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--12-31
Q2
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10-Q
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INVESTORS TITLE CO
1108156
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<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 number of incremental dilutive potential common shares, calculated using the treasury stock method, was <font class="_mt">34,066</font> and <font class="_mt">20,952</font> for the three months ended June 30, 2012, and 2011, respectively, and <font class="_mt">31,413</font> and <font class="_mt">17,075</font> for the six months ended June 30, 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 sets forth the computation of basic and diluted earnings per share for the three and six month periods ended June 30:</font></p>
<div>
<table border="0" cellspacing="0">
<tr><td width="40%"> </td>
<td width="2%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="10%"> </td></tr>
<tr valign="bottom"><td width="40%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="24%" colspan="4" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Three months ended</font></td>
<td width="2%" align="center"> </td>
<td width="24%" colspan="4" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Six months ended</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="40%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="24%" colspan="4" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">June 30,</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" width="24%" colspan="4" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">June 30,</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="40%" 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="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="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="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></tr>
<tr><td width="92%" colspan="11"> </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="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">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">3,349,488</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="12%" colspan="2" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">1,594,805</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">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">4,781,627</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="12%" colspan="2" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">2,614,012</font></td></tr>
<tr valign="bottom"><td width="40%" 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="10%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 4px;" width="40%" 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="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">2,098,666</font></b></td>
<td width="2%" align="right"> </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">2,134,164</font></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="3">2,099,751</font></b></td>
<td width="2%" align="right"> </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">2,184,323</font></td></tr>
<tr valign="bottom"><td width="40%" 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="10%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 4px;" width="40%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">the exercise of dilutive stock options</font></td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="right"> </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: 4px;" width="40%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">and 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="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">34,066</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </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">20,952</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"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">31,413</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </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">17,075</font></td></tr>
<tr valign="bottom"><td width="40%" 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="10%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="right"> </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: 4px;" width="40%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">outstanding - Diluted</font></td>
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<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="3">2,132,732</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </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">2,155,116</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"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">2,131,164</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </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">2,201,398</font></td></tr>
<tr><td width="92%" colspan="11"> </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="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">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">1.60</font></b></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 3px double;" width="2%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 3px double;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">0.75</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">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">2.28</font></b></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</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">1.20</font></td></tr>
<tr><td width="92%" colspan="11"> </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="3">Diluted 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">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">1.57</font></b></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 3px double;" width="2%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 3px double;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">0.74</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">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">2.24</font></b></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</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">1.19</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">There were <font class="_mt">0</font> and <font class="_mt">9,500</font> potential shares excluded from the computation of diluted earnings per share for the three months ended June 30, 2012 and 2011, respectively, because these shares were anti-dilutive. There were <font class="_mt">5,000</font> and <font class="_mt">11,500</font> potential shares excluded from the computation of diluted earnings per share for the six months ended June 30, 2012 and 2011, respectively, because these shares were anti-dilutive. These potential shares were anti-dilutive because the underlying share awards were out-of-the-money</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 stock award plans under which restricted stock, and options or stock appreciation rights ("SARs") to acquire shares (not to exceed <font class="_mt">500,000</font> 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 <font class="_mt">10</font>% to <font class="_mt">20</font>% 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>
<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 share-based award transactions for all share-based award plans follows:</font></p>
<div>
<table border="0" cellspacing="0">
<tr><td width="30%"> </td>
<td width="15%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="15%"> </td>
<td width="15%"> </td>
<td width="2%"> </td>
<td width="15%"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="30%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="17%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Number</font></b><br /><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;" width="17%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Weighted</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Average</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Exercise</font></b><br /><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;" width="15%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Average</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Remaining</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Contractual</font></b><br /><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;" width="17%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Aggregate</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Intrinsic</font></b><br /><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="border-bottom: #000000 1px solid;" width="30%" 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;" width="15%" 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;" width="2%" align="left"> </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">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">28.77</font></b></td>
<td style="border-bottom: #000000 1px solid; text-indent: 12px;" width="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">4.51</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="15%" align="right"><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 width="30%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">SARs granted</font></td>
<td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,000</font></td>
<td width="2%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">41.50</font></td>
<td width="15%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="15%" align="right"> </td></tr>
<tr valign="bottom"><td width="30%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Options exercised</font></td>
<td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(7,700</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="2%" align="right"> </td>
<td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">20.15</font></td>
<td width="15%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="15%" align="right"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="30%" 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;" width="15%" 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;" 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="2%" 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="2">28.61</font></td>
<td style="border-bottom: #000000 1px solid;" width="15%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="15%" align="right"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="30%" 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;" width="15%" 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;" width="2%" align="left"> </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">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">29.81</font></b></td>
<td style="border-bottom: #000000 1px solid; text-indent: 12px;" width="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">3.91</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="15%" align="right"><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 width="30%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">SARs granted</font></td>
<td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,000</font></td>
<td width="2%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">50.50</font></td>
<td width="15%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="15%" align="left"> </td></tr>
<tr valign="bottom"><td width="30%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Options exercised</font></td>
<td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(6,130</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="2%" align="right"> </td>
<td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">24.93</font></td>
<td width="15%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="15%" align="right"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="30%" 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;" width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(70</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="2%" 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="2">31.00</font></td>
<td style="border-bottom: #000000 1px solid;" width="15%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="15%" align="right"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="30%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Outstanding as of June 30, 2012</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="2">98,400</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="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">30.74</font></b></td>
<td style="border-bottom: #000000 1px solid; text-indent: 12px;" width="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">3.67</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2,576,857</font></b></td></tr>
<tr><td width="96%" colspan="8"> </td></tr>
<tr valign="bottom"><td width="30%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Exercisable as of June 30, 2012</font></b></td>
<td width="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">95,600</font></b></td>
<td width="2%" align="left"> </td>
<td width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">30.28</font></b></td>
<td style="text-indent: 12px;" width="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">3.61</font></b></td>
<td width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2,548,172</font></b></td></tr>
<tr><td width="96%" colspan="8"> </td></tr>
<tr valign="bottom"><td width="30%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Unvested as of June 30, 2012</font></b></td>
<td width="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2,800</font></b></td>
<td width="2%" align="left"> </td>
<td width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">46.69</font></b></td>
<td style="text-indent: 12px;" width="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">5.94</font></b></td>
<td width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">28,685</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">During both the second quarters of 2012 and 2011, the Company issued <font class="_mt">3,000</font> share-settled SARs to the directors of the Company. SARs give the holder the right to receive stock equal to the appreciation in the value of shares of stock from the grant date for a specified period of time, and as a result, are accounted for as equity instruments. As such, these were valued using the Black-Scholes option valuation model. The fair value of each award is estimated on the date of grant using the Black-Scholes option valuation model with the weighted-average assumptions noted in the table shown below. Expected volatilities are based on both the implied and historical volatility of the Company's stock. The Company uses historical data to project SAR exercises and pre-exercise forfeitures within the valuation model. The expected term of awards represents the period of time that SARs granted are expected to be outstanding. The interest rate for periods during the expected life of the award is based on the U.S. Treasury yield curve in effect at the time of the grant. The weighted-average fair values for the SARs issued during 2012 and 2011 were $<font class="_mt">18.84</font> and $<font class="_mt">15.55</font>, respectively, and were estimated using the weighted-average assumptions shown in the table below.</font></p>
<div>
<table border="0" cellspacing="0">
<tr><td width="50%"> </td>
<td width="20%"> </td>
<td width="4%"> </td>
<td width="20%"> </td>
<td width="4%"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="50%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="20%" align="right"><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="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="20%" align="right"><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="4%" align="left"> </td></tr>
<tr valign="bottom"><td width="50%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Expected Life in Years</font></td>
<td width="20%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">5.0</font></b></td>
<td width="4%" align="left"> </td>
<td width="20%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">5.0</font></td>
<td width="4%" align="left"> </td></tr>
<tr valign="bottom"><td width="50%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Volatility</font></td>
<td width="20%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">44.6</font></b></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="20%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">43.6</font></td>
<td width="4%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">%</font></td></tr>
<tr valign="bottom"><td width="50%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Interest Rate</font></td>
<td width="20%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">0.8</font></b></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="20%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">1.9</font></td>
<td width="4%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">%</font></td></tr>
<tr valign="bottom"><td width="50%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Yield Rate</font></td>
<td width="20%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">0.6</font></b></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="20%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">0.8</font></td>
<td width="4%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">%</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">There was approximately $<font class="_mt">37,000</font> and $<font class="_mt">106,000</font> of compensation expense relating to SARs or options vesting on or before June 30, 2012 and 2011, respectively, included in salaries, employee benefits and payroll taxes in the Consolidated Statements of Income for the six months ended June 30, 2012 and 2011, respectively. As of June 30, 2012, there was approximately $<font class="_mt">62,000</font> of total unrecognized compensation cost related to unvested share-based compensation arrangements granted under the Company's stock award plans. That cost is expected to be recognized over a weighted-average period of approximately 6 months.</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 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>
Yes
Yes
Fair Value
Fair Value
43199
40057
101861
332259
118146
533252
181330
20454301
20308705
691250
-67430
205158
0.836
0.833
0.164
0.167
1.00
1.00
35359000
21959000
1000000
13
15
1916387
952460
1964873
1037835
P2Y
2545287
3545127
2441466
<div> <div>
<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>
0.796
0.752
0.04
0.03
0.046
0.013
0.042
0.014
0.001
0.000
0.002
0.000
0.987
0.954
0.986
0.958
0.050
0.045
0.045
0.040
908457
502984
889280
474486
<div> <table border="0" cellspacing="0">
<tr><td width="21%"> </td>
<td width="6%"> </td>
<td width="21%"> </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">June 30, 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">6,257,274</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">16.7</font></b></td>
<td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">6,233,501</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">16.4</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">IBNR</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">31,289,726</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">83.3</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">31,762,499</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">83.6</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Total loss reserves</font></td>
<td style="border-bottom: #000000 3px double;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">$</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">37,547,000</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</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</font></td></tr></table> </div>
P10Y
P5Y
28685
2800
46.69
P5Y11M9D
0.20
0.10
<div> <table style="width: 437px; height: 124px;" border="0" cellspacing="0">
<tr><td width="46%"> </td>
<td width="8%"> </td>
<td width="18%"> </td>
<td width="7%"> </td>
<td width="18%"> </td></tr>
<tr valign="bottom"><td width="46%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" rowspan="3" width="26%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">As of</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">June 30,</font></b><br /><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;" rowspan="3" width="25%" colspan="2" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">As of December</font><br /><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">31,</font><br /><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2011</font></td></tr>
<tr valign="bottom"><td width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Financial Statement Classification,</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Consolidated Balance Sheets</font></td></tr>
<tr valign="bottom"><td width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Other investments</font></td>
<td width="8%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="18%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">3,883,000</font></b></td>
<td width="7%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="18%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,328,000</font></td></tr>
<tr valign="bottom"><td width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Premiums and fees receivable</font></td>
<td width="8%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="18%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">898,000</font></b></td>
<td width="7%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="18%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">681,000</font></td></tr></table> </div>
<div> <table border="0" cellspacing="0">
<tr><td width="30%"> </td>
<td width="5%"> </td>
<td width="12%"> </td>
<td width="5%"> </td>
<td width="11%"> </td>
<td width="4%"> </td>
<td width="11%"> </td>
<td width="2%"> </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 colspan="4" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">For the three months ended June 30,</font></b></td>
<td colspan="4" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">For the six months ended June 30,</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;" colspan="2" 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; text-indent: 6px;" colspan="2" 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;" colspan="2" 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;" colspan="2" 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">3,824,000</font></b></td>
<td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,579,000</font></td>
<td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">7,207,000</font></b></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,701,000</font></td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Other income</font></td>
<td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">499,000</font></b></td>
<td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">243,000</font></td>
<td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">973,000</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">458,000</font></td></tr></table> </div>
446250
12330383
12799616
640533
1108156
1136981
7509165
8347816
165255
201824
106053
106053
36947
36947
106000
37000
11500
9500
5000
0
153392010
36502150
116889860
157958463
164096884
39987225
124109659
122069602
36662237
80854965
4552400
122994197
34382555
84913542
3698100
20838676
19150414
20683004
18594632
78783968
17652745
14112262
4552400
12188639
78783968
17652745
14112262
62042929
82085108
19690734
8420944
3642324
19360049
82085108
19690734
8420944
59082735
14735
930
13805
13805
81777
58000
81777
23777
204308
148616
41823
162485
13869
269808
70667
175364
94444
23777
5763817
3015769
1061202
4702615
1686846
7629613
4114695
2513568
5116045
1001350
189573
148616
40893
148680
64
188031
12667
175364
12667
4636507
3015769
957072
3679435
663666
5667903
3154335
2513568
3154335
1127310
104130
1023180
1023180
1961710
960360
1961710
1001350
29976851
33084023
38190552
40630171
6999451
7907957
82085108
6918254
6989491
85407365
15959872
4702615
69447493
13242172
2717700
67612793
1834700
88611642
23245172
5116045
65366470
20479972
2765200
64433570
932900
22549975
22549975
1061202
22549975
25961611
25961611
2513568
25961611
22549975
14112262
4552400
13242172
85407365
22549975
14112262
67612793
25961611
8420944
3698100
20479972
88611642
25961611
8420944
64433570
188345
52871
299226
262952
15428
20846
204071
163764
40057
250
110881
46413
64468
151200
74661
76539
4939053
1202149
6785882
4939053
5583733
6446241
55776
1190590
6620978
6446241
5374612
41823
148616
162485
41823
41823
162485
13869
175364
70667
94444
175364
175364
94444
23777
40356221
2627361
-408899
38137759
21680408
1268797
-198611
20610222
41929759
2794251
-550056
39685564
21460624
1374158
-344374
20430840
691250
691250
691250
691250
350000
1041250
1000000
2012-01-01
2012-04-02
0.70
446250
1041250
<div> <p style="text-align: left;"><u><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Note 10 – Agency Acquisition</font></u></p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">In <font class="_mt">January 2012</font>, a subsidiary of the Company, ITIC, entered into a membership interest purchase and sale agreement under which it agreed to acquire a majority ownership interest of United Title Agency Co., LLC ("United"). United, a Michigan limited liability company, is an insurance agency doing business in the State of Michigan. On <font class="_mt">April 2, 2012</font>, ITIC purchased a <font class="_mt">70</font>% ownership interest in United, with both ITIC and the seller having the option to require ITIC to purchase the remaining <font class="_mt">30</font>% interest not less than 27 months from the closing.</font></p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The acquisition date fair value of the total consideration to be transferred is $<font class="_mt">1,041,250</font>. This fair value total is equal to $<font class="_mt">350,000</font> ITIC has already paid toward the purchase price, as well as $<font class="_mt">691,250</font> in estimated contingent payments. The amount previously paid will be used to offset contingent payment amounts calculated for final consideration, and is eligible for refunding in part or in its entirety if greater than the final settlement amount.</font></p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The contingent payment arrangement requires that the purchase price for the 70% majority interest be paid over the next two years and determined by multiplying United's actual GAAP net income for the first full 24 calendar months subsequent to closing by an agreed upon factor. In no event will the purchase price for the majority interest exceed $<font class="_mt">1,041,250</font>. The fair value of the contingent payment was derived using the Company's best estimate (Level 3 inputs) of net income of approximately $<font class="_mt">859,000</font> during the 24-month period, discounted at a <font class="_mt">15</font>% rate, and limited to the contractual maximum. The resulting $<font class="_mt">691,250</font> contingent payment is categorized in the Consolidated Balance Sheets as accounts payable and accrued liabilities. As of June 30, 2012, management's calculation of the fair value of the contingent consideration was materially unchanged from its acquisition date amount.</font></p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">In the event that ITIC purchases the remaining 30% interest, the purchase price of the redeemable noncontrolling interest will be calculated by multiplying United's GAAP net income for the full 24 calendar months immediately preceding the written notice of the option exercise by an agreed upon factor. The agreement stipulates a minimum purchase price of $<font class="_mt">1,000,000</font> for the entire agency should this option be exercised.</font></p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">ITIC is also required to purchase the remaining 30% interest in the event of death of a principal of the seller. As certain of these provisions place the acquisition of the remaining 30% by ITIC out of ITIC's control, the noncontrolling interest in United is deemed redeemable. The redeemable noncontrolling interest is presented outside of permanent equity, as redeemable equity in the Consolidated Balance Sheets. On the acquisition date, the fair value of the redeemable noncontrolling interest was $<font class="_mt">446,250</font>. The fair value of the redeemable noncontrolling interest was based on the noncontrolling interest's share of the value of net assets.</font></p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The following table provides a reconciliation of total redeemable equity for the periods ended June 30, 2012 and 2011:</font></p>
<div>
<table border="0" cellspacing="0">
<tr><td width="65%"> </td>
<td width="2%"> </td>
<td width="15%"> </td>
<td width="2%"> </td>
<td width="15%"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="65%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Changes in fair value during the period ended:</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="15%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">2012</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" width="15%" align="center"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">2011</font></td></tr>
<tr valign="bottom"><td width="65%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Beginning balance at January 1</font></td>
<td width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></b></td>
<td width="15%" 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="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">-</font></td></tr>
<tr valign="bottom"><td width="65%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Redeemable noncontrolling interest resulting from subsidiary purchase</font></td>
<td width="2%" align="right"> </td>
<td width="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">446,250</font></b></td>
<td width="2%" align="right"> </td>
