Document And Entity Information
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Document And Entity Information
6 Months Ended
Jun. 30, 2012
Jul. 19, 2012
Document And Entity Information [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Jun. 30, 2012  
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2012  
Entity Registrant Name INVESTORS TITLE CO  
Entity Central Index Key 0000720858  
Current Fiscal Year End Date --12-31  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   2,089,604

Consolidated Balance Sheets
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Consolidated Balance Sheets (USD $)
Jun. 30, 2012
Dec. 31, 2011
Investments in securities    
Fixed maturities, available-for-sale, at fair value (amortized cost: 2012: $82,085,108; 2011: $78,783,968) $ 88,611,642 $ 85,407,365
Equity securities, available-for-sale, at fair value (cost: 2012: $19,690,734; 2011: $17,652,745) 25,961,611 22,549,975
Short-term investments 8,420,944 14,112,262
Other investments 5,596,960 3,631,714
Total investments 128,591,157 125,701,316
Cash and cash equivalents 17,457,651 18,042,258
Premium and fees receivable (less allowance for doubtful accounts: 2012: $1,699,000; 2011: $1,218,000) 8,607,352 6,810,000
Accrued interest and dividends 1,136,981 1,108,156
Prepaid expenses and other assets 4,457,909 2,743,517
Property, net 3,473,408 3,553,216
Current income taxes, net 372,426  
Total Assets 164,096,884 157,958,463
Liabilities:    
Reserves for claims 37,547,000 37,996,000
Accounts payable and accrued liabilities 12,799,616 12,330,383
Current income taxes payable   640,533
Deferred income taxes, net 1,879,537 479,363
Total liabilities 52,226,153 51,446,279
Commitments and Contingencies      
Redeemable Noncontrolling Interest 469,463  
Stockholders' Equity:    
Common stock - no par value (shares authorized 10,000,000; 2,099,309 and 2,107,681 shares issued and outstanding 2012 and 2011, respectively, excluding 291,676 shares for 2012 and 2011 of common stock held by the Company's subsidiary) 1 1
Retained earnings 103,053,451 99,003,018
Accumulated other comprehensive income 8,347,816 7,509,165
Total stockholders' equity 111,401,268 106,512,184
Total Liabilities and Stockholders' Equity 164,096,884 157,958,463
Class A Junior Participating Preferred Stock [Member]
   
Stockholders' Equity:    
Class A Junior Participating preferred stock (shares authorized 100,000; no shares issued)      

Consolidated Balance Sheets (Parenthetical)
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Consolidated Balance Sheets (Parenthetical) (USD $)
Jun. 30, 2012
Dec. 31, 2011
Fixed maturities, available-for-sale, amortized cost $ 82,085,108 $ 78,783,968
Equity securities, available-for-sale, cost 19,690,734 17,652,745
Premiums and fees receivable, allowance for doubtful accounts $ 1,699,000 $ 1,218,000
Common stock, no par value      
Common stock, shares authorized 10,000,000 10,000,000
Common stock, shares issued 2,099,309 2,107,681
Common stock, shares outstanding 2,099,309 2,107,681
Common stock, held by Company's subsidiary 291,676 291,676
Class A Junior Participating Preferred Stock [Member]
   
Preferred stock, shares authorized 100,000 100,000
Preferred stock, shares issued 0 0

Consolidated Statements Of Income
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Consolidated Statements Of Income (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Revenues:        
Net premiums written $ 23,241,570 $ 21,451,022 $ 42,908,990 $ 39,316,610
Investment income - interest and dividends 1,009,918 878,818 1,987,179 1,778,190
Net realized gain on investments 65,148 147,075 258,029 120,915
Other 1,763,689 1,242,298 3,340,401 2,525,518
Total Revenues 26,080,325 23,719,213 48,494,599 43,741,233
Operating Expenses:        
Commissions to agents 12,650,817 13,293,828 23,842,944 24,173,414
Provision for claims 361,107 1,229,961 1,992,466 1,951,587
Salaries, employee benefits and payroll taxes 5,489,107 4,639,675 10,479,739 9,331,671
Office occupancy and operations 1,037,835 952,460 1,964,873 1,916,387
Business development 404,718 372,239 798,165 759,786
Filing fees, franchise and local taxes 181,330 118,146 533,252 332,259
Premium and retaliatory taxes 474,486 502,984 889,280 908,457
Professional and contract labor fees 706,690 411,557 1,107,227 720,081
Other 154,534 159,558 321,813 262,579
Total Operating Expenses 21,460,624 21,680,408 41,929,759 40,356,221
Income before Income Taxes 4,619,701 2,038,805 6,564,840 3,385,012
Provision for Income Taxes 1,247,000 444,000 1,760,000 771,000
Net Income 3,372,701 1,594,805 4,804,840 2,614,012
Less: Net Income Attributable to Redeemable Noncontrolling Interests (23,213)   (23,213)  
Net Income Attributable to the Company $ 3,349,488 $ 1,594,805 $ 4,781,627 $ 2,614,012
Basic Earnings per Common Share $ 1.60 $ 0.75 $ 2.28 $ 1.20
Weighted Average Shares Outstanding - Basic 2,098,666 2,134,164 2,099,751 2,184,323
Diluted Earnings per Common Share $ 1.57 $ 0.74 $ 2.24 $ 1.19
Weighted Average Shares Outstanding - Diluted 2,132,732 2,155,116 2,131,164 2,201,398
Cash Dividends Paid per Common Share $ 0.07 $ 0.07 $ 0.14 $ 0.14

Consolidated Statements Of Comprehensive Income
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Consolidated Statements Of Comprehensive Income (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Consolidated Statements Of Comprehensive Income [Abstract]        
Net income $ 3,372,701 $ 1,594,805 $ 4,804,840 $ 2,614,012
Other comprehensive income, before tax:        
Amortization related to prior year service cost 2,349 5,097 4,698 10,194
Amortization of unrecognized loss 170 643 340 1,286
Unrealized (losses) gains on investments arising during the period (461,611) 1,080,784 1,534,815 1,760,987
Reclassification adjustment for sale of securities included in net income (141,687) (186,171) (334,568) (229,288)
Reclassification adjustment for write-down of securities included in net income 76,539 39,096 76,539 108,372
Other comprehensive (loss) income, before tax (524,240) 939,449 1,281,824 1,651,551
Income tax expense related to postretirement health benefits 856 1,949 1,713 3,905
Income tax (benefit) expense related to unrealized (losses) gains on investments arising during the year (155,412) 367,381 536,531 598,747
Income tax (benefit) expense related to reclassification adjustment for sale of securities included in net income (55,280) (65,462) (121,336) (79,219)
Income tax expense related to reclassification adjustment for write-down of securities included in net income 26,265 15,369 26,265 38,275
Net income tax (benefit) expense on other comprehensive income (183,571) 319,237 443,173 561,708
Other comprehensive (loss) income (340,669) 620,212 838,651 1,089,843
Comprehensive income 3,032,032 2,215,017 5,643,491 3,703,855
Less: Comprehensive income attributable to redeemable noncontrolling interest (23,213)   (23,213)  
Comprehensive income attributable to the Company $ 3,008,819 $ 2,215,017 $ 5,620,278 $ 3,703,855

Consolidated Statements Of Stockholders' Equity
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Consolidated Statements Of Stockholders' Equity (USD $)
Common Stock [Member]
Retained Earnings [Member]
Accumulated Other Comprehensive Income [Member]
Total
Balance at Dec. 31, 2010 $ 1 $ 98,240,109 $ 5,688,705 $ 103,928,815
Balance, shares at Dec. 31, 2010 2,282,596      
Net income   2,614,012   2,614,012
Dividends ($0.14 per share)   (302,221)   (302,221)
Shares of common stock repurchased and retired   (5,210,866)   (5,210,866)
Shares of common stock repurchased and retired, shares (162,411)      
Stock options exercised   152,526   152,526
Stock options exercised, shares 7,550      
Share-based compensation expense   106,053   106,053
Amortization related to postretirement health benefits     7,575 7,575
Net unrealized gain on investments     1,082,268 1,082,268
Balance at Jun. 30, 2011 1 95,599,613 6,778,548 102,378,162
Balance, shares at Jun. 30, 2011 2,127,735      
Balance at Dec. 31, 2011 1 99,003,018 7,509,165 106,512,184
Balance, shares at Dec. 31, 2011 2,107,681      
Net income   4,781,627   4,781,627
Dividends ($0.14 per share)   (294,048)   (294,048)
Shares of common stock repurchased and retired   (626,885)   (626,885)
Shares of common stock repurchased and retired, shares (14,502)      
Stock options exercised   152,792   152,792
Stock options exercised, shares 6,130     6,130
Share-based compensation expense   36,947   36,947
Amortization related to postretirement health benefits     3,325 3,325
Net unrealized gain on investments     835,326 835,326
Balance at Jun. 30, 2012 $ 1 $ 103,053,451 $ 8,347,816 $ 111,401,268
Balance, shares at Jun. 30, 2012 2,099,309      

