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--12-31
Q1
2012
2012-03-31
10-Q
0000720858
2097749
Smaller Reporting Company
INVESTORS TITLE CO
3784
3784
1662
1662
17652745
19840045
5740
2519
291676
291676
240517
625887
<div> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">
</font>
<div><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">
</font>
<div>
<p style="text-align: left;"><u><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Note 3 - Earnings Per Common Share and Share Awards</font></u></p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Basic earnings per common share are computed by dividing net income by the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per common share is computed by dividing net income by the combination of dilutive potential common stock, comprised of shares issuable under the Company's share-based compensation plans and the weighted-average number of common shares outstanding during the reporting period. Dilutive common share equivalents include the dilutive effect of in-the-money share-based awards, which are calculated based on the average share price for each period using the treasury stock method. Under the treasury stock method, when share-based awards are exercised, (a) the exercise price of a share-based award; (b), the amount of compensation cost, if any, for future service that the Company has not yet recognized; and (c) the amount of estimated tax benefits that would be recorded in additional paid-in capital, if any, are assumed to be used to repurchase shares in the current period. The incremental dilutive potential common shares, calculated using the treasury stock method, were 27,953 and 5,020 for the three months ended March 31, 2012 and 2011, respectively.</font></p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31:</font></p>
<div>
<table border="0" cellspacing="0">
<tr><td width="65%"> </td>
<td width="2%"> </td>
<td width="15%"> </td>
<td width="3%"> </td>
<td width="15%"> </td></tr>
<tr valign="bottom"><td width="65%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="33%" colspan="3" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Three Months Ended</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="65%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="33%" colspan="3" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">March 31,</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="65%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="15%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">2012</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" width="15%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">2011</font></td></tr>
<tr><td width="100%" colspan="5"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="65%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Net income</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">1,432,139</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></font></td>
<td style="border-bottom: #000000 1px solid;" width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">1,019,207</font> </td></tr>
<tr valign="bottom"><td width="65%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Weighted average common shares</font></td>
<td width="2%" align="left"> </td>
<td width="15%" align="left"> </td>
<td width="3%" align="left"> </td>
<td width="15%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" width="65%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">outstanding – Basic</font></td>
<td width="2%" align="left"> </td>
<td width="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">2,100,835</font></b></td>
<td width="3%" align="left"> </td>
<td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">2,234,480</font></td></tr>
<tr valign="bottom"><td width="65%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Incremental shares outstanding assuming</font></td>
<td width="2%" align="left"> </td>
<td width="15%" align="left"> </td>
<td width="3%" align="left"> </td>
<td width="15%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" width="65%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">the exercise of dilutive stock options and</font></td>
<td width="2%" align="left"> </td>
<td width="15%" align="left"> </td>
<td width="3%" align="left"> </td>
<td width="15%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 2px;" width="65%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">SARs (share settled)</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">27,953</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">5,020</font></td></tr>
<tr valign="bottom"><td width="65%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Weighted average common shares</font></td>
<td width="2%" align="left"> </td>
<td width="15%" align="left"> </td>
<td width="3%" align="left"> </td>
<td width="15%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 2px;" width="65%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">outstanding - Diluted</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">2,128,788</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">2,239,500</font></td></tr>
<tr><td width="100%" colspan="5"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 3px double;" width="65%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Basic earnings per common share</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">0.68</font></b></td>
<td style="border-bottom: #000000 3px double;" width="3%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 3px double;" width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">0.46</font></td></tr>
<tr><td width="100%" colspan="5"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="65%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Diluted earnings per common share</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">0.67</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">0.46</font></td></tr></table></div>
<p style="margin: 0px;"> </p>
<div> </div><br />
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">There were 4,500 and 14,000 shares excluded from the computation of diluted earnings per share for the three months ended March 31, 2012 and 2011, respectively, because these shares were anti-dilutive.</font></p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The Company has adopted employee stock award plans under which restricted stock, and options or stock appreciation rights ("SARs") to acquire shares (not to exceed 500,000 shares) of the Company's stock may be granted to key employees or directors of the Company at a price not less than the market value on the date of grant. SARs and options (which have predominantly been incentive stock options) awarded under the plans thus far 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.</font></p>
<p style="text-align: left;"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">A summary of share-based award transactions for all share-based award plans follows:</font></p>
<div>
<table border="0" cellspacing="0">
<tr><td width="32%"> </td>
<td width="16%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="13%"> </td>
<td width="16%"> </td>
<td width="2%"> </td>
<td width="13%"> </td></tr>
<tr valign="bottom"><td align="left"> </td>
<td align="center"> </td>
<td align="center"> </td>
<td align="center"> </td>
<td align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Weighted</font></b></td>
<td align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Average</font></b></td>
<td align="center"> </td>
<td align="center"> </td></tr>
<tr valign="bottom"><td align="left"> </td>
<td align="center"> </td>
<td align="center"> </td>
<td align="center"> </td>
<td style="text-indent: 1px;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Average</font></b></td>
<td align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Remaining</font></b></td>
<td align="center"> </td>
<td align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Aggregate</font></b></td></tr>
<tr valign="bottom"><td align="left"> </td>
<td align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Number</font></b></td>
<td align="center"> </td>
<td align="center"> </td>
<td style="text-indent: 1px;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Exercise</font></b></td>
<td align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Contractual</font></b></td>
<td align="center"> </td>
<td align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Intrinsic</font></b></td></tr>
<tr valign="bottom"><td align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Of Shares</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Price</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Term (years)</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Value</font></b></td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Outstanding as of January 1, 2011</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">110,800</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">28.77</font></b></td>
<td style="border-bottom: #000000 1px solid; text-indent: 12px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">4.51</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">353,955</font></b></td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">SARs granted</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,000</font></td>
<td align="left"> </td>
<td align="right"> </td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">41.50</font></td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Options exercised</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(7,700</font></td>
<td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td align="right"> </td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">20.15</font></td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Options/SARs cancelled/forfeited/expired</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(4,500</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">28.61</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Outstanding as of December 31, 2011</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">101,600</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">29.81</font></b></td>
<td style="border-bottom: #000000 1px solid; text-indent: 12px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">3.91</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">697,780</font></b></td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">SARs granted</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td>
<td align="left"> </td>
<td align="right"> </td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Options exercised</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(2,200</font></td>
<td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td align="right"> </td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">20.48</font></td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Options/SARs cancelled/forfeited/expired</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Outstanding as of March 31, 2012</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">99,400</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">30.01</font></b></td>
<td style="border-bottom: #000000 1px solid; text-indent: 12px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">3.73</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,668,053</font></b></td></tr>
<tr><td colspan="8"> </td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Exercisable as of March 31, 2012</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">98,780</font></b></td>
<td align="left"> </td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">30.01</font></b></td>
<td style="text-indent: 12px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">3.74</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,658,350</font></b></td></tr>
<tr><td colspan="8"> </td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Unvested as of March 31, 2012</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">620</font></b></td>
<td align="left"> </td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">31.07</font></b></td>
<td style="text-indent: 12px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2.28</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">9,703</font></b></td></tr></table></div>
