%" align="left">Common stocks and nonredeemable preferred stocks</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="16%" align="right">17,652,745</td> <td style="border-bottom: #000000 1px solid;" width="4%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right">4,939,053</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="9%" align="right">41,823</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="9%" align="right">22,549,975</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 3px;" width="47%" align="left">Total</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="16%" align="right">17,652,745</td> <td style="border-bottom: #000000 1px solid;" width="4%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right">4,939,053</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="9%" align="right">41,823</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="9%" align="right">22,549,975</td></tr> <tr valign="bottom"><td width="47%" align="left">Short-term investments-</td> <td width="2%" align="right"> </td> <td width="16%" align="left"> </td> <td width="4%" align="right"> </td> <td width="8%" align="left"> </td> <td width="2%" align="right"> </td> <td width="9%" align="left"> </td> <td width="2%" align="left"> </td> <td width="9%" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 1px;" width="47%" align="left">Money market mutual funds and certificates of deposit</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="16%" align="right">14,112,262</td> <td style="border-bottom: #000000 1px solid;" width="4%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right">0</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="9%" align="right">0</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="9%" align="right">14,112,262</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 3px;" width="47%" align="left">Total</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="16%" align="right">14,112,262</td> <td style="border-bottom: #000000 1px solid;" width="4%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right">0</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="9%" align="right">0</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="9%" align="right">14,112,262</td></tr></table> </div></div>      The scheduled maturities of fixed maturity securities at September 30, 2012 were as follows: <div> <table border="0" cellspacing="0"> <tr><td width="50%"> </td> <td width="3%"> </td> <td width="29%"> </td> <td width="3%"> </td> <td width="12%"> </td></tr> <tr valign="bottom"><td align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" colspan="3" align="center">Available-for-Sale</td></tr> <tr valign="bottom"><td align="left"> </td> <td align="right"> </td> <td align="center">Amortized</td> <td align="center"> </td> <td align="center">Fair</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 5px;" align="center">Cost</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">Value</td></tr> <tr valign="bottom"><td align="left">Due in one year or less</td> <td align="right">$</td> <td align="right">7,089,663</td> <td align="left">$</td> <td align="right">7,195,711</td></tr> <tr valign="bottom"><td align="left">Due after one year through five years</td> <td align="right"> </td> <td align="right">48,492,618</td> <td align="left"> </td> <td align="right">52,604,090</td></tr> <tr valign="bottom"><td align="left">Due five years through ten years</td> <td align="right"> </td> <td align="right">17,886,881</td> <td align="left"> </td> <td align="right">20,044,188</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Due after ten years</td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="right">4,759,363</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">5,323,077</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 4px;" align="left">Total</td> <td style="border-bottom: #000000 1px solid;" align="right">$</td> <td style="border-bottom: #000000 1px solid;" align="right">78,228,525</td> <td style="border-bottom: #000000 1px solid;" align="left">$</td> <td style="border-bottom: #000000 1px solid;" align="right">85,167,066</td></tr></table></div>        Gross realized gains and losses on securities for the nine months ended September 30 are summarized as follows: <div> <table border="0" cellspacing="0"> <tr><td width="58%"> </td> <td width="10%"> </td> <td width="10%"> </td> <td width="3%"> </td> <td width="3%"> </td> <td width="9%"> </td> <td width="3%"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="center">2012</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">2011</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td></tr> <tr valign="bottom"><td align="left">Gross realized gains:</td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td></tr> <tr valign="bottom"><td style="text-indent: 1px;" align="left">Obligations of states and political subdivisions</td> <td align="right">$</td> <td align="right">2,862</td> <td align="left"> </td> <td align="right">$</td> <td align="right">20,845</td> <td align="left"> </td></tr> <tr valign="bottom"><td style="text-indent: 1px;" align="left">Common stocks and nonredeemable preferred stocks</td> <td align="left"> </td> <td align="right">199,977</td> <td align="left"> </td> <td align="left"> </td> <td align="right">279,899</td> <td align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 2px;" align="left">Auction rate securities</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">118,336</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">43,200</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 3px;" align="left">Total</td> <td style="border-bottom: #000000 1px solid;" align="right">$</td> <td style="border-bottom: #000000 1px solid;" align="right">321,175</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">$</td> <td style="border-bottom: #000000 1px solid;" align="right">343,944</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td></tr> <tr valign="bottom"><td align="left">Gross realized losses:</td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td></tr> <tr valign="bottom"><td style="text-indent: 1px;" align="left">Common stocks and nonredeemable preferred stocks</td> <td align="right">$</td> <td align="right">(91,975</td> <td align="left">)</td> <td align="right">$</td> <td align="right">(141,609</td> <td align="left">)</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 1px;" align="left">Other than temporary impairment of securities</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">(76,539</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">(214,077</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 3px;" align="left">Total</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">(168,514</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">(355,686</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Net realized gain (loss)</td> <td style="border-bottom: #000000 1px solid;" align="right">$</td> <td style="border-bottom: #000000 1px solid;" align="right">152,661</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">$</td> <td style="border-bottom: #000000 1px solid;" align="right">(11,742</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td></tr></table></div>        Realized gains and losses are determined on the specific identification method. Also included in net realized gain on investments in the Consolidated Statements of Income are impairments of other investments and gain (loss) on sales of other assets and property acquired in the settlement of claims totaling $205,158 and $(67,430) for the nine months ended September 30, 2012 and 2011, respectively. <div> <div>      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, 2012 and December 31, 2011. <div> <div> <table border="0" cellspacing="0"> <tr><td width="16%"> </td> <td width="2%"> </td> <td width="9%"> </td> <td width="2%"> </td> <td width="12%"> </td> <td width="2%"> </td> <td width="2%"> </td> <td width="10%"> </td> <td width="2%"> </td> <td width="8%"> </td> <td width="2%"> </td> <td width="2%"> </td> <td width="10%"> </td> <td width="2%"> </td> <td width="8%"> </td> <td width="2%"> </td></tr> <tr valign="bottom"><td width="16%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="23%" colspan="3" align="center">Less than 12 Months</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="20%" colspan="3" align="center">12 Months or Longer</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="20%" colspan="3" align="center">Total</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="16%" align="left"> </td> <td width="2%" align="right"> </td> <td width="9%" align="center">Fair</td> <td width="2%" align="center"> </td> <td width="12%" align="center">Unrealized</td> <td width="2%" align="center"> </td> <td width="12%" colspan="2" align="center">Fair</td> <td width="10%" colspan="2" align="center">Unrealized</td> <td width="2%" align="center"> </td> <td width="2%" align="center"> </td> <td style="text-indent: 12.36pt;" width="10%" align="center">Fair</td> <td width="2%" align="center"> </td> <td width="8%" align="center">Unrealized</td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="16%" align="left">September 30, 2012</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="9%" align="center">Value</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center">Losses</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="12%" colspan="2" align="center">Value</td> <td style="border-bottom: #000000 1px solid;" width="10%" colspan="2" align="center">Losses</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 9.241pt;" width="10%" align="center">Value</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="8%" align="center">Losses</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td></tr> <tr valign="bottom"><td style="text-indent: 0pt;" width="16%" align="left">Obligations of states</td> <td width="2%" align="right"> </td> <td width="9%" align="left"> </td> <td width="2%" align="right"> </td> <td width="12%" align="left"> </td> <td width="2%" align="left"> </td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td> <td width="2%" align="left"> </td> <td width="8%" align="left"> </td> <td width="2%" align="left"> </td> <td width="2%" align="right"> </td> <td width="10%" align="left"> </td> <td width="2%" align="right"> </td> <td width="8%" align="left"> </td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td style="text-indent: 11.25pt;" width="16%" align="left">and political</td> <td width="2%" align="right"> </td> <td width="9%" align="left"> </td> <td width="2%" align="right"> </td> <td width="12%" align="left"> </td> <td width="2%" align="left"> </td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td> <td width="2%" align="left"> </td> <td width="8%" align="left"> </td> <td width="2%" align="left"> </td> <td width="2%" align="right"> </td> <td width="10%" align="left"> </td> <td width="2%" align="right"> </td> <td width="8%" align="left"> </td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td style="text-indent: 11.25pt;" width="16%" align="left">subdivisions</td> <td width="2%" align="right">$</td> <td width="9%" align="right">2,367,365</td> <td width="2%" align="right">$</td> <td width="12%" align="right">(12,970</td> <td width="2%" align="left">)</td> <td width="2%" align="left">$</td> <td width="10%" align="right">0</td> <td style="text-indent: 0.239pt;" width="2%" align="left">$</td> <td width="8%" align="right">0</td> <td width="2%" align="left"> </td> <td width="2%" align="right">$</td> <td width="10%" align="right">2,367,365</td> <td width="2%" align="right">$</td> <td width="8%" align="right">(12,970</td> <td width="2%" align="left">)</td></tr> <tr valign="bottom"><td style="text-indent: 0pt;" width="16%" align="left">Corporate debt</td> <td width="2%" align="right"> </td> <td width="9%" align="left"> </td> <td width="2%" align="right"> </td> <td width="12%" align="left"> </td> <td width="2%" align="left"> </td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td> <td width="2%" align="left"> </td> <td width="8%" align="left"> </td> <td width="2%" align="left"> </td> <td width="2%" align="right"> </td> <td width="10%" align="left"> </td> <td width="2%" align="right"> </td> <td width="8%" align="left"> </td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 11.25pt;" width="16%" align="left">securities</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="9%" align="right">0</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right">0</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">1,013,480</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right">(3,434</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">)</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">1,013,480</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right">(3,434</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">)</td></tr> <tr valign="bottom"><td width="16%" align="left">Total fixed income</td> <td width="2%" align="right"> </td> <td width="9%" align="left"> </td> <td width="2%" align="right"> </td> <td width="12%" align="left"> </td> <td width="2%" align="left"> </td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td> <td width="2%" align="left"> </td> <td width="8%" align="left"> </td> <td width="2%" align="left"> </td> <td width="2%" align="right"> </td> <td width="10%" align="left"> </td> <td width="2%" align="right"> </td> <td width="8%" align="left"> </td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 11.25pt;" width="16%" align="left">securities</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="9%" align="right">2,367,365</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right">(12,970</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">)</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">$</td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">1,013,480</td> <td style="border-bottom: #000000 1px solid; text-indent: 0.959pt;" width="2%" align="left">$</td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right">(3,434</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">)</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">3,380,845</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right">(16,404</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">)</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="16%" align="left">Equity securities</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="9%" align="right">601,776</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right">(40,879</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">)</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">0</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right">0</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">601,776</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right">(40,879</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">)</td></tr> <tr valign="bottom"><td width="16%" align="left">Total temporarily</td> <td width="2%" align="right"> </td> <td width="9%" align="left"> </td> <td width="2%" align="right"> </td> <td width="12%" align="left"> </td> <td width="2%" align="left"> </td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td> <td width="2%" align="left"> </td> <td width="8%" align="left"> </td> <td width="2%" align="left"> </td> <td width="2%" align="right"> </td> <td width="10%" align="left"> </td> <td width="2%" align="right"> </td> <td width="8%" align="left"> </td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 3px double; text-indent: 11.25pt;" width="16%" align="left">impaired securities</td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="9%" align="right">2,969,141</td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="12%" align="right">(53,849</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">)</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">$</td> <td style="border-bottom: #000000 3px double;" width="10%" align="right">1,013,480</td> <td style="border-bottom: #000000 3px double; text-indent: 0.959pt;" width="2%" align="left">$</td> <td style="border-bottom: #000000 3px double;" width="8%" align="right">(3,434</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">)</td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="10%" align="right">3,982,621</td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="8%" align="right">(57,283</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">)</td></tr></table></div>   <div> <table border="0" cellspacing="0"> <tr><td width="15%"> </td> <td width="2%"> </td> <td width="10%"> </td> <td width="2%"> </td> <td width="11%"> </td> <td width="2%"> </td> <td width="2%"> </td> <td width="11%"> </td> <td width="2%"> </td> <td width="8%"> </td> <td width="2%"> </td> <td width="2%"> </td> <td width="10%"> </td> <td width="2%"> </td> <td width="9%"> </td> <td width="2%"> </td></tr> <tr valign="bottom"><td align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" colspan="3" align="center">Less than 12 Months</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" colspan="3" align="center">12 Months or Longer</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" colspan="3" align="center">Total</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td></tr> <tr valign="bottom"><td align="left"> </td> <td align="right"> </td> <td style="text-indent: 11.58pt;" align="center">Fair</td> <td align="center"> </td> <td align="center">Unrealized</td> <td align="center"> </td> <td align="center"> </td> <td style="text-indent: 11.641pt;" align="center">Fair</td> <td colspan="2" align="center">Unrealized</td> <td align="center"> </td> <td align="center"> </td> <td align="center">Fair</td> <td align="center"> </td> <td align="center">Unrealized</td> <td align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 0pt;" align="left">December 31, 2011</td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 8.46pt;" align="center">Value</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">Losses</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 8.641pt;" align="center">Value</td> <td style="border-bottom: #000000 1px solid;" colspan="2" align="center">Losses</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 6.24pt;" align="center">Value</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">Losses</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td></tr> <tr valign="bottom"><td style="text-indent: 0pt;" align="left">Obligations of states</td> <td align="right"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="left"> </td></tr> <tr valign="bottom"><td style="text-indent: 13.5pt;" align="left">and political</td> <td align="right"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="left"> </td></tr> <tr valign="bottom"><td style="text-indent: 11.25pt;" align="left">subdivisions</td> <td align="right">$</td> <td align="right">663,666</td> <td align="right">$</td> <td align="right">(64</td> <td align="left">)</td> <td align="right">$</td> <td align="right">1,023,180</td> <td style="text-indent: 0.719pt;" align="left">$</td> <td align="right">(13,805</td> <td align="left">)</td> <td align="right">$</td> <td align="right">1,686,846</td> <td align="right">$</td> <td align="right">(13,869</td> <td align="left">)</td></tr> <tr valign="bottom"><td style="text-indent: 0pt;" align="left">Corporate debt</td> <td align="right"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 11.25pt;" align="left">securities</td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="right">3,015,769</td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="right">(148,616</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="right">0</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">0</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="right">3,015,769</td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="right">(148,616</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td></tr> <tr valign="bottom"><td align="left">Total fixed income</td> <td align="right"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 11.25pt;" align="left">securities</td> <td style="border-bottom: #000000 1px solid;" align="right">$</td> <td style="border-bottom: #000000 1px solid;" align="right">3,679,435</td> <td style="border-bottom: #000000 1px solid;" align="right">$</td> <td style="border-bottom: #000000 1px solid;" align="right">(148,680</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td> <td style="border-bottom: #000000 1px solid;" align="right">$</td> <td style="border-bottom: #000000 1px solid;" align="right">1,023,180</td> <td style="border-bottom: #000000 1px solid; text-indent: 0.718pt;" align="left">$</td> <td style="border-bottom: #000000 1px solid;" align="right">(13,805</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td> <td style="border-bottom: #000000 1px solid;" align="right">$</td> <td style="border-bottom: #000000 1px solid;" align="right">4,702,615</td> <td style="border-bottom: #000000 1px solid;" align="right">$</td> <td style="border-bottom: #000000 1px solid;" align="right">(162,485</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 0pt;" align="left">Equity securities</td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="right">957,072</td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="right">(40,893</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="right">104,130</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">(930</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="right">1,061,202</td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="right">(41,823</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td></tr> <tr valign="bottom"><td style="text-indent: 0pt;" align="left">Total temporarily</td> <td align="right"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 3px double; text-indent: 11.25pt;" align="left">impaired securities</td> <td style="border-bottom: #000000 3px double;" align="right">$</td> <td style="border-bottom: #000000 3px double;" align="right">4,636,507</td> <td style="border-bottom: #000000 3px double;" align="right">$</td> <td style="border-bottom: #000000 3px double;" align="right">(189,573</td> <td style="border-bottom: #000000 3px double;" align="left">)</td> <td style="border-bottom: #000000 3px double;" align="right">$</td> <td style="border-bottom: #000000 3px double;" align="right">1,127,310</td> <td style="border-bottom: #000000 3px double; text-indent: 0.72pt;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">(14,735</td> <td style="border-bottom: #000000 3px double;" align="left">)</td> <td style="border-bottom: #000000 3px double;" align="right">$</td> <td style="border-bottom: #000000 3px double;" align="right">5,763,817</td> <td style="border-bottom: #000000 3px double;" align="right">$</td> <td style="border-bottom: #000000 3px double;" align="right">(204,308</td> <td style="border-bottom: #000000 3px double;" align="left">)</td></tr></table></div>  </div>       As of September 30, 2012, the Company held $3,380,845 in fixed maturity securities with unrealized losses of $16,404. As of December 31, 2011, the Company held $4,702,615 in fixed maturity securities with unrealized losses of $162,485. 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, 2012, the Company held $601,776 in equity securities with unrealized losses of $40,879. As of December 31, 2011, the Company held $1,061,202 in equity securities with unrealized losses of $41,823. The unrealized losses related to holdings of equity securities were caused by market changes that the Company considers to be temporary. Since the Company has the intent and ability to hold these equity securities until a recovery of fair value, the Company does not consider these investments other-than-temporarily impaired.      Factors considered in determining whether a loss is temporary include the length of time and extent to which fair value has been below cost, the financial condition and prospects of the issuer (including credit ratings and analyst reports) and macro-economic changes. A total of 7 and 13 securities had unrealized losses at September 30, 2012 and December 31, 2011, respectively. Reviews of the values of securities are inherently uncertain and the value of the investment may not fully recover, or may decline in future periods resulting in a realized loss.      During the first nine months of 2012 and 2011, the Company recorded other-than-temporary impairment charges in the amount of $76,539 and $242,981, respectively, related to equity securities and fixed maturities. For the 2011 fiscal year, the Company recorded other-than-temporary impairment charges in the amount of $280,987 related to equity securities and fixed maturities, of which, all $101,861 fixed maturities 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.</div></div> </div>