<td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">-</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="65%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Net income</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">23,213</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">-</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 3px double;" width="65%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Ending balance, net</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">$</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">469,493</font></b></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="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">-</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">Fair valuation methods used for the identifiable tangible net assets acquired in that acquisition make use of discounted cash flows using current interest rates. The fair value of identifiable net tangible assets at the acquisition date was $<font class="_mt">5,600</font>. Identifiable assets acquired include cash and fixed assets. Liabilities assumed consisted of notes payable.</font></p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The transaction was accounted for using the acquisition method required by ASC 805, </font><i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="3">Business Combinations</font></i><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">. Accordingly, the Company recognized the required identifiable intangible assets of United. There was no goodwill recorded as a result of the acquisition. The fair values of intangible assets, all Level 3 inputs, are principally based on values obtained from a third party valuation service. Intangible assets include $<font class="_mt">645,685</font> relating to a non-compete contract resulting from the acquisition and $<font class="_mt">836,215</font> from referral relationships. The non-compete contract is being amortized over a 10-year period using the straight-line method, starting at a future date when the related employment agreement is terminated. The referral relationships are being amortized over a 12-year period using the straight-line method. Intangible assets are categorized as prepaid expenses and other assets in the Consolidated Balance Sheets. In accordance with ASC 350, </font><i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="3">Intangibles––Goodwill and Other</font></i><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">, the Company completed interim impairment testing and determined that the intangible assets assigned to United were not impaired at June 30, 2012.</font></p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The Consolidated Statement of Income, revenues and expenses includes the operations of United since April 2, 2012, which is the acquisition date. United was formed as a result of the Company's acquisition, and had no net income prior to the acquisition date.</font></p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Where a material business combination has occurred during the current fiscal year, pro forma disclosure shall be made of the results of operations for the current year up to the date of the most recent interim balance sheet provided, and for the corresponding period in the preceding year, as though the companies had combined at the beginning of the period being reported on. The Company did not provide this pro forma information, as the overall impact of this business combination is deemed immaterial to the Company's financial statements overall as of June 30, 2012.</font></p> </div>
5600
759786
372239
798165
404718
18042258
17457651
8117031
12652920
18042258
17457651
4535889
-584607
<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">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 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 $<font class="_mt">21,959,000</font> and $<font class="_mt">35,359,000</font> as of June 30, 2012 and December 31, 2011, respectively. These amounts are not considered assets of the Company and, therefore, are excluded from the accompanying Consolidated Balance Sheets; however, the Company remains contingently liable for the disposition of the transfers of property, disbursements of proceeds and the return on the proceeds at the agreed upon rate.</font></p>
<div> </div><br />
<p style="text-align: left;"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">These like-kind exchange funds are primarily invested in money market and other short-term investments: however, as of June 30, 2012 approximately $<font class="_mt">1,000,000</font> 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>
0.14
0.07
0.14
0.07
10000000
10000000
2107681
2099309
2107681
2099309
1
1
3703855
2215017
5620278
3008819
23213
23213
3703855
2215017
5643491
3032032
<div> <div>
<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. Earnings attributable to the redeemable noncontrolling interest are recorded on the Consolidated Statement of Income for majority-owned subsidiaries. The redeemable noncontrolling interest representing the portion of equity not related to the Company's ownership interest is recorded as redeemable equity in a separate section of the Consolidated Balance Sheets. All intercompany balances and transactions have been eliminated in consolidation.</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 June 30, 2012 are not necessarily indicative of the results that may be expected for the year ending December 31, 2012.</font></p></div> </div>
1303887
1303887
1714073
1714073
1688262
2088372
909000
957000
-479363
-1879537
5740000
5991000
-1286
-643
-340
-170
10194
5097
4698
2349
15378
7689
13934
6967
39707
19854
25280
12640
12849
6425
6308
3154
255290
232009
302221
302221
294048
294048
1.20
0.75
2.28
1.60
1.19
0.74
2.24
1.57
62000
P6M
<div> <table border="0" cellspacing="0">
<tr><td width="14%"> </td>
<td width="10%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
<td width="9%"> </td>
<td width="2%"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 4px;" width="14%" 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="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">Valuation<br />Method</font></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="1">Impaired</font></td>
<td style="border-bottom: #000000 1px solid;" width="12%" 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="12%" 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="12%" colspan="2" 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="12%" colspan="2" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">Total at</font><br /><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">Estimated</font><br /><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%" colspan="3" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">Impairment</font><br /><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">Losses</font></td></tr>
<tr valign="bottom"><td width="14%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">Cost method investments</font></td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">Fair Value</font></td>
<td width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">Yes</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="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">-</font></td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">$</font></td>
<td style="text-indent: 8px;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">-</font></td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">$</font></td>
<td width="10%" 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">$</font></td>
<td style="text-indent: 1px;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">58,281</font></td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">$</font></td>
<td width="9%" 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="14%" 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="10%" 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="10%" 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="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="1">-</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid; text-indent: 8px;" width="10%" align="right"><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="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="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="10%" 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;" width="9%" 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><td width="95%" colspan="14"> </td></tr>
<tr valign="bottom"><td width="14%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">Total cost method</font></td>
<td width="10%" align="left"> </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="10%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" width="14%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">investments and other</font></td>
<td width="10%" align="left"> </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="10%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 3px double; text-indent: 2px;" width="14%" 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="10%" align="left"> </td>
<td style="border-bottom: #000000 3px double;" width="10%" align="left"> </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">$</font></td>
<td style="border-bottom: #000000 3px double;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">-</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #000000 3px double; text-indent: 8px;" width="10%" 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="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #000000 3px double;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">75,281</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #000000 3px double; text-indent: 1px;" width="10%" 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;" width="9%" 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>
<div> <div class="MetaData">
<div>
<table border="0" cellspacing="0">
<tr><td width="48%"> </td>
<td width="2%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
<td width="10%"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="48%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">As of June 30, 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: 2px;" width="10%" 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;" 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">Level 2</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">Level 3</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: #000000 1px solid; text-indent: 3px;" width="10%" 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 width="48%" 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"><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">8,420,944</font></b></td>
<td style="text-indent: 1px;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></b></td>
<td width="2%" align="right"> <b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">-</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">8,420,944</font></b></td></tr>
<tr valign="bottom"><td width="48%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Equity securities</font></b></td>
<td width="2%" align="right"> </td>
<td width="10%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="right"> </td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" width="48%" 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 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">25,961,611</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">-</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">-</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">25,961,611</font></b></td></tr>
<tr valign="bottom"><td width="48%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Fixed maturities</font></b></td>
<td width="2%" align="right"> </td>
<td width="10%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="right"> </td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" width="48%" 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"> </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="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">64,433,570</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">932,900</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">65,366,470</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 2px;" width="48%" 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;" 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">-</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">20,479,972</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">2,765,200</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">23,245,172</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 3px double;" width="48%" 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;" 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 3px double;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">34,382,555</font></b></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">84,913,542</font></b></td>
<td style="border-bottom: #000000 3px double; text-indent: 1px;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">3,698,100</font></b></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">122,994,197</font></b></td></tr>
<tr><td width="96%" colspan="9"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="48%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">As of December 31, 2011</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid; text-indent: 2px;" width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Level 1</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Level 2</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Level 3</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: #000000 1px solid; text-indent: 4px;" width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></td></tr>
<tr valign="bottom"><td width="48%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Short-term investments</font></td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="10%" 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="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td>
<td style="text-indent: 1px;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</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">14,112,262</font></td></tr>
<tr valign="bottom"><td width="48%" 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="10%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="right"> </td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" width="48%" 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="10%" 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="right"> </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="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="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="48%" 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="10%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="right"> </td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" width="48%" 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="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="10%" 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="right"> </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="10%" 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="48%" 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="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="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">13,242,172</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">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="10%" 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="48%" 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="10%" 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="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">80,854,965</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="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="10%" 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="text-align: left;"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">*<font class="_mt"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"><font class="_mt">Denotes fair market value obtained from pricing services.</font></font></font></font></p></div> </div>
<div> <table border="0" cellspacing="0">
<tr><td width="57%"> </td>
<td width="2%"> </td>
<td width="15%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="15%"> </td>
<td width="2%"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="57%" 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="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="2%" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" width="2%" 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>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td></tr>
<tr valign="bottom"><td width="57%" 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="15%" 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="15%" 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="57%" 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="15%" 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="15%" 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="57%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Realized gain - included in realized gain on investments</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">40,057</font></b></td>
<td width="2%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="15%" 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="57%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Realized loss - included in realized gain on investments</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">-</font></b></td>
<td width="2%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="15%" 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="57%" 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="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">105,643</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="15%" 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="57%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Ending balance, net</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">3,698,100</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="15%" 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>
<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 of Financial Assets and Liabilities</font></i></p>
<p style="text-align: left;"> <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;"> <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;"><i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="3">Debt and Equity Securities</font></i></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 and money market mutual funds valued at transacted amounts</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 June 30, 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 financial standing of the issuer; reported prices and the extent of public trading in similar financial instruments of the issuer or comparable companies; the ability of the issuer to obtain required financing; changes in the economic conditions affecting the issuer; pricing by other dealers in similar securities; time to maturity; and interest rates. The following table summarizes some key assumptions the service used to determine fair value as of June 30, 2012 and December 31, 2011:</font></p>
<div>
<table border="0" cellspacing="0">
<tr><td width="63%"> </td>
<td width="15%"> </td>
<td width="2%"> </td>
<td width="15%"> </td>
<td width="2%"> </td></tr>
<tr valign="bottom"><td width="63%" 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="2">2012</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" 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="2">2011</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td></tr>
<tr valign="bottom"><td width="63%" 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 width="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"><font class="_mt"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">0.0</font></b></font>-<font class="_mt">0.2</font></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="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"><font class="_mt"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">0.0</font></font>-<font class="_mt">0.1</font></font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td></tr>
<tr valign="bottom"><td width="63%" 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 width="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"><font class="_mt"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">95.8</font></b></font>-<font class="_mt">98.6</font>%</font></b></td>
<td width="2%" align="left"> </td>
<td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"><font class="_mt"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">95.4</font></font>-<font class="_mt">98.7</font>%</font></td>
<td width="2%" align="left"> </td></tr>
<tr valign="bottom"><td width="63%" 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 width="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"><font class="_mt"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1.4</font></b></font>-<font class="_mt">4.2</font></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="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"><font class="_mt"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1.3</font></font>-<font class="_mt">4.6</font></font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td></tr>
<tr valign="bottom"><td width="63%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Liquidity risk premium</font></td>
<td width="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"><font class="_mt"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">4.0</font></b></font>-<font class="_mt">4.5</font></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="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"><font class="_mt"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4.5</font></font>-<font class="_mt">5.0</font></font></td>
<td width="2%" 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. The Company believes that the midpoint valuation is the most reasonable estimate of fair value. On a quarterly basis, review of the valuation is performed by the Company with significant changes in quarter over quarter values compared with changes to the current economic environment. In 2012 and 2011, the difference in the low and high values of the ranges was between approximately <font class="_mt">three</font> and <font class="_mt">four</font> 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 these securities was $<font class="_mt">4,000,000</font> and $<font class="_mt">5,000,000</font> as of June 30, 2012 and December 31, 2011, respectively, with approximately <font class="_mt">75.2</font>% and <font class="_mt">79.6</font>% as of June 30, 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, investments carried at fair value measured on a recurring basis as of June 30, 2012 and December 31, 2011. The table does not include cash on hand and also does not include assets which are measured at historical cost or any basis other than fair value.</font></p>
<div class="MetaData">
<div>
<table border="0" cellspacing="0">
<tr><td width="48%"> </td>
<td width="2%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
<td width="10%"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="48%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">As of June 30, 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: 2px;" width="10%" 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;" 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">Level 2</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">Level 3</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: #000000 1px solid; text-indent: 3px;" width="10%" 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 width="48%" 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"><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">8,420,944</font></b></td>
<td style="text-indent: 1px;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></b></td>
<td width="2%" align="right"> <b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">-</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">8,420,944</font></b></td></tr>
<tr valign="bottom"><td width="48%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Equity securities</font></b></td>
<td width="2%" align="right"> </td>
<td width="10%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="right"> </td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" width="48%" 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 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">25,961,611</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">-</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">-</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">25,961,611</font></b></td></tr>
<tr valign="bottom"><td width="48%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Fixed maturities</font></b></td>
<td width="2%" align="right"> </td>
<td width="10%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="right"> </td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" width="48%" 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"> </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="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">64,433,570</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">932,900</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">65,366,470</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 2px;" width="48%" 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;" 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">-</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">20,479,972</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">2,765,200</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">23,245,172</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 3px double;" width="48%" 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;" 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 3px double;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">34,382,555</font></b></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">84,913,542</font></b></td>
<td style="border-bottom: #000000 3px double; text-indent: 1px;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">3,698,100</font></b></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">122,994,197</font></b></td></tr>
<tr><td width="96%" colspan="9"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="48%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">As of December 31, 2011</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid; text-indent: 2px;" width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Level 1</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Level 2</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Level 3</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: #000000 1px solid; text-indent: 4px;" width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></td></tr>
<tr valign="bottom"><td width="48%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Short-term investments</font></td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="10%" 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="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td>
<td style="text-indent: 1px;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</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">14,112,262</font></td></tr>
<tr valign="bottom"><td width="48%" 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="10%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="right"> </td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" width="48%" 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="10%" 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="right"> </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="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="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="48%" 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="10%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="right"> </td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" width="48%" 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="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="10%" 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="right"> </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="10%" 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="48%" 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="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="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">13,242,172</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">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="10%" 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="48%" 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="10%" 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="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">80,854,965</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="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="10%" 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="text-align: left;"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">*<font class="_mt"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"><font class="_mt">Denotes fair market value obtained from pricing services.</font></font></font></font></p></div>
<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.</font></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;"><i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="3">Other Financial Instruments</font></i><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">:</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. In the measurement of the fair value of certain financial instruments, other valuation techniques were utilized if quoted market prices were not available. These derived fair value estimates are significantly affected by the assumptions used. Additionally, ASC 820 excludes from its scope certain financial instruments including those related to insurance contracts, pension and other postretirement benefits, and equity method investments.</font></p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">In estimating the fair value of the financial instruments presented, the Company used the following methods and assumptions:</font></p>
<p style="text-align: left;"><i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="3">Cash and cash equivalents</font></i></p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The carrying amount for cash and cash equivalents is a reasonable estimate of fair value due to the short-term maturity of these investments.</font></p>
<p style="text-align: left;"><i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="3">Cost-basis investments</font></i></p>
<p style="text-align: left;"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The fair value of the cost basis investment was estimated based on estimated market values.</font></p>
<p style="text-align: left;"><i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="3">Accrued dividends and interest</font></i></p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The carrying amount for accrued dividends and interest is a reasonable estimate of fair value due to the short-term maturity of these assets.</font></p>