Consolidated Statements Of Stockholders' Equity (Parenthetical)
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Consolidated Statements Of Stockholders' Equity (Parenthetical) (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Consolidated Statements Of Stockholders' Equity [Abstract]        
Dividends, per share $ 0.07 $ 0.07 $ 0.14 $ 0.14

Consolidated Statements Of Cash Flows
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Consolidated Statements Of Cash Flows (USD $)
6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Operating Activities    
Net income $ 4,804,840 $ 2,614,012
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 232,009 255,290
Amortization, net 201,824 165,255
Amortization related to postretirement benefits obligation 5,038 11,480
Share-based compensation expense related to stock options 36,947 106,053
Increase (decrease) in allowance for doubtful accounts on premiums receivable 481,000 (119,000)
Net gain on disposals of property (16,782)  
Net realized gain on investments (258,029) (120,915)
Net earnings from other investments (694,906) (159,071)
Provision for claims 1,992,466 1,951,587
Provision for deferred income taxes 957,000 909,000
Changes in assets and liabilities:    
(Increase) decrease in receivables (2,278,352) 1,881,960
Increase in other assets (261,317) (2,096,473)
Increase in current income taxes recoverable (372,426) (730,356)
(Decrease) increase in accounts payable and accrued liabilities (222,017) 2,113,184
Decrease in current income taxes payable (640,533) (1,056,356)
Payments of claims, net of recoveries (2,441,466) (2,545,287)
Net cash provided by operating activities 1,525,296 3,180,363
Investing Activities    
Purchases of available-for-sale securities (10,435,418) (3,553,734)
Purchases of short-term securities (2,424,628) (2,776,535)
Purchases of other investments (2,265,523) (225,315)
Purchase of subsidiary (350,000)  
Proceeds from sales and maturities of available-for-sale securities 4,947,338 5,412,268
Proceeds from sales and maturities of short-term securities 8,115,946 7,767,645
Proceeds from sales and distributions of other investments 995,592 249,324
Proceeds from sale of other assets 204,750  
Purchases of property (164,183) (157,566)
Proceeds from disposals of property 34,364  
Net cash (used in) provided by in investing activities (1,341,762) 6,716,087
Financing Activities    
Repurchases of common stock (626,885) (5,210,866)
Exercise of options 152,792 152,526
Dividends paid (294,048) (302,221)
Net cash used in financing activities (768,141) (5,360,561)
Net (Decrease) Increase in Cash and Cash Equivalents (584,607) 4,535,889
Cash and Cash Equivalents, Beginning of Period 18,042,258 8,117,031
Cash and Cash Equivalents, End of Period 17,457,651 12,652,920
Cash Paid During the Year for:    
Income taxes, payments, net 1,817,000 1,649,000
Non Cash Disclosures    
Non cash net unrealized gain on investments, net of deferred tax provision of $(441,460) and $(557,803) for 2012 and 2011, respectively (835,326) (1,082,268)
Non cash intangible assets acquired from purchase of subsidiary (1,481,900)  
Non cash contingent liability from purchase of subsidiary $ 691,250  

Consolidated Statements Of Cash Flows (Parenthetical)
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Consolidated Statements Of Cash Flows (Parenthetical) (USD $)
6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Consolidated Statements Of Cash Flows [Abstract]    
Non cash net unrealized gain on investments, deferred tax provision $ (441,460) $ (557,803)

Basis Of Presentation And Significant Accounting Policies
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Basis Of Presentation And Significant Accounting Policies
6 Months Ended
Jun. 30, 2012
Basis Of Presentation And Significant Accounting Policies [Abstract]  
Basis Of Presentation And Significant Accounting Policies

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

     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 and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in annual financial statements have been condensed or omitted. 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 June 30, 2012 are not necessarily indicative of the results that may be expected for the year ending December 31, 2012.

     Use of Estimates and Assumptions. The preparation of the Company's Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions used.

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

    Recently Issued Accounting Standards. In 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.

     In January 2010, the FASB updated the requirements for fair value measurements and disclosures to require companies to present purchases, sales, issuances and settlements of Level 3 securities on a gross rather than a net basis. Refer to Note 6 for a discussion of valuation hierarchy levels. This guidance became effective for fiscal years beginning after December 15, 2010, and interim periods within those fiscal years. The Company complied with this update, and it did not have an impact on the Company's financial condition or results of operations.

     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.


Basis Of Presentation And Significant Accounting Policies (Policy)
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Basis Of Presentation And Significant Accounting Policies (Policy)
6 Months Ended
Jun. 30, 2012
Basis Of Presentation And Significant Accounting Policies [Abstract]  
Principles Of Consolidation

     Principles of Consolidation. The accompanying unaudited Consolidated Financial Statements include the accounts and operations of Investors Title Company and its subsidiaries, and have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in annual financial statements have been condensed or omitted. 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 June 30, 2012 are not necessarily indicative of the results that may be expected for the year ending December 31, 2012.

Use Of Estimates And Assumptions

     Use of Estimates and Assumptions. The preparation of the Company's Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions used.

Subsequent Events

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

Recently Issued Accounting Standards

    Recently Issued Accounting Standards. In 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.

     In January 2010, the FASB updated the requirements for fair value measurements and disclosures to require companies to present purchases, sales, issuances and settlements of Level 3 securities on a gross rather than a net basis. Refer to Note 6 for a discussion of valuation hierarchy levels. This guidance became effective for fiscal years beginning after December 15, 2010, and interim periods within those fiscal years. The Company complied with this update, and it did not have an impact on the Company's financial condition or results of operations.

Pending Accounting Standards

     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.


Reserves For Claims
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Reserves For Claims
6 Months Ended
Jun. 30, 2012
Reserves For Claims [Abstract]  
Reserves For Claims

Note 2 - Reserves for Claims

     Transactions in the reserves for claims for the six months ended June 30, 2012 and the year ended December 31, 2011 are summarized as follows:

    June 30, 2012     December 31, 2011  
Balance, beginning of period $ 37,996,000   $ 38,198,700  
Provision, charged to operations   1,992,466     3,342,427  
Payments of claims, net of recoveries   (2,441,466 )   (3,545,127 )
Ending balance $ 37,547,000   $ 37,996,000  

 

     The total reserve for all reported and unreported losses the Company incurred through June 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 variability of such estimates, management believes that the reserves are adequate to cover claim losses which might result from pending and future claims under policies issued through June 30, 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:

    June 30, 2012 %   December 31, 2011 %
Known title claims $ 6,257,274 16.7 $ 6,233,501 16.4
IBNR   31,289,726 83.3   31,762,499 83.6
Total loss reserves $ 37,547,000 100 $ 37,996,000 100

 

     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.


Reserves For Claims (Tables)
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Reserves For Claims (Tables)
6 Months Ended
Jun. 30, 2012
Reserves For Claims [Abstract]  
Summary Of Transactions In Reserves For Claims
    June 30, 2012     December 31, 2011  
Balance, beginning of period $ 37,996,000   $ 38,198,700  
Provision, charged to operations   1,992,466     3,342,427  
Payments of claims, net of recoveries   (2,441,466 )   (3,545,127 )
Ending balance $ 37,547,000   $ 37,996,000  
Summary Of The Company's Loss Reserves
    June 30, 2012 %   December 31, 2011 %
Known title claims $ 6,257,274 16.7 $ 6,233,501 16.4
IBNR   31,289,726 83.3   31,762,499 83.6
Total loss reserves $ 37,547,000 100 $ 37,996,000 100

Reserves For Claims (Summary Of Transactions In Reserves For Claims) (Details)
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Reserves For Claims (Summary Of Transactions In Reserves For Claims) (Details) (USD $)
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Dec. 31, 2011
Reserves For Claims [Abstract]          
Balance, beginning of period     $ 37,996,000 $ 38,198,700 $ 38,198,700
Provision, charged to operations 361,107 1,229,961 1,992,466 1,951,587 3,342,427
Payments of claims, net of recoveries     (2,441,466) (2,545,287) (3,545,127)
Ending balance $ 37,547,000   $ 37,547,000   $ 37,996,000

Reserves For Claims (Summary Of The Company's Loss Reserves) (Details)
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Reserves For Claims (Summary Of The Company's Loss Reserves) (Details) (USD $)
Jun. 30, 2012
Dec. 31, 2011
Dec. 31, 2010
Reserves For Claims [Abstract]      
Known title claims $ 6,257,274 $ 6,233,501  
IBNR 31,289,726 31,762,499  
Total loss reserves $ 37,547,000 $ 37,996,000 $ 38,198,700
% of Known title claims 16.70% 16.40%  
% of IBNR 83.30% 83.60%  
% of Total loss reserves 100.00% 100.00%  

Earnings Per Common Share And Share Awards
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Earnings Per Common Share And Share Awards
6 Months Ended
Jun. 30, 2012
Earnings Per Common Share And Share Awards [Abstract]  
Earnings Per Common Share And Share Awards

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 34,066 and 20,952 for the three months ended June 30, 2012, and 2011, respectively, and 31,413 and 17,075 for the six months ended June 30, 2012, and 2011, respectively.