<p style="margin: 0px;"> </p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">There was approximately $18,000 and $52,000 of compensation expense relating to SARs or options vesting on or before March 31, 2012 and 2011, respectively, included in salaries, employee benefits and payroll taxes in the Consolidated Statements of Income. As of March 31, 2012, there was approximately $25,000 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 8 months.</font></p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">There have been no stock options or SARs granted where the exercise price was less than the market price on the date of grant.</font></p></div></div> </div>
214113
351922
963927
927038
1198326
1342359
405473
414794
12330383
10513737
640533
148262
1108156
962560
7509165
8688485
81973
101242
52320
52320
17690
17690
157958463
158921694
78783968
80803074
85407365
87142860
22549975
26824431
18675813
20469135
387547
393447
8117031
11599535
18042258
16465383
3482504
-1576875
<div> <div><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">
</font>
<div><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">
</font>
<div>
<p style="text-align: left;"><u><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Note 8 – Commitments and Contingencies</font></u></p>
<p style="text-align: left;"> <i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="3">Legal Proceedings. </font></i><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">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 </font><u><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Backel v. Fidelity National Title Insurance et al</font></u><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">. (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.</font></p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">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.</font></p>
<p style="text-align: left;"> <i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="3">Agency Acquisition</font></i><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">. In January 2012, the Company entered into a membership interest purchase and sale agreement under which it agreed to acquire a majority ownership interest of a previously unaffiliated agency which the Company executed on April 2, 2012. The future purchase price cannot be calculated at this time, but the purchase price for the majority interest is capped at $1,041,250 and is to be paid over the next two years. The agreement provides options under which the Company may acquire the remaining interest in the agency and stipulates a minimum purchase price of $1,000,000 for the entire agency should one of those options be exercised. The actual purchase cost may deviate from both the maximum and minimum amounts and the Company has already paid $350,000 toward the purchase price.</font></p>
<p style="text-align: left;"> <i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="3">Regulation</font></i><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">. 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.</font></p>
<p style="text-align: left;"> <i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="3">Escrow and Trust Deposits</font></i><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">. 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 </font><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Company and, therefore, are excluded from the accompanying Consolidated Balance Sheets. However, the Company remains contingently liable for the disposition of these deposits.</font></p>
<p style="text-align: left;"> <i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="3">Like-Kind Exchanges Proceeds</font></i><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">. 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 $41,918,857 and $35,359,000 as of March 31, 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 March 31, 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.</font></p></div></div></div> </div>
0.07
0.07
10000000
10000000
2107681
2097564
2107681
2097564
1
1
1488838
2611459
592000
339000
-479363
-1445108
126178
113752
152830
152830
147097
147097
0.46
0.68
0.46
0.67
<div> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">
</font>
<div>
<div>
<p style="text-align: left;"><u><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Note 6 - Fair Value Measurement</font></u></p>
<p style="text-align: left;"> <i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="3">Valuation Hierarchy</font></i><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">. 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.</font></p>
<p style="text-align: left;"> <i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="3">Valuation Techniques</font></i><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">. 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.</font></p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The Level 1 category includes equity securities that are measured at fair value using quoted active market prices.</font></p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">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</font><i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="3">, Fair Value Measurements and Disclosures</font></i><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">. Generally, quotes obtained from the pricing service for instruments classified as Level 2 are not adjusted and are not binding. As of March 31, 2012 and December 31, 2011, the Company did not adjust any Level 2 fair values.</font></p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">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.</font></p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">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 following: the financial standing of the issuer; reported prices and the extent of public trading in similar financial instruments of the issuer or comparable companies; the ability of the issuer to obtain required financing; changes in the</font></p>
<div> </div><br />
<p style="text-align: left;"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">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 March 31, 2012 and December 31, 2011:</font></p>
<div>
<table border="0" cellspacing="0">
<tr><td width="60%"> </td>
<td width="19%"> </td>
<td width="2%"> </td>
<td width="14%"> </td>
<td width="2%"> </td></tr>
<tr valign="bottom"><td align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2012</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2011</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Cumulative probability of earning maximum rate until maturity</font></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">0.0-0.2</font></b></td>
<td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></b></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">0.0-0.1</font></td>
<td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Cumulative probability of principal returned prior to maturity</font></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">95.7-98.6%</font></b></td>
<td align="left"> </td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">95.4-98.7%</font></td>
<td align="left"> </td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Cumulative probability of default at some future point</font></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1.4-4.3</font></b></td>
<td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></b></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1.3-4.6</font></td>
<td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Liquidity risk premium</font></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">4.0-4.5</font></b></td>
<td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></b></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4.5-5.0</font></td>
<td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td></tr></table></div>
<p style="margin: 0px;"> </p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">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.</font></p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">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. On a quarterly basis, review of the valuation is performed by the Company with significant changes in quarter over quarter values compared to changes to the current economic environment. The Company believes that the midpoint valuation is the most reasonable estimate of fair value. 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.</font></p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The Company's ARS portfolio is comprised entirely of investment grade student loan ARS. The par value of the ARS bonds was $4,000,000 and $5,000,000 as of March 31, 2012 and December 31, 2011, respectively, with approximately 75.2% and 79.6% as of March 31, 2012 and December 31, 2011, respectively, guaranteed by the U.S. Department of Education.</font></p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The following table presents, by level, the financial assets carried at fair value measured on a recurring basis as of March 31, 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.</font></p>
<div>
<table border="0" cellspacing="0">
<tr><td width="40%"> </td>
<td width="2%"> </td>
<td width="14%"> </td>
<td width="3%"> </td>
<td width="10%"> </td>
<td width="3%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
<td width="12%"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">As of March 31, 2012</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Level 1</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Level 2</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Level 3</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid; text-indent: 4px;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></b></td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Short-term Investments</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">8,571,468</font></b></td>
<td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></b></td>
<td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">8,571,468</font></b></td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Equity Securities</font></b></td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Common stock and nonredeemable preferred stock</font></b></td>
<td align="right"> </td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">26,824,431</font></b></td>
<td align="left"> </td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></b></td>
<td align="left"> </td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></b></td>
<td align="right"> </td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">26,824,431</font></b></td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Fixed Maturities</font></b></td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Obligations of states and political subdivisions*</font></b></td>
<td align="right"> </td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></b></td>
<td align="left"> </td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">65,654,123</font></b></td>
<td align="left"> </td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">934,200</font></b></td>
<td align="right"> </td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">66,588,323</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 2px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Corporate Debt Securities*</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">17,791,037</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2,763,500</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">20,554,537</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 3px double;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">35,395,899</font></b></td>
<td style="border-bottom: #000000 3px double;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">83,445,160</font></b></td>
<td style="border-bottom: #000000 3px double;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">3,697,700</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">122,538,759</font></b></td></tr></table></div>
<p style="margin: 0px;"> </p>
<div>
<table border="0" cellspacing="0">
<tr><td width="40%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
<td width="12%"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="40%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">As of December 31, 2011</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Level 1</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Level 2</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Level 3</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></td></tr>