<p style="text-align: left;"><i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="3">Contingent liabilities</font></i></p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The fair value of the contingent liability was estimated based on the discounted value of the future cash flows.</font></p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The carrying amounts and fair values of these financial instruments (please note investments are disclosed in a previous table) as of June 30, 2012 and December 31, 2011 are presented in the following table:</font></p>
<div>
<div class="MetaData">
<div>
<table border="0" cellspacing="0">
<tr><td width="29%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="11%"> </td></tr>
<tr valign="bottom"><td width="29%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">As of June 30, 2012:</font></b></td>
<td width="2%" align="left"> </td>
<td width="12%" align="left"> </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="12%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="11%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="29%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Financial Assets</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="14%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Carrying Value</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="14%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Estimated Fair</font></b><br /><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;" width="14%" colspan="2" 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;" width="14%" colspan="2" 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;" width="13%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Level 3</font></b></td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="29%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Cash</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="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">17,457,651</font></b></td>
<td width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">17,457,651</font></b></td>
<td width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">17,457,651</font></b></td>
<td width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></b></td>
<td width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="11%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></b></td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="29%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Cost-basis investments</font></b></td>
<td width="2%" align="right"> </td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,714,073</font></b></td>
<td width="2%" align="right"> </td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2,088,372</font></b></td>
<td width="2%" align="right"> </td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></b></td>
<td width="2%" align="right"> </td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></b></td>
<td width="2%" align="right"> </td>
<td width="11%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,714,073</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 1px;" width="29%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Accrued dividends and interest</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </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="2">1,136,981</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </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="2">1,136,981</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </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="2">1,136,981</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </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="2">-</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="11%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 3px double;" width="29%" 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;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">20,308,705</font></b></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">20,683,004</font></b></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">18,594,632</font></b></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="12%" 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;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="11%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,714,073</font></b></td></tr>
<tr><td width="98%" colspan="11"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="29%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Financial Liabilities</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="11%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 2px;" width="29%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Contingent liability</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">691,250</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">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">691,250</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="12%" 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">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="11%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">691,250</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 3px double;" width="29%" 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;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">691,250</font></b></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">691,250</font></b></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></b></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="12%" 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;" 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 3px double;" width="11%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">691,250</font></b></td></tr></table></div>
<p style="margin: 0px;"> </p><br />
<div>
<table border="0" cellspacing="0">
<tr><td width="27%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="12%"> </td></tr>
<tr valign="bottom"><td width="27%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">As of December 31, 2011:</font></td>
<td width="2%" align="right"> </td>
<td width="12%" align="left"> </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="12%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="12%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="27%" 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;" width="14%" colspan="2" 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;" width="14%" colspan="2" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Estimated Fair</font><br /><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Value</font></td>
<td style="border-bottom: #000000 1px solid;" width="14%" colspan="2" 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="14%" colspan="2" 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="14%" colspan="2" 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;" width="27%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Cash</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">18,042,258</font></td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">18,042,258</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">18,042,258</font></td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="12%" 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;" width="27%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Cost-basis investments</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">1,303,887</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">1,688,262</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="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">1,303,887</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 1px;" width="27%" 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;" 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">1,108,156</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">1,108,156</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">1,108,156</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">-</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">-</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 3px double;" width="27%" 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">$</font></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">20,454,301</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</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">20,838,676</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">$</font></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">19,150,414</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</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">-</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">1,303,887</font></td></tr></table></div></div></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 following table presents a reconciliation of the Company's assets, which are all ARS securities, at fair value on a recurring basis using significant unobservable inputs (Level 3) for the six months ended June 30, 2012 and the year ended December 31, 2011:</font></p>
<div>
<table border="0" cellspacing="0">
<tr><td width="57%"> </td>
<td width="2%"> </td>
<td width="15%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="15%"> </td>
<td width="2%"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="57%" 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="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="2%" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" width="2%" 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>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td></tr>
<tr valign="bottom"><td width="57%" 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="15%" 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="15%" 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="57%" 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="15%" 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="15%" 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="57%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Realized gain - included in realized gain on investments</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">40,057</font></b></td>
<td width="2%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="15%" 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="57%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Realized loss - included in realized gain on investments</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">-</font></b></td>
<td width="2%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="15%" 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="57%" 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="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">105,643</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="15%" 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="57%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Ending balance, net</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">3,698,100</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">$</font></td>
<td style="border-bottom: #000000 3px double;" width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">4,552,400</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"> </td></tr></table></div>
<p style="margin: 0px;"> </p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The following table presents a reconciliation of the Company's liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the six months ended June 30, 2012 and the year ended December 31, 2011:</font></p>
<div>
<table border="0" cellspacing="0">
<tr><td width="60%"> </td>
<td width="2%"> </td>
<td width="17%"> </td>
<td width="2%"> </td>
<td width="17%"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="60%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Changes in fair value during the period ended:</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="17%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">2012</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" width="17%" align="center"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">2011</font></td></tr>
<tr valign="bottom"><td width="60%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Beginning balance at January 1</font></td>
<td width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></b></td>
<td width="17%" 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="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td width="17%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">-</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="60%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Addition of contingent liability</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="17%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">691,250</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="17%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">-</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 3px double;" width="60%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Ending balance, net</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="17%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">691,250</font></b></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="3">$</font></td>
<td style="border-bottom: #000000 3px double;" width="17%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">-</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 June 30, 2012 and December 31, 2011. There were no assets valued at fair market value on a non-recurring basis as of June 30, 2012.</font></p>
<p style="text-align: left;"> <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="14%"> </td>
<td width="10%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
<td width="9%"> </td>
<td width="2%"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 4px;" width="14%" 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="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">Valuation<br />Method</font></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="1">Impaired</font></td>
<td style="border-bottom: #000000 1px solid;" width="12%" 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="12%" 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="12%" colspan="2" 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="12%" colspan="2" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">Total at</font><br /><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">Estimated</font><br /><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%" colspan="3" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">Impairment</font><br /><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">Losses</font></td></tr>
<tr valign="bottom"><td width="14%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">Cost method investments</font></td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">Fair Value</font></td>
<td width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">Yes</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="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">-</font></td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">$</font></td>
<td style="text-indent: 8px;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">-</font></td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">$</font></td>
<td width="10%" 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">$</font></td>
<td style="text-indent: 1px;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">58,281</font></td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">$</font></td>
<td width="9%" 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="14%" 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="10%" 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="10%" 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="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="1">-</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid; text-indent: 8px;" width="10%" align="right"><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="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="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="10%" 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;" width="9%" 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><td width="95%" colspan="14"> </td></tr>
<tr valign="bottom"><td width="14%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">Total cost method</font></td>
<td width="10%" align="left"> </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="10%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" width="14%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">investments and other</font></td>
<td width="10%" align="left"> </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="10%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 3px double; text-indent: 2px;" width="14%" 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="10%" align="left"> </td>
<td style="border-bottom: #000000 3px double;" width="10%" align="left"> </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">$</font></td>
<td style="border-bottom: #000000 3px double;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">-</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #000000 3px double; text-indent: 8px;" width="10%" 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="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #000000 3px double;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">75,281</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">$</font></td>
<td style="border-bottom: #000000 3px double; text-indent: 1px;" width="10%" 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">$</font></td>
<td style="border-bottom: #000000 3px double;" width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">(44,404</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="1">)</font></td></tr></table></div>
<p style="margin: 0px;"> </p> </div>
0.15
<div> <table border="0" cellspacing="0">
<tr><td width="60%"> </td>
<td width="2%"> </td>
<td width="17%"> </td>
<td width="2%"> </td>
<td width="17%"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="60%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Changes in fair value during the period ended:</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="17%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">2012</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" width="17%" align="center"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">2011</font></td></tr>
<tr valign="bottom"><td width="60%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Beginning balance at January 1</font></td>
<td width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></b></td>
<td width="17%" 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="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td width="17%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">-</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="60%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Addition of contingent liability</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="17%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">691,250</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="17%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">-</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 3px double;" width="60%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Ending balance, net</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="17%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">691,250</font></b></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="3">$</font></td>
<td style="border-bottom: #000000 3px double;" width="17%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">-</font></td></tr></table> </div>
38818
105643
-900000
-1000000
5472244
4552400
3698100
691250
691250
836215
645685
P12Y
P10Y
120915
-3694
124609
147075
1931
145144
258029
161340
96689
65148
150873
-85725
159071
694906
16782
<div> <table border="0" cellspacing="0">
<tr><td width="65%"> </td>
<td width="2%"> </td>
<td width="13%"> </td>
<td width="2%"> </td>
<td width="12%"> </td></tr>
<tr valign="bottom"><td width="65%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </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">Available-for-Sale</font></td></tr>
<tr valign="bottom"><td width="65%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="13%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Amortized</font></td>
<td width="2%" align="center"> </td>
<td width="12%" 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="65%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid; text-indent: 4px;" width="13%" 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="2%" align="center"> </td>
<td style="border-bottom: #000000 1px solid; text-indent: 3px;" width="12%" 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="65%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Due in one year or less</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="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">6,918,254</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">6,989,491</font></td></tr>
<tr valign="bottom"><td width="65%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Due after one year through five years</font></td>
<td width="2%" align="right"> </td>
<td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">38,190,552</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">40,630,171</font></td></tr>
<tr valign="bottom"><td width="65%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Due five years through ten years</font></td>
<td width="2%" align="right"> </td>
<td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">29,976,851</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">33,084,023</font></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="2">Due after ten years</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">6,999,451</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">7,907,957</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 3px solid; text-indent: 4px;" width="65%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Total</font></td>
<td style="border-bottom: #000000 3px 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 3px solid;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">82,085,108</font></td>
<td style="border-bottom: #000000 3px 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 3px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">88,611,642</font></td></tr></table> </div>
-44404
-28904
-15500
3385012
2038805
6564840
4619701
3385012
-122390
-40835
3548237
2038805
-58801
-20418
2118024
6564840
-60687
-58256
6683783
4619701
29034
-37839
4628506
1649000
1817000
771000
444000
1760000
1247000
372426
2113184
-222017
-1056356
-640533
730356
372426
2096473
261317
-1881960
2278352
17075
20952
31413
34066
24173414
13293828
23842944
12650817
1778190
254079
-40835
1564946
878818
125263
-20418
773973
1987179
293380
-40835
1734634
1009918
149533
-20418
880803
125701316
128591157
75281
58281
75281
17000
58281
17000
<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 class="MetaData">
<div>
<table border="0" cellspacing="0">
<tr><td width="42%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="12%"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="42%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">June 30, 2012</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="14%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Amortized</font></b><br /><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="14%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Gross</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized</font></b><br /><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="14%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Gross</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized</font></b><br /><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="14%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Estimated</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Fair</font></b><br /><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 width="42%" 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="12%" align="left"> </td>
<td width="2%" align="left"> </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="12%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="42%" 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="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">59,082,735</font></b></td>
<td width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">5,374,612</font></b></td>
<td width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">23,777</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="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">64,433,570</font></b></td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="42%" 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="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">19,360,049</font></b></td>
<td width="2%" align="left"> </td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,190,590</font></b></td>
<td width="2%" align="left"> </td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">70,667</font></b></td>
<td width="2%" align="left"> </td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">20,479,972</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 1px;" width="42%" 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="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">3,642,324</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" 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="2">55,776</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" 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="2">-</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" 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="2">3,698,100</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 3px solid; text-indent: 3px;" width="42%" 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 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 3px solid;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">82,085,108</font></b></td>
<td style="border-bottom: #000000 3px solid;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px solid;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">6,620,978</font></b></td>
<td style="border-bottom: #000000 3px solid;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px solid;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">94,444</font></b></td>
<td style="border-bottom: #000000 3px solid;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px solid;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">88,611,642</font></b></td></tr>
<tr valign="bottom"><td width="42%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Equity securities, available-for-sale at fair value-</font></b></td>
<td width="2%" align="right"> </td>
<td width="12%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="12%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="12%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="12%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 1px;" width="42%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Common stocks and nonredeemable preferred stocks</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">19,690,734</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">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">6,446,241</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">175,364</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">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">25,961,611</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 3px solid; text-indent: 3px;" width="42%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></b></td>
<td style="border-bottom: #000000 3px solid;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px solid;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">19,690,734</font></b></td>
<td style="border-bottom: #000000 3px solid;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px solid;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">6,446,241</font></b></td>
<td style="border-bottom: #000000 3px solid;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px solid;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">175,364</font></b></td>
<td style="border-bottom: #000000 3px solid;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px solid;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">25,961,611</font></b></td></tr>
<tr valign="bottom"><td width="42%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Short-term investments-</font></b></td>
<td width="2%" align="right"> </td>
<td width="12%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="12%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="12%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="12%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 1px;" width="42%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Money market mutual funds and certificates of deposit</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">8,420,944</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">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="12%" 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">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">8,420,944</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 3px solid; text-indent: 3px;" width="42%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></b></td>
<td style="border-bottom: #000000 3px solid;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px solid;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">8,420,944</font></b></td>
<td style="border-bottom: #000000 3px solid;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px solid;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></b></td>
<td style="border-bottom: #000000 3px solid;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px solid;" width="12%" 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 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 3px solid;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">8,420,944</font></b></td></tr></table></div>
<p style="margin: 0px;"> </p>
<div>
<table border="0" cellspacing="0">
<tr><td width="42%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="12%"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="42%" 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="14%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Amortized</font></b><br /><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="14%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Gross</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized</font></b><br /><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="14%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Gross</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized</font></b><br /><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="14%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Estimated</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Fair</font></b><br /><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 width="42%" 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="12%" align="left"> </td>