 

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

    Three months ended   Six months ended
    June 30,   June 30,
    2012     2011   2012     2011
 
Net income $ 3,349,488 $ 1,594,805 $ 4,781,627 $ 2,614,012
Weighted average common shares                    
outstanding – Basic   2,098,666     2,134,164   2,099,751     2,184,323
Incremental shares outstanding assuming                    
the exercise of dilutive stock options                    
and SARs (share settled)   34,066     20,952   31,413     17,075
Weighted average common shares                    
outstanding - Diluted   2,132,732     2,155,116   2,131,164     2,201,398
 
Basic earnings per common share $ 1.60   $ 0.75 $ 2.28   $ 1.20
 
Diluted earnings per common share $ 1.57   $ 0.74 $ 2.24   $ 1.19

 

     There were 0 and 9,500 potential shares excluded from the computation of diluted earnings per share for the three months ended June 30, 2012 and 2011, respectively, because these shares were anti-dilutive. There were 5,000 and 11,500 potential shares excluded from the computation of diluted earnings per share for the six months ended June 30, 2012 and 2011, respectively, because these shares were anti-dilutive. These potential shares were anti-dilutive because the underlying share awards were out-of-the-money

     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:

  Number
Of Shares
Weighted
Average
Exercise
Price
Average
Remaining
Contractual
Term (years)
Aggregate
Intrinsic
Value
Outstanding as of January 1, 2011 110,800   $ 28.77 4.51 $ 353,955
SARs granted 3,000     41.50      
Options exercised (7,700 )   20.15      
Options/SARs cancelled/forfeited/expired (4,500 )   28.61      
Outstanding as of December 31, 2011 101,600   $ 29.81 3.91 $ 697,780
SARs granted 3,000     50.50      
Options exercised (6,130 )   24.93      
Options/SARs cancelled/forfeited/expired (70 )   31.00      
Outstanding as of June 30, 2012 98,400   $ 30.74 3.67 $ 2,576,857
 
Exercisable as of June 30, 2012 95,600   $ 30.28 3.61 $ 2,548,172
 
Unvested as of June 30, 2012 2,800   $ 46.69 5.94 $ 28,685

 

     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.

  2012   2011  
Expected Life in Years 5.0   5.0  
Volatility 44.6 % 43.6 %
Interest Rate 0.8 % 1.9 %
Yield Rate 0.6 % 0.8 %

 

     There was approximately $37,000 and $106,000 of compensation expense relating to SARs or options vesting on or before June 30, 2012 and 2011, respectively, included in salaries, employee benefits and payroll taxes in the Consolidated Statements of Income for the six months ended June 30, 2012 and 2011, respectively. As of June 30, 2012, there was approximately $62,000 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 6 months.

 

     There have been no stock options or SARs granted where the exercise price was less than the market price on the date of grant.


Earnings Per Common Share And Share Awards (Tables)
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Earnings Per Common Share And Share Awards (Tables)
6 Months Ended
Jun. 30, 2012
Earnings Per Common Share And Share Awards [Abstract]  
Computation Of Basic And Diluted Earnings Per Share
    Three months ended   Six months ended
    June 30,   June 30,
    2012     2011   2012     2011
 
Net income $ 3,349,488 $ 1,594,805 $ 4,781,627 $ 2,614,012
Weighted average common shares                    
outstanding – Basic   2,098,666     2,134,164   2,099,751     2,184,323
Incremental shares outstanding assuming                    
the exercise of dilutive stock options                    
and SARs (share settled)   34,066     20,952   31,413     17,075
Weighted average common shares                    
outstanding - Diluted   2,132,732     2,155,116   2,131,164     2,201,398
 
Basic earnings per common share $ 1.60   $ 0.75 $ 2.28   $ 1.20
 
Diluted earnings per common share $ 1.57   $ 0.74 $ 2.24   $ 1.19
Summary Of Share-Based Award Transactions
  Number
Of Shares
Weighted
Average
Exercise
Price
Average
Remaining
Contractual
Term (years)
Aggregate
Intrinsic
Value
Outstanding as of January 1, 2011 110,800   $ 28.77 4.51 $ 353,955
SARs granted 3,000     41.50      
Options exercised (7,700 )   20.15      
Options/SARs cancelled/forfeited/expired (4,500 )   28.61      
Outstanding as of December 31, 2011 101,600   $ 29.81 3.91 $ 697,780
SARs granted 3,000     50.50      
Options exercised (6,130 )   24.93      
Options/SARs cancelled/forfeited/expired (70 )   31.00      
Outstanding as of June 30, 2012 98,400   $ 30.74 3.67 $ 2,576,857
 
Exercisable as of June 30, 2012 95,600   $ 30.28 3.61 $ 2,548,172
 
Unvested as of June 30, 2012 2,800   $ 46.69 5.94 $ 28,685
Weighted-Average Assumptions Of Fair Values For Stock Appreciation Rights
  2012   2011  
Expected Life in Years 5.0   5.0  
Volatility 44.6 % 43.6 %
Interest Rate 0.8 % 1.9 %
Yield Rate 0.6 % 0.8 %

Earnings Per Common Share And Share Awards (Narrative) (Details)
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Earnings Per Common Share And Share Awards (Narrative) (Details) (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Earnings Per Common Share And Share Awards [Line Items]        
Incremental dilutive potential common shares, calculated using treasury stock method 34,066 20,952 31,413 17,075
Anti-dilutive shares excluded from computation of diluted earnings per share 0 9,500 5,000 11,500
SARs and options vesting period     1 year  
Shares issued in period 3,000 3,000    
Weighted-average fair values of stock appreciation rights issued $ 18.84 $ 15.55    
Compensation expense relating to SARs or options vesting     $ 37,000 $ 106,000
Total unrecognized compensation cost related to unvested share-based compensation arrangements granted under stock award plans $ 62,000   $ 62,000  
Weighted-average period of unrecognized compensation cost recognition     6 months  
Minimum [Member]
       
Earnings Per Common Share And Share Awards [Line Items]        
Annual rate at which stock appreciation rights and options are exercisable and vest     10.00%  
SARs and options expiration period     5 years  
Maximum [Member]
       
Earnings Per Common Share And Share Awards [Line Items]        
Maximum shares of Company stock to be granted to key employees or directors     500,000  
Annual rate at which stock appreciation rights and options are exercisable and vest     20.00%  
SARs and options expiration period     10 years  

Earnings Per Common Share And Share Awards (Computation Of Basic And Diluted Earnings Per Share) (Details)
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Earnings Per Common Share And Share Awards (Computation Of Basic And Diluted Earnings Per Share) (Details) (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Earnings Per Common Share And Share Awards [Abstract]        
Net income $ 3,349,488 $ 1,594,805 $ 4,781,627 $ 2,614,012
Weighted average common shares outstanding - Basic 2,098,666 2,134,164 2,099,751 2,184,323
Incremental shares outstanding assuming the exercise of dilutive stock options and SARs (share settled) 34,066 20,952 31,413 17,075
Weighted average common shares outstanding - Diluted 2,132,732 2,155,116 2,131,164 2,201,398
Basic earnings per common share $ 1.60 $ 0.75 $ 2.28 $ 1.20
Diluted earnings per common share $ 1.57 $ 0.74 $ 2.24 $ 1.19

