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<div> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">
</font>
<div><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">
</font>
<div><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">
</font>
<div>
<p style="text-align: left;"><u><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Note 3 - Earnings Per Common Share and Share Awards</font></u></p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Basic earnings per common share are computed by dividing net income attributable to the Company by the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per common share is computed by dividing net income attributable to the Company by the combination of dilutive potential common stock, comprised of shares issuable under the Company's share-based compensation plans and the weighted-average number of common shares outstanding during the reporting period. Dilutive common share equivalents include the dilutive effect of in-the-money share-based awards, which are calculated based on the average share price for each period using the treasury stock method. Under the treasury stock method, when share-based awards are exercised, (a) the exercise price of a share-based award; (b) the amount of compensation cost, if any, for future service that the Company has not yet recognized; and (c) the amount of estimated tax benefits that would be recorded in additional paid-in capital, if any, are assumed to be used to repurchase shares in the current period. The incremental dilutive potential common shares, calculated using the treasury stock method, were <font class="_mt">39,198</font> and <font class="_mt">27,953</font> for the three months ended March 31, 2013 and 2012, respectively.</font></p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31:</font></p>
<div>
<table border="0" cellspacing="0">
<tr><td width="69%"> </td>
<td width="1%"> </td>
<td width="13%"> </td>
<td width="1%"> </td>
<td width="12%"> </td></tr>
<tr valign="bottom"><td width="69%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="26%" colspan="3" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Three Months Ended</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="69%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="26%" colspan="3" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">March 31,</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="69%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="13%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">2013</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">2012</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="69%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Net income attributable to the Company</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">3,376,730</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">1,432,139</font></td></tr>
<tr valign="bottom"><td width="69%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Weighted average common shares outstanding – Basic</font></td>
<td width="1%" align="left"> </td>
<td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">2,044,801</font></td>
<td width="1%" align="left"> </td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">2,100,835</font></td></tr>
<tr valign="bottom"><td width="69%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Incremental shares outstanding assuming the exercise of dilutive</font></td>
<td width="1%" align="left"> </td>
<td width="13%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="12%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="69%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">stock options and SARs (share-settled)</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">39,198</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">27,953</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="69%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Weighted average common shares outstanding – Diluted</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">2,083,999</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">2,128,788</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double;" width="69%" 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: rgb(0,0,0) 3px double;" width="1%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">1.65</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">0.68</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double;" width="69%" 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: rgb(0,0,0) 3px double;" width="1%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">1.62</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">0.67</font></td></tr></table></div>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">There were <font class="_mt">4,500</font> potential shares excluded from the computation of diluted earnings per share for the three months ended March 31, 2012. These potential shares were anti-dilutive because the underlying share awards were out-of-the-money. There were <font class="_mt">no</font> potential shares excluded from the computation of diluted earnings per share for the three months ended March 31, 2013.</font></p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The Company has adopted employee stock award plans under which restricted stock, and options or stock appreciation rights ("SARs") to acquire shares (not to exceed <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 generally expire in five to ten years and are exercisable and vest: immediately; within one year; or at <font class="_mt">10</font>% to <font class="_mt">20</font>% per year beginning on the date of grant. All SARs issued to date have been share-settled only.</font></p>
<p style="text-align: left;"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">A summary of share-based award transactions for all share-based award plans follows:</font></p>
<div>
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<tr><td width="32%"> </td>
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<td width="2%"> </td>
<td width="13%"> </td>
<td width="16%"> </td>
<td width="2%"> </td>
<td width="13%"> </td></tr>
<tr valign="bottom"><td align="left"> </td>
<td align="center"> </td>
<td align="center"> </td>
<td align="center"> </td>
<td align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Weighted</font></b></td>
<td align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Average</font></b></td>
<td align="center"> </td>
<td align="center"> </td></tr>
<tr valign="bottom"><td align="left"> </td>
<td align="center"> </td>
<td align="center"> </td>
<td align="center"> </td>
<td style="text-indent: 1px;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Average</font></b></td>
<td align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Remaining</font></b></td>
<td align="center"> </td>
<td align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Aggregate</font></b></td></tr>
<tr valign="bottom"><td align="left"> </td>
<td align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Number</font></b></td>
<td align="center"> </td>
<td align="center"> </td>
<td style="text-indent: 1px;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Exercise</font></b></td>
<td align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Contractual</font></b></td>
<td align="center"> </td>
<td align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Intrinsic</font></b></td></tr>
<tr valign="bottom"><td align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Of Shares</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Price</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Term (Years)</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Value</font></b></td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Outstanding as of January 1, 2012</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">101,600</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">29.81</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 12px;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">3.91</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" 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 align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">SARs granted</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,000</font></td>
<td align="left"> </td>
<td align="right"> </td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">50.50</font></td>
<td align="right"> </td>
<td align="right"> </td>
<td align="right"> </td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">SARs exercised</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></td>
<td align="left"> </td>
<td align="right"> </td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></td>
<td align="right"> </td>
<td align="right"> </td>
<td align="right"> </td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Options exercised</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(6,380</font></td>
<td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td align="right"> </td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">25.17</font></td>
<td align="right"> </td>
<td align="right"> </td>
<td align="right"> </td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Options/SARs cancelled/forfeited/expired</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(70</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">31.00</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"> </td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Outstanding as of December 31, 2012</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">98,150</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">30.74</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 12px;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">3.17</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2,871,710</font></b></td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">SARs granted</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></td>
<td align="left"> </td>
<td align="right"> </td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></td>
<td align="right"> </td>
<td align="right"> </td>
<td align="right"> </td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">SARs exercised</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(3,000</font></td>
<td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td align="right"> </td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">41.25</font></td>
<td align="right"> </td>
<td align="right"> </td>
<td align="right"> </td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Options exercised</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(1,400</font></td>
<td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td align="right"> </td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">30.59</font></td>
<td align="right"> </td>
<td align="right"> </td>
<td align="right"> </td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Options/SARs cancelled/forfeited/expired</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"> </td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Outstanding as of March 31, 2013</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">93,750</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">30.41</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 12px;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2.97</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">3,624,608</font></b></td></tr>
<tr><td colspan="8"> </td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Exercisable as of March 31, 2013</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">93,500</font></b></td>
<td align="left"> </td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">30.41</font></b></td>
<td style="text-indent: 12px;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2.97</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">3,615,105</font></b></td></tr>
<tr><td colspan="8"> </td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Unvested as of March 31, 2013</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">250</font></b></td>
<td align="left"> </td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">31.06</font></b></td>
<td style="text-indent: 12px;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1.44</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">9,503</font></b></td></tr></table></div>
<p style="margin: 0px;"> </p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">There was approximately $<font class="_mt">18,000</font> of compensation expense relating to SARs or options vesting on or before both March 31, 2013 and 2012, included in salaries, employee benefits and payroll taxes in the Consolidated Statements of Income. As of March 31, 2013, there was approximately $<font class="_mt">7,000</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 4 months.</font></p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">There have been <font class="_mt">no</font> stock options or SARs granted where the exercise price was less than the market price on the date of grant.</font></p></div></div></div> </div>
Yes
Yes
Fair Value
Fair Value
211061
0
351922
180570
23718780
23138178
691250
691250
4832
-18485
0.868
0.888
0.132
0.112
1.000
1.000
55580000
47815000
0
-13653
<div> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">
</font>
<div><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">
</font>
<div><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">
</font>
<div>
<p style="text-align: left;"><u><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Note 7 – Investments in Securities</font></u></p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The aggregate estimated fair value, gross unrealized holding gains, gross unrealized holding losses and cost or amortized cost for securities by major security type are as follows:</font></p>
<div>
<table border="0" cellspacing="0">
<tr><td width="46%"> </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 width="46%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="10%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Gross</font></b></td>
<td width="2%" align="center"> </td>