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<div> Note 2 - Reserves for Claims      Transactions in the reserves for claims for the nine months ended September 30, 2012 and the year ended December 31, 2011 are summarized as follows: <div> <table border="0" cellspacing="0"> <tr><td width="40%"> </td> <td width="8%"> </td> <td width="20%"> </td> <td width="3%"> </td> <td width="8%"> </td> <td width="15%"> </td> <td width="3%"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="center">September 30, 2012</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">December 31, 2011</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td></tr> <tr valign="bottom"><td align="left">Balance, beginning of period</td> <td align="left">$</td> <td align="right">37,996,000</td> <td align="left"> </td> <td style="text-indent: 1px;" align="left">$</td> <td align="right">38,198,700</td> <td align="left"> </td></tr> <tr valign="bottom"><td align="left">Provision, charged to operations</td> <td align="left"> </td> <td align="right">4,424,523</td> <td align="left"> </td> <td align="left"> </td> <td align="right">3,342,427</td> <td align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Payments of claims, net of recoveries</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">(3,414,523</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">(3,545,127</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Ending balance</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">39,006,000</td> <td style="border-bottom: #000000 3px double;" align="left"> </td> <td style="border-bottom: #000000 3px double; text-indent: 1px;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">37,996,000</td> <td style="border-bottom: #000000 3px double;" align="left"> </td></tr></table></div>        The total reserve for all reported and unreported losses the Company incurred through September 30, 2012 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 8 <div> </div> 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, 2012. 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: <div> <table border="0" cellspacing="0"> <tr><td width="21%"> </td> <td width="8%"> </td> <td width="20%"> </td> <td width="11%"> </td> <td width="8%"> </td> <td width="20%"> </td> <td width="9%"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">September 30, 2012</td> <td style="border-bottom: #000000 1px solid;" align="right">%</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">December 31, 2011</td> <td style="border-bottom: #000000 1px solid;" align="right">%</td></tr> <tr valign="bottom"><td align="left">Known title claims</td> <td align="left">$</td> <td align="right">5,925,874</td> <td align="right">15.2</td> <td align="left">$</td> <td align="right">6,233,501</td> <td align="right">16.4</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">IBNR</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">33,080,126</td> <td style="border-bottom: #000000 1px solid;" align="right">84.8</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">31,762,499</td> <td style="border-bottom: #000000 1px solid;" align="right">83.6</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Total loss reserves</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">39,006,000</td> <td style="border-bottom: #000000 3px double;" align="right">100.0</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">37,996,000</td> <td style="border-bottom: #000000 3px double;" align="right">100.0</td></tr></table></div>        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. </div>

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<div> <div>      Recently Issued Accounting Standards. 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 became effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. The Company complied with this update, and it did not have an impact on the Company's financial condition or results of operations.      In May 2011, the FASB updated requirements for measuring and disclosing fair value information, resulting in common principles and requirements in accordance with GAAP and IFRS. For public entities, this guidance became effective during interim and annual periods beginning after December 15, 2011. The Company complied with this update, and it did not have an impact on the Company's financial condition or results of operations.</div> </div>

1481900

691250

<div> <div> 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, 2011 for a complete description of the Company's significant accounting policies. <div>      Principles of Consolidation. The accompanying unaudited Consolidated Financial Statements include the accounts and operations of Investors Title Company and its subsidiaries, and have been prepared in accordance with generally accepted accounting principles for interim financial information, with the instructions to Form 10-Q and with Article 10 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in annual financial statements have been condensed or omitted. Earnings attributable to the redeemable noncontrolling interest are recorded on the Consolidated Statement of Income for majority-owned subsidiaries. The redeemable noncontrolling interest representing the portion of equity not related to the Company's ownership interest is recorded as redeemable equity in a separate section of the Consolidated Balance Sheets. All intercompany balances and transactions have been eliminated in consolidation.      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, 2012 are not necessarily indicative of the results that may be expected for the year ending December 31, 2012.</div> <div>      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.</div> <div>      Subsequent Events. On November 12, 2002, the Company's Board of Directors adopted a shareholders' rights plan, pursuant to which the Board of Directors authorized and declared a dividend distribution of one stock purchase right for each outstanding share of common stock of the Company to stockholders of record at the close of business on December 2, 2002. Subsequently issued shares of common stock also carry stock purchase rights. Unless terminated or redeemed by the Board of Directors, the stock purchase rights become exercisable based upon certain limited conditions related to acquisitions of the Company's common stock, tender offers and certain business combinations involving the Company. On October 31, 2012, the shareholders' rights plan was amended to, among other things, extend the expiration date of the plan from November 11, 2012 to October 31, 2022 and increase the exercise price of the stock purchase rights from $80 per unit to $220 per unit. In connection with the amendments to the shareholders' rights plan, the Board of Directors of the Company also amended the Company's Articles of Incorporation to increase the number of shares designated under the rights plan as Series A Participating Preferred Stock from 100,000 shares to 200,000 shares.</div></div> <div> <div>      Recently Issued Accounting Standards. 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 became effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. The Company complied with this update, and it did not have an impact on the Company's financial condition or results of operations.      In May 2011, the FASB updated requirements for measuring and disclosing fair value information, resulting in common principles and requirements in accordance with GAAP and IFRS. For public entities, this guidance became effective during interim and annual periods beginning after December 15, 2011. The Company complied with this update, and it did not have an impact on the Company's financial condition or results of operations.</div> <div>      Pending Accounting Standards. In June 2011, the FASB updated requirements relating to the presentation of comprehensive income. In December 2011, the FASB issued a subsequent update to defer those changes in the June 2011 update that relate to the presentation of reclassification adjustments. All other requirements of the June 2011 update are not affected by the December 2011 update. The amendments are being made to allow the FASB time to redeliberate whether to present on the face of the financial statements the effects of reclassifications out of accumulated other comprehensive income on the components of net income and other comprehensive income for all periods presented.</div></div> </div>