Earnings Per Common Share And Share Awards (Summary Of Share-Based Award Transactions) (Details)
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Earnings Per Common Share And Share Awards (Summary Of Share-Based Award Transactions) (Details) (USD $)
6 Months Ended 12 Months Ended
Jun. 30, 2012
Dec. 31, 2011
Dec. 31, 2010
Earnings Per Common Share And Share Awards [Abstract]      
Number Of Shares, Outstanding Beginning Balance 101,600 110,800  
Number Of Shares, SARs granted 3,000 3,000  
Number Of Shares, Options exercised (6,130) (7,700)  
Number Of Shares, Options/SARs cancelled/forfeited/expired (70) (4,500)  
Number Of Shares, Outstanding Ending Balance 98,400 101,600 110,800
Number Of Shares, Exercisable as of June 30, 2012 95,600    
Number Of Shares, Unvested as of June 30, 2012 2,800    
Weighted Average Exercise Price, Outstanding Beginning Balance $ 29.81 $ 28.77  
Weighted Average Exercise Price, SARs granted $ 50.50 $ 41.50  
Weighted Average Exercise Price, Options exercised $ 24.93 $ 20.15  
Weighted Average Exercise Price, Options/SARs cancelled/forfeited/expired $ 31.00 $ 28.61  
Weighted Average Exercise Price, Outstanding Ending Balance $ 30.74 $ 29.81 $ 28.77
Weighted Average Exercise Price, Exercisable as of June 30, 2012 $ 30.28    
Weighted Average Exercise Price, Unvested as of June 30, 2012 $ 46.69    
Average Remaining Contractual Term, Outstanding Beginning Balance 3 years 8 months 1 day 3 years 10 months 28 days 4 years 6 months 4 days
Average Remaining Contractual Term, Outstanding Ending Balance 3 years 8 months 1 day 3 years 10 months 28 days 4 years 6 months 4 days
Average Remaining Contractual Term, Exercisable as of June 30, 2012 3 years 7 months 10 days    
Average Remaining Contractual Term, Unvested as of June 30, 2012 5 years 11 months 9 days    
Aggregate Intrinsic Value, Outstanding Beginning Balance $ 697,780 $ 353,955  
Aggregate Intrinsic Value, Outstanding Ending Balance 2,576,857 697,780 353,955
Aggregate Intrinsic Value, Exercisable as of June 30, 2012 2,548,172    
Aggregate Intrinsic Value, Unvested as of June 30, 2012 $ 28,685    

Earnings Per Common Share And Share Awards (Weighted-Average Assumptions Of Fair Values For Stock Appreciation Rights) (Details)
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Earnings Per Common Share And Share Awards (Weighted-Average Assumptions Of Fair Values For Stock Appreciation Rights) (Details)
3 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Reserves For Claims [Abstract]    
Expected Life in Years 5 years 5 years
Volatility 44.60% 43.60%
Interest Rate 0.80% 1.90%
Yield Rate 0.60% 0.80%

Segment Information
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Segment Information
6 Months Ended
Jun. 30, 2012
Segment Information [Abstract]  
Segment Information

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 June 30, 2012 and 2011:

 


Segment Information (Tables)
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Segment Information (Tables)
6 Months Ended
Jun. 30, 2012
Segment Information [Abstract]  
Selected Financial Information About The Company's Operations By Segment

Segment Information (Selected Financial Information About The Company's Operations By Segment) (Details)
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Segment Information (Selected Financial Information About The Company's Operations By Segment) (Details) (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Dec. 31, 2011
Segment Reporting Information [Line Items]          
Operating revenues $ 25,005,259 $ 22,693,320 $ 46,249,391 $ 41,842,128  
Investment income 1,009,918 878,818 1,987,179 1,778,190  
Net realized gain (loss) on investments 65,148 147,075 258,029 120,915  
Total revenues 26,080,325 23,719,213 48,494,599 43,741,233  
Operating expenses 21,460,624 21,680,408 41,929,759 40,356,221  
Income (loss) before income taxes 4,619,701 2,038,805 6,564,840 3,385,012  
Total assets 164,096,884 153,392,010 164,096,884 153,392,010 157,958,463
Title Insurance [Member]
         
Segment Reporting Information [Line Items]          
Operating revenues 24,264,268 21,809,129 44,538,024 39,996,441  
Investment income 880,803 773,973 1,734,634 1,564,946  
Net realized gain (loss) on investments (85,725) 145,144 96,689 124,609  
Total revenues 25,059,346 22,728,246 46,369,347 41,685,996  
Operating expenses 20,430,840 20,610,222 39,685,564 38,137,759  
Income (loss) before income taxes 4,628,506 2,118,024 6,683,783 3,548,237  
Total assets 124,109,659 116,889,860 124,109,659 116,889,860  
All Other [Member]
         
Segment Reporting Information [Line Items]          
Operating revenues 1,102,786 1,082,802 2,278,844 2,254,586  
Investment income 149,533 125,263 293,380 254,079  
Net realized gain (loss) on investments 150,873 1,931 161,340 (3,694)  
Total revenues 1,403,192 1,209,996 2,733,564 2,504,971  
Operating expenses 1,374,158 1,268,797 2,794,251 2,627,361  
Income (loss) before income taxes 29,034 (58,801) (60,687) (122,390)  
Total assets 39,987,225 36,502,150 39,987,225 36,502,150  
Intersegment Eliminations [Member]
         
Segment Reporting Information [Line Items]          
Operating revenues (361,795) (198,611) (567,477) (408,899)  
Investment income (20,418) (20,418) (40,835) (40,835)  
Total revenues (382,213) (219,029) (608,312) (449,734)  
Operating expenses (344,374) (198,611) (550,056) (408,899)  
Income (loss) before income taxes $ (37,839) $ (20,418) $ (58,256) $ (40,835)  

Retirement Agreements And Other Postretirement Benefits
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Retirement Agreements And Other Postretirement Benefits
6 Months Ended
Jun. 30, 2012
Retirement Agreements And Other Postretirement Benefits [Abstract]  
Retirement Agreements And Other Postretirement Benefits

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 $5,991,000 and $5,740,000 as of June 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 June 30, 2012 and 2011:

  For the Three
Months Ended
June 30,
For the Six
Months Ended
June 30,
  2012 2011 2012 2011
Service cost – benefits earned during the year $ 3,154 $ 6,425 $ 6,308 $ 12,849
Interest cost on the projected benefit obligation   6,967   7,689   13,934   15,378
Amortization of unrecognized prior service cost   2,349   5,097   4,698   10,194
Amortization of unrecognized gains   170   643   340   1,286
Net periodic benefits costs $ 12,640 $ 19,854 $ 25,280 $ 39,707

 


Retirement Agreements And Other Postretirement Benefits (Tables)
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Retirement Agreements And Other Postretirement Benefits (Tables)
6 Months Ended
Jun. 30, 2012
Retirement Agreements And Other Postretirement Benefits [Abstract]  
Components Of Net Periodic Benefits Cost
  For the Three
Months Ended
June 30,
For the Six
Months Ended
June 30,
  2012 2011 2012 2011
Service cost – benefits earned during the year $ 3,154 $ 6,425 $ 6,308 $ 12,849
Interest cost on the projected benefit obligation   6,967   7,689   13,934   15,378
Amortization of unrecognized prior service cost   2,349   5,097   4,698   10,194
Amortization of unrecognized gains   170   643   340   1,286
Net periodic benefits costs $ 12,640 $ 19,854 $ 25,280 $ 39,707

Retirement Agreements And Other Postretirement Benefits (Details)
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Retirement Agreements And Other Postretirement Benefits (Details) (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Dec. 31, 2011
Retirement Agreements And Other Postretirement Benefits [Abstract]          
Service cost - benefits earned during the year $ 3,154 $ 6,425 $ 6,308 $ 12,849  
Interest cost on the projected benefit obligation 6,967 7,689 13,934 15,378  
Amortization of unrecognized prior service cost 2,349 5,097 4,698 10,194  
Amortization of unrecognized gains 170 643 340 1,286  
Net periodic benefits costs 12,640 19,854 25,280 39,707  
Employee benefits and other payments $ 5,991,000   $ 5,991,000   $ 5,740,000

Fair Value Measurement
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Fair Value Measurement
6 Months Ended
Jun. 30, 2012
Fair Value Measurement [Abstract]  
Fair Value Measurement

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 June 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 June 30, 2012 and December 31, 2011:

  2012   2011  
Cumulative probability of earning maximum rate until maturity 0.0-0.2 % 0.0-0.1 %
Cumulative probability of principal returned prior to maturity 95.8-98.6%   95.4-98.7%  
Cumulative probability of default at some future point 1.4-4.2 % 1.3-4.6 %
Liquidity risk premium 4.0-4.5 % 4.5-5.0 %

 

     Significant increases or decreases in any of the inputs in isolation would result in significant changes to the fair value measurement. Generally, increases in default probabilities and liquidity risk premiums lower the fair market value while increases in principal being returned and earning maximum rates increase fair market values.

     Based upon these inputs and assumptions, the pricing service provides a range of values to the Company for its ARS. The Company records the fair value based on the midpoint of the range. The Company believes that the midpoint valuation is the most reasonable estimate of fair value. On a quarterly basis, review of the valuation is performed by the Company with significant changes in quarter over quarter values compared with changes to the current economic environment. 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.