<td width="2%" align="left"> </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="12%" align="left"> </td></tr>
<tr valign="bottom"><td width="42%" 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="12%" 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">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,583,733</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="12%" 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="12%" 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 width="42%" 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="12%" 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="12%" 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="12%" 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="12%" 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;" width="42%" 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="12%" 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="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">-</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">4,552,400</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 3px solid; text-indent: 3px;" width="42%" 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 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 3px solid;" width="12%" 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 3px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">6,785,882</font></td>
<td style="border-bottom: #000000 3px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px solid;" width="12%" 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 3px solid;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">85,407,365</font></td></tr>
<tr valign="bottom"><td width="42%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Equity securities, available-for-sale at fair value-</font></td>
<td width="2%" align="right"> </td>
<td width="12%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="12%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="12%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="12%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 1px;" width="42%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Common stocks and nonredeemable preferred stocks</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="12%" 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">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,939,053</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="12%" 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">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">22,549,975</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 3px solid; text-indent: 3px;" width="42%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></td>
<td style="border-bottom: #000000 3px solid;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px solid;" width="12%" 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 3px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,939,053</font></td>
<td style="border-bottom: #000000 3px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px solid;" width="12%" 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 3px solid;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">22,549,975</font></td></tr>
<tr valign="bottom"><td width="42%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Short-term investments-</font></td>
<td width="2%" align="right"> </td>
<td width="12%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="12%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="12%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="12%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 1px;" width="42%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Money market mutual funds and certificates of deposit</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="12%" 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">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></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="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">14,112,262</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 3px solid; text-indent: 3px;" width="42%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></td>
<td style="border-bottom: #000000 3px solid;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px solid;" 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="border-bottom: #000000 3px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td>
<td style="border-bottom: #000000 3px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px 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 3px 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 3px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">14,112,262</font></td></tr></table></div></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 scheduled maturities of fixed maturity securities at June 30, 2012 were as follows:</font></p>
<div>
<table border="0" cellspacing="0">
<tr><td width="65%"> </td>
<td width="2%"> </td>
<td width="13%"> </td>
<td width="2%"> </td>
<td width="12%"> </td></tr>
<tr valign="bottom"><td width="65%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </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">Available-for-Sale</font></td></tr>
<tr valign="bottom"><td width="65%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="13%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Amortized</font></td>
<td width="2%" align="center"> </td>
<td width="12%" 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="65%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid; text-indent: 4px;" width="13%" 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="2%" align="center"> </td>
<td style="border-bottom: #000000 1px solid; text-indent: 3px;" width="12%" 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="65%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Due in one year or less</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="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">6,918,254</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">6,989,491</font></td></tr>
<tr valign="bottom"><td width="65%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Due after one year through five years</font></td>
<td width="2%" align="right"> </td>
<td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">38,190,552</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">40,630,171</font></td></tr>
<tr valign="bottom"><td width="65%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Due five years through ten years</font></td>
<td width="2%" align="right"> </td>
<td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">29,976,851</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">33,084,023</font></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="2">Due after ten years</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">6,999,451</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">7,907,957</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 3px solid; text-indent: 4px;" width="65%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Total</font></td>
<td style="border-bottom: #000000 3px 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 3px solid;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">82,085,108</font></td>
<td style="border-bottom: #000000 3px solid;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">88,611,642</font></td></tr></table></div>
<p style="margin: 0px;"> </p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Gross realized gains and losses on securities for the six months ended June 30 are summarized as follows:</font></p>
<div>
<table border="0" cellspacing="0">
<tr><td width="59%"> </td>
<td width="2%"> </td>
<td width="15%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="15%"> </td>
<td width="2%"> </td></tr>
<tr valign="bottom"><td width="59%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="19%" colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2012</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="19%" colspan="3" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2011</font></td></tr>
<tr valign="bottom"><td width="59%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Gross realized gains:</font></td>
<td width="2%" align="left"> </td>
<td width="15%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="15%" align="left"> </td>
<td width="2%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="59%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Obligations of states and political subdivisions</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">250</font></b></td>
<td width="2%" align="left"> </td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">20,846</font></td>
<td width="2%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="59%" 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="2%" align="left"> </td>
<td width="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">163,764</font></b></td>
<td width="2%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">262,952</font></td>
<td width="2%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 2px;" width="59%" 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="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="2">40,057</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="15%" 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="2%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 3px;" width="59%" 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="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="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">204,071</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="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="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">299,226</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td></tr>
<tr valign="bottom"><td width="59%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Gross realized losses:</font></td>
<td width="2%" align="left"> </td>
<td width="15%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="15%" align="left"> </td>
<td width="2%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="59%" 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="2%" align="left"> </td>
<td width="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(74,661</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="2%" align="left"> </td>
<td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(46,413</font></td>
<td width="2%" 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="59%" 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="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="2">(76,539</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="2%" 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="2">(64,468</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></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 3px;" width="59%" 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="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="2">(151,200</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="2%" 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="2">(110,881</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></tr>
<tr valign="bottom"><td style="border-bottom: #000000 3px solid;" width="59%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Net realized gain</font></td>
<td style="border-bottom: #000000 3px 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 3px solid;" width="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">52,871</font></b></td>
<td style="border-bottom: #000000 3px solid;" width="2%" align="left"> </td>
<td style="border-bottom: #000000 3px 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 3px solid;" width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">188,345</font></td>
<td style="border-bottom: #000000 3px solid;" 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">Realized gains and losses are determined on the specific identification method. Also included in net realized gain on investments in the Consolidated Statements of Income are impairments of other investments and gain (loss) on sales of other assets and property acquired in the settlement of claims totaling $<font class="_mt">205,158</font> and $<font class="_mt">(67,430)</font> for the six months ended June 30, 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 presents the gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous loss position at June 30, 2012 and December 31, 2011.</font></p>
<div class="MetaData">
<div>
<table border="0" cellspacing="0">
<tr><td width="17%"> </td>
<td width="2%"> </td>
<td width="9%"> </td>
<td width="2%"> </td>
<td width="9%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="9%"> </td>
<td width="2%"> </td>
<td width="9%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="9%"> </td>
<td width="2%"> </td>
<td width="9%"> </td>
<td width="2%"> </td></tr>
<tr valign="bottom"><td width="17%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="24%" colspan="5" 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;" width="24%" colspan="5" 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;" width="24%" colspan="5" 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 style="border-bottom: #000000 1px solid;" width="17%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">June 30, 2012</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="11%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Fair</font></b><br /><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;" width="13%" colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized</font></b><br /><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="11%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Fair</font></b><br /><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;" width="13%" colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized</font></b><br /><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="11%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Fair</font></b><br /><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;" width="13%" colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Losses</font></b></td></tr>
<tr valign="bottom"><td width="17%" 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 width="2%" align="left"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" width="17%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">and political</font></b></td>
<td width="2%" align="left"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" width="17%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">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 style="text-indent: 9px;" width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></b></td>
<td width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></b></td>
<td width="2%" align="left"> </td>
<td width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,001,350</font></b></td>
<td width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(23,777</font></b></td>
<td width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td>
<td width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,001,350</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="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(23,777</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></tr>
<tr valign="bottom"><td width="17%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Corporate debt</font></b></td>
<td width="2%" align="right"> </td>
<td width="9%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="right"> </td>
<td width="2%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="right"> </td>
<td width="2%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="right"> </td>
<td width="2%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" width="17%" 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;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">3,154,335</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(12,667</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="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">960,360</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(58,000</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="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">4,114,695</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(70,667</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></tr>
<tr valign="bottom"><td width="17%" 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 width="2%" align="right"> </td>
<td width="9%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="right"> </td>
<td width="2%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="right"> </td>
<td width="2%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="right"> </td>
<td width="2%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" width="17%" 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;" 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="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">3,154,335</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">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(12,667</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,961,710</font></b></td>
<td style="border-bottom: #000000 1px solid; text-indent: 1px;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(81,777</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">5,116,045</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="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(94,444</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></tr>
<tr valign="bottom"><td width="17%" 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;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2,513,568</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(175,364</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="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="9%" 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"> </td>
<td style="border-bottom: #000000 1px solid;" width="9%" 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="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2,513,568</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(175,364</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></tr>
<tr valign="bottom"><td width="17%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Total temporarily</font></b></td>
<td width="2%" align="right"> </td>
<td width="9%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="right"> </td>
<td width="2%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="right"> </td>
<td width="2%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="right"> </td>
<td width="2%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" width="17%" 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;" 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 3px double;" width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">5,667,903</font></b></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(188,031</font></b></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,961,710</font></b></td>
<td style="border-bottom: #000000 3px double; text-indent: 1px;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(81,777</font></b></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">7,629,613</font></b></td>
<td style="border-bottom: #000000 3px double;" 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 3px double;" width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(269,808</font></b></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="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="9%"> </td>
<td width="2%"> </td>
<td width="9%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="9%"> </td>
<td width="2%"> </td>
<td width="9%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="9%"> </td>
<td width="2%"> </td>
<td width="9%"> </td>
<td width="2%"> </td></tr>
<tr valign="bottom"><td width="15%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="24%" colspan="5" 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;" width="24%" colspan="5" 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;" width="24%" colspan="5" 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 style="border-bottom: #000000 1px solid;" width="15%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">December 31, 2011</font></td>
<td style="border-bottom: #000000 1px solid;" width="11%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Fair</font></b><br /><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;" width="13%" colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized</font></b><br /><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="11%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Fair</font></b><br /><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;" width="13%" colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized</font></b><br /><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="11%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Fair</font></b><br /><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;" width="13%" colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Losses</font></b></td></tr>
<tr valign="bottom"><td width="15%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Obligations of states</font></td>
<td width="2%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" width="15%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">and political</font></td>
<td width="2%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" width="15%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">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="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">663,666</font></td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(64</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,023,180</font></td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(13,805</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,686,846</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="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(13,869</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr>
<tr valign="bottom"><td width="15%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Corporate debt</font></td>
<td width="2%" align="right"> </td>
<td width="9%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="right"> </td>
<td width="2%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" width="15%" 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;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="9%" 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;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="9%" 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;" 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="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="9%" 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"> </td>
<td style="border-bottom: #000000 1px solid;" width="9%" 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="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="9%" 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;" width="2%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="9%" 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;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr>
<tr valign="bottom"><td width="15%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total fixed income</font></td>
<td width="2%" align="right"> </td>
<td width="9%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="right"> </td>
<td width="2%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" width="15%" 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;" 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="9%" 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;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(148,680</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="9%" 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;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(13,805</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="9%" 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;" 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="9%" 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="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr>
<tr valign="bottom"><td width="15%" 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;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="9%" 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;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="9%" 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;" 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="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="9%" 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;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="9%" 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;" 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="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="9%" 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;" width="2%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="9%" 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="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr>
<tr valign="bottom"><td width="15%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total temporarily</font></td>
<td width="2%" align="right"> </td>
<td width="9%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="right"> </td>
<td width="2%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" width="15%" 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;" 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="9%" 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;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(189,573</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="9%" 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;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(14,735</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="9%" 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;" 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="9%" 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;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr></table></div></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 June 30, 2012, the Company held $<font class="_mt">5,116,045</font> in fixed maturity securities with unrealized losses of $<font class="_mt">94,444</font>. As of December 31, 2011, the Company held $<font class="_mt">4,702,615</font> in fixed maturity securities with unrealized losses of $<font class="_mt">162,485</font>. 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 June 30, 2012, the Company held $<font class="_mt">2,513,568</font> in equity securities with unrealized losses of $<font class="_mt">175,364</font>. As of December 31, 2011, the Company held $<font class="_mt">1,061,202</font> in equity securities with unrealized losses of $<font class="_mt">41,823</font>. 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 <font class="_mt">15</font> and <font class="_mt">13</font> securities had unrealized losses at June 30, 2012 and December 31, 2011, respectively. Reviews of the values of securities are inherently uncertain and the value of the investment may not fully recover, or may decline in future periods resulting in a realized loss.</font></p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">During the first six months of 2012 and 2011, the Company recorded other-than-temporary impairment charges in the amount of $<font class="_mt">76,539</font> and $<font class="_mt">64,468</font>, respectively, related to equity securities and other assets. For the 2011 fiscal year, the Company recorded other-than-temporary impairment charges in the amount of $<font class="_mt">280,987</font> related to securities and other assets, of which, $<font class="_mt">101,861</font> 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>
9331671
4639675
10479739
5489107
51446279
52226153
157958463
164096884
691250
691250
<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 six months ended June 30, 2012 and the year ended December 31, 2011 are summarized as follows:</font></p>
<div>
<table border="0" cellspacing="0">
<tr><td width="39%"> </td>
<td width="4%"> </td>
<td width="25%"> </td>
<td width="3%"> </td>
<td width="8%"> </td>
<td width="15%"> </td>
<td width="3%"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">June 30, 2012</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"><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="left"> </td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Balance, beginning of period</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">37,996,000</font></b></td>
<td align="left"> </td>
<td style="text-indent: 1px;" 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">38,198,700</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="3">Provision, charged to operations</font></td>
<td align="left"> </td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">1,992,466</font></b></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="3">3,342,427</font></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="3">Payments of claims, net of recoveries</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">(2,441,466</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="3">)</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">(3,545,127</font></td>
<td style="border-bottom: #000000 1px solid;" 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;" 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;" 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">37,547,000</font></b></td>
<td style="border-bottom: #000000 3px double;" align="left"> </td>
<td style="border-bottom: #000000 3px double; text-indent: 1px;" 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="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 June 30, 2012 is represented by the reserves for claims. The Company's reserves for unpaid losses and loss adjustment expenses are established using estimated amounts required to settle claims for which notice has been received (reported) and the amount estimated to be required to satisfy incurred claims of policyholders which may be reported in the future. Despite the variability of such estimates, management believes that the reserves are adequate to cover claim losses which might result from pending and future claims under policies issued through June 30, 2012. The Company continually reviews and adjusts its reserve estimates to reflect its loss experience and </font><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">any new information that becomes available. Adjustments resulting from such reviews may be significant.</font></p>