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-427839

1273653

737122

392959

130380

455499

133686

3968828

820000

1443310

362000

5537323

1628000

2196922

655000

3631714

2328000

5925020

4030000

14112262

11231113

5426478

2804412

450822

438431

8610912

14000215

350000

341117

2460907

328138

373045

4592762

5434469

<div> Note 5 – Retirement Agreements and Other Postretirement Benefits      On November 17, 2003, the Company's subsidiary, Investors Title Insurance Company, entered into employment agreements with key executives that provide for the continuation of certain employee benefits and other payments due under the agreements upon retirement totaling $6,163,000 and $5,740,000 as of September 30, 2012 and December 31, 2011, respectively. The executive employee benefits include health insurance, dental, vision and life insurance and are unfunded. These amounts are classified as accounts payable and accrued liabilities in the Consolidated Balance Sheets. The following table sets forth the net periodic benefits cost for the executive benefits for the periods ended September 30, 2012 and 2011: <div> <table border="0" cellspacing="0"> <tr><td width="43%"> </td> <td width="3%"> </td> <td width="8%"> </td> <td width="2%"> </td> <td width="2%"> </td> <td width="9%"> </td> <td width="2%"> </td> <td width="2%"> </td> <td width="8%"> </td> <td width="2%"> </td> <td width="9%"> </td> <td width="2%"> </td></tr> <tr valign="bottom"><td align="left"> </td> <td align="left"> </td> <td colspan="4" align="center">For the Three</td> <td align="center"> </td> <td align="center"> </td> <td colspan="3" align="center">For the Nine</td> <td align="left"> </td></tr> <tr valign="bottom"><td align="left"> </td> <td align="left"> </td> <td colspan="4" align="center">Months Ended</td> <td align="center"> </td> <td align="center"> </td> <td colspan="3" align="center">Months Ended</td> <td align="left"> </td></tr> <tr valign="bottom"><td align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" colspan="4" align="center">September 30,</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" colspan="3" align="center">September 30,</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="center">2012</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">2011</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">2012</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">2011</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td></tr> <tr valign="bottom"><td align="left">Service cost – benefits earned during the year</td> <td align="left">$</td> <td align="right">3,155</td> <td align="left">$</td> <td align="right"> </td> <td align="right">1,778</td> <td align="left"> </td> <td align="left">$</td> <td align="right">9,463</td> <td align="right">$</td> <td align="right">14,627</td> <td align="left"> </td></tr> <tr valign="bottom"><td align="left">Interest cost on the projected benefit obligation</td> <td align="left"> </td> <td align="right">6,966</td> <td align="left"> </td> <td align="right"> </td> <td align="right">3,077</td> <td align="left"> </td> <td align="left"> </td> <td align="right">20,900</td> <td align="right"> </td> <td align="right">18,455</td> <td align="left"> </td></tr> <tr valign="bottom"><td align="left">Amortization of unrecognized prior service cost</td> <td align="left"> </td> <td align="right">2,349</td> <td align="left"> </td> <td align="right"> </td> <td align="right">(415</td> <td align="left">)</td> <td align="left"> </td> <td align="right">7,047</td> <td align="right"> </td> <td align="right">9,779</td> <td align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Amortization of unrecognized losses (gains)</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">171</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="right">(1,525</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">511</td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="right">(239</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Net periodic benefits costs</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">12,641</td> <td style="border-bottom: #000000 3px double;" align="left"> </td> <td style="border-bottom: #000000 3px double;" align="right">$</td> <td style="border-bottom: #000000 3px double;" align="right">2,915</td> <td style="border-bottom: #000000 3px double;" align="left"> </td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">37,921</td> <td style="border-bottom: #000000 3px double;" align="right">$</td> <td style="border-bottom: #000000 3px double;" align="right">42,622</td> <td style="border-bottom: #000000 3px double;" align="left"> </td></tr></table></div>   </div>

2301259

3342427

349672

4424523

2432057

100000

200000

100000

6810000

681000

10208947

1016000

1218000

1712000

63303202

7845000

23986592

3165000

71927113

11473000

29018123

4266000

2743517

4938693

7503245

11860920

10072820

8315618

492975

1379198

204750

31157

51093

152526

152792

1132308

412227

1655279

548052

5054477

2440465

8043755

3238915

3553216

3555510

-115000

494000

<div> Note 9 – Related Party Transactions      The Company does business with, and has investments in, unconsolidated limited liability companies that are primarily title insurance agencies. The Company utilizes the equity method to account for its investment in these limited liability companies. The following table sets forth the approximate values by year found within each financial statement classification: <div> <table border="0" cellspacing="0"> <tr><td width="46%"> </td> <td width="9%"> </td> <td width="20%"> </td> <td width="7%"> </td> <td width="15%"> </td></tr> <tr valign="bottom"><td align="left"> </td> <td align="left"> </td> <td align="center">As of</td> <td align="center"> </td> <td align="center">As of</td></tr> <tr valign="bottom"><td align="left">Financial Statement Classification,</td> <td align="left"> </td> <td align="center">September 30,</td> <td align="center"> </td> <td align="center">December 31,</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Consolidated Balance Sheets</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="center">2012</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">2011</td></tr> <tr valign="bottom"><td align="left">Other investments</td> <td align="left">$</td> <td style="text-indent: 1px;" align="left">4,030,000</td> <td align="left">$</td> <td align="right">2,328,000</td></tr> <tr valign="bottom"><td align="left">Premiums and fees receivable</td> <td align="left">$</td> <td style="text-indent: 1px;" align="left">1,016,000</td> <td align="left">$</td> <td align="right">681,000</td></tr></table></div>   <div> <table border="0" cellspacing="0"> <tr><td width="29%"> </td> <td width="2%"> </td> <td width="18%"> </td> <td width="5%"> </td> <td width="10%"> </td> <td width="2%"> </td> <td width="16%"> </td> <td width="5%"> </td> <td width="7%"> </td></tr> <tr valign="bottom"><td align="left"> </td> <td align="right"> </td> <td colspan="3" align="center">For the three months ended</td> <td align="center"> </td> <td colspan="3" align="center">For the nine months ended</td></tr> <tr valign="bottom"><td align="left">Financial Statement Classification,</td> <td align="right"> </td> <td colspan="3" align="center">September 30,</td> <td align="center"> </td> <td colspan="3" align="center">September 30,</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Consolidated Statements of Income</td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="center">2012</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">2011</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">2012</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">2011</td></tr> <tr valign="bottom"><td align="left">Net premiums written</td> <td align="right">$</td> <td align="center">4,266,000</td> <td align="left">$</td> <td align="right">3,165,000</td> <td align="right">$</td> <td align="center">11,473,000</td> <td align="left">$</td> <td align="right">7,845,000</td></tr> <tr valign="bottom"><td align="left">Other income</td> <td align="right">$</td> <td align="center">655,000</td> <td align="left">$</td> <td align="right">362,000</td> <td align="right">$</td> <td align="center">1,628,000</td> <td align="left">$</td> <td align="right">820,000</td></tr></table></div>   <div> </div> </div>

99003018

103908636

69858103

3736403

-670637

66792337

26116870

1231432

-220903

25106341

80772007

4255276

-1199863

77716594

32277408

1521712

-591551

31347247

<div> <table border="0" cellspacing="0"> <tr><td width="60%"> </td> <td width="19%"> </td> <td width="2%"> </td> <td width="14%"> </td> <td width="2%"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">  </td> <td style="border-bottom: #000000 1px solid;" align="center">2012 </td> <td style="border-bottom: #000000 1px solid;" align="center">  </td> <td style="border-bottom: #000000 1px solid;" align="center">2011 </td> <td style="border-bottom: #000000 1px solid;" align="left">  </td></tr> <tr valign="bottom"><td align="left">Cumulative probability of earning maximum rate until maturity </td> <td align="right">0.0 </td> <td align="left">% </td> <td align="right">0.0-0.1 </td> <td align="left">% </td></tr> <tr valign="bottom"><td align="left">Cumulative probability of principal returned prior to maturity </td> <td align="right">95.9-96.0% </td> <td align="left">  </td> <td align="right">95.4-98.7% </td> <td align="left">  </td></tr> <tr valign="bottom"><td align="left">Cumulative probability of default at some future point </td> <td align="right">4.0-4.1 </td> <td align="left">% </td> <td align="right">1.3-4.6 </td> <td align="left">% </td></tr> <tr valign="bottom"><td align="left">Liquidity risk premium </td> <td align="right">4.5 </td> <td align="left">% </td> <td align="right">4.5-5.0 </td> <td align="left">% </td></tr></table> </div>

<div> <table border="0" cellspacing="0"> <tr><td width="40%"> </td> <td width="2%"> </td> <td width="10%"> </td> <td width="2%"> </td> <td width="2%"> </td> <td width="11%"> </td> <td width="2%"> </td> <td width="10%"> </td> <td width="2%"> </td> <td width="2%"> </td> <td width="9%"> </td></tr> <tr valign="bottom"><td align="left"> </td> <td align="left"> </td> <td colspan="4" align="center">Three months ended</td> <td align="center"> </td> <td colspan="4" align="center">Nine months ended</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" colspan="4" align="center">September 30,</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" colspan="4" align="center">September 30,</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="center">2012</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">2011</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">2012</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">2011</td></tr> <tr><td colspan="11"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Net income attributable to the Company</td> <td style="border-bottom: #000000 1px solid;" align="left">$</td> <td style="border-bottom: #000000 1px solid;" align="right">3,158,185</td> <td style="border-bottom: #000000 1px solid;" align="right">$</td> <td style="border-bottom: #000000 1px solid;" colspan="2" align="right">2,440,465</td> <td style="border-bottom: #000000 1px solid;" align="left">$</td> <td style="border-bottom: #000000 1px solid;" align="right">7,939,812</td> <td style="border-bottom: #000000 1px solid;" align="right">$</td> <td style="border-bottom: #000000 1px solid;" colspan="2" align="right">5,054,477</td></tr> <tr valign="bottom"><td align="left">Weighted average common shares</td> <td align="left"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="left"> </td></tr> <tr valign="bottom"><td style="text-indent: 4px;" align="left">outstanding – Basic</td> <td align="left"> </td> <td align="right">2,071,605</td> <td align="right"> </td> <td align="left"> </td> <td align="right">2,124,078</td> <td align="left"> </td> <td align="right">2,090,369</td> <td align="right"> </td> <td align="left"> </td> <td align="right">2,164,240</td></tr> <tr valign="bottom"><td align="left">Incremental shares outstanding assuming</td> <td align="left"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="left"> </td></tr> <tr valign="bottom"><td style="text-indent: 4px;" align="left">the exercise of dilutive stock options</td> <td align="left"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 4px;" align="left">and SARs (share settled)</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">36,921</td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">19,249</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">33,753</td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">16,215</td></tr> <tr valign="bottom"><td align="left">Weighted average common shares</td> <td align="left"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 4px;" align="left">outstanding - Diluted</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">2,108,526</td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">2,143,327</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">2,124,122</td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">2,180,455</td></tr> <tr><td colspan="11"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 3px double;" align="left">Basic earnings per common share</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">1.52</td> <td style="border-bottom: #000000 3px double;" align="right"> </td> <td style="border-bottom: #000000 3px double;" align="center">$</td> <td style="border-bottom: #000000 3px double;" align="right">1.15</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">3.80</td> <td style="border-bottom: #000000 3px double;" align="right"> </td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">2.34</td></tr> <tr><td colspan="11"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 3px double;" align="left">Diluted earnings per common share</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">1.50</td> <td style="border-bottom: #000000 3px double;" align="right"> </td> <td style="border-bottom: #000000 3px double;" align="center">$</td> <td style="border-bottom: #000000 3px double;" align="right">1.14</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">3.74</td> <td style="border-bottom: #000000 3px double;" align="right"> </td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">2.32</td></tr></table> </div>