     The Company's ARS portfolio is comprised entirely of investment grade student loan ARS. The par value of these securities was $4,000,000 and $5,000,000 as of June 30, 2012 and December 31, 2011, respectively, with approximately 75.2% and 79.6% as of June 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 June 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.

There were no transfers into or out of Levels 1 and 2 during the period.

     To help ensure that fair value determinations are consistent with ASC 820 fair value measurements, prices from our pricing services go through multiple review processes to ensure appropriate pricing. Pricing procedures and inputs used to price each security include, but are not limited to, the following: unadjusted quoted market prices for identical securities such as stock market closing prices; non-binding quoted prices for identical securities in markets that are not active; interest rates; yield curves observable at commonly quoted intervals; volatility; prepayment speeds; loss severity; credit risks and default rates. The Company reviews the procedures and inputs used by its pricing services and verifies a sample of the services' quotes by comparing them to values obtained from other pricing resources. In the event the Company disagrees with a price provided by its pricing services, the service reevaluates the price to corroborate the market information and then reviews inputs to the evaluation in light of potentially new market data. The Company believes that these processes and inputs result in appropriate classifications and fair values consistent with ASC 820.

Other Financial Instruments:

     The Company uses various financial instruments in the normal course of its business. In the measurement of the fair value of certain financial instruments, other valuation techniques were utilized if quoted market prices were not available. These derived fair value estimates are significantly affected by the assumptions used. Additionally, ASC 820 excludes from its scope certain financial instruments including those related to insurance contracts, pension and other postretirement benefits, and equity method investments.

     In estimating the fair value of the financial instruments presented, the Company used the following methods and assumptions:

Cash and cash equivalents

     The carrying amount for cash and cash equivalents is a reasonable estimate of fair value due to the short-term maturity of these investments.

Cost-basis investments

The fair value of the cost basis investment was estimated based on estimated market values.

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 liabilities

     The fair value of the contingent liability was estimated based on the discounted value of the future cash flows.

     The carrying amounts and fair values of these financial instruments (please note investments are disclosed in a previous table) as of June 30, 2012 and December 31, 2011 are presented in the following table:

 

     The following table presents a reconciliation of the Company's assets, which are all ARS securities, at fair value on a recurring basis using significant unobservable inputs (Level 3) for the six months ended June 30, 2012 and the year ended December 31, 2011:

Changes in fair value during the period ended:   2012     2011  
Beginning balance at January 1 $ 4,552,400   $ 5,472,244  
Redemptions and sales   (1,000,000 )   (900,000 )
Realized gain - included in realized gain on investments   40,057     43,199  
Realized loss - included in realized gain on investments   -     (101,861 )
Unrealized gain - included in other comprehensive income   105,643     38,818  
Ending balance, net $ 3,698,100   $ 4,552,400  

 

     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) for the six months ended June 30, 2012 and the year ended December 31, 2011:

Changes in fair value during the period ended:   2012    2011
Beginning balance at January 1 $ - $ -
Addition of contingent liability   691,250   -
Ending balance, net $ 691,250 $ -

 

     Certain cost method investments are measured at estimated fair value on a non-recurring basis, such as investments that are impaired during the period and recorded at estimated fair value in the Consolidated Financial Statements as of June 30, 2012 and December 31, 2011. There were no assets valued at fair market value on a non-recurring basis as of June 30, 2012.

     The following table summarizes the corresponding estimated fair value hierarchy of such investments at December 31, 2011 and the related impairments recognized.

December 31, 2011 Valuation
Method
Impaired Level 1 Level 2 Level 3 Total at
Estimated
Fair Value
Impairment
Losses
Cost method investments Fair Value Yes $ - $ - $ 58,281 $ 58,281 $ (28,904 )
Other assets Fair Value Yes   -   -   17,000   17,000   (15,500 )
 
Total cost method                          
investments and other                          
assets     $ - $ - $ 75,281 $ 75,281 $ (44,404 )

 


Fair Value Measurement (Tables)
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Fair Value Measurement (Tables)
6 Months Ended
Jun. 30, 2012
Fair Value Measurement [Abstract]  
Schedule Of Assumptions Used To Determine Fair Value
  2012   2011  
Cumulative probability of earning maximum rate until maturity 0.0-0.2 % 0.0-0.1 %
Cumulative probability of principal returned prior to maturity 95.8-98.6%   95.4-98.7%  
Cumulative probability of default at some future point 1.4-4.2 % 1.3-4.6 %
Liquidity risk premium 4.0-4.5 % 4.5-5.0 %
Schedule Of Fair Value Assets Measured On Recurring Basis
Schedule Of Carrying Value And Fair Value Of Financial Assets Disclosed
Schedule Of Fair Value Assets Measured At Unobservable Inputs Reconciliation
Changes in fair value during the period ended:   2012     2011  
Beginning balance at January 1 $ 4,552,400   $ 5,472,244  
Redemptions and sales   (1,000,000 )   (900,000 )
Realized gain - included in realized gain on investments   40,057     43,199  
Realized loss - included in realized gain on investments   -     (101,861 )
Unrealized gain - included in other comprehensive income   105,643     38,818  
Ending balance, net $ 3,698,100   $ 4,552,400  
Reconciliation Of Liabilities Measured At Fair Value On A Recurring Basis Using Significant Unobservable Inputs (Level 3)
Changes in fair value during the period ended:   2012    2011
Beginning balance at January 1 $ - $ -
Addition of contingent liability   691,250   -
Ending balance, net $ 691,250 $ -
Schedule Of Estimated Fair Value Hierarchy Of Investments And Related Impairments Recognized
December 31, 2011 Valuation
Method
Impaired Level 1 Level 2 Level 3 Total at
Estimated
Fair Value
Impairment
Losses
Cost method investments Fair Value Yes $ - $ - $ 58,281 $ 58,281 $ (28,904 )
Other assets Fair Value Yes   -   -   17,000   17,000   (15,500 )
 
Total cost method                          
investments and other                          
assets     $ - $ - $ 75,281 $ 75,281 $ (44,404 )

Fair Value Measurement (Narrative) (Details)
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Fair Value Measurement (Narrative) (Details) (USD $)
6 Months Ended 12 Months Ended 18 Months Ended
Jun. 30, 2012
Dec. 31, 2011
Jun. 30, 2012
Minimum [Member]
Jun. 30, 2012
Maximum [Member]
Auction rate security bond par value $ 4,000,000 $ 5,000,000    
Percentage of auction rate security guaranteed 75.20% 79.60%    
Percentage of carrying value of auction rate securities     3.00% 4.00%

Fair Value Measurement (Schedule Of Assumptions Used To Determine Fair Value) (Details)
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Fair Value Measurement (Schedule Of Assumptions Used To Determine Fair Value) (Details)
6 Months Ended 12 Months Ended
Jun. 30, 2012
Dec. 31, 2011
Minimum [Member]
   
Fair Value Measurement [Line Items]    
Cumulative probability of earning maximum rate until maturity 0.00% 0.00%
Cumulative probability of principle returned prior to maturity 95.80% 95.40%
Cumulative probability of default at some future point 1.40% 1.30%
Liquidity risk premium 4.00% 4.50%
Maximum [Member]
   
Fair Value Measurement [Line Items]    
Cumulative probability of earning maximum rate until maturity 0.20% 0.10%
Cumulative probability of principle returned prior to maturity 98.60% 98.70%
Cumulative probability of default at some future point 4.20% 4.60%
Liquidity risk premium 4.50% 5.00%

Fair Value Measurement (Schedule Of Fair Value Assets Measured On Recurring Basis) (Details)
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Fair Value Measurement (Schedule Of Fair Value Assets Measured On Recurring Basis) (Details) (USD $)
Jun. 30, 2012
Dec. 31, 2011
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments $ 8,420,944 $ 14,112,262
Equity securities 25,961,611 22,549,975
Fixed maturities 88,611,642 85,407,365
Total 122,994,197 122,069,602
Level 1 [Member]
   
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments 8,420,944 14,112,262
Total 34,382,555 36,662,237
Level 2 [Member]
   
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 84,913,542 80,854,965
Level 3 [Member]
   
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 3,698,100 4,552,400
Common Stock And Nonredeemable Preferred Stock [Member]
   
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity securities 25,961,611 22,549,975
Common Stock And Nonredeemable Preferred Stock [Member] | Level 1 [Member]
   
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity securities 25,961,611 22,549,975
Obligations Of States And Political Subdivisions [Member]
   
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities 65,366,470 [1] 69,447,493 [1]
Obligations Of States And Political Subdivisions [Member] | Level 2 [Member]
   
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities 64,433,570 [1] 67,612,793 [1]
Obligations Of States And Political Subdivisions [Member] | Level 3 [Member]
   
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities 932,900 [1] 1,834,700 [1]
Corporate Debt Securities [Member]
   
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities 23,245,172 [1] 15,959,872 [1]
Corporate Debt Securities [Member] | Level 2 [Member]
   
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities 20,479,972 [1] 13,242,172 [1]
Corporate Debt Securities [Member] | Level 3 [Member]
   
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities $ 2,765,200 [1] $ 2,717,700 [1]
[1] Denotes fair market value obtained from pricing services.