<tr valign="bottom"><td width="40%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Short-term Investments</font></td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">14,112,262</font></td>
<td style="text-indent: 1px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td>
<td style="text-indent: 1px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">14,112,262</font></td></tr>
<tr valign="bottom"><td width="40%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Equity Securities</font></td>
<td width="2%" align="right"> </td>
<td width="12%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="12%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="12%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" width="40%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Common stock and nonredeemable preferred stock</font></td>
<td width="2%" align="right"> </td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">22,549,975</font></td>
<td width="2%" align="left"> </td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td>
<td width="2%" align="left"> </td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td>
<td width="2%" align="right"> </td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">22,549,975</font></td></tr>
<tr valign="bottom"><td width="40%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Fixed Maturities</font></td>
<td width="2%" align="right"> </td>
<td width="12%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="12%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="12%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" width="40%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Obligations of states and political subdivisions*</font></td>
<td width="2%" align="right"> </td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td>
<td width="2%" align="left"> </td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">67,612,793</font></td>
<td width="2%" align="left"> </td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,834,700</font></td>
<td width="2%" align="right"> </td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">69,447,493</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 2px;" width="40%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Corporate Debt Securities*</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">13,242,172</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,717,700</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">15,959,872</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 3px double;" width="40%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">36,662,237</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">80,854,965</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,552,400</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">122,069,602</font></td></tr></table></div>
<p style="margin: 0px;"> </p>
<p style="text-align: left;"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">*Denotes fair market value obtained from pricing services.</font></p>
<div> </div><br />
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">There were no transfers into or out of Levels 1 and 2 during the period. The following table presents a reconciliation of the Company's assets measured at fair value using significant unobservable inputs (Level 3) for the period ended March 31, 2012 and the year ended December 31, 2011:</font></p>
<div>
<table border="0" cellspacing="0">
<tr><td width="64%"> </td>
<td width="2%"> </td>
<td width="13%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="10%"> </td>
<td width="2%"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="64%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Changes in fair value during the period ended:</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="13%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">2012</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">2011</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td></tr>
<tr valign="bottom"><td width="64%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Beginning balance at January 1</font></td>
<td width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></b></td>
<td width="13%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">4,552,400</font></b></td>
<td width="2%" align="left"> </td>
<td style="text-indent: 1px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">5,472,244</font></td>
<td width="2%" align="left"> </td></tr>
<tr valign="bottom"><td width="64%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Redemptions and sales</font></td>
<td width="2%" align="left"> </td>
<td width="13%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">(1,000,000</font></b></td>
<td width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></b></td>
<td width="2%" align="left"> </td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(900,000</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td></tr>
<tr valign="bottom"><td width="64%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Realized gain-included in realized (loss) gain on investments</font></td>
<td width="2%" align="left"> </td>
<td width="13%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">40,057</font></b></td>
<td width="2%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">43,199</font></td>
<td width="2%" align="left"> </td></tr>
<tr valign="bottom"><td width="64%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Realized loss-included in realized (loss) gain on investments</font></td>
<td width="2%" align="left"> </td>
<td width="13%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">-</font></b></td>
<td width="2%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(101,861</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="64%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Unrealized gain-included in other comprehensive income</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="13%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">105,243</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">38,818</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 3px double;" width="64%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Ending balance</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="13%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">3,697,700</font></b></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"> </td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 3px double;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">4,552,400</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"> </td></tr></table></div>
<p style="margin: 0px;"> </p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">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.</font></p>
<p style="text-align: left;"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The Company uses various financial instruments in the normal course of its business. The following tables present the carrying value and fair value of the Company's financial assets disclosed, but not carried, at fair value at March 31, 2012 and December 31, 2011, and the level within the fair value hierarchy at which such assets are measured.</font></p>
<p style="text-align: left;"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">As of March 31, 2012:</font></p>
<div>
<table border="0" cellspacing="0">
<tr><td width="27%"> </td>
<td width="2%"> </td>
<td width="16%"> </td>
<td width="2%"> </td>
<td width="14%"> </td>
<td width="2%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
<td width="7%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="7%"> </td></tr>
<tr valign="bottom"><td align="left"> </td>
<td align="right"> </td>
<td align="center"> </td>
<td align="center"> </td>
<td align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Estimated Fair</font></td>
<td align="center"> </td>
<td align="center"> </td>
<td align="center"> </td>
<td align="center"> </td>
<td align="center"> </td>
<td align="center"> </td>
<td align="center"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Financial Assets</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Carrying Value</font></td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Value</font></td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Level 1</font></td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Level 2</font></td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Level 3</font></td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Cash</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">16,465,383</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">16,465,383</font></td>
<td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">16,465,383</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td align="left"> </td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td>
<td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Cost-basis investment</font></td>
<td align="right"> </td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,371,329</font></td>
<td align="right"> </td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,757,994</font></td>
<td align="left"> </td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td>
<td align="left"> </td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,371,329</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 1px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Accrued dividends and interest</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">962,560</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">962,560</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">52,272</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">910,288</font></td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">18,799,272</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">19,185,937</font></td>
<td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">16,517,655</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td align="left"> </td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td>
<td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,281,617</font></td></tr>
<tr><td colspan="12"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">As of December 31, 2012</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Cash</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">18,042,258</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">18,042,258</font></td>
<td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">18,042,258</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td align="left"> </td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td>
<td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Cost-basis investment</font></td>
<td align="right"> </td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,303,887</font></td>
<td align="right"> </td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,688,262</font></td>
<td align="left"> </td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td>
<td align="left"> </td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,303,887</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 1px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Accrued dividends and interest</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,108,156</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,108,156</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">39,857</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,068,299</font></td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">20,454,301</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">20,838,676</font></td>
<td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">18,082,115</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td align="left"> </td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td>
<td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,372,186</font></td></tr></table></div>
<p style="margin: 0px;"> </p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">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 March 31, 2012 and December 31, 2011. There were no assets valued at fair market value on a non-recurring basis as of March 31, 2012.</font></p>
<div> </div><br />