<div> <div> As of September 30, 2012: <table border="0" cellspacing="0"> <tr><td width="29%"> </td> <td width="5%"> </td> <td width="12%"> </td> <td width="2%"> </td> <td width="15%"> </td> <td width="4%"> </td> <td width="10%"> </td> <td width="3%"> </td> <td width="9%"> </td> <td width="2%"> </td> <td width="9%"> </td></tr> <tr valign="bottom"><td width="29%" align="left">  </td> <td width="5%" align="left">  </td> <td width="12%" align="center">  </td> <td width="2%" align="center">  </td> <td width="15%" align="center">Estimated Fair </td> <td width="4%" align="center">  </td> <td width="10%" align="center">  </td> <td width="3%" align="center">  </td> <td width="9%" align="center">  </td> <td width="2%" align="center">  </td> <td width="9%" align="center">  </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="29%" align="left">Financial Assets </td> <td style="border-bottom: #000000 1px solid;" width="5%" align="left">  </td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center">Carrying Value </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center">  </td> <td style="border-bottom: #000000 1px solid;" width="15%" align="center">Value </td> <td style="border-bottom: #000000 1px solid;" width="4%" align="center">  </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="center">Level 1 </td> <td style="border-bottom: #000000 1px solid;" width="3%" align="center">  </td> <td style="border-bottom: #000000 1px solid;" width="9%" align="center">Level 2 </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center">  </td> <td style="border-bottom: #000000 1px solid;" width="9%" align="center">Level 3 </td></tr> <tr valign="bottom"><td style="text-indent: 1px;" width="29%" align="left">Cash </td> <td width="5%" align="left">$ </td> <td width="12%" align="right">19,982,759 </td> <td width="2%" align="right">$ </td> <td width="15%" align="right">19,982,759 </td> <td width="4%" align="left">$ </td> <td width="10%" align="right">19,982,759 </td> <td width="3%" align="left">$ </td> <td width="9%" align="right">0 </td> <td width="2%" align="right">$ </td> <td width="9%" align="right">0 </td></tr> <tr valign="bottom"><td style="text-indent: 1px;" width="29%" align="left">Cost-basis investments </td> <td width="5%" align="left">  </td> <td width="12%" align="right">1,894,899 </td> <td width="2%" align="right">  </td> <td width="15%" align="right">2,224,253 </td> <td width="4%" align="left">  </td> <td width="10%" align="right">0 </td> <td width="3%" align="left">  </td> <td width="9%" align="right">0 </td> <td width="2%" align="right">  </td> <td width="9%" align="right">2,224,253 </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 1px;" width="29%" align="left">Accrued dividends and interest </td> <td style="border-bottom: #000000 1px solid;" width="5%" align="left">  </td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right">919,443 </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">  </td> <td style="border-bottom: #000000 1px solid;" width="15%" align="right">919,443 </td> <td style="border-bottom: #000000 1px solid;" width="4%" align="left">  </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">919,443 </td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left">  </td> <td style="border-bottom: #000000 1px solid;" width="9%" align="right">0 </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">  </td> <td style="border-bottom: #000000 1px solid;" width="9%" align="right">0 </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="29%" align="left">Total </td> <td style="border-bottom: #000000 3px double;" width="5%" align="left">$ </td> <td style="border-bottom: #000000 3px double;" width="12%" align="right">22,797,101 </td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$ </td> <td style="border-bottom: #000000 3px double;" width="15%" align="right">23,126,455 </td> <td style="border-bottom: #000000 3px double;" width="4%" align="left">$ </td> <td style="border-bottom: #000000 3px double;" width="10%" align="right">20,902,202 </td> <td style="border-bottom: #000000 3px double;" width="3%" align="left">$ </td> <td style="border-bottom: #000000 3px double;" width="9%" align="right">0 </td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$ </td> <td style="border-bottom: #000000 3px double;" width="9%" align="right">2,224,253 </td></tr> <tr><td width="100%" colspan="11">  </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="29%" align="left">Financial Liabilities </td> <td style="border-bottom: #000000 1px solid;" width="5%" align="left">  </td> <td style="border-bottom: #000000 1px solid;" width="12%" align="left">  </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">  </td> <td style="border-bottom: #000000 1px solid;" width="15%" align="left">  </td> <td style="border-bottom: #000000 1px solid;" width="4%" align="left">  </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="left">  </td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left">  </td> <td style="border-bottom: #000000 1px solid;" width="9%" align="left">  </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">  </td> <td style="border-bottom: #000000 1px solid;" width="9%" align="left">  </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 2px;" width="29%" align="left">Contingent consideration </td> <td style="border-bottom: #000000 1px solid;" width="5%" align="left">$ </td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right">691,250 </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$ </td> <td style="border-bottom: #000000 1px solid;" width="15%" align="right">691,250 </td> <td style="border-bottom: #000000 1px solid; text-indent: 1px;" width="4%" align="left">$ </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">0 </td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left">$ </td> <td style="border-bottom: #000000 1px solid;" width="9%" align="right">0 </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$ </td> <td style="border-bottom: #000000 1px solid;" width="9%" align="right">691,250 </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="29%" align="left">Total </td> <td style="border-bottom: #000000 3px double;" width="5%" align="left">$ </td> <td style="border-bottom: #000000 3px double;" width="12%" align="right">691,250 </td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$ </td> <td style="border-bottom: #000000 3px double;" width="15%" align="right">691,250 </td> <td style="border-bottom: #000000 3px double; text-indent: 1px;" width="4%" align="left">$ </td> <td style="border-bottom: #000000 3px double;" width="10%" align="right">0 </td> <td style="border-bottom: #000000 3px double;" width="3%" align="left">$ </td> <td style="border-bottom: #000000 3px double;" width="9%" align="right">0 </td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$ </td> <td style="border-bottom: #000000 3px double;" width="9%" align="right">691,250 </td></tr></table>   As of December 31, 2011: <div> <table border="0" cellspacing="0"> <tr><td width="28%"> </td> <td width="2%"> </td> <td width="18%"> </td> <td width="2%"> </td> <td width="14%"> </td> <td width="2%"> </td> <td width="11%"> </td> <td width="2%"> </td> <td width="10%"> </td> <td width="2%"> </td> <td width="9%"> </td></tr> <tr valign="bottom"><td width="28%" align="left">  </td> <td width="2%" align="right">  </td> <td width="18%" align="center">  </td> <td width="2%" align="center">  </td> <td width="14%" align="center">Estimated Fair </td> <td width="2%" align="center">  </td> <td width="11%" align="center">  </td> <td width="2%" align="center">  </td> <td width="10%" align="center">  </td> <td width="2%" align="center">  </td> <td width="9%" align="center">  </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="28%" align="left">Financial Assets </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">  </td> <td style="border-bottom: #000000 1px solid;" width="18%" align="center">Carrying Value </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center">  </td> <td style="border-bottom: #000000 1px solid;" width="14%" align="center">Value </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center">  </td> <td style="border-bottom: #000000 1px solid;" width="11%" align="center">Level 1 </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center">  </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="center">Level 2 </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center">  </td> <td style="border-bottom: #000000 1px solid;" width="9%" align="center">Level 3 </td></tr> <tr valign="bottom"><td style="text-indent: 1px;" width="28%" align="left">Cash </td> <td width="2%" align="right">$ </td> <td width="18%" align="right">18,042,258 </td> <td width="2%" align="right">$ </td> <td width="14%" align="right">18,042,258 </td> <td width="2%" align="left">$ </td> <td width="11%" align="right">18,042,258 </td> <td width="2%" align="left">$ </td> <td width="10%" align="right">0 </td> <td width="2%" align="right">$ </td> <td width="9%" align="right">0 </td></tr> <tr valign="bottom"><td style="text-indent: 1px;" width="28%" align="left">Cost-basis investments </td> <td width="2%" align="right">  </td> <td width="18%" align="right">1,303,887 </td> <td width="2%" align="right">  </td> <td width="14%" align="right">1,688,262 </td> <td width="2%" align="left">  </td> <td width="11%" align="right">0 </td> <td width="2%" align="left">  </td> <td width="10%" align="right">0 </td> <td width="2%" align="right">  </td> <td width="9%" align="right">1,688,262 </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 1px;" width="28%" align="left">Accrued dividends and interest </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">  </td> <td style="border-bottom: #000000 1px solid;" width="18%" align="right">1,108,156 </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">  </td> <td style="border-bottom: #000000 1px solid;" width="14%" align="right">1,108,156 </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">  </td> <td style="border-bottom: #000000 1px solid;" width="11%" align="right">1,108,156 </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">  </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">0 </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">  </td> <td style="border-bottom: #000000 1px solid;" width="9%" align="right">0 </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="28%" align="left">Total </td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$ </td> <td style="border-bottom: #000000 3px double;" width="18%" align="right">20,454,301 </td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$ </td> <td style="border-bottom: #000000 3px double;" width="14%" align="right">20,838,676 </td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">$ </td> <td style="border-bottom: #000000 3px double;" width="11%" align="right">19,150,414 </td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">$ </td> <td style="border-bottom: #000000 3px double;" width="10%" align="right">0 </td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$ </td> <td style="border-bottom: #000000 3px double;" width="9%" align="right">1,688,262 </td></tr></table></div></div> </div>

<div> <table border="0" cellspacing="0"> <tr><td width="40%"> </td> <td width="8%"> </td> <td width="20%"> </td> <td width="3%"> </td> <td width="8%"> </td> <td width="15%"> </td> <td width="3%"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="center">September 30, 2012</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">December 31, 2011</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td></tr> <tr valign="bottom"><td align="left">Balance, beginning of period</td> <td align="left">$</td> <td align="right">37,996,000</td> <td align="left"> </td> <td style="text-indent: 1px;" align="left">$</td> <td align="right">38,198,700</td> <td align="left"> </td></tr> <tr valign="bottom"><td align="left">Provision, charged to operations</td> <td align="left"> </td> <td align="right">4,424,523</td> <td align="left"> </td> <td align="left"> </td> <td align="right">3,342,427</td> <td align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Payments of claims, net of recoveries</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">(3,414,523</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">(3,545,127</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Ending balance</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">39,006,000</td> <td style="border-bottom: #000000 3px double;" align="left"> </td> <td style="border-bottom: #000000 3px double; text-indent: 1px;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">37,996,000</td> <td style="border-bottom: #000000 3px double;" align="left"> </td></tr></table> </div>

<div> <table border="0" cellspacing="0"> <tr><td width="43%"> </td> <td width="3%"> </td> <td width="8%"> </td> <td width="2%"> </td> <td width="2%"> </td> <td width="9%"> </td> <td width="2%"> </td> <td width="2%"> </td> <td width="8%"> </td> <td width="2%"> </td> <td width="9%"> </td> <td width="2%"> </td></tr> <tr valign="bottom"><td align="left"> </td> <td align="left"> </td> <td colspan="4" align="center">For the Three</td> <td align="center"> </td> <td align="center"> </td> <td colspan="3" align="center">For the Nine</td> <td align="left"> </td></tr> <tr valign="bottom"><td align="left"> </td> <td align="left"> </td> <td colspan="4" align="center">Months Ended</td> <td align="center"> </td> <td align="center"> </td> <td colspan="3" align="center">Months Ended</td> <td align="left"> </td></tr> <tr valign="bottom"><td align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" colspan="4" align="center">September 30,</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" colspan="3" align="center">September 30,</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="center">2012</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">2011</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">2012</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">2011</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td></tr> <tr valign="bottom"><td align="left">Service cost – benefits earned during the year</td> <td align="left">$</td> <td align="right">3,155</td> <td align="left">$</td> <td align="right"> </td> <td align="right">1,778</td> <td align="left"> </td> <td align="left">$</td> <td align="right">9,463</td> <td align="right">$</td> <td align="right">14,627</td> <td align="left"> </td></tr> <tr valign="bottom"><td align="left">Interest cost on the projected benefit obligation</td> <td align="left"> </td> <td align="right">6,966</td> <td align="left"> </td> <td align="right"> </td> <td align="right">3,077</td> <td align="left"> </td> <td align="left"> </td> <td align="right">20,900</td> <td align="right"> </td> <td align="right">18,455</td> <td align="left"> </td></tr> <tr valign="bottom"><td align="left">Amortization of unrecognized prior service cost</td> <td align="left"> </td> <td align="right">2,349</td> <td align="left"> </td> <td align="right"> </td> <td align="right">(415</td> <td align="left">)</td> <td align="left"> </td> <td align="right">7,047</td> <td align="right"> </td> <td align="right">9,779</td> <td align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Amortization of unrecognized losses (gains)</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">171</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="right">(1,525</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">511</td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="right">(239</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Net periodic benefits costs</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">12,641</td> <td style="border-bottom: #000000 3px double;" align="left"> </td> <td style="border-bottom: #000000 3px double;" align="right">$</td> <td style="border-bottom: #000000 3px double;" align="right">2,915</td> <td style="border-bottom: #000000 3px double;" align="left"> </td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">37,921</td> <td style="border-bottom: #000000 3px double;" align="right">$</td> <td style="border-bottom: #000000 3px double;" align="right">42,622</td> <td style="border-bottom: #000000 3px double;" align="left"> </td></tr></table> </div>

<div> <table border="0" cellspacing="0"> <tr><td width="58%"> </td> <td width="10%"> </td> <td width="10%"> </td> <td width="3%"> </td> <td width="3%"> </td> <td width="9%"> </td> <td width="3%"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="center">2012</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">2011</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td></tr> <tr valign="bottom"><td align="left">Gross realized gains:</td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td></tr> <tr valign="bottom"><td style="text-indent: 1px;" align="left">Obligations of states and political subdivisions</td> <td align="right">$</td> <td align="right">2,862</td> <td align="left"> </td> <td align="right">$</td> <td align="right">20,845</td> <td align="left"> </td></tr> <tr valign="bottom"><td style="text-indent: 1px;" align="left">Common stocks and nonredeemable preferred stocks</td> <td align="left"> </td> <td align="right">199,977</td> <td align="left"> </td> <td align="left"> </td> <td align="right">279,899</td> <td align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 2px;" align="left">Auction rate securities</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">118,336</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">43,200</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 3px;" align="left">Total</td> <td style="border-bottom: #000000 1px solid;" align="right">$</td> <td style="border-bottom: #000000 1px solid;" align="right">321,175</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">$</td> <td style="border-bottom: #000000 1px solid;" align="right">343,944</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td></tr> <tr valign="bottom"><td align="left">Gross realized losses:</td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td></tr> <tr valign="bottom"><td style="text-indent: 1px;" align="left">Common stocks and nonredeemable preferred stocks</td> <td align="right">$</td> <td align="right">(91,975</td> <td align="left">)</td> <td align="right">$</td> <td align="right">(141,609</td> <td align="left">)</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 1px;" align="left">Other than temporary impairment of securities</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">(76,539</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">(214,077</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 3px;" align="left">Total</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">(168,514</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">(355,686</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Net realized gain (loss)</td> <td style="border-bottom: #000000 1px solid;" align="right">$</td> <td style="border-bottom: #000000 1px solid;" align="right">152,661</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">$</td> <td style="border-bottom: #000000 1px solid;" align="right">(11,742</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td></tr></table> </div>