<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="6%"> </td>
<td width="21%"> </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">June 30, 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">6,257,274</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">16.7</font></b></td>
<td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">6,233,501</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">16.4</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">IBNR</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">31,289,726</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">83.3</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">31,762,499</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">83.6</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Total loss reserves</font></td>
<td style="border-bottom: #000000 3px double;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">$</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">37,547,000</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</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</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>
38198700
37996000
37547000
31762499
31289726
6233501
6257274
-5360561
-768141
6716087
-1341762
3180363
1525296
2614012
2614012
1594805
4781627
4781627
3349488
23213
23213
<div> <div>
<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 June 2011, the Financial Accounting Standards Board ("the FASB") updated requirements relating to the presentation of comprehensive income. The objectives of this accounting update are to facilitate convergence of GAAP and International Financial Reporting Standards ("IFRS"), to improve the comparability, consistency, and transparency of financial reporting and to increase the prominence of items reported in other comprehensive income. The main provisions of the guidance require that all nonowner changes in stockholders' equity be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements. For public entities, this update became effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. The Company complied with this update, and it did not have an impact on the Company's financial condition or results of operations.</font></p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">In May 2011, the FASB updated requirements for measuring and disclosing fair value information, resulting in common principles and requirements in accordance with GAAP and IFRS. For public entities, this guidance became effective during interim and annual periods beginning after December 15, 2011. The Company complied with this update, and it did not have an impact on the Company's financial condition or results of operations.</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></div> </div>
1481900
691250
<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>
<div>
<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. Earnings attributable to the redeemable noncontrolling interest are recorded on the Consolidated Statement of Income for majority-owned subsidiaries. The redeemable noncontrolling interest representing the portion of equity not related to the Company's ownership interest is recorded as redeemable equity in a separate section of the Consolidated Balance Sheets. All intercompany balances and transactions have been eliminated in consolidation.</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 June 30, 2012 are not necessarily indicative of the results that may be expected for the year ending December 31, 2012.</font></p></div>
<div>
<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></div>
<div>
<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></div>
<div>
<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 June 2011, the Financial Accounting Standards Board ("the FASB") updated requirements relating to the presentation of comprehensive income. The objectives of this accounting update are to facilitate convergence of GAAP and International Financial Reporting Standards ("IFRS"), to improve the comparability, consistency, and transparency of financial reporting and to increase the prominence of items reported in other comprehensive income. The main provisions of the guidance require that all nonowner changes in stockholders' equity be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements. For public entities, this update became effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. The Company complied with this update, and it did not have an impact on the Company's financial condition or results of operations.</font></p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">In May 2011, the FASB updated requirements for measuring and disclosing fair value information, resulting in common principles and requirements in accordance with GAAP and IFRS. For public entities, this guidance became effective during interim and annual periods beginning after December 15, 2011. The Company complied with this update, and it did not have an impact on the Company's financial condition or results of operations.</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></div>
<div>
<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>
64468
280987
101861
76539
-10194
-5097
-4698
-2349
1651551
939449
1281824
-524240
1089843
620212
838651
-340669
-3905
-1949
-1713
-856
-229288
-186171
-334568
-141687
-79219
-65462
-121336
-55280
108372
39096
76539
76539
38275
15369
26265
26265
561708
319237
443173
-183571
1286
643
340
170
1760987
1080784
1534815
-461611
1082268
1082268
835326
835326
598747
367381
536531
-155412
262579
159558
321813
154534
2525518
458000
1242298
243000
3340401
973000
1763689
499000
3631714
2328000
5596960
3883000
14112262
8420944
5210866
626885
302221
294048
3553734
10435418
350000
225315
2265523
157566
164183
2776535
2424628
<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 $<font class="_mt">5,991,000</font> and $<font class="_mt">5,740,000</font> as of June 30, 2012 and December 31, 2011, respectively. The executive employee benefits include health insurance, dental, vision and life insurance and are unfunded. These amounts are classified as accounts payable and accrued liabilities in the Consolidated Balance Sheets. The following table sets forth the net periodic benefits cost for the executive benefits for the periods ended June 30, 2012 and 2011:</font></p>
<div>
<table border="0" cellspacing="0">
<tr><td width="44%"> </td>
<td width="4%"> </td>
<td width="11%"> </td>
<td width="3%"> </td>
<td width="11%"> </td>
<td width="3%"> </td>
<td width="11%"> </td>
<td width="2%"> </td>
<td width="11%"> </td></tr>
<tr valign="bottom"><td width="44%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="29%" colspan="4" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">For the Three</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">Months Ended</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">June 30,</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="27%" colspan="4" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">For the Six</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">Months Ended</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">June 30,</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="44%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="15%" colspan="2" 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="14%" colspan="2" 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="14%" colspan="2" 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="13%" colspan="2" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">2011</font></td></tr>
<tr valign="bottom"><td width="44%" 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="11%" 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="3%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">6,425</font></td>
<td width="3%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></b></td>
<td width="11%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">6,308</font></b></td>
<td width="2%" align="right"><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">12,849</font></td></tr>
<tr valign="bottom"><td width="44%" 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="11%" 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="3%" 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>
<td width="3%" align="left"> </td>
<td width="11%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">13,934</font></b></td>
<td width="2%" align="right"> </td>
<td width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">15,378</font></td></tr>
<tr valign="bottom"><td width="44%" 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="11%" 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="3%" 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>
<td width="3%" align="left"> </td>
<td width="11%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">4,698</font></b></td>
<td width="2%" align="right"> </td>
<td width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">10,194</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="44%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Amortization of unrecognized gains</font></td>
<td style="border-bottom: #000000 1px solid;" width="4%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="11%" 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="3%" 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>
<td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="11%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">340</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </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">1,286</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 3px double;" width="44%" 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="11%" 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="3%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 3px double;" width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">19,854</font></td>
<td style="border-bottom: #000000 3px double;" width="3%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="11%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">25,280</font></b></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="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">39,707</font></td></tr></table></div>
<p style="margin: 0px;"> </p> </div>
1951587
3342427
1229961
1992466
361107
100000
100000
0
0
6810000
681000
8607352
898000
1218000
1699000
39316610
4701000
21451022
2579000
42908990
7207000
23241570
3824000
2743517
4457909
5412268
4947338
7767645
8115946
249324
995592
204750
34364
152526
152792
720081
411557
1107227
706690
2614012
1594805
4804840
3372701
3553216
3473408
-119000
481000
<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 style="width: 437px; height: 124px;" border="0" cellspacing="0">
<tr><td width="46%"> </td>
<td width="8%"> </td>
<td width="18%"> </td>
<td width="7%"> </td>
<td width="18%"> </td></tr>
<tr valign="bottom"><td width="46%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" rowspan="3" width="26%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">As of</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">June 30,</font></b><br /><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;" rowspan="3" width="25%" colspan="2" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">As of December</font><br /><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">31,</font><br /><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2011</font></td></tr>
<tr valign="bottom"><td width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Financial Statement Classification,</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Consolidated Balance Sheets</font></td></tr>
<tr valign="bottom"><td width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Other investments</font></td>
<td width="8%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="18%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">3,883,000</font></b></td>
<td width="7%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="18%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,328,000</font></td></tr>
<tr valign="bottom"><td width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Premiums and fees receivable</font></td>
<td width="8%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="18%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">898,000</font></b></td>
<td width="7%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="18%" 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="30%"> </td>
<td width="5%"> </td>
<td width="12%"> </td>
<td width="5%"> </td>
<td width="11%"> </td>
<td width="4%"> </td>
<td width="11%"> </td>
<td width="2%"> </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 colspan="4" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">For the three months ended June 30,</font></b></td>
<td colspan="4" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">For the six months ended June 30,</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;" colspan="2" 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; text-indent: 6px;" colspan="2" 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;" colspan="2" 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;" colspan="2" 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">3,824,000</font></b></td>
<td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,579,000</font></td>
<td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">7,207,000</font></b></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,701,000</font></td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Other income</font></td>
<td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">499,000</font></b></td>
<td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">243,000</font></td>
<td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">973,000</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">458,000</font></td></tr></table></div>
<p style="margin: 0px;"> </p></div>
<div> </div><br /> </div>
99003018
103053451
43741233
2504971
-449734
41685996
23719213
1209996
-219029
22728246
48494599
2733564
-608312
46369347
26080325
1403192
-382213
25059346
<div> <table border="0" cellspacing="0">
<tr><td width="63%"> </td>
<td width="15%"> </td>
<td width="2%"> </td>
<td width="15%"> </td>
<td width="2%"> </td></tr>
<tr valign="bottom"><td width="63%" 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="2">2012</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" 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="2">2011</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td></tr>
<tr valign="bottom"><td width="63%" 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 width="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"><font class="_mt"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">0.0</font></b></font>-<font class="_mt">0.2</font></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="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"><font class="_mt"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">0.0</font></font>-<font class="_mt">0.1</font></font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td></tr>
<tr valign="bottom"><td width="63%" 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 width="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"><font class="_mt"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">95.8</font></b></font>-<font class="_mt">98.6</font>%</font></b></td>
<td width="2%" align="left"> </td>
<td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"><font class="_mt"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">95.4</font></font>-<font class="_mt">98.7</font>%</font></td>
<td width="2%" align="left"> </td></tr>
<tr valign="bottom"><td width="63%" 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 width="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"><font class="_mt"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1.4</font></b></font>-<font class="_mt">4.2</font></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="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"><font class="_mt"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1.3</font></font>-<font class="_mt">4.6</font></font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td></tr>
<tr valign="bottom"><td width="63%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Liquidity risk premium</font></td>
<td width="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"><font class="_mt"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">4.0</font></b></font>-<font class="_mt">4.5</font></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="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"><font class="_mt"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4.5</font></font>-<font class="_mt">5.0</font></font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td></tr></table> </div>
<div> <table border="0" cellspacing="0">
<tr><td width="40%"> </td>
<td width="2%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="10%"> </td></tr>
<tr valign="bottom"><td width="40%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="24%" colspan="4" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Three months ended</font></td>
<td width="2%" align="center"> </td>
<td width="24%" colspan="4" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Six months ended</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="40%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="24%" colspan="4" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">June 30,</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" width="24%" colspan="4" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">June 30,</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="40%" 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="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="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="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></tr>
<tr><td width="92%" colspan="11"> </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="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="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">3,349,488</font></b></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="3">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="12%" colspan="2" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">1,594,805</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">4,781,627</font></b></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="3">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="12%" colspan="2" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">2,614,012</font></td></tr>
<tr valign="bottom"><td width="40%" 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="10%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 4px;" width="40%" 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="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">2,098,666</font></b></td>
<td width="2%" align="right"> </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">2,134,164</font></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="3">2,099,751</font></b></td>
<td width="2%" align="right"> </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">2,184,323</font></td></tr>
<tr valign="bottom"><td width="40%" 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="10%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 4px;" width="40%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">the exercise of dilutive stock options</font></td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="right"> </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: 4px;" width="40%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">and 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="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">34,066</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </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">20,952</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"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">31,413</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </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">17,075</font></td></tr>
<tr valign="bottom"><td width="40%" 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="10%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="right"> </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: 4px;" width="40%" 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="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">2,132,732</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </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">2,155,116</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"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">2,131,164</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </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">2,201,398</font></td></tr>
<tr><td width="92%" colspan="11"> </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="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="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">1.60</font></b></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 3px double;" width="2%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 3px double;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">0.75</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">2.28</font></b></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"> </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">$</font></td>
<td style="border-bottom: #000000 3px double;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">1.20</font></td></tr>
<tr><td width="92%" colspan="11"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 3px double;" width="40%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Diluted earnings per common share</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">1.57</font></b></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 3px double;" width="2%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 3px double;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">0.74</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">2.24</font></b></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"> </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">1.19</font></td></tr></table> </div>
<div> <div class="MetaData">
<div>
<table border="0" cellspacing="0">
<tr><td width="29%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="11%"> </td></tr>
<tr valign="bottom"><td width="29%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">As of June 30, 2012:</font></b></td>
<td width="2%" align="left"> </td>
<td width="12%" align="left"> </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="12%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="11%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="29%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Financial Assets</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="14%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Carrying Value</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="14%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Estimated Fair</font></b><br /><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;" width="14%" colspan="2" 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;" width="14%" colspan="2" 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;" width="13%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Level 3</font></b></td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="29%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Cash</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="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">17,457,651</font></b></td>
<td width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">17,457,651</font></b></td>
<td width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">17,457,651</font></b></td>
<td width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></b></td>
<td width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="11%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></b></td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="29%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Cost-basis investments</font></b></td>
<td width="2%" align="right"> </td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,714,073</font></b></td>
<td width="2%" align="right"> </td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2,088,372</font></b></td>
<td width="2%" align="right"> </td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></b></td>
<td width="2%" align="right"> </td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></b></td>
<td width="2%" align="right"> </td>
<td width="11%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,714,073</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 1px;" width="29%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Accrued dividends and interest</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </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="2">1,136,981</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </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="2">1,136,981</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </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="2">1,136,981</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </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="2">-</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="11%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 3px double;" width="29%" 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;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">20,308,705</font></b></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">20,683,004</font></b></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">18,594,632</font></b></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="12%" 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;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="11%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,714,073</font></b></td></tr>
<tr><td width="98%" colspan="11"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="29%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Financial Liabilities</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="11%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 2px;" width="29%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Contingent liability</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">691,250</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">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">691,250</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="12%" 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">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="11%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">691,250</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 3px double;" width="29%" 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;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">691,250</font></b></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">691,250</font></b></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></b></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="12%" 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;" 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 3px double;" width="11%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">691,250</font></b></td></tr></table></div>
<p style="margin: 0px;"> </p><br />
<div>
<table border="0" cellspacing="0">
<tr><td width="27%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="12%"> </td></tr>
<tr valign="bottom"><td width="27%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">As of December 31, 2011:</font></td>
<td width="2%" align="right"> </td>
<td width="12%" align="left"> </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="12%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="12%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="27%" 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;" width="14%" colspan="2" 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;" width="14%" colspan="2" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Estimated Fair</font><br /><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Value</font></td>
<td style="border-bottom: #000000 1px solid;" width="14%" colspan="2" 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="14%" colspan="2" 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="14%" colspan="2" 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;" width="27%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Cash</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">18,042,258</font></td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">18,042,258</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">18,042,258</font></td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="12%" 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;" width="27%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Cost-basis investments</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">1,303,887</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">1,688,262</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="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">1,303,887</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 1px;" width="27%" 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;" 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">1,108,156</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">1,108,156</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">1,108,156</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">-</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">-</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 3px double;" width="27%" 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">$</font></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">20,454,301</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</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">20,838,676</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">$</font></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">19,150,414</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</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">-</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">$</font></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,303,887</font></td></tr></table></div></div> </div>