Fair Value Measurement (Schedule Of Carrying Value And Fair Value Of Financial Assets Disclosed) (Details)
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Fair Value Measurement (Schedule Of Carrying Value And Fair Value Of Financial Assets Disclosed) (Details) (USD $)
Jun. 30, 2012
Apr. 02, 2012
Dec. 31, 2011
Cash, Carrying Value $ 17,457,651   $ 18,042,258
Cash, Estimated Fair Value 17,457,651   18,042,258
Cost-basis investment, Carrying Value 1,714,073   1,303,887
Cost-basis investment, Estimated Fair Value 2,088,372   1,688,262
Accrued dividends and interest, Carrying Value 1,136,981   1,108,156
Accrued dividends and interest, Estimated Fair Value 1,136,981   1,108,156
Total Financial Assets, Carrying Value 20,308,705   20,454,301
Total Financial Assets, Estimated Fair Value 20,683,004   20,838,676
Contingent liability, Carrying Value 691,250    
Contingent liability, Estimated Fair Value 691,250 691,250  
Total Financial Liabilities, Carrying Value 691,250    
Total Financial Liabilities, Estimated Fair Value 691,250    
Level 1 [Member]
     
Cash, Estimated Fair Value 17,457,651   18,042,258
Accrued dividends and interest, Estimated Fair Value 1,136,981   1,108,156
Total Financial Assets, Estimated Fair Value 18,594,632   19,150,414
Level 2 [Member]
     
Cash, Estimated Fair Value        
Cost-basis investment, Estimated Fair Value        
Accrued dividends and interest, Estimated Fair Value        
Total Financial Assets, Estimated Fair Value        
Contingent liability, Estimated Fair Value       
Total Financial Liabilities, Estimated Fair Value       
Level 3 [Member]
     
Cost-basis investment, Carrying Value 1,714,073   1,303,887
Contingent liability, Estimated Fair Value 691,250    
Total Financial Liabilities, Estimated Fair Value $ 691,250    

Fair Value Measurement (Schedule Of Fair Value Assets Measured At Unobservable Inputs Reconciliation) (Details)
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Fair Value Measurement (Schedule Of Fair Value Assets Measured At Unobservable Inputs Reconciliation) (Details) (USD $)
6 Months Ended 12 Months Ended
Jun. 30, 2012
Dec. 31, 2011
Fair Value Measurement [Abstract]    
Beginning balance at January 1 $ 4,552,400 $ 5,472,244
Redemptions and sales (1,000,000) (900,000)
Realized gain - included in realized gain on investments 40,057 43,199
Realized loss - included in realized gain on investments   (101,861)
Unrealized gain - included in other comprehensive income 105,643 38,818
Ending balance, net $ 3,698,100 $ 4,552,400

Fair Value Measurement (Reconciliation Of Liabilities Measured At Fair Value On A Recurring Basis Using Significant Unobservable Inputs (Level 3)) (Details)
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Fair Value Measurement (Reconciliation Of Liabilities Measured At Fair Value On A Recurring Basis Using Significant Unobservable Inputs (Level 3)) (Details) (USD $)
6 Months Ended 12 Months Ended
Jun. 30, 2012
Dec. 31, 2011
Fair Value Measurement [Abstract]    
Beginning balance at January 1      
Addition of contingent liability 691,250   
Ending balance, net $ 691,250   

Fair Value Measurement (Schedule Of Estimated Fair Value Hierarchy Of Investments And Related Impairments Recognized) (Details)
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Fair Value Measurement (Schedule Of Estimated Fair Value Hierarchy Of Investments And Related Impairments Recognized) (Details) (USD $)
12 Months Ended
Dec. 31, 2011
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Total cost method investments and other assets, Total at Estimated Fair Value $ 75,281
Total cost method investments and other assets, Impairment Losses (44,404)
Level 1 [Member]
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Total cost method investments and other assets, Total at Estimated Fair Value   
Level 2 [Member]
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Total cost method investments and other assets, Total at Estimated Fair Value   
Level 3 [Member]
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Total cost method investments and other assets, Total at Estimated Fair Value 75,281
Cost Method Investment [Member]
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Valuation Method Fair Value
Impaired Yes
Total cost method investments and other assets, Total at Estimated Fair Value 58,281
Total cost method investments and other assets, Impairment Losses (28,904)
Cost Method Investment [Member] | Level 1 [Member]
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Total cost method investments and other assets, Total at Estimated Fair Value   
Cost Method Investment [Member] | Level 2 [Member]
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Total cost method investments and other assets, Total at Estimated Fair Value   
Cost Method Investment [Member] | Level 3 [Member]
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Total cost method investments and other assets, Total at Estimated Fair Value 58,281
Other Assets [Member]
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Valuation Method Fair Value
Impaired Yes
Total cost method investments and other assets, Total at Estimated Fair Value 17,000
Total cost method investments and other assets, Impairment Losses (15,500)
Other Assets [Member] | Level 1 [Member]
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Total cost method investments and other assets, Total at Estimated Fair Value   
Other Assets [Member] | Level 2 [Member]
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Total cost method investments and other assets, Total at Estimated Fair Value   
Other Assets [Member] | Level 3 [Member]
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Total cost method investments and other assets, Total at Estimated Fair Value $ 17,000

Investments In Securities
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Investments In Securities
6 Months Ended
Jun. 30, 2012
Investments In Securities [Abstract]  
Investments In Securities

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:

 

The scheduled maturities of fixed maturity securities at June 30, 2012 were as follows:

    Available-for-Sale
    Amortized   Fair
    Cost   Value
Due in one year or less $ 6,918,254 $ 6,989,491
Due after one year through five years   38,190,552   40,630,171
Due five years through ten years   29,976,851   33,084,023
Due after ten years   6,999,451   7,907,957
Total $ 82,085,108 $ 88,611,642

 

     Gross realized gains and losses on securities for the six months ended June 30 are summarized as follows:

  2012 2011
Gross realized gains:            
Obligations of states and political subdivisions $ 250   $ 20,846  
Common stocks and nonredeemable preferred stocks   163,764     262,952  
Auction rate securities   40,057     15,428  
Total 204,071   299,226  
Gross realized losses:            
Common stocks and nonredeemable preferred stocks   (74,661 )   (46,413 )
Other than temporary impairment of securities   (76,539 )   (64,468 )
Total   (151,200 )   (110,881 )
Net realized gain $ 52,871   $ 188,345  

 

     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 six months ended June 30, 2012 and 2011, respectively.

     The following table presents the gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous loss position at June 30, 2012 and December 31, 2011.

 

     As of June 30, 2012, the Company held $5,116,045 in fixed maturity securities with unrealized losses of $94,444. 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 June 30, 2012, the Company held $2,513,568 in equity securities with unrealized losses of $175,364. 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 15 and 13 securities had unrealized losses at June 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 six months of 2012 and 2011, the Company recorded other-than-temporary impairment charges in the amount of $76,539 and $64,468, respectively, related to equity securities and other assets. For the 2011 fiscal year, the Company recorded other-than-temporary impairment charges in the amount of $280,987 related to securities and other assets, of which, $101,861 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.