<div> <div> <div> <table border="0" cellspacing="0"> <tr><td width="31%"> </td> <td width="3%"> </td> <td width="12%"> </td> <td width="3%"> </td> <td width="12%"> </td> <td width="3%"> </td> <td width="14%"> </td> <td width="3%"> </td> <td width="3%"> </td> <td width="12%"> </td></tr> <tr valign="bottom"><td align="left">Three Months Ended</td> <td align="left"> </td> <td align="center">Title</td> <td align="center"> </td> <td align="center">All</td> <td align="center"> </td> <td align="center">Intersegment</td> <td align="center"> </td> <td align="center"> </td> <td align="center"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">September 30, 2012</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 1px;" align="center">Insurance</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">Other</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">Eliminations</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">Total</td></tr> <tr valign="bottom"><td align="left">Operating revenues</td> <td align="left">$</td> <td align="right">30,429,446</td> <td align="left">$</td> <td align="right">1,356,733</td> <td align="left">$</td> <td align="right">(571,134</td> <td align="left">)</td> <td align="left">$</td> <td align="right">31,215,045</td></tr> <tr valign="bottom"><td align="left">Investment income</td> <td align="left"> </td> <td align="right">832,241</td> <td align="left"> </td> <td align="right">150,749</td> <td align="left"> </td> <td align="right">(20,417</td> <td align="left">)</td> <td align="left"> </td> <td align="right">962,573</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Net realized gain on investments</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">85,560</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">14,230</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">0</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">99,790</td></tr> <tr valign="bottom"><td align="left">Total revenues</td> <td align="left">$</td> <td align="right">31,347,247</td> <td align="left">$</td> <td align="right">1,521,712</td> <td align="left">$</td> <td align="right">(591,551</td> <td align="left">)</td> <td align="left">$</td> <td align="right">32,277,408</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Operating expenses</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">27,086,970</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">1,026,236</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">(553,713</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">27,559,493</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Income before income taxes</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">4,260,277</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">495,476</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">(37,838</td> <td style="border-bottom: #000000 3px double;" align="left">)</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">4,717,915</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Total assets</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">132,713,703</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">37,296,333</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">0</td> <td style="border-bottom: #000000 3px double;" align="left"> </td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">170,010,036</td></tr></table></div>   <div> <table border="0" cellspacing="0"> <tr><td width="28%"> </td> <td width="3%"> </td> <td width="11%"> </td> <td width="2%"> </td> <td width="3%"> </td> <td width="10%"> </td> <td width="2%"> </td> <td width="3%"> </td> <td width="13%"> </td> <td width="2%"> </td> <td width="3%"> </td> <td width="11%"> </td> <td width="2%"> </td></tr> <tr valign="bottom"><td align="left">Three Months Ended</td> <td align="left"> </td> <td align="center">Title</td> <td align="center"> </td> <td align="center"> </td> <td align="center">All</td> <td align="center"> </td> <td align="center"> </td> <td align="center">Intersegment</td> <td align="center"> </td> <td align="center"> </td> <td align="center"> </td> <td align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">September 30, 2011</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 1px;" align="center">Insurance</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">Other</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">Eliminations</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">Total</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td></tr> <tr valign="bottom"><td align="left">Operating revenues</td> <td align="left">$</td> <td align="right">24,501,862</td> <td align="left"> </td> <td align="left">$</td> <td align="right">1,128,526</td> <td align="left"> </td> <td align="left">$</td> <td align="right">(200,486</td> <td align="left">)</td> <td align="left">$</td> <td align="right">25,429,902</td> <td align="left"> </td></tr> <tr valign="bottom"><td align="left">Investment income</td> <td align="left"> </td> <td align="right">783,495</td> <td align="left"> </td> <td align="left"> </td> <td align="right">123,977</td> <td align="left"> </td> <td align="left"> </td> <td align="right">(20,417</td> <td align="left">)</td> <td align="left"> </td> <td align="right">887,055</td> <td align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Net realized loss on investments</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">(179,016</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">(21,071</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">0</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">(200,087</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td></tr> <tr valign="bottom"><td align="left">Total revenues</td> <td align="left">$</td> <td align="right">25,106,341</td> <td align="left"> </td> <td align="left">$</td> <td align="right">1,231,432</td> <td align="left"> </td> <td align="left">$</td> <td align="right">(220,903</td> <td align="left">)</td> <td align="left">$</td> <td align="right">26,116,870</td> <td align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Operating expenses</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">21,620,657</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">1,235,234</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">(200,486</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">22,655,405</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Income (loss) before income taxes</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">3,485,684</td> <td style="border-bottom: #000000 3px double;" align="left"> </td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">(3,802</td> <td style="border-bottom: #000000 3px double;" align="left">)</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">(20,417</td> <td style="border-bottom: #000000 3px double;" align="left">)</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">3,461,465</td> <td style="border-bottom: #000000 3px double;" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Total assets</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">118,905,284</td> <td style="border-bottom: #000000 3px double;" align="left"> </td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">36,591,725</td> <td style="border-bottom: #000000 3px double;" align="left"> </td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">0</td> <td style="border-bottom: #000000 3px double;" align="left"> </td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">155,497,009</td> <td style="border-bottom: #000000 3px double;" align="left"> </td></tr></table></div>   <div> <table border="0" cellspacing="0"> <tr><td width="31%"> </td> <td width="3%"> </td> <td width="13%"> </td> <td width="3%"> </td> <td width="11%"> </td> <td width="3%"> </td> <td width="14%"> </td> <td width="3%"> </td> <td width="3%"> </td> <td width="12%"> </td></tr> <tr valign="bottom"><td align="left">Nine Months Ended</td> <td align="left"> </td> <td align="center">Title</td> <td align="center"> </td> <td align="center">All</td> <td align="center"> </td> <td align="center">Intersegment</td> <td align="center"> </td> <td align="center"> </td> <td align="center"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">September 30, 2012</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 1px;" align="center">Insurance</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">Other</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">Eliminations</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">Total</td></tr> <tr valign="bottom"><td align="left">Operating revenues</td> <td align="left">$</td> <td align="right">74,967,470</td> <td align="left">$</td> <td align="right">3,635,577</td> <td align="left">$</td> <td align="right">(1,138,611</td> <td align="left">)</td> <td align="left">$</td> <td align="right">77,464,436</td></tr> <tr valign="bottom"><td align="left">Investment income</td> <td align="left"> </td> <td align="right">2,566,875</td> <td align="left"> </td> <td align="right">444,129</td> <td align="left"> </td> <td align="right">(61,252</td> <td align="left">)</td> <td align="left"> </td> <td align="right">2,949,752</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Net realized gain on investments</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">182,249</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">175,570</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">0</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">357,819</td></tr> <tr valign="bottom"><td align="left">Total revenues</td> <td align="left">$</td> <td align="right">77,716,594</td> <td align="left">$</td> <td align="right">4,255,276</td> <td align="left">$</td> <td align="right">(1,199,863</td> <td align="left">)</td> <td align="left">$</td> <td align="right">80,772,007</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Operating expenses</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">66,772,534</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">3,820,487</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">(1,103,769</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">69,489,252</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Income before income taxes</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">10,944,060</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">434,789</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">(96,094</td> <td style="border-bottom: #000000 3px double;" align="left">)</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">11,282,755</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Total assets</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">132,713,703</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">37,296,333</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">0</td> <td style="border-bottom: #000000 3px double;" align="left"> </td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">170,010,036</td></tr></table></div>   <div> </div> <div> <table border="0" cellspacing="0"> <tr><td width="28%"> </td> <td width="3%"> </td> <td width="11%"> </td> <td width="2%"> </td> <td width="3%"> </td> <td width="11%"> </td> <td width="2%"> </td> <td width="3%"> </td> <td width="13%"> </td> <td width="2%"> </td> <td width="3%"> </td> <td width="11%"> </td> <td width="2%"> </td></tr> <tr valign="bottom"><td align="left">Nine Months Ended</td> <td align="left"> </td> <td align="center">Title</td> <td align="center"> </td> <td align="center"> </td> <td align="center">All</td> <td align="center"> </td> <td align="center"> </td> <td align="center">Intersegment</td> <td align="center"> </td> <td align="center"> </td> <td align="center"> </td> <td align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">September 30, 2011</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 1px;" align="center">Insurance</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">Other</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">Eliminations</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">Total</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td></tr> <tr valign="bottom"><td align="left">Operating revenues</td> <td align="left">$</td> <td align="right">64,498,303</td> <td align="left"> </td> <td align="left">$</td> <td align="right">3,383,112</td> <td align="left"> </td> <td align="left">$</td> <td align="right">(609,385</td> <td align="left">)</td> <td align="left">$</td> <td align="right">67,272,030</td> <td align="left"> </td></tr> <tr valign="bottom"><td align="left">Investment income</td> <td align="left"> </td> <td align="right">2,348,441</td> <td align="left"> </td> <td align="left"> </td> <td align="right">378,056</td> <td align="left"> </td> <td align="left"> </td> <td align="right">(61,252</td> <td align="left">)</td> <td align="left"> </td> <td align="right">2,665,245</td> <td align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Net realized loss on investments</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">(54,407</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">(24,765</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">0</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">(79,172</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td></tr> <tr valign="bottom"><td align="left">Total revenues</td> <td align="left">$</td> <td align="right">66,792,337</td> <td align="left"> </td> <td align="left">$</td> <td align="right">3,736,403</td> <td align="left"> </td> <td align="left">$</td> <td align="right">(670,637</td> <td align="left">)</td> <td align="left">$</td> <td align="right">69,858,103</td> <td align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Operating expenses</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">59,758,416</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">3,862,595</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">(609,385</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">63,011,626</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Income (loss) before income taxes</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">7,033,921</td> <td style="border-bottom: #000000 3px double;" align="left"> </td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">(126,192</td> <td style="border-bottom: #000000 3px double;" align="left">)</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">(61,252</td> <td style="border-bottom: #000000 3px double;" align="left">)</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">6,846,477</td> <td style="border-bottom: #000000 3px double;" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Total assets</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">118,905,284</td> <td style="border-bottom: #000000 3px double;" align="left"> </td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">36,591,725</td> <td style="border-bottom: #000000 3px double;" align="left"> </td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">0</td> <td style="border-bottom: #000000 3px double;" align="left"> </td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">155,497,009</td> <td style="border-bottom: #000000 3px double;" align="left"> </td></tr></table></div></div> </div>

<div> <table border="0" cellspacing="0"> <tr><td width="32%"> </td> <td width="16%"> </td> <td width="2%"> </td> <td width="2%"> </td> <td width="13%"> </td> <td width="16%"> </td> <td width="2%"> </td> <td width="13%"> </td></tr> <tr valign="bottom"><td align="left"> </td> <td align="center"> </td> <td align="center"> </td> <td align="center"> </td> <td align="center">Weighted</td> <td align="center">Average</td> <td align="center"> </td> <td align="center"> </td></tr> <tr valign="bottom"><td align="left"> </td> <td align="center"> </td> <td align="center"> </td> <td align="center"> </td> <td style="text-indent: 1px;" align="center">Average</td> <td align="center">Remaining</td> <td align="center"> </td> <td align="center">Aggregate</td></tr> <tr valign="bottom"><td align="left"> </td> <td align="center">Number</td> <td align="center"> </td> <td align="center"> </td> <td style="text-indent: 1px;" align="center">Exercise</td> <td align="center">Contractual</td> <td align="center"> </td> <td align="center">Intrinsic</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="center">Of Shares</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">Price</td> <td style="border-bottom: #000000 1px solid;" align="center">Term (years)</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">Value</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Outstanding as of January 1, 2011</td> <td style="border-bottom: #000000 1px solid;" align="right">110,800</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">$</td> <td style="border-bottom: #000000 1px solid;" align="right">28.77</td> <td style="border-bottom: #000000 1px solid; text-indent: 12px;" align="right">4.51</td> <td style="border-bottom: #000000 1px solid;" align="right">$</td> <td style="border-bottom: #000000 1px solid;" align="center">353,955</td></tr> <tr valign="bottom"><td align="left">SARs granted</td> <td align="right">3,000</td> <td align="left"> </td> <td align="right"> </td> <td align="right">41.50</td> <td align="right"> </td> <td align="right"> </td> <td align="left"> </td></tr> <tr valign="bottom"><td align="left">Options exercised</td> <td align="right">(7,700</td> <td align="left">)</td> <td align="right"> </td> <td align="right">20.15</td> <td align="right"> </td> <td align="right"> </td> <td align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Options/SARs cancelled/forfeited/expired</td> <td style="border-bottom: #000000 1px solid;" align="right">(4,500</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="right">28.61</td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Outstanding as of December 31, 2011</td> <td style="border-bottom: #000000 1px solid;" align="right">101,600</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">$</td> <td style="border-bottom: #000000 1px solid;" align="right">29.81</td> <td style="border-bottom: #000000 1px solid; text-indent: 12px;" align="right">3.91</td> <td style="border-bottom: #000000 1px solid;" align="right">$</td> <td style="border-bottom: #000000 1px solid;" align="center">697,780</td></tr> <tr valign="bottom"><td align="left">SARs granted</td> <td align="right">3,000</td> <td align="left"> </td> <td align="right"> </td> <td align="right">50.50</td> <td align="right"> </td> <td align="right"> </td> <td align="left"> </td></tr> <tr valign="bottom"><td align="left">Options exercised</td> <td align="right">(6,130)</td> <td align="left"> </td> <td align="right"> </td> <td align="right">24.93</td> <td align="right"> </td> <td align="right"> </td> <td align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Options/SARs cancelled/forfeited/expired</td> <td style="border-bottom: #000000 1px solid;" align="right">(70)</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="right">31.00</td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Outstanding as of September 30, 2012</td> <td style="border-bottom: #000000 1px solid;" align="right">98,400</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">$</td> <td style="border-bottom: #000000 1px solid;" align="right">30.74</td> <td style="border-bottom: #000000 1px solid; text-indent: 12px;" align="right">3.42</td> <td style="border-bottom: #000000 1px solid;" align="right">$</td> <td style="border-bottom: #000000 1px solid;" align="center">3,394,561</td></tr> <tr><td colspan="8"> </td></tr> <tr valign="bottom"><td align="left">Exercisable as of September 30, 2012</td> <td align="right">96,600</td> <td align="left"> </td> <td align="right">$</td> <td align="right">30.43</td> <td style="text-indent: 12px;" align="right">3.38</td> <td align="right">$</td> <td align="center">3,362,208</td></tr> <tr><td colspan="8"> </td></tr> <tr valign="bottom"><td align="left">Unvested as of September 30, 2012</td> <td align="right">1,800</td> <td align="left"> </td> <td align="right">$</td> <td align="right">47.27</td> <td style="text-indent: 12px;" align="right">5.82</td> <td align="right">$</td> <td align="center">32,353</td></tr></table> </div>