<p style="text-align: center;"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The following table summarizes the corresponding estimated fair value hierarchy of such investments at December 31, 2011 and the related impairments recognized.</font></p>
<div>
<table border="0" cellspacing="0">
<tr><td width="16%"> </td>
<td width="14%"> </td>
<td width="13%"> </td>
<td width="2%"> </td>
<td width="7%"> </td>
<td width="2%"> </td>
<td width="7%"> </td>
<td width="3%"> </td>
<td width="8%"> </td>
<td width="2%"> </td>
<td width="7%"> </td>
<td width="2%"> </td>
<td width="8%"> </td>
<td width="2%"> </td></tr>
<tr valign="bottom"><td width="16%" align="left"> </td>
<td width="14%" align="center"> </td>
<td width="13%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="7%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="7%" align="center"> </td>
<td width="3%" align="center"> </td>
<td width="8%" align="center"> </td>
<td width="2%" align="center"> </td>
<td style="text-indent: 1px;" width="7%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">Total at</font></td>
<td width="2%" align="center"> </td>
<td width="8%" align="center"> </td>
<td width="2%" align="left"> </td></tr>
<tr valign="bottom"><td width="16%" align="left"> </td>
<td width="14%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">Valuation</font></td>
<td width="13%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="7%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="7%" align="center"> </td>
<td width="3%" align="center"> </td>
<td width="8%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="7%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">Estimated</font></td>
<td width="2%" align="center"> </td>
<td width="8%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">Impairment</font></td>
<td width="2%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="16%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">December 31, 2011</font></td>
<td style="border-bottom: #000000 1px solid;" width="14%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">Method</font></td>
<td style="border-bottom: #000000 1px solid;" width="13%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">Impaired</font></td>
<td style="border-bottom: #000000 1px solid;" width="9%" colspan="2" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">Level 1</font></td>
<td style="border-bottom: #000000 1px solid;" width="9%" colspan="2" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">Level 2</font></td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" width="8%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">Level 3</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" width="7%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">Fair Value</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" width="8%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">Losses</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td></tr>
<tr valign="bottom"><td width="16%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">Cost method investments</font></td>
<td width="14%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">Fair Value</font></td>
<td width="13%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">Yes</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">$</font></td>
<td width="7%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">-</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">$</font></td>
<td width="7%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">-</font></td>
<td width="3%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">$</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">58,281</font></td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">$</font></td>
<td style="text-indent: 1px;" width="7%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">58,281</font></td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">$</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">(28,904</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">)</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="16%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">Other assets</font></td>
<td style="border-bottom: #000000 1px solid;" width="14%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">Fair Value</font></td>
<td style="border-bottom: #000000 1px solid;" width="13%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">Yes</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="7%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">-</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="7%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">-</font></td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">17,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid; text-indent: 4px;" width="7%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">17,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">(15,500</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">)</font></td></tr>
<tr valign="bottom"><td width="16%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">Total cost method</font></td>
<td width="14%" align="left"> </td>
<td width="13%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="7%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="7%" align="left"> </td>
<td width="3%" align="left"> </td>
<td width="8%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="7%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="8%" align="left"> </td>
<td width="2%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" width="16%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">investments and other</font></td>
<td width="14%" align="left"> </td>
<td width="13%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="7%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="7%" align="left"> </td>
<td width="3%" align="left"> </td>
<td width="8%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="7%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="8%" align="left"> </td>
<td width="2%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 3px double; text-indent: 2px;" width="16%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">assets</font></td>
<td style="border-bottom: #000000 3px double;" width="14%" align="left"> </td>
<td style="border-bottom: #000000 3px double;" width="13%" align="left"> </td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #000000 3px double;" width="7%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">-</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #000000 3px double;" width="7%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">-</font></td>
<td style="border-bottom: #000000 3px double;" width="3%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #000000 3px double;" width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">75,281</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #000000 3px double; text-indent: 1px;" width="7%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">75,281</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #000000 3px double;" width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">(44,404</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">)</font></td></tr></table></div>
<p style="margin: 0px;"> </p></div></div> </div>
-26160
192881
67482
335664
6309
1346207
1945139
1170000
667000
327000
513000
-642003
-1816646
-1056356
-492271
378256
-397136
-175361
-2108642
542066
10879586
11192127
899372
977261
125701316
128167623
<div> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">
</font>
<div><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">
</font>
<div>
<p style="text-align: left;"><u><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Note 7 – Investments in Securities</font></u></p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">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:</font></p>
<div>
<table border="0" cellspacing="0">
<tr><td width="49%"> </td>
<td width="2%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
<td width="8%"> </td>
<td width="2%"> </td>
<td width="10%"> </td></tr>
<tr valign="bottom"><td width="49%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="10%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Gross</font></b></td>
<td width="2%" align="center"> </td>
<td width="8%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Gross</font></b></td>
<td width="2%" align="center"> </td>
<td width="10%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Estimated</font></b></td></tr>
<tr valign="bottom"><td width="49%" align="left"> </td>
<td width="2%" align="right"> </td>
<td style="text-indent: 1px;" width="10%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Amortized</font></b></td>
<td width="2%" align="center"> </td>
<td width="10%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized</font></b></td>
<td width="2%" align="center"> </td>
<td width="8%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized</font></b></td>
<td width="2%" align="center"> </td>
<td style="text-indent: 3px;" width="10%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Fair</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="49%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">March 31, 2012</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid; text-indent: 5px;" width="10%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Cost</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Gains</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" width="8%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Losses</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: #000000 1px solid; text-indent: 2px;" width="10%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Value</font></b></td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="49%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Fixed maturities, available-for-sale, at fair value-</font></b></td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="8%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" width="49%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Obligations of states and political subdivisions</font></b></td>
<td width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">60,381,475</font></b></td>
<td width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">5,290,815</font></b></td>
<td width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="8%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">18,167</font></b></td>
<td width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">65,654,123</font></b></td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" width="49%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Corporate debt securities</font></b></td>
<td width="2%" align="right"> </td>
<td width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">16,782,152</font></b></td>
<td width="2%" align="left"> </td>
<td width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,133,832</font></b></td>
<td width="2%" align="left"> </td>
<td width="8%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">124,947</font></b></td>
<td width="2%" align="left"> </td>
<td width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">17,791,037</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 3px;" width="49%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Auction rate securities</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">3,639,447</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">58,253</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="8%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">3,697,700</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 3px;" width="49%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">80,803,074</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">6,482,900</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="8%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">143,114</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">87,142,860</font></b></td></tr>