Investments In Securities (Tables)
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Investments In Securities (Tables)
6 Months Ended
Jun. 30, 2012
Investments In Securities [Abstract]  
Schedule Of Gross Unrealized Gains And Losses And Amortized Cost For Securities
Schedule Of Fixed Maturity Securities
    Available-for-Sale
    Amortized   Fair
    Cost   Value
Due in one year or less $ 6,918,254 $ 6,989,491
Due after one year through five years   38,190,552   40,630,171
Due five years through ten years   29,976,851   33,084,023
Due after ten years   6,999,451   7,907,957
Total $ 82,085,108 $ 88,611,642
Schedule Of Gross Realized Gains And Losses On Securities
  2012 2011
Gross realized gains:            
Obligations of states and political subdivisions $ 250   $ 20,846  
Common stocks and nonredeemable preferred stocks   163,764     262,952  
Auction rate securities   40,057     15,428  
Total 204,071   299,226  
Gross realized losses:            
Common stocks and nonredeemable preferred stocks   (74,661 )   (46,413 )
Other than temporary impairment of securities   (76,539 )   (64,468 )
Total   (151,200 )   (110,881 )
Net realized gain $ 52,871   $ 188,345  
Schedule Of Unrealized Losses On Investments

Investments In Securities (Narrative) (Details)
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Investments In Securities (Narrative) (Details) (USD $)
6 Months Ended 12 Months Ended
Jun. 30, 2012
security
Jun. 30, 2011
Dec. 31, 2011
security
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]      
Impairments of other investments and loss on sale of property acquired in the settlement of claims $ 205,158 $ (67,430)  
Available for sale securities, fixed maturity 88,611,642   85,407,365
Available for sale securities, equity securities 25,961,611   22,549,975
Number of securities with unrealized losses 15   13
Other-than-temporary impairment charges related to securities and other assets 76,539 64,468 280,987
Fixed Maturities [Member]
     
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]      
Available for sale securities, fixed maturity 5,116,045   4,702,615
Available for sale securities, unrealized losses 94,444   162,485
Equity Securities [Member]
     
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]      
Available for sale securities, unrealized losses 175,364   41,823
Available for sale securities, equity securities 2,513,568   1,061,202
Level 3 [Member] | Auction Rate Securities [Member]
     
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]      
Other-than-temporary impairment charges related to securities and other assets     $ 101,861

Investments In Securities (Schedule Of Gross Unrealized Gains And Losses And Amortized Cost For Securities) (Details)
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Investments In Securities (Schedule Of Gross Unrealized Gains And Losses And Amortized Cost For Securities) (Details) (USD $)
Jun. 30, 2012
Dec. 31, 2011
Schedule of Trading Securities and Other Trading Assets [Line Items]    
Available-for-sale, at fair value, Amortized Cost $ 82,085,108 $ 78,783,968
Obligations Of States And Political Subdivisions [Member]
   
Schedule of Trading Securities and Other Trading Assets [Line Items]    
Available-for-sale, at fair value, Amortized Cost 59,082,735 62,042,929
Available-for-sale, at fair value, Gross Unrealized Gains 5,374,612 5,583,733
Available-for-sale, at fair value, Gross Unrealized Losses 23,777 13,869
Available-for-sale, at fair value, Estimated Fair Value 64,433,570 67,612,793
Corporate Debt Securities [Member]
   
Schedule of Trading Securities and Other Trading Assets [Line Items]    
Available-for-sale, at fair value, Amortized Cost 19,360,049 12,188,639
Available-for-sale, at fair value, Gross Unrealized Gains 1,190,590 1,202,149
Available-for-sale, at fair value, Gross Unrealized Losses 70,667 148,616
Available-for-sale, at fair value, Estimated Fair Value 20,479,972 13,242,172
Auction Rate Securities [Member]
   
Schedule of Trading Securities and Other Trading Assets [Line Items]    
Available-for-sale, at fair value, Amortized Cost 3,642,324 4,552,400
Available-for-sale, at fair value, Gross Unrealized Gains 55,776  
Available-for-sale, at fair value, Estimated Fair Value 3,698,100 4,552,400
Total Fixed Maturities [Member]
   
Schedule of Trading Securities and Other Trading Assets [Line Items]    
Available-for-sale, at fair value, Amortized Cost 82,085,108 78,783,968
Available-for-sale, at fair value, Gross Unrealized Gains 6,620,978 6,785,882
Available-for-sale, at fair value, Gross Unrealized Losses 94,444 162,485
Available-for-sale, at fair value, Estimated Fair Value 88,611,642 85,407,365
Common Stocks And Nonredeemable Preferred Stocks [Member]
   
Schedule of Trading Securities and Other Trading Assets [Line Items]    
Available-for-sale, at fair value, Amortized Cost 19,690,734 17,652,745
Available-for-sale, at fair value, Gross Unrealized Gains 6,446,241 4,939,053
Available-for-sale, at fair value, Gross Unrealized Losses 175,364 41,823
Available-for-sale, at fair value, Estimated Fair Value 25,961,611 22,549,975
Equity Securities [Member]
   
Schedule of Trading Securities and Other Trading Assets [Line Items]    
Available-for-sale, at fair value, Amortized Cost 19,690,734 17,652,745
Available-for-sale, at fair value, Gross Unrealized Gains 6,446,241 4,939,053
Available-for-sale, at fair value, Gross Unrealized Losses 175,364 41,823
Available-for-sale, at fair value, Estimated Fair Value 25,961,611 22,549,975
Money Market Mutual Funds And Certificates Of Deposit [Member]
   
Schedule of Trading Securities and Other Trading Assets [Line Items]    
Available-for-sale, at fair value, Amortized Cost 8,420,944 14,112,262
Available-for-sale, at fair value, Estimated Fair Value 8,420,944 14,112,262
Short-Term Investments [Member]
   
Schedule of Trading Securities and Other Trading Assets [Line Items]    
Available-for-sale, at fair value, Amortized Cost 8,420,944 14,112,262
Available-for-sale, at fair value, Estimated Fair Value $ 8,420,944 $ 14,112,262

Investments In Securities (Schedule Of Fixed Maturity Securities) (Details)
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Investments In Securities (Schedule Of Fixed Maturity Securities) (Details) (USD $)
Jun. 30, 2012
Investments In Securities [Abstract]  
Due in one year or less, Amortized Cost $ 6,918,254
Due after one year through five years, Amortized Cost 38,190,552
Due five years through ten years, Amortized Cost 29,976,851
Due after ten years, Amortized Cost 6,999,451
Total, Amortized Cost 82,085,108
Due in one year or less, Fair Value 6,989,491
Due after one year through five years, Fair Value 40,630,171
Due five years through ten years, Fair Value 33,084,023
Due after ten years, Fair Value 7,907,957
Total, Fair Value $ 88,611,642

Investments In Securities (Schedule Of Gross Realized Gains And Losses On Securities) (Details)
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Investments In Securities (Schedule Of Gross Realized Gains And Losses On Securities) (Details) (USD $)
6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Schedule of Available-for-sale Securities [Line Items]    
Total, Gross realized gains $ 204,071 $ 299,226
Total, Gross realized losses (151,200) (110,881)
Net realized gain 52,871 188,345
Obligations Of States And Political Subdivisions [Member]
   
Schedule of Available-for-sale Securities [Line Items]    
Total, Gross realized gains 250 20,846
Common Stocks And Nonredeemable Preferred Stocks [Member]
   
Schedule of Available-for-sale Securities [Line Items]    
Total, Gross realized gains 163,764 262,952
Total, Gross realized losses (74,661) (46,413)
Auction Rate Securities [Member]
   
Schedule of Available-for-sale Securities [Line Items]    
Total, Gross realized gains 40,057 15,428
Other Than Temporary Impairment Of Securities [Member]
   
Schedule of Available-for-sale Securities [Line Items]    
Total, Gross realized losses $ (76,539) $ (64,468)

Investments In Securities (Schedule Of Unrealized Losses On Investments) (Details)
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Investments In Securities (Schedule Of Unrealized Losses On Investments) (Details) (USD $)
Jun. 30, 2012
Dec. 31, 2011
Schedule of Available-for-sale Securities [Line Items]    
Total temporarily impaired securities, Less than 12 Months, Fair Value $ 5,667,903 $ 4,636,507
Total temporarily impaired securities, Less than 12 Months, Unrealized Losses (188,031) (189,573)
Total temporarily impaired securities, 12 Months or Longer, Fair Value 1,961,710 1,127,310
Total temporarily impaired securities, 12 Months or Longer, Unrealized Losses (81,777) (14,735)
Total temporarily impaired securities, Total Fair Value 7,629,613 5,763,817
Total temporarily impaired securities, Total Unrealized Losses (269,808) (204,308)
Obligations Of States And Political Subdivisions [Member]
   
Schedule of Available-for-sale Securities [Line Items]    
Total temporarily impaired securities, Less than 12 Months, Fair Value   663,666
Total temporarily impaired securities, Less than 12 Months, Unrealized Losses   (64)
Total temporarily impaired securities, 12 Months or Longer, Fair Value 1,001,350 1,023,180
Total temporarily impaired securities, 12 Months or Longer, Unrealized Losses (23,777) (13,805)
Total temporarily impaired securities, Total Fair Value 1,001,350 1,686,846
Total temporarily impaired securities, Total Unrealized Losses (23,777) (13,869)
Corporate Debt Securities [Member]
   