<div> <table border="0" cellspacing="0">
<tr><td width="39%"> </td>
<td width="4%"> </td>
<td width="25%"> </td>
<td width="3%"> </td>
<td width="8%"> </td>
<td width="15%"> </td>
<td width="3%"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">June 30, 2012</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">December 31, 2011</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Balance, beginning of period</font></td>
<td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">37,996,000</font></b></td>
<td align="left"> </td>
<td style="text-indent: 1px;" 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">38,198,700</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="3">Provision, charged to operations</font></td>
<td align="left"> </td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">1,992,466</font></b></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="3">3,342,427</font></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="3">Payments of claims, net of recoveries</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">(2,441,466</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="3">)</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">(3,545,127</font></td>
<td style="border-bottom: #000000 1px solid;" 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;" 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;" 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">37,547,000</font></b></td>
<td style="border-bottom: #000000 3px double;" align="left"> </td>
<td style="border-bottom: #000000 3px double; text-indent: 1px;" 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="left"> </td></tr></table> </div>
<div> <table border="0" cellspacing="0">
<tr><td width="44%"> </td>
<td width="4%"> </td>
<td width="11%"> </td>
<td width="3%"> </td>
<td width="11%"> </td>
<td width="3%"> </td>
<td width="11%"> </td>
<td width="2%"> </td>
<td width="11%"> </td></tr>
<tr valign="bottom"><td width="44%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="29%" colspan="4" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">For the Three</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">Months Ended</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">June 30,</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="27%" colspan="4" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">For the Six</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">Months Ended</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">June 30,</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="44%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="15%" colspan="2" 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="14%" colspan="2" 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="14%" colspan="2" 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="13%" colspan="2" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">2011</font></td></tr>
<tr valign="bottom"><td width="44%" 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="11%" 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="3%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">6,425</font></td>
<td width="3%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></b></td>
<td width="11%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">6,308</font></b></td>
<td width="2%" align="right"><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">12,849</font></td></tr>
<tr valign="bottom"><td width="44%" 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="11%" 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="3%" 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>
<td width="3%" align="left"> </td>
<td width="11%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">13,934</font></b></td>
<td width="2%" align="right"> </td>
<td width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">15,378</font></td></tr>
<tr valign="bottom"><td width="44%" 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="11%" 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="3%" 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>
<td width="3%" align="left"> </td>
<td width="11%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">4,698</font></b></td>
<td width="2%" align="right"> </td>
<td width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">10,194</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="44%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Amortization of unrecognized gains</font></td>
<td style="border-bottom: #000000 1px solid;" width="4%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="11%" 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="3%" 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>
<td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="11%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">340</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </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">1,286</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 3px double;" width="44%" 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="11%" 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="3%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 3px double;" width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">19,854</font></td>
<td style="border-bottom: #000000 3px double;" width="3%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="11%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">25,280</font></b></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="3">$</font></td>
<td style="border-bottom: #000000 3px double;" width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">39,707</font></td></tr></table> </div>
<div> <table border="0" cellspacing="0">
<tr><td width="59%"> </td>
<td width="2%"> </td>
<td width="15%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="15%"> </td>
<td width="2%"> </td></tr>
<tr valign="bottom"><td width="59%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="19%" colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2012</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="19%" colspan="3" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2011</font></td></tr>
<tr valign="bottom"><td width="59%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Gross realized gains:</font></td>
<td width="2%" align="left"> </td>
<td width="15%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="15%" align="left"> </td>
<td width="2%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="59%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Obligations of states and political subdivisions</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">250</font></b></td>
<td width="2%" align="left"> </td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">20,846</font></td>
<td width="2%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="59%" 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="2%" align="left"> </td>
<td width="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">163,764</font></b></td>
<td width="2%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">262,952</font></td>
<td width="2%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 2px;" width="59%" 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="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="2">40,057</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="15%" 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="2%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 3px;" width="59%" 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="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="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">204,071</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="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="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">299,226</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td></tr>
<tr valign="bottom"><td width="59%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Gross realized losses:</font></td>
<td width="2%" align="left"> </td>
<td width="15%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="15%" align="left"> </td>
<td width="2%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="59%" 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="2%" align="left"> </td>
<td width="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(74,661</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="2%" align="left"> </td>
<td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(46,413</font></td>
<td width="2%" 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="59%" 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="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="2">(76,539</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="2%" 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="2">(64,468</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></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 3px;" width="59%" 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="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="2">(151,200</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="2%" 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="2">(110,881</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></tr>
<tr valign="bottom"><td style="border-bottom: #000000 3px solid;" width="59%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Net realized gain</font></td>
<td style="border-bottom: #000000 3px 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 3px solid;" width="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">52,871</font></b></td>
<td style="border-bottom: #000000 3px solid;" width="2%" align="left"> </td>
<td style="border-bottom: #000000 3px 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 3px solid;" width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">188,345</font></td>
<td style="border-bottom: #000000 3px solid;" width="2%" align="left"> </td></tr></table> </div>
<div> <div class="MetaData">
<div>
<table border="0" cellspacing="0">
<tr><td width="32%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="12%"> </td></tr>
<tr valign="bottom"><td width="32%" 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 width="2%" align="left"> </td>
<td width="12%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Title</font></b></td>
<td width="2%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="12%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">All</font></b></td>
<td width="2%" align="center"> </td>
<td width="12%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Intersegment</font></b></td>
<td width="2%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="12%" align="center"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="32%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">June 30, 2012</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: #000000 1px solid; text-indent: 1px;" width="12%" align="center"><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;" 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="12%" 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;" width="2%" align="center"> </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="2">Eliminations</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="12%" 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 width="32%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Operating revenues</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="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">24,264,268</font></b></td>
<td width="2%" align="left"> </td>
<td width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,102,786</font></b></td>
<td width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(361,795</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="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">25,005,259</font></b></td></tr>
<tr valign="bottom"><td width="32%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Investment income</font></b></td>
<td width="2%" align="left"> </td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">880,803</font></b></td>
<td width="2%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">149,533</font></b></td>
<td width="2%" align="left"> </td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(20,418</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="2%" align="left"> </td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,009,918</font></b></td></tr>
<tr valign="bottom"><td width="32%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Net realized (loss) gain on</font></b></td>
<td width="2%" align="left"> </td>
<td width="12%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="2%" align="left"> </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="2%" align="left"> </td>
<td width="12%" align="left"> </td></tr>
<tr valign="bottom"><td width="32%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">investments</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" 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="2">(85,725</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="2%" 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="2">150,873</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" 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="2">-</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="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">65,148</font></b></td></tr>
<tr valign="bottom"><td width="32%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Total revenues</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="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">25,059,346</font></b></td>
<td width="2%" align="left"> </td>
<td width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,403,192</font></b></td>
<td width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(382,213</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="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">26,080,325</font></b></td></tr>
<tr valign="bottom"><td width="32%" 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;" width="2%" 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="2">20,430,840</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="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,374,158</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" 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="2">(344,374</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="2%" 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="2">21,460,624</font></b></td></tr>
<tr valign="bottom"><td width="32%" 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 3px double;" 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 3px double;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">4,628,506</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"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">29,034</font></b></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</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="2">(37,839</font></b></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="2">)</font></b></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="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">4,619,701</font></b></td></tr>
<tr valign="bottom"><td width="32%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Total assets</font></b></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">124,109,659</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"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">39,987,225</font></b></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</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="2">-</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"><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;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">164,096,884</font></b></td></tr></table></div>
<p style="margin: 0px;"> </p>
<div>
<table border="0" cellspacing="0">
<tr><td width="30%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="12%"> </td></tr>
<tr valign="bottom"><td width="30%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Three Months Ended</font></td>
<td width="2%" align="left"> </td>
<td width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Title</font></td>
<td width="2%" align="center"> </td>
<td width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">All</font></td>
<td width="2%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Intersegment</font></td>
<td width="2%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="12%" align="center"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="30%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">June 30, 2011</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: #000000 1px solid; text-indent: 1px;" width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Insurance</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">Other</font></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="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Eliminations</font></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="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="30%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Operating revenues</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="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">21,809,129</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,082,802</font></td>
<td width="2%" align="left"> </td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(198,611</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="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">22,693,320</font></td></tr>
<tr valign="bottom"><td width="30%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Investment income</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">773,973</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">125,263</font></td>
<td width="2%" align="left"> </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">(20,418</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="2%" align="left"> </td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">878,818</font></td></tr>
<tr valign="bottom"><td width="30%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Net realized gain on investments</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">145,144</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">1,931</font></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="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="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">147,075</font></td></tr>
<tr valign="bottom"><td width="30%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total revenues</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="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">22,728,246</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,209,996</font></td>
<td width="2%" align="left"> </td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(219,029</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="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">23,719,213</font></td></tr>
<tr valign="bottom"><td width="30%" 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;" 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">20,610,222</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">1,268,797</font></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="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(198,611</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="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">21,680,408</font></td></tr>
<tr valign="bottom"><td width="30%" 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 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">2,118,024</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">$</font></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(58,801</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</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">(20,418</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="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,038,805</font></td></tr>
<tr valign="bottom"><td width="30%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total assets</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</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">116,889,860</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">$</font></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">36,502,150</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"> </td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</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">-</font></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="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">153,392,010</font></td></tr></table></div>
<p style="margin: 0px;"> </p>
<div>
<table border="0" cellspacing="0">
<tr><td width="32%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="12%"> </td></tr>
<tr valign="bottom"><td width="32%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Six Months Ended</font></b></td>
<td width="2%" align="left"> </td>
<td width="12%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Title</font></b></td>
<td width="2%" align="center"> </td>
<td width="12%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">All</font></b></td>
<td width="2%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="12%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Intersegment</font></b></td>
<td width="2%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="12%" align="center"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="32%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">June 30, 2012</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: #000000 1px solid; text-indent: 1px;" width="12%" align="center"><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;" width="2%" align="center"> </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="2">Other</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="12%" align="center"><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;" 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="12%" 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 width="32%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Operating revenues</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="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">44,538,024</font></b></td>
<td width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2,278,844</font></b></td>
<td width="2%" align="left"> </td>
<td width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(567,477</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="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">46,249,391</font></b></td></tr>
<tr valign="bottom"><td width="32%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Investment income</font></b></td>
<td width="2%" align="left"> </td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,734,634</font></b></td>
<td width="2%" align="left"> </td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">293,380</font></b></td>
<td width="2%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(40,835</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="2%" align="left"> </td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,987,179</font></b></td></tr>
<tr valign="bottom"><td width="32%" 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;" width="2%" 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="2">96,689</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" 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="2">161,340</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="12%" 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="2%" 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="2">258,029</font></b></td></tr>
<tr valign="bottom"><td width="32%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Total revenues</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="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">46,369,347</font></b></td>
<td width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2,733,564</font></b></td>
<td width="2%" align="left"> </td>
<td width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(608,312</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="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">48,494,599</font></b></td></tr>
<tr valign="bottom"><td width="32%" 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;" width="2%" 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="2">39,685,564</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" 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="2">2,794,251</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="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(550,056</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="2%" 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="2">41,929,759</font></b></td></tr>
<tr valign="bottom"><td width="32%" 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 3px double;" 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 3px double;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">6,683,783</font></b></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="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(60,687</font></b></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</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="2">(58,256</font></b></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="2">)</font></b></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="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">6,564,840</font></b></td></tr>
<tr valign="bottom"><td width="32%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Total assets</font></b></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">124,109,659</font></b></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="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">39,987,225</font></b></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"> </td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="12%" 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;" width="2%" align="left"> </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="2">$</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="2">164,096,884</font></b></td></tr></table></div>
<p style="margin: 0px;"> </p>
<div> </div><br />
<div>
<table border="0" cellspacing="0">
<tr><td width="30%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="12%"> </td></tr>
<tr valign="bottom"><td width="30%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Six Months Ended</font></td>
<td width="2%" align="left"> </td>
<td width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Title</font></td>
<td width="2%" align="center"> </td>
<td width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">All</font></td>
<td width="2%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Intersegment</font></td>
<td width="2%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="12%" align="center"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="30%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">June 30, 2011</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: #000000 1px solid; text-indent: 1px;" width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Insurance</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">Other</font></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="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Eliminations</font></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="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="30%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Operating revenues</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="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">39,996,441</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,254,586</font></td>
<td width="2%" align="left"> </td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(408,899</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="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">41,842,128</font></td></tr>
<tr valign="bottom"><td width="30%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Investment income</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">1,564,946</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">254,079</font></td>
<td width="2%" align="left"> </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">(40,835</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="2%" align="left"> </td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,778,190</font></td></tr>
<tr valign="bottom"><td width="30%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Net realized gain (loss) on</font></td>
<td width="2%" align="left"> </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="2%" align="left"> </td>
<td width="12%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="12%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" width="30%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">investments</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">124,609</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">(3,694</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="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">-</font></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="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">120,915</font></td></tr>
<tr valign="bottom"><td width="30%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total revenues</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="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">41,685,996</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,504,971</font></td>
<td width="2%" align="left"> </td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(449,734</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="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">43,741,233</font></td></tr>
<tr valign="bottom"><td width="30%" 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;" 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">38,137,759</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">2,627,361</font></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="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(408,899</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="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">40,356,221</font></td></tr>