<tr valign="bottom"><td width="49%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Equity Securities, available-for-sale at fair value-</font></b></td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="8%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 1px;" width="49%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Common stocks and nonredeemable preferred stocks</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">19,840,045</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">7,044,101</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="8%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">59,715</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">26,824,431</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 3px;" width="49%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">19,840,045</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">7,044,101</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="8%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">59,715</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">26,824,431</font></b></td></tr>
<tr valign="bottom"><td width="49%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Short-term investments-</font></b></td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="8%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 1px;" width="49%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Certificates of deposit and other</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">8,571,468</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="8%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">8,571,468</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 3px;" width="49%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">8,571,468</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="8%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">8,571,468</font></b></td></tr>
<tr><td width="95%" colspan="9"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="49%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">December 31, 2011</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="8%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="49%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Fixed maturities, available-for-sale, at fair value-</font></td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="8%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" width="49%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Obligations of states and political subdivisions</font></td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">62,042,929</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,583,733</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">13,869</font></td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">67,612,793</font></td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" width="49%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Corporate debt securities</font></td>
<td width="2%" align="right"> </td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">12,188,639</font></td>
<td width="2%" align="left"> </td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,202,149</font></td>
<td width="2%" align="left"> </td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">148,616</font></td>
<td width="2%" align="left"> </td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">13,242,172</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 3px;" width="49%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Auction rate securities</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,552,400</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,552,400</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 3px;" width="49%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">78,783,968</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">6,785,882</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">162,485</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">85,407,365</font></td></tr>
<tr valign="bottom"><td width="49%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Equity Securities, available-for-sale at fair value-</font></td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="8%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 1px;" width="49%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Common stocks and nonredeemable preferred stocks</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">17,652,745</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,939,053</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">41,823</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">22,549,975</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 3px;" width="49%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">17,652,745</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,939,053</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">41,823</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">22,549,975</font></td></tr>
<tr valign="bottom"><td width="49%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Short-term investments-</font></td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="8%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 1px;" width="49%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Certificates of deposit and other</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">14,112,262</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">14,112,262</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 3px;" width="49%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">14,112,262</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">14,112,262</font></td></tr></table></div>
<p style="margin: 0px;"> </p>
<div> </div><br />
<p style="text-align: left;"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The scheduled maturities of fixed maturity securities at March 31, 2012 were as follows:</font></p>
<div>
<table border="0" cellspacing="0">
<tr><td width="59%"> </td>
<td width="3%"> </td>
<td width="15%"> </td>
<td width="3%"> </td>
<td width="17%"> </td></tr>
<tr valign="bottom"><td width="59%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="35%" colspan="3" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Available-for-Sale</font></td></tr>
<tr valign="bottom"><td width="59%" align="left"> </td>
<td width="3%" align="right"> </td>
<td width="15%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Amortized</font></td>
<td width="3%" align="center"> </td>
<td width="17%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Fair</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="59%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="right"> </td>
<td style="border-bottom: #000000 1px solid; text-indent: 5px;" width="15%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Cost</font></td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" width="17%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Value</font></td></tr>
<tr valign="bottom"><td width="59%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Due in one year or less</font></td>
<td width="3%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">7,892,019</font></td>
<td width="3%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td width="17%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">8,018,893</font></td></tr>
<tr valign="bottom"><td width="59%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Due after one year through five years</font></td>
<td width="3%" align="right"> </td>
<td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">34,168,120</font></td>
<td width="3%" align="right"> </td>
<td width="17%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">36,402,089</font></td></tr>
<tr valign="bottom"><td width="59%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Due five years through ten years</font></td>
<td width="3%" align="right"> </td>
<td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">31,746,313</font></td>
<td width="3%" align="right"> </td>
<td width="17%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">34,936,063</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="59%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Due after ten years</font></td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">6,996,622</font></td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="17%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">7,785,815</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 4px;" width="59%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Total</font></td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">80,803,074</font></td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="17%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">87,142,860</font></td></tr></table></div>
<p style="margin: 0px;"> </p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Gross realized gains and losses on securities for the three months ended March 31 are summarized as follows:</font></p>
<div>
<table border="0" cellspacing="0">
<tr><td width="67%"> </td>
<td width="3%"> </td>
<td width="10%"> </td>
<td width="3%"> </td>
<td width="10%"> </td>
<td width="3%"> </td></tr>
<tr valign="bottom"><td width="67%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2012</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2011</font></td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td></tr>
<tr valign="bottom"><td width="67%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Gross realized gains:</font></td>
<td width="3%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="3%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="3%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="67%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Obligations of states and political subdivisions</font></td>
<td width="3%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">250</font></b></td>
<td width="3%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">387</font></td>
<td width="3%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="67%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Common stocks and nonredeemable preferred stocks</font></td>
<td width="3%" align="left"> </td>
<td width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">152,574</font></b></td>
<td width="3%" align="left"> </td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">46,189</font></td>
<td width="3%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 2px;" width="67%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Auction rate securities</font></td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">40,057</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">15,428</font></td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 3px;" width="67%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">192,881</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">62,004</font></td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td></tr>
<tr valign="bottom"><td width="67%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Gross realized losses:</font></td>
<td width="3%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="3%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="3%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="67%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Obligations of states and political subdivisions</font></td>
<td width="3%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></b></td>
<td width="3%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td>
<td width="3%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="67%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Common stocks and nonredeemable preferred stocks</font></td>
<td width="3%" align="left"> </td>
<td width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></b></td>
<td width="3%" align="left"> </td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(13,888</font></td>
<td width="3%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 1px;" width="67%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Other than temporary impairment of securities</font></td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(64,468</font></td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 3px;" width="67%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(78,356</font></td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="67%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Net realized (loss) gain</font></td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">192,881</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(16,352</font></td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr></table></div>
<p style="margin: 0px;"> </p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Realized gains and losses are determined on the specific identification method. Also included in net realized gain on sales in the Consolidated Statements of Income are impairments of other investments and loss on sales of property acquired in the settlement of claims totaling $0 and $(9,808) for the three months ended March 31, 2012 and 2011, respectively.</font></p>