Schedule of Available-for-sale Securities [Line Items]    
Total temporarily impaired securities, Less than 12 Months, Fair Value 3,154,335 3,015,769
Total temporarily impaired securities, Less than 12 Months, Unrealized Losses (12,667) (148,616)
Total temporarily impaired securities, 12 Months or Longer, Fair Value 960,360  
Total temporarily impaired securities, 12 Months or Longer, Unrealized Losses (58,000)  
Total temporarily impaired securities, Total Fair Value 4,114,695 3,015,769
Total temporarily impaired securities, Total Unrealized Losses (70,667) (148,616)
Total Fixed Income Securities [Member]
   
Schedule of Available-for-sale Securities [Line Items]    
Total temporarily impaired securities, Less than 12 Months, Fair Value 3,154,335 3,679,435
Total temporarily impaired securities, Less than 12 Months, Unrealized Losses (12,667) (148,680)
Total temporarily impaired securities, 12 Months or Longer, Fair Value 1,961,710 1,023,180
Total temporarily impaired securities, 12 Months or Longer, Unrealized Losses (81,777) (13,805)
Total temporarily impaired securities, Total Fair Value 5,116,045 4,702,615
Total temporarily impaired securities, Total Unrealized Losses (94,444) (162,485)
Equity Securities [Member]
   
Schedule of Available-for-sale Securities [Line Items]    
Total temporarily impaired securities, Less than 12 Months, Fair Value 2,513,568 957,072
Total temporarily impaired securities, Less than 12 Months, Unrealized Losses (175,364) (40,893)
Total temporarily impaired securities, 12 Months or Longer, Fair Value   104,130
Total temporarily impaired securities, 12 Months or Longer, Unrealized Losses   (930)
Total temporarily impaired securities, Total Fair Value 2,513,568 1,061,202
Total temporarily impaired securities, Total Unrealized Losses $ (175,364) $ (41,823)

Commitments And Contingencies
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Commitments And Contingencies
6 Months Ended
Jun. 30, 2012
Commitments And Contingencies [Abstract]  
Commitments And Contingencies

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.

     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 $21,959,000 and $35,359,000 as of June 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 June 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.


Commitments And Contingencies (Details)
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Commitments And Contingencies (Details) (USD $)
Jun. 30, 2012
Dec. 31, 2011
Commitments And Contingencies [Abstract]    
Like-kind exchange deposits and reverse exchange property $ 21,959,000 $ 35,359,000
Like-kind exchange funds invested in auction rate securities $ 1,000,000  

Related Party Transactions
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Related Party Transactions
6 Months Ended
Jun. 30, 2012
Related Party Transactions [Abstract]  
Related Party Transactions

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:

  As of
June 30,
2012
As of December
31,
2011
Financial Statement Classification,
Consolidated Balance Sheets
Other investments $ 3,883,000 $ 2,328,000
Premiums and fees receivable $ 898,000 $ 681,000

 

Financial Statement Classification, For the three months ended June 30, For the six months ended June 30,
Consolidated Statements of Income 2012 2011 2012 2011
Net premiums written $ 3,824,000 $ 2,579,000 $ 7,207,000 $ 4,701,000
Other income $ 499,000 $ 243,000 $ 973,000 $ 458,000

 

 


Related Party Transactions (Tables)
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Related Party Transactions (Tables)
6 Months Ended
Jun. 30, 2012
Related Party Transactions [Abstract]  
Summary Of Approximate Values By Year Found Within Consolidated Balance Sheets
  As of
June 30,
2012
As of December
31,
2011
Financial Statement Classification,
Consolidated Balance Sheets
Other investments $ 3,883,000 $ 2,328,000
Premiums and fees receivable $ 898,000 $ 681,000
Summary Of Approximate Values By Year Found Within Consolidated Statements Of Income
Financial Statement Classification, For the three months ended June 30, For the six months ended June 30,
Consolidated Statements of Income 2012 2011 2012 2011
Net premiums written $ 3,824,000 $ 2,579,000 $ 7,207,000 $ 4,701,000
Other income $ 499,000 $ 243,000 $ 973,000 $ 458,000

Related Party Transactions (Summary Of Approximate Values By Year Found Within Consolidated Balance Sheets) (Details)
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Related Party Transactions (Summary Of Approximate Values By Year Found Within Consolidated Balance Sheets) (Details) (USD $)
Jun. 30, 2012
Dec. 31, 2011
Related Party Transaction [Line Items]    
Other investments $ 5,596,960 $ 3,631,714
Premiums and fees receivable 8,607,352 6,810,000
Title Insurance Agencies [Member]
   
Related Party Transaction [Line Items]    
Other investments 3,883,000 2,328,000
Premiums and fees receivable $ 898,000 $ 681,000

Related Party Transactions (Summary Of Approximate Values By Year Found Within Consolidated Statements Of Income) (Details)
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Related Party Transactions (Summary Of Approximate Values By Year Found Within Consolidated Statements Of Income) (Details) (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Related Party Transaction [Line Items]        
Net premiums written $ 23,241,570 $ 21,451,022 $ 42,908,990 $ 39,316,610
Other income 1,763,689 1,242,298 3,340,401 2,525,518
Title Insurance Agencies [Member]
       
Related Party Transaction [Line Items]        
Net premiums written 3,824,000 2,579,000 7,207,000 4,701,000
Other income $ 499,000 $ 243,000 $ 973,000 $ 458,000

Agency Acquisition
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Agency Acquisition
6 Months Ended
Jun. 30, 2012
Agency Acquisition [Abstract]  
Agency Acquisition

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 June 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 June 30, 2012 and 2011:

Changes in fair value during the period ended:   2012    2011
Beginning balance at January 1 $ - $ -
Redeemable noncontrolling interest resulting from subsidiary purchase   446,250   -
Net income   23,213   -
Ending balance, net $ 469,493 $ -

 

 

     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. Intangible assets include $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. Intangible assets are categorized as prepaid expenses and other assets in the Consolidated Balance Sheets. In accordance with ASC 350, Intangibles––Goodwill and Other, the Company completed interim impairment testing and determined that the intangible assets assigned to United were not impaired at June 30, 2012.

     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.

     Where a material business combination has occurred during the current fiscal year, pro forma disclosure shall be made of the results of operations for the current year up to the date of the most recent interim balance sheet provided, and for the corresponding period in the preceding year, as though the companies had combined at the beginning of the period being reported on. The Company did not provide this pro forma information, as the overall impact of this business combination is deemed immaterial to the Company's financial statements overall as of June 30, 2012.


Agency Acquisition (Tables)
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Agency Acquisition (Tables)
6 Months Ended
Jun. 30, 2012
Agency Acquisition [Abstract]  
Reconciliation Of Total Redeemable Equity
Changes in fair value during the period ended:   2012    2011
Beginning balance at January 1 $ - $ -
Redeemable noncontrolling interest resulting from subsidiary purchase   446,250   -
Net income   23,213   -
Ending balance, net $ 469,493 $ -

Agency Acquisition (Narrative) (Details)
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Agency Acquisition (Narrative) (Details) (USD $)
6 Months Ended 0 Months Ended 0 Months Ended
Jun. 30, 2012
Apr. 02, 2012
Apr. 02, 2012
Minimum [Member]
Apr. 02, 2012
70% [Member]
Apr. 02, 2012
30% [Member]
Apr. 02, 2012
30% [Member]
Minimum [Member]
Apr. 02, 2012
Non-Compete Contract [Member]
Apr. 02, 2012
Referral Relationships [Member]
Business Acquisition [Line Items]                
Membership interest purchase agreement date Jan. 01, 2012              
Business acquisition effective date Apr. 02, 2012              
Ownership percentage acquired   70.00%            
Business acquisition, remaining ownership interest   30.00%            
Business acquisition, remaining purchase period     27 months          
Fair value of total consideration to be transferred   $ 1,041,250            
Fair value of consideration paid   350,000            
Estimated contingent payments 691,250 691,250   691,250        
Payment period of purchase price       2 years        
Business acquisition, purchase price payment calculation period       24 months 24 months      
Purchase price of acquisition       1,041,250   1,000,000    
Net income required to estimate fair value of purchase price       859,000        
Fair value input discount rate       15.00%        
Fair value of identifiable net assets   5,600            
Fair value of the noncontrolling interest amount   446,250            
Intangible assets acquired             $ 645,685 $ 836,215
Intangible assets amortized period             10 years 12 years

Agency Acquisition (Reconciliation Of Total Redeemable Equity) (Details)
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Agency Acquisition (Reconciliation Of Total Redeemable Equity) (Details) (USD $)
6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Agency Acquisition [Abstract]    
Beginning balance at January 1      
Redeemable noncontrolling interest resulting from subsidiary purchase 446,250   
Net income 23,213   
Ending balance, net $ 469,493