<div> <table border="0" cellspacing="0"> <tr><td width="60%"> </td> <td width="12%"> </td> <td width="5%"> </td> <td width="14%"> </td> <td width="5%"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="60%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center">2012</td> <td style="border-bottom: #000000 1px solid;" width="5%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="14%" align="center">2011</td> <td style="border-bottom: #000000 1px solid;" width="5%" align="left"> </td></tr> <tr valign="bottom"><td width="60%" align="left">Expected Life in Years</td> <td width="12%" align="right">5.0</td> <td width="5%" align="left"> </td> <td width="14%" align="right">5.0</td> <td width="5%" align="left"> </td></tr> <tr valign="bottom"><td width="60%" align="left">Volatility</td> <td width="12%" align="right">44.6</td> <td width="5%" align="left">%</td> <td width="14%" align="right">43.6</td> <td width="5%" align="left">%</td></tr> <tr valign="bottom"><td width="60%" align="left">Interest Rate</td> <td width="12%" align="right">0.8</td> <td width="5%" align="left">%</td> <td width="14%" align="right">1.9</td> <td width="5%" align="left">%</td></tr> <tr valign="bottom"><td width="60%" align="left">Yield Rate</td> <td width="12%" align="right">0.6</td> <td width="5%" align="left">%</td> <td width="14%" align="right">0.8</td> <td width="5%" align="left">%</td></tr></table> </div>

<div> <div> <div> <table border="0" cellspacing="0"> <tr><td width="16%"> </td> <td width="2%"> </td> <td width="9%"> </td> <td width="2%"> </td> <td width="12%"> </td> <td width="2%"> </td> <td width="2%"> </td> <td width="10%"> </td> <td width="2%"> </td> <td width="8%"> </td> <td width="2%"> </td> <td width="2%"> </td> <td width="10%"> </td> <td width="2%"> </td> <td width="8%"> </td> <td width="2%"> </td></tr> <tr valign="bottom"><td width="16%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="23%" colspan="3" align="center">Less than 12 Months</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="20%" colspan="3" align="center">12 Months or Longer</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="20%" colspan="3" align="center">Total</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="16%" align="left"> </td> <td width="2%" align="right"> </td> <td width="9%" align="center">Fair</td> <td width="2%" align="center"> </td> <td width="12%" align="center">Unrealized</td> <td width="2%" align="center"> </td> <td width="12%" colspan="2" align="center">Fair</td> <td width="10%" colspan="2" align="center">Unrealized</td> <td width="2%" align="center"> </td> <td width="2%" align="center"> </td> <td style="text-indent: 12.36pt;" width="10%" align="center">Fair</td> <td width="2%" align="center"> </td> <td width="8%" align="center">Unrealized</td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="16%" align="left">September 30, 2012</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="9%" align="center">Value</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center">Losses</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="12%" colspan="2" align="center">Value</td> <td style="border-bottom: #000000 1px solid;" width="10%" colspan="2" align="center">Losses</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 9.241pt;" width="10%" align="center">Value</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="8%" align="center">Losses</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td></tr> <tr valign="bottom"><td style="text-indent: 0pt;" width="16%" align="left">Obligations of states</td> <td width="2%" align="right"> </td> <td width="9%" align="left"> </td> <td width="2%" align="right"> </td> <td width="12%" align="left"> </td> <td width="2%" align="left"> </td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td> <td width="2%" align="left"> </td> <td width="8%" align="left"> </td> <td width="2%" align="left"> </td> <td width="2%" align="right"> </td> <td width="10%" align="left"> </td> <td width="2%" align="right"> </td> <td width="8%" align="left"> </td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td style="text-indent: 11.25pt;" width="16%" align="left">and political</td> <td width="2%" align="right"> </td> <td width="9%" align="left"> </td> <td width="2%" align="right"> </td> <td width="12%" align="left"> </td> <td width="2%" align="left"> </td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td> <td width="2%" align="left"> </td> <td width="8%" align="left"> </td> <td width="2%" align="left"> </td> <td width="2%" align="right"> </td> <td width="10%" align="left"> </td> <td width="2%" align="right"> </td> <td width="8%" align="left"> </td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td style="text-indent: 11.25pt;" width="16%" align="left">subdivisions</td> <td width="2%" align="right">$</td> <td width="9%" align="right">2,367,365</td> <td width="2%" align="right">$</td> <td width="12%" align="right">(12,970</td> <td width="2%" align="left">)</td> <td width="2%" align="left">$</td> <td width="10%" align="right">0</td> <td style="text-indent: 0.239pt;" width="2%" align="left">$</td> <td width="8%" align="right">0</td> <td width="2%" align="left"> </td> <td width="2%" align="right">$</td> <td width="10%" align="right">2,367,365</td> <td width="2%" align="right">$</td> <td width="8%" align="right">(12,970</td> <td width="2%" align="left">)</td></tr> <tr valign="bottom"><td style="text-indent: 0pt;" width="16%" align="left">Corporate debt</td> <td width="2%" align="right"> </td> <td width="9%" align="left"> </td> <td width="2%" align="right"> </td> <td width="12%" align="left"> </td> <td width="2%" align="left"> </td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td> <td width="2%" align="left"> </td> <td width="8%" align="left"> </td> <td width="2%" align="left"> </td> <td width="2%" align="right"> </td> <td width="10%" align="left"> </td> <td width="2%" align="right"> </td> <td width="8%" align="left"> </td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 11.25pt;" width="16%" align="left">securities</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="9%" align="right">0</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right">0</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">1,013,480</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right">(3,434</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">)</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">1,013,480</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right">(3,434</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">)</td></tr> <tr valign="bottom"><td width="16%" align="left">Total fixed income</td> <td width="2%" align="right"> </td> <td width="9%" align="left"> </td> <td width="2%" align="right"> </td> <td width="12%" align="left"> </td> <td width="2%" align="left"> </td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td> <td width="2%" align="left"> </td> <td width="8%" align="left"> </td> <td width="2%" align="left"> </td> <td width="2%" align="right"> </td> <td width="10%" align="left"> </td> <td width="2%" align="right"> </td> <td width="8%" align="left"> </td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 11.25pt;" width="16%" align="left">securities</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="9%" align="right">2,367,365</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right">(12,970</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">)</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">$</td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">1,013,480</td> <td style="border-bottom: #000000 1px solid; text-indent: 0.959pt;" width="2%" align="left">$</td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right">(3,434</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">)</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">3,380,845</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right">(16,404</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">)</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="16%" align="left">Equity securities</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="9%" align="right">601,776</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right">(40,879</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">)</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">0</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right">0</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">601,776</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right">(40,879</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">)</td></tr> <tr valign="bottom"><td width="16%" align="left">Total temporarily</td> <td width="2%" align="right"> </td> <td width="9%" align="left"> </td> <td width="2%" align="right"> </td> <td width="12%" align="left"> </td> <td width="2%" align="left"> </td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td> <td width="2%" align="left"> </td> <td width="8%" align="left"> </td> <td width="2%" align="left"> </td> <td width="2%" align="right"> </td> <td width="10%" align="left"> </td> <td width="2%" align="right"> </td> <td width="8%" align="left"> </td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 3px double; text-indent: 11.25pt;" width="16%" align="left">impaired securities</td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="9%" align="right">2,969,141</td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="12%" align="right">(53,849</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">)</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">$</td> <td style="border-bottom: #000000 3px double;" width="10%" align="right">1,013,480</td> <td style="border-bottom: #000000 3px double; text-indent: 0.959pt;" width="2%" align="left">$</td> <td style="border-bottom: #000000 3px double;" width="8%" align="right">(3,434</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">)</td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="10%" align="right">3,982,621</td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="8%" align="right">(57,283</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">)</td></tr></table></div>   <div> <table border="0" cellspacing="0"> <tr><td width="15%"> </td> <td width="2%"> </td> <td width="10%"> </td> <td width="2%"> </td> <td width="11%"> </td> <td width="2%"> </td> <td width="2%"> </td> <td width="11%"> </td> <td width="2%"> </td> <td width="8%"> </td> <td width="2%"> </td> <td width="2%"> </td> <td width="10%"> </td> <td width="2%"> </td> <td width="9%"> </td> <td width="2%"> </td></tr> <tr valign="bottom"><td align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" colspan="3" align="center">Less than 12 Months</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" colspan="3" align="center">12 Months or Longer</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" colspan="3" align="center">Total</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td></tr> <tr valign="bottom"><td align="left"> </td> <td align="right"> </td> <td style="text-indent: 11.58pt;" align="center">Fair</td> <td align="center"> </td> <td align="center">Unrealized</td> <td align="center"> </td> <td align="center"> </td> <td style="text-indent: 11.641pt;" align="center">Fair</td> <td colspan="2" align="center">Unrealized</td> <td align="center"> </td> <td align="center"> </td> <td align="center">Fair</td> <td align="center"> </td> <td align="center">Unrealized</td> <td align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 0pt;" align="left">December 31, 2011</td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 8.46pt;" align="center">Value</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">Losses</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 8.641pt;" align="center">Value</td> <td style="border-bottom: #000000 1px solid;" colspan="2" align="center">Losses</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 6.24pt;" align="center">Value</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">Losses</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td></tr> <tr valign="bottom"><td style="text-indent: 0pt;" align="left">Obligations of states</td> <td align="right"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="left"> </td></tr> <tr valign="bottom"><td style="text-indent: 13.5pt;" align="left">and political</td> <td align="right"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="left"> </td></tr> <tr valign="bottom"><td style="text-indent: 11.25pt;" align="left">subdivisions</td> <td align="right">$</td> <td align="right">663,666</td> <td align="right">$</td> <td align="right">(64</td> <td align="left">)</td> <td align="right">$</td> <td align="right">1,023,180</td> <td style="text-indent: 0.719pt;" align="left">$</td> <td align="right">(13,805</td> <td align="left">)</td> <td align="right">$</td> <td align="right">1,686,846</td> <td align="right">$</td> <td align="right">(13,869</td> <td align="left">)</td></tr> <tr valign="bottom"><td style="text-indent: 0pt;" align="left">Corporate debt</td> <td align="right"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 11.25pt;" align="left">securities</td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="right">3,015,769</td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="right">(148,616</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="right">0</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">0</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="right">3,015,769</td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="right">(148,616</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td></tr> <tr valign="bottom"><td align="left">Total fixed income</td> <td align="right"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 11.25pt;" align="left">securities</td> <td style="border-bottom: #000000 1px solid;" align="right">$</td> <td style="border-bottom: #000000 1px solid;" align="right">3,679,435</td> <td style="border-bottom: #000000 1px solid;" align="right">$</td> <td style="border-bottom: #000000 1px solid;" align="right">(148,680</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td> <td style="border-bottom: #000000 1px solid;" align="right">$</td> <td style="border-bottom: #000000 1px solid;" align="right">1,023,180</td> <td style="border-bottom: #000000 1px solid; text-indent: 0.718pt;" align="left">$</td> <td style="border-bottom: #000000 1px solid;" align="right">(13,805</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td> <td style="border-bottom: #000000 1px solid;" align="right">$</td> <td style="border-bottom: #000000 1px solid;" align="right">4,702,615</td> <td style="border-bottom: #000000 1px solid;" align="right">$</td> <td style="border-bottom: #000000 1px solid;" align="right">(162,485</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 0pt;" align="left">Equity securities</td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="right">957,072</td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="right">(40,893</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="right">104,130</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">(930</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="right">1,061,202</td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="right">(41,823</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td></tr> <tr valign="bottom"><td style="text-indent: 0pt;" align="left">Total temporarily</td> <td align="right"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 3px double; text-indent: 11.25pt;" align="left">impaired securities</td> <td style="border-bottom: #000000 3px double;" align="right">$</td> <td style="border-bottom: #000000 3px double;" align="right">4,636,507</td> <td style="border-bottom: #000000 3px double;" align="right">$</td> <td style="border-bottom: #000000 3px double;" align="right">(189,573</td> <td style="border-bottom: #000000 3px double;" align="left">)</td> <td style="border-bottom: #000000 3px double;" align="right">$</td> <td style="border-bottom: #000000 3px double;" align="right">1,127,310</td> <td style="border-bottom: #000000 3px double; text-indent: 0.72pt;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">(14,735</td> <td style="border-bottom: #000000 3px double;" align="left">)</td> <td style="border-bottom: #000000 3px double;" align="right">$</td> <td style="border-bottom: #000000 3px double;" align="right">5,763,817</td> <td style="border-bottom: #000000 3px double;" align="right">$</td> <td style="border-bottom: #000000 3px double;" align="right">(204,308</td> <td style="border-bottom: #000000 3px double;" align="left">)</td></tr></table></div>  </div> </div>