<tr valign="bottom"><td width="30%" 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 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">3,548,237</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">$</font></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(122,390</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</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">(40,835</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="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,385,012</font></td></tr>
<tr valign="bottom"><td width="30%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total assets</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</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">116,889,860</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">$</font></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">36,502,150</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"> </td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</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">-</font></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="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">153,392,010</font></td></tr></table></div></div> </div>
<div> <table border="0" cellspacing="0">
<tr><td width="30%"> </td>
<td width="15%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="15%"> </td>
<td width="15%"> </td>
<td width="2%"> </td>
<td width="15%"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="30%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="17%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Number</font></b><br /><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;" width="17%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Weighted</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Average</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Exercise</font></b><br /><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;" width="15%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Average</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Remaining</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Contractual</font></b><br /><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;" width="17%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Aggregate</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Intrinsic</font></b><br /><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="border-bottom: #000000 1px solid;" width="30%" 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;" width="15%" 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;" width="2%" align="left"> </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="15%" 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;" width="15%" align="right"><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;" 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="15%" align="right"><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 width="30%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">SARs granted</font></td>
<td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,000</font></td>
<td width="2%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">41.50</font></td>
<td width="15%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="15%" align="right"> </td></tr>
<tr valign="bottom"><td width="30%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Options exercised</font></td>
<td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(7,700</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="2%" align="right"> </td>
<td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">20.15</font></td>
<td width="15%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="15%" align="right"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="30%" 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;" width="15%" 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;" 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="2%" 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="2">28.61</font></td>
<td style="border-bottom: #000000 1px solid;" width="15%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="15%" align="right"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="30%" 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;" width="15%" 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;" width="2%" align="left"> </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="15%" 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;" width="15%" align="right"><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;" 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="15%" align="right"><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 width="30%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">SARs granted</font></td>
<td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,000</font></td>
<td width="2%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">50.50</font></td>
<td width="15%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="15%" align="left"> </td></tr>
<tr valign="bottom"><td width="30%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Options exercised</font></td>
<td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(6,130</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="2%" align="right"> </td>
<td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">24.93</font></td>
<td width="15%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="15%" align="right"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="30%" 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;" width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(70</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="2%" 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="2">31.00</font></td>
<td style="border-bottom: #000000 1px solid;" width="15%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="15%" align="right"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="30%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Outstanding as of June 30, 2012</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="2">98,400</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="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="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">30.74</font></b></td>
<td style="border-bottom: #000000 1px solid; text-indent: 12px;" width="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">3.67</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">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2,576,857</font></b></td></tr>
<tr><td width="96%" colspan="8"> </td></tr>
<tr valign="bottom"><td width="30%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Exercisable as of June 30, 2012</font></b></td>
<td width="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">95,600</font></b></td>
<td width="2%" align="left"> </td>
<td width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">30.28</font></b></td>
<td style="text-indent: 12px;" width="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">3.61</font></b></td>
<td width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2,548,172</font></b></td></tr>
<tr><td width="96%" colspan="8"> </td></tr>
<tr valign="bottom"><td width="30%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Unvested as of June 30, 2012</font></b></td>
<td width="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2,800</font></b></td>
<td width="2%" align="left"> </td>
<td width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">46.69</font></b></td>
<td style="text-indent: 12px;" width="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">5.94</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="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">28,685</font></b></td></tr></table> </div>
<div> <table border="0" cellspacing="0">
<tr><td width="50%"> </td>
<td width="20%"> </td>
<td width="4%"> </td>
<td width="20%"> </td>
<td width="4%"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="50%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="20%" align="right"><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="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="20%" align="right"><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="4%" align="left"> </td></tr>
<tr valign="bottom"><td width="50%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Expected Life in Years</font></td>
<td width="20%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">5.0</font></b></td>
<td width="4%" align="left"> </td>
<td width="20%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">5.0</font></td>
<td width="4%" align="left"> </td></tr>
<tr valign="bottom"><td width="50%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Volatility</font></td>
<td width="20%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">44.6</font></b></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="20%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">43.6</font></td>
<td width="4%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">%</font></td></tr>
<tr valign="bottom"><td width="50%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Interest Rate</font></td>
<td width="20%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">0.8</font></b></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="20%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">1.9</font></td>
<td width="4%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">%</font></td></tr>
<tr valign="bottom"><td width="50%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Yield Rate</font></td>
<td width="20%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">0.6</font></b></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="20%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">0.8</font></td>
<td width="4%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">%</font></td></tr></table> </div>
<div> <div class="MetaData">
<div>
<table border="0" cellspacing="0">
<tr><td width="17%"> </td>
<td width="2%"> </td>
<td width="9%"> </td>
<td width="2%"> </td>
<td width="9%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="9%"> </td>
<td width="2%"> </td>
<td width="9%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="9%"> </td>
<td width="2%"> </td>
<td width="9%"> </td>
<td width="2%"> </td></tr>
<tr valign="bottom"><td width="17%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="24%" colspan="5" 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;" width="24%" colspan="5" 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;" width="24%" colspan="5" 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 style="border-bottom: #000000 1px solid;" width="17%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">June 30, 2012</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="11%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Fair</font></b><br /><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;" width="13%" colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized</font></b><br /><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="11%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Fair</font></b><br /><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;" width="13%" colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized</font></b><br /><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="11%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Fair</font></b><br /><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;" width="13%" colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Losses</font></b></td></tr>
<tr valign="bottom"><td width="17%" 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 width="2%" align="left"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" width="17%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">and political</font></b></td>
<td width="2%" align="left"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" width="17%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">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 style="text-indent: 9px;" width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></b></td>
<td width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></b></td>
<td width="2%" align="left"> </td>
<td width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,001,350</font></b></td>
<td width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(23,777</font></b></td>
<td width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td>
<td width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,001,350</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="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(23,777</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></tr>
<tr valign="bottom"><td width="17%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Corporate debt</font></b></td>
<td width="2%" align="right"> </td>
<td width="9%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="right"> </td>
<td width="2%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="right"> </td>
<td width="2%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="right"> </td>
<td width="2%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" width="17%" 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;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">3,154,335</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(12,667</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="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">960,360</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(58,000</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="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">4,114,695</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(70,667</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></tr>
<tr valign="bottom"><td width="17%" 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 width="2%" align="right"> </td>
<td width="9%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="right"> </td>
<td width="2%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="right"> </td>
<td width="2%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="right"> </td>
<td width="2%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" width="17%" 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;" 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="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">3,154,335</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">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(12,667</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,961,710</font></b></td>
<td style="border-bottom: #000000 1px solid; text-indent: 1px;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(81,777</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">5,116,045</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="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(94,444</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></tr>
<tr valign="bottom"><td width="17%" 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;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2,513,568</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(175,364</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="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="9%" 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"> </td>
<td style="border-bottom: #000000 1px solid;" width="9%" 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="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2,513,568</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(175,364</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></tr>
<tr valign="bottom"><td width="17%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Total temporarily</font></b></td>
<td width="2%" align="right"> </td>
<td width="9%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="right"> </td>
<td width="2%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="right"> </td>
<td width="2%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="right"> </td>
<td width="2%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" width="17%" 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;" 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 3px double;" width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">5,667,903</font></b></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(188,031</font></b></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,961,710</font></b></td>
<td style="border-bottom: #000000 3px double; text-indent: 1px;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(81,777</font></b></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">7,629,613</font></b></td>
<td style="border-bottom: #000000 3px double;" 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 3px double;" width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(269,808</font></b></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="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="9%"> </td>
<td width="2%"> </td>
<td width="9%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="9%"> </td>
<td width="2%"> </td>
<td width="9%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="9%"> </td>
<td width="2%"> </td>
<td width="9%"> </td>
<td width="2%"> </td></tr>
<tr valign="bottom"><td width="15%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="24%" colspan="5" 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;" width="24%" colspan="5" 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;" width="24%" colspan="5" 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 style="border-bottom: #000000 1px solid;" width="15%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">December 31, 2011</font></td>
<td style="border-bottom: #000000 1px solid;" width="11%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Fair</font></b><br /><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;" width="13%" colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized</font></b><br /><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="11%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Fair</font></b><br /><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;" width="13%" colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized</font></b><br /><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="11%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Fair</font></b><br /><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;" width="13%" colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Losses</font></b></td></tr>
<tr valign="bottom"><td width="15%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Obligations of states</font></td>
<td width="2%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" width="15%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">and political</font></td>
<td width="2%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" width="15%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">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="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">663,666</font></td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(64</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,023,180</font></td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(13,805</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,686,846</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="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(13,869</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr>
<tr valign="bottom"><td width="15%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Corporate debt</font></td>
<td width="2%" align="right"> </td>
<td width="9%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="right"> </td>
<td width="2%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" width="15%" 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;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="9%" 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;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="9%" 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;" 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="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="9%" 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"> </td>
<td style="border-bottom: #000000 1px solid;" width="9%" 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="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="9%" 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;" width="2%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="9%" 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;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr>
<tr valign="bottom"><td width="15%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total fixed income</font></td>
<td width="2%" align="right"> </td>
<td width="9%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="right"> </td>
<td width="2%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" width="15%" 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;" 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="9%" 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;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(148,680</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="9%" 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;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(13,805</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="9%" 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;" 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="9%" 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="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr>
<tr valign="bottom"><td width="15%" 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;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="9%" 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;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="9%" 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;" 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="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="9%" 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;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="9%" 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;" 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="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="9%" 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;" width="2%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="9%" 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="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr>
<tr valign="bottom"><td width="15%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total temporarily</font></td>
<td width="2%" align="right"> </td>
<td width="9%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="right"> </td>
<td width="2%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="9%" align="left"> </td>
<td width="2%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" width="15%" 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;" 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="9%" 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;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(189,573</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="9%" 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;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(14,735</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="9%" 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;" 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="9%" 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;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr></table></div></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>
<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">The following table shows selected financial information about the Company's operations by segment for the periods ended June 30, 2012 and 2011:</font></p>
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<table border="0" cellspacing="0">
<tr><td width="32%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="12%"> </td></tr>
<tr valign="bottom"><td width="32%" 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 width="2%" align="left"> </td>
<td width="12%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Title</font></b></td>
<td width="2%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="12%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">All</font></b></td>
<td width="2%" align="center"> </td>
<td width="12%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Intersegment</font></b></td>
<td width="2%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="12%" align="center"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="32%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">June 30, 2012</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: #000000 1px solid; text-indent: 1px;" width="12%" align="center"><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;" 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="12%" 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;" width="2%" align="center"> </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="2">Eliminations</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="12%" 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 width="32%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Operating revenues</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="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">24,264,268</font></b></td>
<td width="2%" align="left"> </td>
<td width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,102,786</font></b></td>
<td width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(361,795</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="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">25,005,259</font></b></td></tr>
<tr valign="bottom"><td width="32%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Investment income</font></b></td>
<td width="2%" align="left"> </td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">880,803</font></b></td>
<td width="2%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">149,533</font></b></td>
<td width="2%" align="left"> </td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(20,418</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="2%" align="left"> </td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,009,918</font></b></td></tr>
<tr valign="bottom"><td width="32%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Net realized (loss) gain on</font></b></td>
<td width="2%" align="left"> </td>
<td width="12%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="2%" align="left"> </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="2%" align="left"> </td>
<td width="12%" align="left"> </td></tr>
<tr valign="bottom"><td width="32%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">investments</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" 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="2">(85,725</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="2%" 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="2">150,873</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" 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="2">-</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="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">65,148</font></b></td></tr>
<tr valign="bottom"><td width="32%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Total revenues</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="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">25,059,346</font></b></td>
<td width="2%" align="left"> </td>
<td width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,403,192</font></b></td>
<td width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(382,213</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="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">26,080,325</font></b></td></tr>
<tr valign="bottom"><td width="32%" 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;" width="2%" 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="2">20,430,840</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="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,374,158</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" 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="2">(344,374</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="2%" 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="2">21,460,624</font></b></td></tr>
<tr valign="bottom"><td width="32%" 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 3px double;" 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 3px double;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">4,628,506</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"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">29,034</font></b></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</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="2">(37,839</font></b></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="2">)</font></b></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="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">4,619,701</font></b></td></tr>
<tr valign="bottom"><td width="32%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Total assets</font></b></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">124,109,659</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"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">39,987,225</font></b></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</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="2">-</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"><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;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">164,096,884</font></b></td></tr></table></div>
<p style="margin: 0px;"> </p>
<div>
<table border="0" cellspacing="0">
<tr><td width="30%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="12%"> </td></tr>
<tr valign="bottom"><td width="30%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Three Months Ended</font></td>
<td width="2%" align="left"> </td>
<td width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Title</font></td>
<td width="2%" align="center"> </td>
<td width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">All</font></td>
<td width="2%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Intersegment</font></td>