<td width="10%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Gross</font></b></td>
<td width="2%" align="center"> </td>
<td style="text-indent: 1px;" width="10%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Estimated</font></b></td></tr>
<tr valign="bottom"><td width="46%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Amortized</font></b></td>
<td width="2%" align="center"> </td>
<td width="10%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized</font></b></td>
<td width="2%" align="center"> </td>
<td width="10%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized</font></b></td>
<td width="2%" align="center"> </td>
<td width="10%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Fair</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="46%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">March 31, 2013</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Cost</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Gains</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Losses</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Value</font></b></td></tr>
<tr valign="bottom"><td width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Fixed maturities, available-for-sale, at fair value-</font></td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">General obligations of U.S. states, territories</font></td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">and political subdivisions</font></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">37,864,558</font></b></td>
<td width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">3,028,449</font></b></td>
<td width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">11,011</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">40,881,996</font></b></td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Special revenue obligations of U.S. states, territories and</font></td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">political subdivisions</font></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">17,612,648</font></b></td>
<td width="2%" align="left"> </td>
<td width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,851,821</font></b></td>
<td width="2%" align="left"> </td>
<td width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">6,726</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">19,457,743</font></b></td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Corporate debt securities</font></td>
<td width="2%" align="right"> </td>
<td width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">15,042,627</font></b></td>
<td width="2%" align="left"> </td>
<td width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,185,407</font></b></td>
<td width="2%" align="left"> </td>
<td width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></b></td>
<td width="2%" align="right"> </td>
<td width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">16,228,034</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 1px;" width="46%" 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: rgb(0,0,0) 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">917,820</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">12,980</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">930,800</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double; text-indent: 3px;" width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></td>
<td style="border-bottom: rgb(0,0,0) 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: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">71,437,653</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">6,078,657</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">17,737</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">77,498,573</font></b></td></tr>
<tr valign="bottom"><td width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Equity securities, available-for-sale at fair value-</font></td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 1px;" width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Common stocks and nonredeemable preferred stocks</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">20,842,586</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">10,047,906</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">81,056</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">30,809,436</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double; text-indent: 3px;" width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">20,842,586</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">10,047,906</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">81,056</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">30,809,436</font></b></td></tr>
<tr valign="bottom"><td width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Short-term investments-</font></td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 1px;" width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Certificates of deposit and other</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">19,839,497</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">19,839,497</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double; text-indent: 3px;" width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">19,839,497</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></b></td>
<td style="border-bottom: rgb(0,0,0) 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: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">19,839,497</font></b></td></tr></table></div>
<p style="margin: 0px;"> </p>
<div> </div><br />
<div>
<table border="0" cellspacing="0">
<tr><td width="46%"> </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 width="46%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Gross</font></td>
<td width="2%" align="center"> </td>
<td width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Gross</font></td>
<td width="2%" align="center"> </td>
<td style="text-indent: 2px;" width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Estimated</font></td></tr>
<tr valign="bottom"><td width="46%" align="left"> </td>
<td width="2%" align="right"> </td>
<td style="text-indent: 1px;" width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Amortized</font></td>
<td width="2%" align="center"> </td>
<td width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized</font></td>
<td width="2%" align="center"> </td>
<td width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized</font></td>
<td width="2%" align="center"> </td>
<td width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Fair</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">December 31, 2012</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Cost</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Gains</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Losses</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Value</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">Fixed maturities, available-for-sale, at fair value-</font></td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">General obligations of U.S. states, territories</font></td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">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 style="text-indent: 1px;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">38,658,463</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,211,445</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">0</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">41,869,908</font></td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Special revenue obligations of U.S. states, territories and</font></td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">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">18,933,299</font></td>
<td width="2%" align="left"> </td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,909,106</font></td>
<td width="2%" align="left"> </td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">10,455</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">20,831,950</font></td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Corporate debt securities</font></td>
<td width="2%" align="right"> </td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">17,064,697</font></td>
<td width="2%" align="left"> </td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,252,973</font></td>
<td width="2%" align="left"> </td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">14,750</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">18,302,920</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 1px;" width="46%" 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: rgb(0,0,0) 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">917,214</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">14,986</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">932,200</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double; text-indent: 3px;" width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></td>
<td style="border-bottom: rgb(0,0,0) 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: rgb(0,0,0) 3px double;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">75,573,673</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">6,388,510</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double; text-indent: 1px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">25,205</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">81,936,978</font></td></tr>
<tr valign="bottom"><td width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Equity securities, available-for-sale at fair value-</font></td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 1px;" width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Common stocks and nonredeemable preferred stocks</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">21,229,114</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">7,373,056</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 1px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">91,237</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">28,510,933</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double; text-indent: 3px;" width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">21,229,114</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">7,373,056</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double; text-indent: 1px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">91,237</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">28,510,933</font></td></tr>
<tr valign="bottom"><td width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Short-term investments-</font></td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 1px;" width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Certificates of deposit and other</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">13,567,648</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 1px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">13,567,648</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double; text-indent: 3px;" width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">13,567,648</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double; text-indent: 1px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 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: rgb(0,0,0) 3px double;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">13,567,648</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">The scheduled maturities of fixed maturity securities at March 31, 2013 were as follows:</font></p>
<div>
<table style="width: 738px; height: 211px;" border="0" cellspacing="0">
<tr><td width="63%"> </td>
<td width="1%"> </td>
<td width="16%"> </td>
<td width="1%"> </td>
<td width="15%"> </td></tr>
<tr valign="bottom"><td width="63%" align="left"> </td>
<td width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="32%" 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="63%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="16%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Amortized</font></td>
<td width="1%" align="center"> </td>
<td style="text-indent: 1px;" width="15%" 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: rgb(0,0,0) 1px solid;" width="63%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="16%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Cost</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="15%" 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="63%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Due in one year or less</font></td>
<td width="1%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td width="16%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">5,920,278</font></td>
<td width="1%" 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">6,038,894</font></td></tr>
<tr valign="bottom"><td width="63%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Due after one year through five years</font></td>
<td width="1%" align="left"> </td>
<td width="16%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">48,713,658</font></td>
<td width="1%" align="left"> </td>
<td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">52,822,544</font></td></tr>
<tr valign="bottom"><td width="63%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Due five years through ten years</font></td>
<td width="1%" align="left"> </td>
<td width="16%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">13,853,203</font></td>
<td width="1%" align="left"> </td>
<td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">15,268,415</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="63%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Due after ten years</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="16%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">2,950,514</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">3,368,720</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double; text-indent: 4px;" width="63%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Total</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="16%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">71,437,653</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">77,498,573</font></td></tr></table></div>