<div> Note 4 – Segment Information      The Company has one reportable segment, title insurance services. The remaining immaterial segments have been combined into a group called "All Other."      The title insurance segment primarily issues title insurance policies through approved attorneys from underwriting offices and through independent issuing agents. Title insurance policies insure titles to real estate.      The following table shows selected financial information about the Company's operations by segment for the periods ended September 30, 2012 and 2011 <div> <div> <table border="0" cellspacing="0"> <tr><td width="31%"> </td> <td width="3%"> </td> <td width="12%"> </td> <td width="3%"> </td> <td width="12%"> </td> <td width="3%"> </td> <td width="14%"> </td> <td width="3%"> </td> <td width="3%"> </td> <td width="12%"> </td></tr> <tr valign="bottom"><td align="left">Three Months Ended</td> <td align="left"> </td> <td align="center">Title</td> <td align="center"> </td> <td align="center">All</td> <td align="center"> </td> <td align="center">Intersegment</td> <td align="center"> </td> <td align="center"> </td> <td align="center"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">September 30, 2012</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 1px;" align="center">Insurance</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">Other</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">Eliminations</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">Total</td></tr> <tr valign="bottom"><td align="left">Operating revenues</td> <td align="left">$</td> <td align="right">30,429,446</td> <td align="left">$</td> <td align="right">1,356,733</td> <td align="left">$</td> <td align="right">(571,134</td> <td align="left">)</td> <td align="left">$</td> <td align="right">31,215,045</td></tr> <tr valign="bottom"><td align="left">Investment income</td> <td align="left"> </td> <td align="right">832,241</td> <td align="left"> </td> <td align="right">150,749</td> <td align="left"> </td> <td align="right">(20,417</td> <td align="left">)</td> <td align="left"> </td> <td align="right">962,573</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Net realized gain on investments</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">85,560</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">14,230</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">0</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">99,790</td></tr> <tr valign="bottom"><td align="left">Total revenues</td> <td align="left">$</td> <td align="right">31,347,247</td> <td align="left">$</td> <td align="right">1,521,712</td> <td align="left">$</td> <td align="right">(591,551</td> <td align="left">)</td> <td align="left">$</td> <td align="right">32,277,408</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Operating expenses</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">27,086,970</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">1,026,236</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">(553,713</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">27,559,493</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Income before income taxes</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">4,260,277</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">495,476</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">(37,838</td> <td style="border-bottom: #000000 3px double;" align="left">)</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">4,717,915</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Total assets</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">132,713,703</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">37,296,333</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">0</td> <td style="border-bottom: #000000 3px double;" align="left"> </td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">170,010,036</td></tr></table></div>   <div> <table border="0" cellspacing="0"> <tr><td width="28%"> </td> <td width="3%"> </td> <td width="11%"> </td> <td width="2%"> </td> <td width="3%"> </td> <td width="10%"> </td> <td width="2%"> </td> <td width="3%"> </td> <td width="13%"> </td> <td width="2%"> </td> <td width="3%"> </td> <td width="11%"> </td> <td width="2%"> </td></tr> <tr valign="bottom"><td align="left">Three Months Ended</td> <td align="left"> </td> <td align="center">Title</td> <td align="center"> </td> <td align="center"> </td> <td align="center">All</td> <td align="center"> </td> <td align="center"> </td> <td align="center">Intersegment</td> <td align="center"> </td> <td align="center"> </td> <td align="center"> </td> <td align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">September 30, 2011</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 1px;" align="center">Insurance</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">Other</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">Eliminations</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">Total</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td></tr> <tr valign="bottom"><td align="left">Operating revenues</td> <td align="left">$</td> <td align="right">24,501,862</td> <td align="left"> </td> <td align="left">$</td> <td align="right">1,128,526</td> <td align="left"> </td> <td align="left">$</td> <td align="right">(200,486</td> <td align="left">)</td> <td align="left">$</td> <td align="right">25,429,902</td> <td align="left"> </td></tr> <tr valign="bottom"><td align="left">Investment income</td> <td align="left"> </td> <td align="right">783,495</td> <td align="left"> </td> <td align="left"> </td> <td align="right">123,977</td> <td align="left"> </td> <td align="left"> </td> <td align="right">(20,417</td> <td align="left">)</td> <td align="left"> </td> <td align="right">887,055</td> <td align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Net realized loss on investments</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">(179,016</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">(21,071</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">0</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">(200,087</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td></tr> <tr valign="bottom"><td align="left">Total revenues</td> <td align="left">$</td> <td align="right">25,106,341</td> <td align="left"> </td> <td align="left">$</td> <td align="right">1,231,432</td> <td align="left"> </td> <td align="left">$</td> <td align="right">(220,903</td> <td align="left">)</td> <td align="left">$</td> <td align="right">26,116,870</td> <td align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Operating expenses</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">21,620,657</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">1,235,234</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">(200,486</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">22,655,405</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Income (loss) before income taxes</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">3,485,684</td> <td style="border-bottom: #000000 3px double;" align="left"> </td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">(3,802</td> <td style="border-bottom: #000000 3px double;" align="left">)</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">(20,417</td> <td style="border-bottom: #000000 3px double;" align="left">)</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">3,461,465</td> <td style="border-bottom: #000000 3px double;" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Total assets</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">118,905,284</td> <td style="border-bottom: #000000 3px double;" align="left"> </td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">36,591,725</td> <td style="border-bottom: #000000 3px double;" align="left"> </td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">0</td> <td style="border-bottom: #000000 3px double;" align="left"> </td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">155,497,009</td> <td style="border-bottom: #000000 3px double;" align="left"> </td></tr></table></div>   <div> <table border="0" cellspacing="0"> <tr><td width="31%"> </td> <td width="3%"> </td> <td width="13%"> </td> <td width="3%"> </td> <td width="11%"> </td> <td width="3%"> </td> <td width="14%"> </td> <td width="3%"> </td> <td width="3%"> </td> <td width="12%"> </td></tr> <tr valign="bottom"><td align="left">Nine Months Ended</td> <td align="left"> </td> <td align="center">Title</td> <td align="center"> </td> <td align="center">All</td> <td align="center"> </td> <td align="center">Intersegment</td> <td align="center"> </td> <td align="center"> </td> <td align="center"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">September 30, 2012</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 1px;" align="center">Insurance</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">Other</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">Eliminations</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">Total</td></tr> <tr valign="bottom"><td align="left">Operating revenues</td> <td align="left">$</td> <td align="right">74,967,470</td> <td align="left">$</td> <td align="right">3,635,577</td> <td align="left">$</td> <td align="right">(1,138,611</td> <td align="left">)</td> <td align="left">$</td> <td align="right">77,464,436</td></tr> <tr valign="bottom"><td align="left">Investment income</td> <td align="left"> </td> <td align="right">2,566,875</td> <td align="left"> </td> <td align="right">444,129</td> <td align="left"> </td> <td align="right">(61,252</td> <td align="left">)</td> <td align="left"> </td> <td align="right">2,949,752</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Net realized gain on investments</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">182,249</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">175,570</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">0</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">357,819</td></tr> <tr valign="bottom"><td align="left">Total revenues</td> <td align="left">$</td> <td align="right">77,716,594</td> <td align="left">$</td> <td align="right">4,255,276</td> <td align="left">$</td> <td align="right">(1,199,863</td> <td align="left">)</td> <td align="left">$</td> <td align="right">80,772,007</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Operating expenses</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">66,772,534</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">3,820,487</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">(1,103,769</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">69,489,252</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Income before income taxes</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">10,944,060</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">434,789</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">(96,094</td> <td style="border-bottom: #000000 3px double;" align="left">)</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">11,282,755</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Total assets</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">132,713,703</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">37,296,333</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">0</td> <td style="border-bottom: #000000 3px double;" align="left"> </td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">170,010,036</td></tr></table></div>   <div> </div> <div> <table border="0" cellspacing="0"> <tr><td width="28%"> </td> <td width="3%"> </td> <td width="11%"> </td> <td width="2%"> </td> <td width="3%"> </td> <td width="11%"> </td> <td width="2%"> </td> <td width="3%"> </td> <td width="13%"> </td> <td width="2%"> </td> <td width="3%"> </td> <td width="11%"> </td> <td width="2%"> </td></tr> <tr valign="bottom"><td align="left">Nine Months Ended</td> <td align="left"> </td> <td align="center">Title</td> <td align="center"> </td> <td align="center"> </td> <td align="center">All</td> <td align="center"> </td> <td align="center"> </td> <td align="center">Intersegment</td> <td align="center"> </td> <td align="center"> </td> <td align="center"> </td> <td align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">September 30, 2011</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 1px;" align="center">Insurance</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">Other</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">Eliminations</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">Total</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td></tr> <tr valign="bottom"><td align="left">Operating revenues</td> <td align="left">$</td> <td align="right">64,498,303</td> <td align="left"> </td> <td align="left">$</td> <td align="right">3,383,112</td> <td align="left"> </td> <td align="left">$</td> <td align="right">(609,385</td> <td align="left">)</td> <td align="left">$</td> <td align="right">67,272,030</td> <td align="left"> </td></tr> <tr valign="bottom"><td align="left">Investment income</td> <td align="left"> </td> <td align="right">2,348,441</td> <td align="left"> </td> <td align="left"> </td> <td align="right">378,056</td> <td align="left"> </td> <td align="left"> </td> <td align="right">(61,252</td> <td align="left">)</td> <td align="left"> </td> <td align="right">2,665,245</td> <td align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Net realized loss on investments</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">(54,407</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">(24,765</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">0</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">(79,172</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td></tr> <tr valign="bottom"><td align="left">Total revenues</td> <td align="left">$</td> <td align="right">66,792,337</td> <td align="left"> </td> <td align="left">$</td> <td align="right">3,736,403</td> <td align="left"> </td> <td align="left">$</td> <td align="right">(670,637</td> <td align="left">)</td> <td align="left">$</td> <td align="right">69,858,103</td> <td align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Operating expenses</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">59,758,416</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">3,862,595</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">(609,385</td> <td style="border-bottom: #000000 1px solid;" align="left">)</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">63,011,626</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Income (loss) before income taxes</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">7,033,921</td> <td style="border-bottom: #000000 3px double;" align="left"> </td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">(126,192</td> <td style="border-bottom: #000000 3px double;" align="left">)</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">(61,252</td> <td style="border-bottom: #000000 3px double;" align="left">)</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">6,846,477</td> <td style="border-bottom: #000000 3px double;" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Total assets</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">118,905,284</td> <td style="border-bottom: #000000 3px double;" align="left"> </td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">36,591,725</td> <td style="border-bottom: #000000 3px double;" align="left"> </td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">0</td> <td style="border-bottom: #000000 3px double;" align="left"> </td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">155,497,009</td> <td style="border-bottom: #000000 3px double;" align="left"> </td></tr></table></div></div> : </div>