<div> </div><br />
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">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 March 31, 2012 and December 31, 2011.</font></p>
<div>
<table border="0" cellspacing="0">
<tr><td width="16%"> </td>
<td width="2%"> </td>
<td width="7%"> </td>
<td width="2%"> </td>
<td width="9%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="11%"> </td>
<td width="2%"> </td>
<td width="11%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="11%"> </td>
<td width="2%"> </td>
<td width="9%"> </td>
<td width="2%"> </td></tr>
<tr valign="bottom"><td align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Less than 12 Months</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">12 Months or Longer</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td></tr>
<tr valign="bottom"><td align="left"> </td>
<td align="left"> </td>
<td align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Fair</font></b></td>
<td colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized</font></b></td>
<td align="center"> </td>
<td align="center"> </td>
<td align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Fair</font></b></td>
<td align="center"> </td>
<td align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized</font></b></td>
<td align="center"> </td>
<td align="center"> </td>
<td align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Fair</font></b></td>
<td align="center"> </td>
<td align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized</font></b></td>
<td align="left"> </td></tr>
<tr valign="bottom"><td align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Value</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Losses</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Value</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Losses</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Value</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Losses</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">March 31, 2012</font></b></td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Obligations of states</font></b></td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">and political</font></b></td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">subdivisions</font></b></td>
<td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="text-indent: 9px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></b></td>
<td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></b></td>
<td align="left"> </td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,012,920</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(18,167</font></b></td>
<td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,012,920</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(18,167</font></b></td>
<td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Corporate debt</font></b></td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">securities</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">3,607,498</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(60,825</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">955,750</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(64,122</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">4,563,248</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(124,947</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Total Fixed Income</font></b></td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Securities</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">3,607,498</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(60,825</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,968,670</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(82,289</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">5,576,168</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(143,114</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Equity Securities</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,283,535</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(59,715</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,283,535</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(59,715</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Total temporarily</font></b></td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">impaired securities</font></b></td>
<td style="border-bottom: #000000 3px double;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">4,891,033</font></b></td>
<td style="border-bottom: #000000 3px double;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(120,540</font></b></td>
<td style="border-bottom: #000000 3px double;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,968,670</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(82,289</font></b></td>
<td style="border-bottom: #000000 3px double;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">6,859,703</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(202,829</font></b></td>
<td style="border-bottom: #000000 3px double;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td></tr></table></div>
<p style="margin: 0px;"> </p>
<div>
<table border="0" cellspacing="0">
<tr><td width="15%"> </td>
<td width="2%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
<td width="11%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="11%"> </td>
<td width="2%"> </td>
<td width="11%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
<td width="6%"> </td>
<td width="2%"> </td></tr>
<tr valign="bottom"><td align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Less than 12 Months</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">12 Months or Longer</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td></tr>
<tr valign="bottom"><td align="left"> </td>
<td align="right"> </td>
<td style="text-indent: 3px;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Fair</font></b></td>
<td align="center"> </td>
<td align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized</font></b></td>
<td align="center"> </td>
<td align="center"> </td>
<td align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Fair</font></b></td>
<td align="center"> </td>
<td align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized</font></b></td>
<td align="center"> </td>
<td align="center"> </td>
<td align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Fair</font></b></td>
<td colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized</font></b></td>
<td align="left"> </td></tr>
<tr valign="bottom"><td align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid; text-indent: 2px;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Value</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Losses</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Value</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Losses</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid; text-indent: 1px;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Value</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Losses</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">December 31, 2011</font></td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Obligations of states</font></td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">and political</font></td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">subdivisions</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">663,666</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(64</font></td>
<td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,023,180</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(13,805</font></td>
<td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,686,846</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(13,869</font></td>
<td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Corporate debt</font></td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">securities</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,015,769</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(148,616</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,015,769</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(148,616</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total Fixed Income</font></td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Securities</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,679,435</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(148,680</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,023,180</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(13,805</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,702,615</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(162,485</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Equity Securities</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">957,072</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(40,893</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">104,130</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(930</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,061,202</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(41,823</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total temporarily</font></td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">impaired securities</font></td>
<td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,636,507</font></td>
<td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(189,573</font></td>
<td style="border-bottom: #000000 3px double;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,127,310</font></td>
<td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(14,735</font></td>
<td style="border-bottom: #000000 3px double;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,763,817</font></td>
<td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(204,308</font></td>
<td style="border-bottom: #000000 3px double;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr></table></div>
<p style="margin: 0px;"> </p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">As of March 31, 2012, the Company held $5,576,168 in fixed maturity securities with unrealized losses of $143,114. 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.</font></p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">As of March 31, 2012, the Company held $1,283,535 in equity securities with unrealized losses of $59,715. 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.</font></p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">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 12 and 13 securities had unrealized losses at March 31, 2012 and December 31, 2011, respectively. Reviews of the values of securities are inherently uncertain and the value of the investment may </font><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">not fully recover, or may decline in future periods resulting in a realized loss. During the first quarter 2012, the Company did not have other-than-temporary impairment charges. During the first quarter of 2011, the Company recorded other-than-temporary impairment charges in the amount of $69,276 related to stocks 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.</font></p></div></div> </div>
4691996
4990632
51446279
50392107
157958463
158921694
<div> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">
</font>
<div><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">
</font>
<div>
<p style="text-align: left;"><u><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Note 2 - Reserves for Claims</font></u></p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Transactions in the reserves for claims for the three months ended March 31, 2012 and the year ended December 31, 2011 are summarized as follows:</font></p>
<div>
<table border="0" cellspacing="0">
<tr><td width="41%"> </td>
<td width="3%"> </td>
<td width="26%"> </td>
<td width="3%"> </td>
<td width="3%"> </td>
<td width="16%"> </td>
<td width="3%"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="41%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="26%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">March 31, 2012</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" width="16%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">December 31, 2011</font></td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td></tr>