<p style="margin: 0px;"> </p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Gross realized gains and losses on securities for the three months ended March 31 are summarized as follows:</font></p>
<div>
<table style="width: 836px; height: 270px;" border="0" cellspacing="0">
<tr><td width="72%"> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="10%"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="72%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2013</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2012</font></td></tr>
<tr valign="bottom"><td width="72%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Gross realized gains:</font></td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="72%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">General obligations of U.S. states, territories and political</font></td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td></tr>
<tr valign="bottom"><td width="72%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">subdivisions</font></td>
<td width="1%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></b></td>
<td width="1%" align="left"> </td>
<td width="1%" 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">250</font></td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="72%" 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="1%" align="left"> </td>
<td width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">67,876</font></b></td>
<td width="1%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">152,574</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 1px;" width="72%" 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: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">40,057</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 3px;" width="72%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" 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: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">67,876</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">192,881</font></td></tr>
<tr valign="bottom"><td width="72%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Gross realized losses:</font></td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="72%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Common stocks and nonredeemable preferred stocks</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(37,879</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" 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: rgb(0,0,0) 1px solid;" width="1%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 3px;" width="72%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(37,879</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" 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: rgb(0,0,0) 1px solid;" width="1%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double;" width="72%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Net realized gain</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">29,997</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">192,881</font></td></tr></table></div>
<p style="margin: 0px;"> </p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Realized gains and losses are determined on the specific identification method. Also included in net realized gain on investments in the Consolidated Statements of Income are impairments of other investments of $<font class="_mt">(18,485)</font> offset by gains on other investments of $<font class="_mt">4,832</font> for a net totaling $<font class="_mt">(13,653)</font> and $<font class="_mt">0</font> for the three months ended March 31, 2013 and 2012, respectively.</font><br /></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 securities, aggregated by investment category and length of time that individual securities have been in a continuous loss position at March 31, 2013 and December 31, 2012.</font></p>
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<table border="0" cellspacing="0">
<tr><td width="15%"> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="1%"> </td>
<td width="9%"> </td>
<td width="1%"> </td></tr>
<tr valign="bottom"><td width="15%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="21%" colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Less than 12 Months</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="21%" colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">12 Months or Longer</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="20%" colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td></tr>
<tr valign="bottom"><td width="15%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Fair</font></b></td>
<td width="1%" align="center"> </td>
<td width="10%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized</font></b></td>
<td width="1%" align="center"> </td>
<td width="1%" align="center"> </td>
<td width="10%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Fair</font></b></td>
<td width="11%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized</font></b></td>
<td width="1%" align="center"> </td>
<td width="1%" align="center"> </td>
<td width="10%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Fair</font></b></td>
<td width="1%" align="center"> </td>
<td width="9%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized</font></b></td>
<td width="1%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="15%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">March 31, 2013</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Value</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Losses</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Value</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Losses</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Value</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="9%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Losses</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td></tr>
<tr valign="bottom"><td width="15%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">General obligations of</font></b></td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="1%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" width="15%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">U.S. states,</font></b></td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="1%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" width="15%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">territories and</font></b></td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="1%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" width="15%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">political sub-</font></b></td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="1%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" width="15%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">divisions</font></b></td>
<td width="1%" 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">1,118,337</font></b></td>
<td width="1%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(11,011</font></b></td>
<td width="1%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td>
<td width="1%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></b></td>
<td width="1%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></b></td>
<td width="1%" align="left"> </td>
<td width="1%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,118,337</font></b></td>
<td width="1%" 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">(11,011</font></b></td>
<td width="1%" 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="15%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Special revenue</font></b></td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="1%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" width="15%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">obligations of</font></b></td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="1%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" width="15%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">U.S. states</font></b></td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="1%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" width="15%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">territories and</font></b></td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="1%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" width="15%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">political sub-</font></b></td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="1%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 3px;" width="15%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">divisions</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,238,380</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(6,726</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" 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: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,238,380</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(6,726</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" 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="15%" 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="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="1%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 3px;" width="15%" 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: rgb(0,0,0) 1px solid;" width="1%" 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: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2,356,717</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(17,737</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2,356,717</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(17,737</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="15%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Equity securities</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">379,334</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(23,269</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">181,326</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(57,787</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">560,660</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(81,056</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td></tr>
<tr valign="bottom"><td width="15%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Total temporarily</font></b></td>
<td width="1%" align="right"> </td>
<td width="10%" align="right"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="1%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double; text-indent: 3px;" width="15%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">impaired securities</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2,736,051</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(41,006</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">181,326</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(57,787</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2,917,377</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" 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: rgb(0,0,0) 3px double;" width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(98,793</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" 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 style="width: 1203px; height: 354px;" border="0" cellspacing="0">
<tr><td width="15%"> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="1%"> </td>
<td width="9%"> </td>
<td width="1%"> </td></tr>
<tr valign="bottom"><td width="15%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="21%" colspan="3" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Less than 12 Months</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="21%" colspan="3" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">12 Months or Longer</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="20%" colspan="3" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td></tr>
<tr valign="bottom"><td width="15%" align="left"> </td>
<td width="1%" align="right"> </td>
<td style="text-indent: 4px;" width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Fair</font></td>
<td width="1%" align="center"> </td>
<td width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized</font></td>
<td width="1%" align="center"> </td>
<td width="1%" align="center"> </td>
<td width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Fair</font></td>
<td width="11%" colspan="2" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized</font></td>
<td width="1%" align="center"> </td>
<td width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Fair</font></td>
<td width="1%" align="center"> </td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized</font></td>
<td width="1%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="15%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">December 31, 2012</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Value</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Losses</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Value</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="11%" colspan="2" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Losses</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Value</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Losses</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td></tr>
<tr valign="bottom"><td width="15%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">General obligations of</font></td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="1%" 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">U.S. states,</font></td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="1%" 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">territories and</font></td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="1%" 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">political sub-</font></td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="1%" 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">divisions</font></td>