67272030

3383112

-609385

64498303

25429902

1128526

-200486

24501862

77464436

3635577

-1138611

74967470

31215045

1356733

-571134

30429446

159783

55857

P1Y

0.008

0.006

P5Y

0.019

0.008

0.436

0.446

3362208

96600

30.43

P3Y4M17D

4500

28.61

31.00

3000

15.55

18.84

353955

697780

3394561

110800

101600

98400

28.77

29.81

30.74

P4Y6M4D

P3Y10M28D

P3Y5M1D

3000

500000

20.15

24.93

41.50

50.50

2282596

2121630

2107681

2062604

14112262

11231113

103928815

5688705

98240109

103848498

6118902

97729595

106512184

7509165

99003018

113598704

9690067

103908636

7550

7700

6130

152526

152792

<div> <div>      Subsequent Events. On November 12, 2002, the Company's Board of Directors adopted a shareholders' rights plan, pursuant to which the Board of Directors authorized and declared a dividend distribution of one stock purchase right for each outstanding share of common stock of the Company to stockholders of record at the close of business on December 2, 2002. Subsequently issued shares of common stock also carry stock purchase rights. Unless terminated or redeemed by the Board of Directors, the stock purchase rights become exercisable based upon certain limited conditions related to acquisitions of the Company's common stock, tender offers and certain business combinations involving the Company. On October 31, 2012, the shareholders' rights plan was amended to, among other things, extend the expiration date of the plan from November 11, 2012 to October 31, 2022 and increase the exercise price of the stock purchase rights from $80 per unit to $220 per unit. In connection with the amendments to the shareholders' rights plan, the Board of Directors of the Company also amended the Company's Articles of Incorporation to increase the number of shares designated under the rights plan as Series A Participating Preferred Stock from 100,000 shares to 200,000 shares.</div> </div>

550193

103943

550193

<div> <table border="0" cellspacing="0"> <tr><td width="70%"> </td> <td width="5%"> </td> <td width="11%"> </td> <td width="3%"> </td> <td width="12%"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="70%" align="left">Changes in fair value during the period ended:</td> <td style="border-bottom: #000000 1px solid;" width="5%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="11%" align="center">2012</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center">2011</td></tr> <tr valign="bottom"><td width="70%" align="left">Beginning balance at January 1</td> <td width="5%" align="left">$</td> <td width="11%" align="right">0</td> <td width="3%" align="left">$</td> <td width="12%" align="left">0</td></tr> <tr valign="bottom"><td width="70%" align="left">Redeemable noncontrolling interest resulting from subsidiary purchase</td> <td width="5%" align="left"> </td> <td width="11%" align="right">446,250</td> <td width="3%" align="left"> </td> <td width="12%" align="left">0</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="70%" align="left">Net income</td> <td style="border-bottom: #000000 1px solid;" width="5%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="11%" align="right">103,943</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="12%" align="left">0</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="70%" align="left">Ending balance, net</td> <td style="border-bottom: #000000 3px double;" width="5%" align="left">$</td> <td style="border-bottom: #000000 3px double;" width="11%" align="right">550,193</td> <td style="border-bottom: #000000 3px double;" width="3%" align="left">$</td> <td style="border-bottom: #000000 3px double;" width="12%" align="left">0</td></tr></table> </div>

168516

51207

5426478

2804412

<div> <div class="MetaData"> <div> <table border="0" cellspacing="0"> <tr><td width="46%"> </td> <td width="2%"> </td> <td width="16%"> </td> <td width="2%"> </td> <td width="8%"> </td> <td width="2%"> </td> <td width="9%"> </td> <td width="2%"> </td> <td width="12%"> </td></tr> <tr valign="bottom"><td width="46%" align="left"> </td> <td width="2%" align="right"> </td> <td width="16%" align="center"> </td> <td width="2%" align="center"> </td> <td width="8%" align="center">Gross</td> <td width="2%" align="center"> </td> <td width="9%" align="center">Gross</td> <td width="2%" align="center"> </td> <td width="12%" align="center">Estimated</td></tr> <tr valign="bottom"><td width="46%" align="left"> </td> <td width="2%" align="right"> </td> <td style="text-indent: 1px;" width="16%" align="center">Amortized</td> <td width="2%" align="center"> </td> <td width="8%" align="center">Unrealized</td> <td width="2%" align="center"> </td> <td width="9%" align="center">Unrealized</td> <td width="2%" align="center"> </td> <td width="12%" align="center">Fair</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="46%" align="left">September 30, 2012</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 5px;" width="16%" align="center">Cost</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="8%" align="center">Gains</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="9%" align="center">Losses</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center">Value</td></tr> <tr valign="bottom"><td width="46%" align="left">Fixed maturities, available-for-sale, at fair value-</td> <td width="2%" align="right"> </td> <td width="16%" align="left"> </td> <td width="2%" align="right"> </td> <td width="8%" align="left"> </td> <td width="2%" align="left"> </td> <td width="9%" align="left"> </td> <td width="2%" align="right"> </td> <td width="12%" align="left"> </td></tr> <tr valign="bottom"><td style="text-indent: 1px;" width="46%" align="left">Obligations of states and political subdivisions</td> <td width="2%" align="right">$</td> <td width="16%" align="right">57,914,850</td> <td width="2%" align="right">$</td> <td width="8%" align="right">5,561,688</td> <td width="2%" align="right">$</td> <td width="9%" align="right">12,970</td> <td width="2%" align="right">$</td> <td width="12%" align="center">63,463,568</td></tr> <tr valign="bottom"><td style="text-indent: 1px;" width="46%" align="left">Corporate debt securities</td> <td width="2%" align="right"> </td> <td width="16%" align="right">17,590,282</td> <td width="2%" align="right"> </td> <td width="8%" align="right">1,344,750</td> <td width="2%" align="right"> </td> <td width="9%" align="right">3,434</td> <td width="2%" align="right"> </td> <td width="12%" align="right">18,931,598</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 1px;" width="46%" align="left">Auction rate securities</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="16%" align="right">2,723,393</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right">48,507</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="9%" align="right">0</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right">2,771,900</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 3px;" width="46%" align="left">Total</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="16%" align="right">78,228,525</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right">6,954,945</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="9%" align="right">16,404</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center">85,167,066</td></tr> <tr valign="bottom"><td width="46%" align="left">Equity securities, available-for-sale at fair value-</td> <td width="2%" align="right"> </td> <td width="16%" align="left"> </td> <td width="2%" align="right"> </td> <td width="8%" align="left"> </td> <td width="2%" align="right"> </td> <td width="9%" align="left"> </td> <td width="2%" align="right"> </td> <td width="12%" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 1px;" width="46%" align="left">Common stocks and nonredeemable preferred stocks</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="16%" align="right">20,179,479</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right">7,942,885</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="9%" align="right">40,879</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center">28,081,485</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 3px;" width="46%" align="left">Total</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="16%" align="right">20,179,479</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right">7,942,885</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="9%" align="right">40,879</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center">28,081,485</td></tr> <tr valign="bottom"><td width="46%" align="left">Short-term investments-</td> <td width="2%" align="right"> </td> <td width="16%" align="left"> </td> <td width="2%" align="right"> </td> <td width="8%" align="left"> </td> <td width="2%" align="right"> </td> <td width="9%" align="left"> </td> <td width="2%" align="right"> </td> <td width="12%" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 1px;" width="46%" align="left">Money market mutual funds and certificates of deposit</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="16%" align="right">11,231,113</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right"> 0</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="9%" align="right">0</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center">11,231,113</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 3px;" width="46%" align="left">Total</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="16%" align="right">11,231,113</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> $</td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right"> 0</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="9%" align="right">0</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center">11,231,113</td></tr></table></div>   <div> <table border="0" cellspacing="0"> <tr><td width="47%"> </td> <td width="2%"> </td> <td width="16%"> </td> <td width="4%"> </td> <td width="8%"> </td> <td width="2%"> </td> <td width="9%"> </td> <td width="2%"> </td> <td width="9%"> </td></tr> <tr valign="bottom"><td width="47%" align="left"> </td> <td width="2%" align="right"> </td> <td width="16%" align="center"> </td> <td width="4%" align="center"> </td> <td width="8%" align="center">Gross</td> <td width="2%" align="center"> </td> <td width="9%" align="center">Gross</td> <td width="2%" align="center"> </td> <td width="9%" align="center">Estimated</td></tr> <tr valign="bottom"><td width="47%" align="left"> </td> <td width="2%" align="right"> </td> <td style="text-indent: 1px;" width="16%" align="center">Amortized</td> <td width="4%" align="center"> </td> <td width="8%" align="center">Unrealized</td> <td width="2%" align="center"> </td> <td width="9%" align="center">Unrealized</td> <td width="2%" align="center"> </td> <td width="9%" align="center">Fair</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="47%" align="left">December 31, 2011</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 5px;" width="16%" align="center">Cost</td> <td style="border-bottom: #000000 1px solid;" width="4%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="8%" align="center">Gains</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="9%" align="center">Losses</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 2px;" width="9%" align="center">Value</td></tr> <tr valign="bottom"><td width="47%" align="left">Fixed maturities, available-for-sale, at fair value-</td> <td width="2%" align="right"> </td> <td width="16%" align="left"> </td> <td width="4%" align="right"> </td> <td width="8%" align="left"> </td> <td width="2%" align="left"> </td> <td width="9%" align="left"> </td> <td width="2%" align="left"> </td> <td width="9%" align="left"> </td></tr> <tr valign="bottom"><td width="47%" align="left">Obligations of states and political subdivisions</td> <td width="2%" align="right">$</td> <td width="16%" align="right">62,042,929</td> <td width="4%" align="right">$</td> <td width="8%" align="right">5,583,733</td> <td width="2%" align="right">$</td> <td width="9%" align="right">13,869</td> <td width="2%" align="right">$</td> <td width="9%" align="right">67,612,793</td></tr> <tr valign="bottom"><td width="47%" align="left">Corporate debt securities</td> <td width="2%" align="right"> </td> <td width="16%" align="right">12,188,639</td> <td width="4%" align="right"> </td> <td width="8%" align="right">1,202,149</td> <td width="2%" align="right"> </td> <td width="9%" align="right">148,616</td> <td width="2%" align="left"> </td> <td width="9%" align="right">13,242,172</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="47%" align="left">Auction rate securities</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="16%" align="right">4,552,400</td> <td style="border-bottom: #000000 1px solid;" width="4%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right">0</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="9%" align="right">0</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="9%" align="right">4,552,400</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 3px;" width="47%" align="left">Total</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="16%" align="right">78,783,968</td> <td style="border-bottom: #000000 1px solid;" width="4%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right">6,785,882</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="9%" align="right">162,485</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="9%" align="right">85,407,365</td></tr> <tr valign="bottom"><td width="47%" align="left">Equity securities, available-for-sale at fair value-</td> <td width="2%" align="right"> </td> <td width="16%" align="left"> </td> <td width="4%" align="right"> </td> <td width="8%" align="left"> </td> <td width="2%" align="right"> </td> <td width="9%" align="left"> </td> <td width="2%" align="left"> </td> <td width="9%" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 1px;" width="47%" align="left">Common stocks and nonredeemable preferred stocks</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="16%" align="right">17,652,745</td> <td style="border-bottom: #000000 1px solid;" width="4%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right">4,939,053</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="9%" align="right">41,823</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="9%" align="right">22,549,975</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 3px;" width="47%" align="left">Total</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="16%" align="right">17,652,745</td> <td style="border-bottom: #000000 1px solid;" width="4%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right">4,939,053</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="9%" align="right">41,823</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="9%" align="right">22,549,975</td></tr> <tr valign="bottom"><td width="47%" align="left">Short-term investments-</td> <td width="2%" align="right"> </td> <td width="16%" align="left"> </td> <td width="4%" align="right"> </td> <td width="8%" align="left"> </td> <td width="2%" align="right"> </td> <td width="9%" align="left"> </td> <td width="2%" align="left"> </td> <td width="9%" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 1px;" width="47%" align="left">Money market mutual funds and certificates of deposit</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="16%" align="right">14,112,262</td> <td style="border-bottom: #000000 1px solid;" width="4%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right">0</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="9%" align="right">0</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="9%" align="right">14,112,262</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 3px;" width="47%" align="left">Total</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="16%" align="right">14,112,262</td> <td style="border-bottom: #000000 1px solid;" width="4%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right">0</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="9%" align="right">0</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right">$</td> <td style="border-bottom: #000000 1px solid;" width="9%" align="right">14,112,262</td></tr></table> </div></div> </div>

<div> <div>      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.</div> </div>

2180455

2143327

2124122

2108526

2164240

2124078

2090369

2071605

Denotes fair market value obtained from pricing services.