<tr valign="bottom"><td width="41%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Balance, beginning of period</font></td>
<td width="3%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></b></td>
<td width="26%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">37,996,000</font></b></td>
<td width="3%" align="left"> </td>
<td style="text-indent: 1px;" width="3%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td width="16%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">38,198,700</font></td>
<td width="3%" align="left"> </td></tr>
<tr valign="bottom"><td width="41%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Provision, charged to operations</font></td>
<td width="3%" align="left"> </td>
<td width="26%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">1,631,359</font></b></td>
<td width="3%" align="left"> </td>
<td width="3%" align="left"> </td>
<td width="16%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">3,342,427</font></td>
<td width="3%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="41%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Payments of claims, net of recoveries</font></td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="26%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">(1,342,359</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="16%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(3,545,127</font></td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 3px double;" width="41%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Ending balance</font></td>
<td style="border-bottom: #000000 3px double;" width="3%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="26%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">38,285,000</font></b></td>
<td style="border-bottom: #000000 3px double;" width="3%" align="left"> </td>
<td style="border-bottom: #000000 3px double; text-indent: 1px;" width="3%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 3px double;" width="16%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">37,996,000</font></td>
<td style="border-bottom: #000000 3px double;" width="3%" align="left"> </td></tr></table></div>
<p style="margin: 0px;"> </p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The total reserve for all reported and unreported losses the Company incurred through March 31, 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 March 31, 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.</font></p>
<div> </div><br />
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">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:</font></p>
<div>
<table border="0" cellspacing="0">
<tr><td width="21%"> </td>
<td width="5%"> </td>
<td width="22%"> </td>
<td width="12%"> </td>
<td width="8%"> </td>
<td width="19%"> </td>
<td width="9%"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">March 31, 2012</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">%</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">December 31, 2011</font></td>
<td style="border-bottom: #000000 1px solid;" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">%</font></td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Known title claims</font></td>
<td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">6,357,547</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">16.6</font></b></td>
<td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">6,233,501</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">16.4</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">IBNR</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">31,927,453</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">83.4</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">31,762,499</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">83.6</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Total loss reserves</font></td>
<td style="border-bottom: #000000 3px double;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">38,285,000</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">100.0</font></b></td>
<td style="border-bottom: #000000 3px double;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">37,996,000</font></td>
<td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">100.0</font></td></tr></table></div>
<p style="margin: 0px;"> </p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">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.</font></p></div></div> </div>
37996000
38285000
-4078089
-611746
5953034
-258995
1607559
-706134
1019207
1019207
1432139
1432139
<div> <div><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">
</font>
<div><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">
</font>
<div>
<p style="text-align: left;"><u><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Note 1 - Basis of Presentation and Significant Accounting Policies</font></u></p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">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.</font></p>
<p style="text-align: left;"> <i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="3">Principles of Consolidation </font></i><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">– 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. All intercompany balances and transactions have been eliminated in consolidation.</font></p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">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 March 31, 2012 are not necessarily indicative of the results that may be expected for the year ending December 31, 2012.</font></p>
<p style="text-align: left;"> <i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="3">Use of Estimates and Assumptions </font></i><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">– 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.</font></p>
<p style="text-align: left;"> <i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="3">Subsequent Events - </font></i><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The Company has evaluated and concluded that there were no material subsequent events requiring adjustment to or disclosure in its Consolidated Financial Statements.</font></p>
<p style="text-align: left;"> <i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="3">Recently Issued Accounting Standards – </font></i><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">In May 2011, the Financial Accounting Standards Board ("the FASB") updated requirements for measuring and disclosing fair value information, resulting in common principles and requirements in accordance with GAAP and International Financial Reporting Standards ("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.</font></p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">In June 2011, the FASB updated requirements relating to the presentation of comprehensive income. The objectives of this accounting update are to facilitate convergence of GAAP and 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</font></p>
<div> </div><br />
<p style="text-align: left;"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">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.</font></p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">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.</font></p>
<p style="text-align: left;"> <i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="3">Pending Accounting Standards – </font></i><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">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.</font></p></div></div></div> </div>
5097
2349
1956
857
712104
1806064
469631
1179320
242473
626744
43117
192881
14739
66056
-69277
-23889
643
170
680204
1996426
465847
465847
1177658
1177658
231367
691943
103021
167279
1283220
1576712
3631714
5628864
14112262
8571468
3929009
509711
152830
147097
3065044
7207882
5681
1917500
59689
32537
679407
2226674
<div> <div>
<div>
<p style="text-align: left;"><u><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Note 5 – Retirement Agreements and Other Postretirement Benefits</font></u></p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">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 $5,860,000 and $5,740,000 as of March 31, 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 sets forth the net periodic benefits cost for the executive benefits for the periods ended March 31, 2012 and 2011:</font></p>
<div>
<table border="0" cellspacing="0">
<tr><td width="66%"> </td>
<td width="4%"> </td>
<td width="12%"> </td>
<td width="4%"> </td>
<td width="11%"> </td></tr>
<tr valign="bottom"><td width="66%" align="left"> </td>
<td width="4%" align="left"> </td>
<td width="27%" colspan="3" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">For the Three</font></td></tr>
<tr valign="bottom"><td width="66%" align="left"> </td>
<td width="4%" align="left"> </td>
<td width="27%" colspan="3" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Months Ended</font></td></tr>
<tr valign="bottom"><td width="66%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="4%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="27%" colspan="3" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">March 31,</font></td></tr>
<tr valign="bottom"><td width="66%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="4%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">2012</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="4%" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" width="11%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">2011</font></td></tr>
<tr><td width="97%" colspan="5"> </td></tr>
<tr valign="bottom"><td width="66%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Service cost – benefits earned during the year</font></td>
<td width="4%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></b></td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">3,154</font></b></td>
<td width="4%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">6,424</font></td></tr>
<tr valign="bottom"><td width="66%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Interest cost on the projected benefit obligation</font></td>
<td width="4%" align="left"> </td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">6,967</font></b></td>
<td width="4%" align="left"> </td>
<td width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">7,689</font></td></tr>
<tr valign="bottom"><td width="66%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Amortization of unrecognized prior service cost</font></td>
<td width="4%" align="left"> </td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">2,349</font></b></td>
<td width="4%" align="left"> </td>
<td width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">5,097</font></td></tr>
<tr valign="bottom"><td width="66%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Amortization of unrecognized losses</font></td>
<td style="border-bottom: #000000 1px solid;" width="4%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">170</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="4%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">643</font></td></tr>
<tr valign="bottom"><td width="66%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Net periodic benefits costs</font></td>
<td style="border-bottom: #000000 3px double;" width="4%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">12,640</font></b></td>
<td style="border-bottom: #000000 3px double;" width="4%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 3px double;" width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">19,853</font></td></tr></table></div>
<p style="margin: 0px;"> </p></div></div> </div>
721626
1631359
100000
100000
0
0
6810000
7143066
1218000
1427000
17865588
19667420
2743517
2713752
2565443
3093116
6987035
7767468
210377
256014
9000
3750
45062
308524
400537
3553216
3469310
-181000
209000
<div> <div>
<div>
<p style="text-align: left;"><u><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Note 9 – Related Party Transactions</font></u></p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">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:</font></p>
<div>
<table border="0" cellspacing="0">
<tr><td width="46%"> </td>
<td width="8%"> </td>
<td width="19%"> </td>
<td width="4%"> </td>
<td width="21%"> </td></tr>
<tr valign="bottom"><td align="left"> </td>