<td width="1%" 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">1,236,906</font></td>
<td width="1%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(10,455</font></td>
<td width="1%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td width="1%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="text-indent: 8px;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></td>
<td width="1%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></td>
<td width="1%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,236,906</font></td>
<td width="1%" 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">(10,455</font></td>
<td width="1%" 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="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="right"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="right"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="right"> </td>
<td width="1%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="1%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid; 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: rgb(0,0,0) 1px solid;" width="1%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">985,250</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(14,750</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 8px;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">985,250</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(14,750</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" 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="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="right"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="right"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="right"> </td>
<td width="1%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="1%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid; 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: rgb(0,0,0) 1px solid;" width="1%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,222,156</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(25,205</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 8px;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,222,156</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(25,205</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="15%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Equity securities</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,551,215</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(91,237</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 8px;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,551,215</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(91,237</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr>
<tr valign="bottom"><td width="15%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total temporarily</font></td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="right"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="right"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="right"> </td>
<td width="1%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="1%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double; text-indent: 3px;" width="15%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">impaired securities</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,773,371</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(116,442</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double; text-indent: 8px;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,773,371</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(116,442</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" 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="margin: 0px;"> </p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">As of March 31, 2013, the Company held $<font class="_mt">2,356,717</font> in fixed maturity securities with unrealized losses of $<font class="_mt">17,737</font>. As of December 31, 2012, the Company held $<font class="_mt">2,222,156</font> in fixed maturity securities with unrealized losses of $<font class="_mt">25,205</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 March 31, 2013, the Company held $<font class="_mt">560,660</font> in equity securities with unrealized losses of $<font class="_mt">81,056</font>. As of December 31, 2012, the Company held $<font class="_mt">2,551,215</font> in equity securities with unrealized losses of $<font class="_mt">91,237</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 </font><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(including credit ratings and analyst reports) and macro-economic changes. A total of <font class="_mt">5</font> and <font class="_mt">7</font> securities had unrealized losses at March 31, 2013 and December 31, 2012, respectively. Reviews of the values of securities are inherently uncertain and the value of the investment may not fully recover, or may decline in future periods resulting in a realized loss. During the first quarter of 2013 and 2012, the Company did not have other-than-temporary impairment charges for securities. For the 2012 fiscal year, the Company recorded other-than-temporary impairment charges in the amount of $<font class="_mt">93,436</font> related to securities. Other-than-temporary impairment charges are included in net realized gain on investments in the Consolidated Statements of Income.</font></p></div></div></div> </div>
7
5
0
927038
1048665
1304483
0
1304483
1570244
0
1570244
P2Y
1342359
4990115
380942
0.970
0.970
0.04
0.03
0.04
0.03
0.039
0.040
0.000
0.000
0.961
0.960
414794
440523
-125163
1662
-126825
-10694
788
-11482
<div> <div>
<div>
<table border="0" cellspacing="0">
<tr><td width="34%"> </td>
<td width="15%"> </td>
<td width="10%"> </td>
<td width="3%"> </td>
<td width="37%"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">March 31, 2013</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td></tr>
<tr valign="bottom"><td align="left"> </td>
<td align="left"> </td>
<td align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Amount Reclassified from</font></b></td>
<td align="center"> </td>
<td align="center"> </td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Details about Accumulated Other</font></b></td>
<td align="left"> </td>
<td align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Accumulated Other</font></b></td>
<td align="center"> </td>
<td align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Affected Line Item in the Consolidated</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 1px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Comprehensive Income Components</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Comprehensive Income</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Statements of Income</font></b></td></tr>
<tr><td colspan="5"> </td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized gains and losses on</font></b></td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">available-for-sale securities:</font></b></td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Net realized gain on investment</font></b></td>
<td style="text-indent: 15px;" 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">34,829</font></b></td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 2px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Other-than-temporary impairments</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(18,485</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></b></td>
<td align="left"> </td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">16,344</font></b></td>
<td align="left"> </td>
<td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Net realized gain on investment</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 2px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Tax</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(4,862</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Provision for Income Taxes</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 2px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Net of Tax</font></b></td>
<td style="border-bottom: #000000 1px solid; text-indent: 15px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">11,482</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td></tr>
<tr><td colspan="5"> </td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Accretion (amortization) related to</font></b></td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">postretirement benefit plans:</font></b></td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Prior year service cost</font></b></td>
<td style="text-indent: 15px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">380</font></b></td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 2px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrecognized loss</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(1,573</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></b></td>
<td style="text-indent: 14px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(1,193</font></b></td>
<td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td>
<td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(a)</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 2px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Tax</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">405</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Provision for Income Taxes</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 2px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Net of Tax</font></b></td>
<td style="border-bottom: #000000 1px solid; text-indent: 14px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(788</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td></tr>
<tr><td colspan="5"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Reclassifications for the period</font></b></td>
<td style="border-bottom: #000000 3px double; text-indent: 15px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">10,694</font></b></td>
<td style="border-bottom: #000000 3px double;" align="left"> </td>
<td style="border-bottom: #000000 3px double;" align="left"> </td></tr></table></div>
<p style="margin: 0px;"> </p>
<div>
<table border="0" cellspacing="0">
<tr><td width="35%"> </td>
<td width="15%"> </td>
<td width="10%"> </td>
<td width="3%"> </td>
<td width="36%"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="35%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">March 31, 2012</font></td>
<td style="border-bottom: #000000 1px solid;" width="15%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="36%" align="left"> </td></tr>
<tr valign="bottom"><td width="35%" align="center"> </td>
<td width="15%" align="center"> </td>
<td width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Amount Reclassified from</font> </td>
<td width="3%" align="center"> </td>
<td width="36%" align="center"> </td></tr>
<tr valign="bottom"><td width="35%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Details about Accumulated Other</font></td>
<td width="15%" align="left"> </td>
<td width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Accumulated Other</font></td>
<td width="3%" align="center"> </td>
<td width="36%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Affected Line Item in the Consolidated</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 1px;" width="35%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Comprehensive Income Components</font></td>
<td style="border-bottom: #000000 1px solid;" width="15%" align="left"> </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">Comprehensive Income</font></td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" width="36%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Statements of Income</font></td></tr>
<tr><td width="99%" colspan="5"> </td></tr>
<tr valign="bottom"><td width="35%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized gains and losses on available-</font></td>
<td width="15%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="3%" align="left"> </td>
<td width="36%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="35%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">for-sale securities:</font></td>
<td width="15%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="3%" align="left"> </td>
<td width="36%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" width="35%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Net realized gain on investment</font></td>
<td style="text-indent: 14px;" width="15%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">192,881</font></td>
<td width="3%" align="left"> </td>
<td width="36%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Net realized gain on investment</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 2px;" width="35%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Tax</font></td>
<td style="border-bottom: #000000 1px solid;" width="15%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(66,056</font></td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: #000000 1px solid;" width="36%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Provision for Income Taxes</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 2px;" width="35%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Net of Tax</font></td>
<td style="border-bottom: #000000 1px solid; text-indent: 14px;" width="15%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">126,825</font></td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="36%" align="left"> </td></tr>
<tr><td width="99%" colspan="5"> </td></tr>
<tr valign="bottom"><td width="35%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Amortization related to postretirement</font></td>
<td width="15%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="3%" align="left"> </td>
<td width="36%" align="left"> </td></tr>
<tr valign="bottom"><td width="35%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">benefit plans:</font></td>
<td width="15%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="3%" align="left"> </td>
<td width="36%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" width="35%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Prior year service cost</font></td>