<td width="2%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="12%" align="center"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="30%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">June 30, 2011</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: #000000 1px solid; text-indent: 1px;" width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Insurance</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">Other</font></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="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Eliminations</font></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="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="30%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Operating revenues</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="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">21,809,129</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,082,802</font></td>
<td width="2%" align="left"> </td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(198,611</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="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">22,693,320</font></td></tr>
<tr valign="bottom"><td width="30%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Investment income</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">773,973</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">125,263</font></td>
<td width="2%" align="left"> </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">(20,418</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="2%" align="left"> </td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">878,818</font></td></tr>
<tr valign="bottom"><td width="30%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Net realized gain on investments</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">145,144</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">1,931</font></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="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="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">147,075</font></td></tr>
<tr valign="bottom"><td width="30%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total revenues</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="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">22,728,246</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,209,996</font></td>
<td width="2%" align="left"> </td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(219,029</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="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">23,719,213</font></td></tr>
<tr valign="bottom"><td width="30%" 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;" 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">20,610,222</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">1,268,797</font></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="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(198,611</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="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">21,680,408</font></td></tr>
<tr valign="bottom"><td width="30%" 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 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">2,118,024</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">$</font></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(58,801</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</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">(20,418</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="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,038,805</font></td></tr>
<tr valign="bottom"><td width="30%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total assets</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</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">116,889,860</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">$</font></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">36,502,150</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"> </td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</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">-</font></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="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">153,392,010</font></td></tr></table></div>
<p style="margin: 0px;"> </p>
<div>
<table border="0" cellspacing="0">
<tr><td width="32%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="12%"> </td></tr>
<tr valign="bottom"><td width="32%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Six Months Ended</font></b></td>
<td width="2%" align="left"> </td>
<td width="12%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Title</font></b></td>
<td width="2%" align="center"> </td>
<td width="12%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">All</font></b></td>
<td width="2%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="12%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Intersegment</font></b></td>
<td width="2%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="12%" align="center"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="32%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">June 30, 2012</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: #000000 1px solid; text-indent: 1px;" width="12%" align="center"><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;" width="2%" align="center"> </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="2">Other</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="12%" align="center"><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;" 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="12%" 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 width="32%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Operating revenues</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="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">44,538,024</font></b></td>
<td width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2,278,844</font></b></td>
<td width="2%" align="left"> </td>
<td width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(567,477</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="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">46,249,391</font></b></td></tr>
<tr valign="bottom"><td width="32%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Investment income</font></b></td>
<td width="2%" align="left"> </td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,734,634</font></b></td>
<td width="2%" align="left"> </td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">293,380</font></b></td>
<td width="2%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(40,835</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="2%" align="left"> </td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,987,179</font></b></td></tr>
<tr valign="bottom"><td width="32%" 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;" width="2%" 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="2">96,689</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" 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="2">161,340</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="12%" 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="2%" 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="2">258,029</font></b></td></tr>
<tr valign="bottom"><td width="32%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Total revenues</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="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">46,369,347</font></b></td>
<td width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2,733,564</font></b></td>
<td width="2%" align="left"> </td>
<td width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(608,312</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="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">48,494,599</font></b></td></tr>
<tr valign="bottom"><td width="32%" 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;" width="2%" 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="2">39,685,564</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" 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="2">2,794,251</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="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(550,056</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="2%" 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="2">41,929,759</font></b></td></tr>
<tr valign="bottom"><td width="32%" 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 3px double;" 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 3px double;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">6,683,783</font></b></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="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(60,687</font></b></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</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="2">(58,256</font></b></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="2">)</font></b></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="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">6,564,840</font></b></td></tr>
<tr valign="bottom"><td width="32%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Total assets</font></b></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">124,109,659</font></b></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="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">39,987,225</font></b></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"> </td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" width="12%" 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;" width="2%" align="left"> </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="2">$</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="2">164,096,884</font></b></td></tr></table></div>
<p style="margin: 0px;"> </p>
<div> </div><br />
<div>
<table border="0" cellspacing="0">
<tr><td width="30%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="12%"> </td></tr>
<tr valign="bottom"><td width="30%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Six Months Ended</font></td>
<td width="2%" align="left"> </td>
<td width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Title</font></td>
<td width="2%" align="center"> </td>
<td width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">All</font></td>
<td width="2%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Intersegment</font></td>
<td width="2%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="12%" align="center"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="30%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">June 30, 2011</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: #000000 1px solid; text-indent: 1px;" width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Insurance</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">Other</font></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="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Eliminations</font></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="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="30%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Operating revenues</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="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">39,996,441</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,254,586</font></td>
<td width="2%" align="left"> </td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(408,899</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="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">41,842,128</font></td></tr>
<tr valign="bottom"><td width="30%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Investment income</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">1,564,946</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">254,079</font></td>
<td width="2%" align="left"> </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">(40,835</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="2%" align="left"> </td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,778,190</font></td></tr>
<tr valign="bottom"><td width="30%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Net realized gain (loss) on</font></td>
<td width="2%" align="left"> </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="2%" align="left"> </td>
<td width="12%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="12%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" width="30%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">investments</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">124,609</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">(3,694</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="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">-</font></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="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">120,915</font></td></tr>
<tr valign="bottom"><td width="30%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total revenues</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="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">41,685,996</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,504,971</font></td>
<td width="2%" align="left"> </td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(449,734</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="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">43,741,233</font></td></tr>
<tr valign="bottom"><td width="30%" 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;" 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">38,137,759</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">2,627,361</font></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="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(408,899</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="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">40,356,221</font></td></tr>
<tr valign="bottom"><td width="30%" 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 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">3,548,237</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">$</font></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(122,390</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</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">(40,835</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="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,385,012</font></td></tr>
<tr valign="bottom"><td width="30%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total assets</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</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">116,889,860</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">$</font></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">36,502,150</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"> </td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</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">-</font></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="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">153,392,010</font></td></tr></table></div></div>
<p style="margin: 0px;"> </p> </div>
41842128
2254586
-408899
39996441
22693320
1082802
-198611
21809129
46249391
2278844
-567477
44538024
25005259
1102786
-361795
24264268
106053
36947
P1Y
0.008
0.006
P5Y
P5Y
0.019
0.008
0.436
0.446
2548172
95600
30.28
P3Y7M10D
4500
70
28.61
31.00
3000
3000
15.55
18.84
353955
697780
2576857
110800
101600
98400
28.77
29.81
30.74
P4Y6M4D
P3Y10M28D
P3Y8M1D
3000
3000
500000
20.15
24.93
41.50
50.50
2282596
2127735
2107681
2099309
14112262
14112262
8420944
8420944
103928815
5688705
1
98240109
102378162
6778548
1
95599613
106512184
7509165
1
99003018
111401268
8347816
1
103053451
7550
7700
6130
6130
152526
152526
152792
152792
<div> <div>
<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></div> </div>
469493
23213
469463
<div> <table border="0" cellspacing="0">
<tr><td width="65%"> </td>
<td width="2%"> </td>
<td width="15%"> </td>
<td width="2%"> </td>
<td width="15%"> </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">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="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="2%" 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 valign="bottom"><td width="65%" 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="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></b></td>
<td width="15%" 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="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">-</font></td></tr>
<tr valign="bottom"><td width="65%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Redeemable noncontrolling interest resulting from subsidiary purchase</font></td>
<td width="2%" align="right"> </td>
<td width="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">446,250</font></b></td>
<td width="2%" align="right"> </td>
<td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">-</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="65%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Net income</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="15%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">23,213</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">-</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 3px double;" width="65%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Ending balance, net</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">$</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">469,493</font></b></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="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">-</font></td></tr></table> </div>
162411
14502
5210866
5210866
626885
626885
<div> <div class="MetaData">
<div>
<table border="0" cellspacing="0">
<tr><td width="42%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="12%"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="42%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">June 30, 2012</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="14%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Amortized</font></b><br /><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="14%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Gross</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized</font></b><br /><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="14%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Gross</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized</font></b><br /><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="14%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Estimated</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Fair</font></b><br /><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 width="42%" 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="12%" align="left"> </td>
<td width="2%" align="left"> </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="12%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="42%" 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="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">59,082,735</font></b></td>
<td width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">5,374,612</font></b></td>
<td width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">23,777</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="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">64,433,570</font></b></td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="42%" 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="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">19,360,049</font></b></td>
<td width="2%" align="left"> </td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,190,590</font></b></td>
<td width="2%" align="left"> </td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">70,667</font></b></td>
<td width="2%" align="left"> </td>
<td width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">20,479,972</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 1px;" width="42%" 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="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">3,642,324</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" 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="2">55,776</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" 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="2">-</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" 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="2">3,698,100</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 3px solid; text-indent: 3px;" width="42%" 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 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 3px solid;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">82,085,108</font></b></td>
<td style="border-bottom: #000000 3px solid;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px solid;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">6,620,978</font></b></td>
<td style="border-bottom: #000000 3px solid;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px solid;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">94,444</font></b></td>
<td style="border-bottom: #000000 3px solid;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px solid;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">88,611,642</font></b></td></tr>
<tr valign="bottom"><td width="42%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Equity securities, available-for-sale at fair value-</font></b></td>
<td width="2%" align="right"> </td>
<td width="12%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="12%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="12%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="12%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 1px;" width="42%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Common stocks and nonredeemable preferred stocks</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">19,690,734</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">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">6,446,241</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">175,364</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">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">25,961,611</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 3px solid; text-indent: 3px;" width="42%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></b></td>
<td style="border-bottom: #000000 3px solid;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px solid;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">19,690,734</font></b></td>
<td style="border-bottom: #000000 3px solid;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px solid;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">6,446,241</font></b></td>
<td style="border-bottom: #000000 3px solid;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px solid;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">175,364</font></b></td>
<td style="border-bottom: #000000 3px solid;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px solid;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">25,961,611</font></b></td></tr>
<tr valign="bottom"><td width="42%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Short-term investments-</font></b></td>
<td width="2%" align="right"> </td>
<td width="12%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="12%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="12%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="12%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 1px;" width="42%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Money market mutual funds and certificates of deposit</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">8,420,944</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">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="12%" 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">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">8,420,944</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 3px solid; text-indent: 3px;" width="42%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></b></td>
<td style="border-bottom: #000000 3px solid;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px solid;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">8,420,944</font></b></td>
<td style="border-bottom: #000000 3px solid;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px solid;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></b></td>
<td style="border-bottom: #000000 3px solid;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px solid;" width="12%" 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 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 3px solid;" width="12%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">8,420,944</font></b></td></tr></table></div>
<p style="margin: 0px;"> </p>
<div>
<table border="0" cellspacing="0">
<tr><td width="42%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="12%"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="42%" 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="14%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Amortized</font></b><br /><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="14%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Gross</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized</font></b><br /><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="14%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Gross</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized</font></b><br /><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="14%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Estimated</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Fair</font></b><br /><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 width="42%" 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="12%" align="left"> </td>
<td width="2%" align="left"> </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="12%" align="left"> </td></tr>
<tr valign="bottom"><td width="42%" 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="12%" 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">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,583,733</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="12%" 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="12%" 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 width="42%" 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="12%" 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="12%" 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="12%" 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="12%" 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;" width="42%" 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="12%" 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="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">-</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">4,552,400</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 3px solid; text-indent: 3px;" width="42%" 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 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 3px solid;" width="12%" 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 3px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">6,785,882</font></td>
<td style="border-bottom: #000000 3px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px solid;" width="12%" 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 3px solid;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">85,407,365</font></td></tr>
<tr valign="bottom"><td width="42%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Equity securities, available-for-sale at fair value-</font></td>
<td width="2%" align="right"> </td>
<td width="12%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="12%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="12%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="12%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 1px;" width="42%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Common stocks and nonredeemable preferred stocks</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="12%" 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">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,939,053</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="12%" 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">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">22,549,975</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 3px solid; text-indent: 3px;" width="42%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></td>
<td style="border-bottom: #000000 3px solid;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px solid;" width="12%" 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 3px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,939,053</font></td>
<td style="border-bottom: #000000 3px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px solid;" width="12%" 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 3px solid;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">22,549,975</font></td></tr>
<tr valign="bottom"><td width="42%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Short-term investments-</font></td>
<td width="2%" align="right"> </td>
<td width="12%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="12%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="12%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="12%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 1px;" width="42%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Money market mutual funds and certificates of deposit</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="12%" 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">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></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="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">14,112,262</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 3px solid; text-indent: 3px;" width="42%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></td>
<td style="border-bottom: #000000 3px solid;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px solid;" 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="border-bottom: #000000 3px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td>
<td style="border-bottom: #000000 3px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px 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 3px 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 3px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">14,112,262</font></td></tr></table></div></div> </div>
<div> <div>
<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></div> </div>
2201398
2155116
2131164
2132732
2184323
2134164
2099751
2098666
Denotes fair market value obtained from pricing services.