<td align="left"> </td>
<td align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">As of</font></b></td>
<td align="center"> </td>
<td align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">As of</font></td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Financial Statement Classification,</font></td>
<td align="left"> </td>
<td align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">March 31,</font></b></td>
<td align="center"> </td>
<td align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">December 31,</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Consolidated Balance Sheets</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2012</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2011</font></td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Other investments</font></td>
<td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="text-indent: 3px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">4,258,000</font></b></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,328,000</font></td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Premiums and fees receivable</font></td>
<td align="left"> </td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">740,000</font></b></td>
<td align="right"> </td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">681,000</font></td></tr></table></div>
<p style="margin: 0px;"> </p>
<div>
<table border="0" cellspacing="0">
<tr><td width="49%"> </td>
<td width="8%"> </td>
<td width="20%"> </td>
<td width="7%"> </td>
<td width="14%"> </td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Financial Statement Classification,</font></td>
<td align="left"> </td>
<td colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">For the Three Months Ended</font></b></td></tr>
<tr valign="bottom"><td align="left"> </td>
<td align="left"> </td>
<td colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">March 31,</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Consolidated Statements of Income</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2012</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2011</font></td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Net premiums written</font></td>
<td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">3,383,000</font></b></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,122,000</font></td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Other income</font></td>
<td align="left"> </td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">474,000</font></b></td>
<td align="left"> </td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">215,000</font></td></tr></table></div>
<p style="margin: 0px;"> </p></div></div> </div>
99003018
99841101
20022020
22414274
<div> <div>
<div>
<p style="text-align: left;"><u><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Note 4 – Segment Information</font></u></p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The Company has one reportable segment, title insurance services. The remaining immaterial segments have been combined into a group called "All Other."</font></p>
<div> </div><br />
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">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.</font></p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Provided below is selected financial information about the Company's operations by segment for the periods ended March 31, 2012 and 2011:</font></p>
<div>
<table border="0" cellspacing="0">
<tr><td width="29%"> </td>
<td width="3%"> </td>
<td width="11%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="13%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="11%"> </td>
<td width="2%"> </td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Three Months Ended</font></b></td>
<td align="left"> </td>
<td align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Title</font></b></td>
<td align="left"> </td>
<td align="left"> </td>
<td align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">All</font></b></td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Intersegment</font></b></td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">March 31, 2012</font></b></td>
<td align="left"> </td>
<td style="border-bottom: #000000 1px solid; text-indent: 1px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Insurance</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Other</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Eliminations</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Operating revenues</font></b></td>
<td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">20,273,756</font></b></td>
<td align="left"> </td>
<td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,176,058</font></b></td>
<td align="left"> </td>
<td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(205,682</font></b></td>
<td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td>
<td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">21,244,132</font></b></td>
<td align="left"> </td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Investment income</font></b></td>
<td align="left"> </td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">853,831</font></b></td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">143,847</font></b></td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(20,417</font></b></td>
<td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td>
<td align="left"> </td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">977,261</font></b></td>
<td align="left"> </td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Net realized gain on investments</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">182,414</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">10,467</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">192,881</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Total revenues</font></b></td>
<td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">21,310,001</font></b></td>
<td align="left"> </td>
<td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,330,372</font></b></td>
<td align="left"> </td>
<td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(226,099</font></b></td>
<td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td>
<td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">22,414,274</font></b></td>
<td align="left"> </td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Operating expenses</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">19,254,724</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,420,093</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(205,682</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">20,469,135</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Income (loss) before income taxes</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2,055,277</font></b></td>
<td style="border-bottom: #000000 3px double;" align="left"> </td>
<td style="border-bottom: #000000 3px double;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(89,721</font></b></td>
<td style="border-bottom: #000000 3px double;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td>
<td style="border-bottom: #000000 3px double;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(20,417</font></b></td>
<td style="border-bottom: #000000 3px double;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td>
<td style="border-bottom: #000000 3px double;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,945,139</font></b></td>
<td style="border-bottom: #000000 3px double;" align="left"> </td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Total assets</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">123,921,278</font></b></td>
<td style="border-bottom: #000000 3px double;" align="left"> </td>
<td style="border-bottom: #000000 3px double;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">35,000,416</font></b></td>
<td style="border-bottom: #000000 3px double;" align="left"> </td>
<td style="border-bottom: #000000 3px double;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></b></td>
<td style="border-bottom: #000000 3px double;" align="left"> </td>
<td style="border-bottom: #000000 3px double;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">158,921,694</font></b></td>
<td style="border-bottom: #000000 3px double;" align="left"> </td></tr>
<tr><td colspan="13"> </td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Three Months Ended</font></td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">March 31, 2011</font></td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Operating revenues</font></td>
<td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">18,187,312</font></td>
<td align="left"> </td>
<td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,171,784</font></td>
<td align="left"> </td>
<td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(210,288</font></td>
<td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">19,148,808</font></td>
<td align="left"> </td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Investment income</font></td>
<td align="left"> </td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">790,973</font></td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">128,816</font></td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(20,417</font></td>
<td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td align="left"> </td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">899,372</font></td>
<td align="left"> </td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Net realized loss on investments</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(20,535</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(5,625</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(26,160</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total revenues</font></td>
<td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">18,957,750</font></td>
<td align="left"> </td>
<td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,294,975</font></td>
<td align="left"> </td>
<td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(230,705</font></td>
<td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">20,022,020</font></td>
<td align="left"> </td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Operating expenses</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">17,527,537</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,358,564</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(210,288</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">18,675,813</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Income (loss) before income taxes</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,430,213</font></td>
<td style="border-bottom: #000000 3px double;" align="left"> </td>
<td style="border-bottom: #000000 3px double;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(63,589</font></td>
<td style="border-bottom: #000000 3px double;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: #000000 3px double;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(20,417</font></td>
<td style="border-bottom: #000000 3px double;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: #000000 3px double;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,346,207</font></td>
<td style="border-bottom: #000000 3px double;" align="left"> </td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total assets</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">111,333,607</font></td>
<td style="border-bottom: #000000 3px double;" align="left"> </td>
<td style="border-bottom: #000000 3px double;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">37,797,701</font></td>
<td style="border-bottom: #000000 3px double;" align="left"> </td>
<td style="border-bottom: #000000 3px double;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td>
<td style="border-bottom: #000000 3px double;" align="left"> </td>
<td style="border-bottom: #000000 3px double;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">149,131,308</font></td>
<td style="border-bottom: #000000 3px double;" align="left"> </td></tr></table></div>
<p style="margin: 0px;"> </p></div></div> </div>
52320
17690
2282596
2156078
2107681
2097564
103928815
5688705
1
98240109
101391884
6158336
1
95233547
106512184
7509165
1
99003018
108529587
8688485
1
99841101
250
2200
3750
3750
45062
45062
126768
12317
3929009
3929009
509711
509711
2239500
2128788
2234480
2100835