<td style="text-indent: 13px;" width="15%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(2,349</font></td>
<td width="3%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td width="36%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 2px;" width="35%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrecognized loss</font></td>
<td style="border-bottom: #000000 1px solid;" width="15%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(170</font></td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: #000000 1px solid;" width="36%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" width="35%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></td>
<td style="text-indent: 13px;" width="15%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(2,519</font></td>
<td width="3%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td width="36%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(a)</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 2px;" width="35%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Tax</font></td>
<td style="border-bottom: #000000 1px solid;" width="15%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">857</font></td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="36%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Provision for Income Taxes</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 2px;" width="35%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Net of Tax</font></td>
<td style="border-bottom: #000000 1px solid; text-indent: 13px;" width="15%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(1,662</font></td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: #000000 1px solid;" width="36%" align="left"> </td></tr>
<tr><td width="99%" colspan="5"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="35%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Reclassifications for the period</font></td>
<td style="border-bottom: #000000 3px double; text-indent: 14px;" width="15%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">125,163</font></td>
<td style="border-bottom: #000000 3px double;" width="3%" align="left"> </td>
<td style="border-bottom: #000000 3px double;" width="36%" 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="2">(a) <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">These accumulated other comprehensive income components are not reclassified to net income in their entirety in the same reporting period. The amounts are presented within salaries, employee benefits and payroll taxes on the Consolidated Statements of Income as amortized. Amortization related to postretirement benefit plans is included in the computation of net periodic pension costs, as discussed in Note 5.</font></font></font></p></div> </div>
<div> <table style="height: 119px; width: 816px;" cellspacing="0" border="0">
<tr><td width="46%"> </td>
<td width="1%"> </td>
<td width="18%"> </td>
<td width="7%"> </td>
<td width="1%"> </td>
<td width="15%"> </td>
<td width="7%"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="46%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="18%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">March 31, 2013</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="7%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">%</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="15%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">December 31, 2012</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="7%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">%</font></td></tr>
<tr valign="bottom"><td width="46%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Known title claims</font></td>
<td width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">$</font></b></td>
<td width="18%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">4,288,643</font></b></td>
<td width="7%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">11.2</font></b></td>
<td width="1%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">$</font></td>
<td width="15%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">5,166,370</font></td>
<td width="7%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">13.2</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="46%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">IBNR</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="18%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">34,019,357</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="7%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">88.8</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="15%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">33,911,630</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="7%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">86.8</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="46%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Total loss reserves</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="18%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">38,308,000</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="7%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">100.0</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="15%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">39,078,000</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="7%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">100.0</font></td></tr></table> </div>
P10Y
P5Y
9503
250
31.06
P1Y5M9D
0.20
0.10
166585
166585
<div> <table border="0" cellspacing="0">
<tr><td width="48%"> </td>
<td width="8%"> </td>
<td width="20%"> </td>
<td width="7%"> </td>
<td width="14%"> </td></tr>
<tr valign="bottom"><td align="left"> </td>
<td align="left"> </td>
<td align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">As of</font></b></td>
<td align="center"> </td>
<td align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">As of</font></td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Financial Statement Classification,</font></td>
<td align="left"> </td>
<td align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">March 31,</font></b></td>
<td align="center"> </td>
<td align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">December 31,</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Consolidated Balance Sheets</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2013</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2012</font></td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Other investments</font></td>
<td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="text-indent: 3px;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">5,187,000</font></b></td>
<td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,892,000</font></td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Premiums and fees receivable</font></td>
<td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">875,000</font></b></td>
<td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,011,000</font></td></tr></table> </div>
<div> <table border="0" cellspacing="0">
<tr><td width="49%"> </td>
<td width="8%"> </td>
<td width="20%"> </td>
<td width="7%"> </td>
<td width="14%"> </td></tr>
<tr valign="bottom"><td align="left"> </td>
<td align="left"> </td>
<td colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">For the Three Months Ended</font></b></td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Financial Statement Classification,</font></td>
<td align="left"> </td>
<td colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">March 31,</font></b></td>
<td align="center"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Consolidated Statements of Income</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2013</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2012</font></td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Net premiums written</font></td>
<td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">3,417,000</font></b></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,383,000</font></td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Other income</font></td>
<td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">525,000</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">474,000</font></td></tr></table> </div>
446250
0
15477545
12929995
1336824
374766
1037447
882517
7509165
-54376
7563541
8688485
-52714
8741199
8818430
-102453
8920883
10377980
-101665
10479645
101242
161803
17690
17690
17737
17737
18000
18000
4500
0
158921694
35000416
0
123921278
171918276
174136049
37401725
0
136734324
124015559
42078581
81004778
932200
128147506
50648933
76567773
930800
23799788
21847465
0
1952323
23233067
21384118
0
1848949
21229114
20842586
75573673
13567648
21229114
18933299
917214
17064697
75573673
21229114
13567648
38658463
71437653
19839497
20842586
17612648
917820
15042627
71437653
20842586
19839497
37864558
0
0
0
0
0
57787
0
57787
0
0
116442
14750
91237
25205
10455
98793
6726
81056
17737
11011
4773371
985250
2551215
2222156
1236906
2917377
1238380
560660
2356717
1118337
116442
14750
91237
25205
10455
41006
6726
23269
17737
11011
4773371
985250
2551215
2222156
1236906
2736051
1238380
379334
2356717
1118337
0
0
0
0
0
181326
0
181326
0
0
13853203
15268415
48713658
52822544
2950514
3368720
71437653
5920278
6038894
81936978
19235120
2222156
62701858
0
18302920
932200
0
62701858
0
77498573
17158834
2356717
60339739
0
16228034
930800
0
60339739
0
28510933
28510933
2551215
28510933
0
0
30809436
30809436
560660
30809436
0
0
13567648
28510933
20831950
932200
18302920
81936978
28510933
13567648
41869908
19839497
30809436
19457743
930800
16228034
77498573
30809436
19839497
40881996
192881
29997
192881
152574
40057
250
67876
67876
0
0
0
0
37879
37879
0
7373056
1909106
14986
1252973
6388510
7373056
0
3211445
0
10047906
1851821
12980
1185407
6078657
10047906
0
3028449
0
91237
10455
0
14750
25205
91237
91237
25205
0
0
0
81056
6726
0
0
17737
81056
81056
17737
0
11011
20469135
1420093
-205682
19254724
22096855
1557427
-325944
20865372
691250
691250
691250
0
0
691250
691250
0
0
691250
350000
1041250
1000000
2012-01-01
2012-04-02
0.70
446250
1041250
<div> <font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">
</font>
<div><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">
</font>
<div><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">
</font>
<div>
<p style="text-align: left;"><u><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Note 10 – Acquisition</font></u></p>
<p style="text-align: left;"> <font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" 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 class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" 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 class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" 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 </font><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">in the Consolidated Balance Sheets as accounts payable and accrued liabilities. As of March 31, 2013, 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 class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" 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 class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">As certain provisions of the membership interest purchase and sale agreement 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 class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">The following table provides a reconciliation of total redeemable equity for the periods ended March 31, 2013 and December 31, 2012:</font></p>
<div>
<table style="height: 207px; width: 1003px;" cellspacing="0" border="0">
<tr><td width="72%"> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="1%"> </td></tr>
<tr valign="bottom"><td width="72%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">March 31,</font></b></td>
<td width="1%" align="center"> </td>
<td width="10%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">December 31,</font></td>
<td width="1%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="72%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Changes in fair value during the period ended:</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">2013</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">2012</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td></tr>
<tr valign="bottom"><td width="72%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Beginning balance at January 1</font></td>
<td width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">$</font></b></td>
<td width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">493,861</font></b></td>
<td width="1%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">$</font></td>
<td width="10%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">0</font></td>
<td width="1%" align="left"> </td></tr>
<tr valign="bottom"><td width="72%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Redeemable noncontrolling interest resulting from subsidiary purchase</font></td>
<td width="1%" align="left"> </td>
<td width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">0</font></b></td>
<td width="1%" align="left"> </td>
<td width="10%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">446,250</font></td>
<td width="1%" align="left"> </td></tr>
<tr valign="bottom"><td width="72%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Net income attributable to redeemable noncontrolling interest</font></td>
<td width="1%" align="left"> </td>
<td width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">9,688</font></b></td>
<td width="1%" align="left"> </td>
<td width="10%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">88,411</font></td>
<td width="1%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="72%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Distributions to noncontrolling interest</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">0</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">(40,800</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">)</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double;" width="72%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Balance, net</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">503,549</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">493,861</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"> </td></tr></table></div>
<p style="margin: 0px;"> </p>
<p style="text-align: left;"> <font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Fair valuation methods used for the identifiable tangible net assets acquired in the 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 included cash and fixed assets. Liabilities assumed consisted of notes payable.</font></p>
<p style="text-align: left;"> <font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">The transaction was accounted for using the acquisition method required by ASC 805, </font><i><font class="_mt" style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" size="3">Business Combinations</font></i><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" 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. At acquisition, intangible assets included $<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. At March 31, 2013 and December 31, 2012, accumulated amortization of intangible assets was $<font class="_mt">69,684</font> and $<font class="_mt">52,263</font>, respectively. Net intangible assets of $<font class="_mt">1,412,216</font> and $<font class="_mt">1,429,637</font> are categorized as prepaid expenses and other assets in the Consolidated Balance Sheets as of March 31, 2013 and December 31, 2012. In accordance with ASC 350, </font><i><font class="_mt" style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" size="3">Intangibles––Goodwill and Other</font></i><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">, the Company completed interim impairment testing and determined that the intangible assets assigned to United were not impaired at March 31, 2013.</font><br /></p>
<p style="text-align: left;"> <font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">In the Consolidated Statements of Income, revenues and expenses include 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 class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">The Company has not provided historical or pro forma financial information related to the United acquisition because none of the purchase price paid, assets acquired or income of United were significant to the Company under Rules 8-04 or 8-05 of the SEC's Regulation S-X.</font></p></div></div></div> </div>
5600
393447
425033
20810018
20501601
18042258
16465383
20810018
20501601
-1576875
-308417
<div> <font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">
</font>
<div><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">
</font>
<div>
<p style="text-align: left;"><u><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Note 8 – Commitments and Contingencies</font></u></p>
<p style="text-align: left;"> <i><font class="_mt" style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" size="3">Legal Proceedings. </font></i><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" 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 class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Backel v. Fidelity National Title Insurance et al</font></u><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" 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 class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" 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 class="_mt" style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" size="3">Regulation</font></i><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" 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 class="_mt" style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" size="3">Escrow and Trust Deposits</font></i><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" 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 class="_mt" style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" size="3">Like-Kind Exchanges Proceeds</font></i><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" 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</font><br /></p>
<p style="text-align: left;"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">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">47,815,000</font> and $<font class="_mt">55,580,000</font> as of March 31, 2013 and December 31, 2012, 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. Exchange services revenues include earnings on these deposits; therefore, investment income is shown as exchange services revenue rather than investment income. These like-kind exchange funds are primarily invested in money market and other short-term investments.</font></p></div></div> </div>
0.07
0.08
10000000
10000000
2043359
2045968
2043359
2045968
1
1
2611459
4936280
0
9688
2611459
4945968
<div> <div>
<p style="text-align: left;"><u><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Note 11 – Accumulated Other Comprehensive Income</font></u></p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The following table illustrates changes in the balances of each component of accumulated other comprehensive income, net of tax, for the periods ended March 31, 2013 and 2012:</font></p>
<div class="MetaData">
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<table border="0" cellspacing="0">
<tr><td width="38%"> </td>
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<td width="2%"> </td>
<td width="4%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="11%"> </td>
<td width="2%"> </td></tr>
<tr valign="bottom"><td align="left"> </td>
<td align="left"> </td>
<td align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized Gains and Losses</font></b></td>
<td align="center"> </td>
<td align="center"> </td>
<td align="center"> </td>
<td align="center"> </td>
<td align="center"> </td>
<td align="center"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td align="left"> </td>
<td align="left"> </td>
<td align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">On Available-for-Sale</font></b></td>
<td align="center"> </td>
<td align="center"> </td>
<td align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Postretirement</font></b></td>
<td align="center"> </td>
<td align="center"> </td>
<td align="center"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">March 31, 2013</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Securities</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Benefits Plans</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid; text-indent: 4px;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Beginning balance at January 1</font></b></td>
<td style="border-bottom: #000000 1px solid; text-indent: 6px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">8,920,883</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(102,453</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">8,818,430</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Other comprehensive income before</font></b></td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 4px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">reclassifications</font></b></td>
<td align="left"> </td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,570,244</font></b></td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></b></td>
<td align="left"> </td>
<td align="right"> </td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,570,244</font></b></td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Amounts reclassified from accumulated other</font></b></td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 4px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">comprehensive income</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(11,482</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">788</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(10,694</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Net current-period other comprehensive income</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,558,762</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">788</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,559,550</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Ending Balance</font></b></td>
<td style="border-bottom: #000000 3px double; text-indent: 5px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">10,479,645</font></b></td>
<td style="border-bottom: #000000 3px double;" align="left"> </td>
<td style="border-bottom: #000000 3px double;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(101,665</font></b></td>
<td style="border-bottom: #000000 3px double;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">10,377,980</font></b></td>
<td style="border-bottom: #000000 3px double;" align="left"> </td></tr></table></div>
<p style="margin: 0px;"> </p>
<div>
<table border="0" cellspacing="0">
<tr><td width="38%"> </td>
<td width="8%"> </td>
<td width="17%"> </td>
<td width="2%"> </td>
<td width="4%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="8%"> </td>
<td width="2%"> </td></tr>
<tr valign="bottom"><td align="left"> </td>
<td align="left"> </td>
<td align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized Gains and Losses</font></td>
<td align="center"> </td>
<td align="center"> </td>
<td align="center"> </td>
<td align="center"> </td>
<td align="center"> </td>
<td align="center"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td align="left"> </td>
<td align="left"> </td>
<td align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">On Available-for-Sale</font></td>
<td align="center"> </td>
<td align="center"> </td>
<td align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Postretirement</font></td>
<td align="center"> </td>
<td align="center"> </td>
<td align="center"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">March 31, 2012</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Securities</font></td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Benefits Plans</font></td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Beginning balance at January 1</font></td>
<td style="border-bottom: #000000 1px solid; text-indent: 5px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">7,563,541</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(54,376</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">7,509,165</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Other comprehensive income before</font></td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 4px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">reclassifications</font></td>
<td align="left"> </td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,304,483</font></td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,304,483</font></td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Amounts reclassified from accumulated other</font></td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 4px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">comprehensive income</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(126,825</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,662</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(125,163</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Net current-period other comprehensive income</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,177,658</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,662</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,179,320</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Ending Balance</font></td>
<td style="border-bottom: #000000 3px double; text-indent: 5px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">8,741,199</font></td>
<td style="border-bottom: #000000 3px double;" align="left"> </td>
<td style="border-bottom: #000000 3px double;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(52,714</font></td>
<td style="border-bottom: #000000 3px double;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: #000000 3px double;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">8,688,485</font></td>
<td style="border-bottom: #000000 3px double;" align="left"> </td></tr></table></div></div>
<p style="margin: 0px;"> </p>
<div> </div><br />
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The following table provides significant amounts reclassified out of each component of accumulated other comprehensive income for the periods ended March 31, 2013 and 2012:</font></p>
<div>
<table border="0" cellspacing="0">
<tr><td width="34%"> </td>
<td width="15%"> </td>
<td width="10%"> </td>
<td width="3%"> </td>
<td width="37%"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">March 31, 2013</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td></tr>
<tr valign="bottom"><td align="left"> </td>
<td align="left"> </td>
<td align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Amount Reclassified from</font></b></td>
<td align="center"> </td>
<td align="center"> </td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Details about Accumulated Other</font></b></td>
<td align="left"> </td>
<td align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Accumulated Other</font></b></td>
<td align="center"> </td>
<td align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Affected Line Item in the Consolidated</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 1px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Comprehensive Income Components</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Comprehensive Income</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Statements of Income</font></b></td></tr>
<tr><td colspan="5"> </td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized gains and losses on</font></b></td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">available-for-sale securities:</font></b></td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Net realized gain on investment</font></b></td>
<td style="text-indent: 15px;" 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">34,829</font></b></td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 2px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Other-than-temporary impairments</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(18,485</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></b></td>
<td align="left"> </td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">16,344</font></b></td>
<td align="left"> </td>
<td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Net realized gain on investment</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 2px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Tax</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(4,862</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Provision for Income Taxes</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 2px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Net of Tax</font></b></td>
<td style="border-bottom: #000000 1px solid; text-indent: 15px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">11,482</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td></tr>
<tr><td colspan="5"> </td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Accretion (amortization) related to</font></b></td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">postretirement benefit plans:</font></b></td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Prior year service cost</font></b></td>
<td style="text-indent: 15px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">380</font></b></td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 2px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrecognized loss</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(1,573</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></b></td>
<td style="text-indent: 14px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(1,193</font></b></td>
<td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td>
<td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(a)</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 2px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Tax</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">405</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Provision for Income Taxes</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 2px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Net of Tax</font></b></td>
<td style="border-bottom: #000000 1px solid; text-indent: 14px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(788</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td></tr>
<tr><td colspan="5"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Reclassifications for the period</font></b></td>
<td style="border-bottom: #000000 3px double; text-indent: 15px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">10,694</font></b></td>
<td style="border-bottom: #000000 3px double;" align="left"> </td>
<td style="border-bottom: #000000 3px double;" align="left"> </td></tr></table></div>
<p style="margin: 0px;"> </p>
<div>
<table border="0" cellspacing="0">
<tr><td width="35%"> </td>
<td width="15%"> </td>
<td width="10%"> </td>
<td width="3%"> </td>
<td width="36%"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="35%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">March 31, 2012</font></td>
<td style="border-bottom: #000000 1px solid;" width="15%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="36%" align="left"> </td></tr>
<tr valign="bottom"><td width="35%" align="center"> </td>
<td width="15%" align="center"> </td>
<td width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Amount Reclassified from</font> </td>
<td width="3%" align="center"> </td>
<td width="36%" align="center"> </td></tr>
<tr valign="bottom"><td width="35%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Details about Accumulated Other</font></td>
<td width="15%" align="left"> </td>
<td width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Accumulated Other</font></td>
<td width="3%" align="center"> </td>
<td width="36%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Affected Line Item in the Consolidated</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 1px;" width="35%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Comprehensive Income Components</font></td>
<td style="border-bottom: #000000 1px solid;" width="15%" align="left"> </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">Comprehensive Income</font></td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" width="36%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Statements of Income</font></td></tr>
<tr><td width="99%" colspan="5"> </td></tr>
<tr valign="bottom"><td width="35%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized gains and losses on available-</font></td>
<td width="15%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="3%" align="left"> </td>
<td width="36%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="35%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">for-sale securities:</font></td>
<td width="15%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="3%" align="left"> </td>
<td width="36%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" width="35%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Net realized gain on investment</font></td>
<td style="text-indent: 14px;" width="15%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">192,881</font></td>
<td width="3%" align="left"> </td>
<td width="36%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Net realized gain on investment</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 2px;" width="35%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Tax</font></td>
<td style="border-bottom: #000000 1px solid;" width="15%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(66,056</font></td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: #000000 1px solid;" width="36%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Provision for Income Taxes</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 2px;" width="35%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Net of Tax</font></td>
<td style="border-bottom: #000000 1px solid; text-indent: 14px;" width="15%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">126,825</font></td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="36%" align="left"> </td></tr>
<tr><td width="99%" colspan="5"> </td></tr>
<tr valign="bottom"><td width="35%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Amortization related to postretirement</font></td>
<td width="15%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="3%" align="left"> </td>
<td width="36%" align="left"> </td></tr>
<tr valign="bottom"><td width="35%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">benefit plans:</font></td>
<td width="15%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="3%" align="left"> </td>
<td width="36%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" width="35%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Prior year service cost</font></td>
<td style="text-indent: 13px;" width="15%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(2,349</font></td>
<td width="3%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td width="36%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 2px;" width="35%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrecognized loss</font></td>
<td style="border-bottom: #000000 1px solid;" width="15%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(170</font></td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: #000000 1px solid;" width="36%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" width="35%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></td>
<td style="text-indent: 13px;" width="15%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(2,519</font></td>
<td width="3%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td width="36%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(a)</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 2px;" width="35%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Tax</font></td>
<td style="border-bottom: #000000 1px solid;" width="15%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">857</font></td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="36%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Provision for Income Taxes</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 2px;" width="35%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Net of Tax</font></td>
<td style="border-bottom: #000000 1px solid; text-indent: 13px;" width="15%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(1,662</font></td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: #000000 1px solid;" width="36%" align="left"> </td></tr>
<tr><td width="99%" colspan="5"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="35%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Reclassifications for the period</font></td>
<td style="border-bottom: #000000 3px double; text-indent: 14px;" width="15%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">125,163</font></td>
<td style="border-bottom: #000000 3px double;" width="3%" align="left"> </td>
<td style="border-bottom: #000000 3px double;" width="36%" 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="2">(a) <font class="_mt"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">These accumulated other comprehensive income components are not reclassified to net income in their entirety in the same reporting period. The amounts are presented within salaries, employee benefits and payroll taxes on the Consolidated Statements of Income as amortized. Amortization related to postretirement benefit plans is included in the computation of net periodic pension costs, as discussed in Note 5.</font></font></font></p></div>
<p style="margin: 0px;"> </p> </div>
<div> <div><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3"> </font>
<div><i><font class="_mt" style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" size="3"> </font></i>
<div><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">
</font>
<div>
<p style="text-align: left;"> <i><font class="_mt" style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" size="3">Principles of Consolidation </font></i><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" 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, with the instructions to Form 10-Q and with Article 10 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in annual financial statements have been condensed or omitted. Earnings attributable to the Company's redeemable noncontrolling interest in a majority-owned insurance agency are recorded on the Consolidated Statements of Income. 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 class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" 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 of the Company in the accompanying unaudited Consolidated Financial Statements have been included. All such adjustments are of a normal recurring nature. Operating results for the quarter ended March 31, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013.</font></p></div></div></div></div> </div>
1871315
1754060
1952323
0
0
1952323
1848949
0
0
1848949
339000
799000
-893156
-2516444
6303000
6447000
-170
-170
-1573
-1573
2349
-380
6967
7103
12640
12242
3154
3946
113752
139324
147097
147097
163677
163677
0.68
1.65
0.67
1.62
7000
P4M
<div> <div>
<div>
<div class="MetaData">
<div>
<div>
<div>
<div>
<div>
<div>
<table style="height: 207px; width: 1282px;" cellspacing="0" border="0">
<tr><td width="16%"> </td>
<td width="13%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
<td width="7%"> </td>
<td width="2%"> </td>
<td width="7%"> </td>
<td width="2%"> </td>
<td width="7%"> </td>
<td width="2%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
<td width="10%"> </td>
<td width="2%"> </td></tr>
<tr valign="bottom"><td width="16%" align="left"> </td>
<td width="13%" align="center"> </td>
<td width="10%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="7%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="7%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="7%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="10%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Total at</font></b></td>
<td width="2%" align="center"> </td>
<td width="10%" align="center"> </td>
<td width="2%" align="left"> </td></tr>
<tr valign="bottom"><td width="16%" align="left"> </td>
<td width="13%" align="center"> </td>
<td width="10%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="7%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="7%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="7%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="10%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Estimated</font></b></td>
<td width="2%" align="center"> </td>
<td width="10%" align="center"> </td>
<td width="2%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 4px;" width="16%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">March 31, 2013</font></b></td>
<td width="13%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Valuation</font></b></td>
<td width="10%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="7%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="7%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="7%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="10%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Fair</font></b></td>
<td width="2%" align="center"> </td>
<td width="10%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Impairment</font></b></td>
<td width="2%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="16%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="13%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Method</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Impaired</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 1px;" width="9%" colspan="2" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Level 1</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="7%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Level 2</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="7%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Level 3</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Value</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Losses</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="left"> </td></tr>
<tr valign="bottom"><td width="16%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Cost method</font></b></td>
<td width="13%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="7%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="7%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="7%" 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="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 1px;" width="16%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">investments</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="13%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Fair Value</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Yes</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="7%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">0</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 8px;" width="7%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">0</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="7%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">31,315</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 1px;" width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">31,315</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">(18,485</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">)</font></b></td></tr>
<tr valign="bottom"><td width="16%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Total cost method</font></b></td>
<td width="13%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="7%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="7%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="7%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double; text-indent: 2px;" width="16%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">investments</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="13%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="7%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">0</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double; text-indent: 8px;" width="7%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">0</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="7%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">31,315</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double; text-indent: 1px;" width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">31,315</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">(18,485</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">)</font></b></td></tr></table></div>
<p style="margin: 0px;"> </p>
<div>
<table style="height: 161px; width: 1284px;" cellspacing="0" border="0">
<tr><td width="17%" align="center"> </td>
<td width="10%" align="center"> </td>
<td width="10%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="7%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="7%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="7%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="10%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="10%" align="center"> </td>
<td width="2%" align="center"> </td></tr>
<tr valign="bottom"><td width="17%" align="center"> </td>
<td width="10%" align="center"> </td>
<td width="10%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="7%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="7%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="7%" align="center"> </td>
<td width="2%" align="center"> </td>
<td style="text-indent: 1px;" width="10%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Total at</font></td>
<td width="2%" align="center"> </td>
<td width="10%" align="center"> </td>
<td width="2%" align="center"> </td></tr>
<tr valign="bottom"><td width="17%" align="center"> </td>
<td width="10%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Valuation</font></td>
<td width="10%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="7%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="7%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="7%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="10%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Estimated</font></td>
<td width="2%" align="center"> </td>
<td width="10%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Impairment</font></td>
<td width="2%" align="center"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="17%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">December 31, 2012</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Method</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Impaired</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 1px;" width="9%" colspan="2" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Level 1</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="7%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Level 2</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="7%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Level 3</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Fair Value</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Losses</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="center"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="17%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Cost method investments</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Fair Value</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Yes</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="7%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 8px;" width="7%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="7%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">36,406</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">36,406</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">(6,504</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">)</font></td></tr>
<tr valign="bottom"><td width="17%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">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="7%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="7%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="7%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double; text-indent: 2px;" width="17%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">investments</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="7%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double; text-indent: 8px;" width="7%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="7%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">36,406</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">36,406</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">(6,504</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">)</font></td></tr></table></div></div></div></div></div></div></div></div></div> </div>
<div> <div>
<div><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">
</font>
<div>
<div>
<div>
<div>
<div>
<div>
<div>
<div>
<table style="height: 203px; width: 811px;" cellspacing="0" border="0">
<tr><td width="37%"> </td>
<td width="2%"> </td>
<td width="13%"> </td>
<td width="2%"> </td>
<td width="13%"> </td>
<td width="2%"> </td>
<td width="13%"> </td>
<td width="2%"> </td>
<td width="13%"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="37%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">As of March 31, 2013</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="13%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Level 1</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 2px;" width="13%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Level 2</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="13%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Level 3</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="13%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Total</font></b></td></tr>
<tr valign="bottom"><td width="37%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Short-term Investments</font></b></td>
<td width="2%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td width="13%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">19,839,497</font></b></td>
<td width="2%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td width="13%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">0</font></b></td>
<td width="2%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td width="13%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">0</font></b></td>
<td width="2%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td width="13%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">19,839,497</font></b></td></tr>
<tr valign="bottom"><td width="37%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Equity Securities</font></b></td>
<td width="2%" align="right"> </td>
<td width="13%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="13%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="13%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="13%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" width="37%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Common stock and nonredeemable preferred stock</font></b></td>
<td width="2%" align="right"> </td>
<td width="13%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">30,809,436</font></b></td>
<td width="2%" align="right"> </td>
<td width="13%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">0</font></b></td>
<td width="2%" align="left"> </td>
<td width="13%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">0</font></b></td>
<td width="2%" align="right"> </td>
<td width="13%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">30,809,436</font></b></td></tr>
<tr valign="bottom"><td width="37%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Fixed Maturities</font></b></td>
<td width="2%" align="right"> </td>
<td width="13%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="13%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="13%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="13%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" width="37%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Obligations of states and political subdivisions*</font></b></td>
<td width="2%" align="right"> </td>
<td width="13%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">0</font></b></td>
<td width="2%" align="right"> </td>
<td width="13%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">60,339,739</font></b></td>
<td width="2%" align="left"> </td>
<td width="13%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">0</font></b></td>
<td width="2%" align="right"> </td>
<td width="13%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">60,339,739</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 2px;" width="37%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Corporate debt Securities*</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="13%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">0</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="13%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">16,228,034</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="13%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">930,800</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="13%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">17,158,834</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double;" width="37%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Total</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="13%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">50,648,933</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="13%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">76,567,773</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="13%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">930,800</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="13%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">128,147,506</font></b></td></tr></table></div>
<p style="margin: 0px;"> </p>
<div>
<table cellspacing="0" border="0">
<tr><td width="34%"> </td>
<td width="2%"> </td>
<td width="13%"> </td>
<td width="2%"> </td>
<td width="13%"> </td>
<td width="2%"> </td>
<td width="13%"> </td>
<td width="2%"> </td>
<td width="13%"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="34%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">As of December 31, 2012</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="13%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Level 1</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="13%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Level 2</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="13%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Level 3</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 4px;" width="13%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Total</font></td></tr>
<tr valign="bottom"><td width="34%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Short-term Investments</font></td>
<td width="2%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td width="13%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">13,567,648</font></td>
<td width="2%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td width="13%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">0</font></td>
<td width="2%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td width="13%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">0</font></td>
<td width="2%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td width="13%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">13,567,648</font></td></tr>
<tr valign="bottom"><td width="34%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Equity Securities</font></td>
<td width="2%" align="right"> </td>
<td width="13%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="13%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="13%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="13%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" width="34%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Common stock and nonredeemable preferred stock</font></td>
<td width="2%" align="right"> </td>
<td width="13%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">28,510,933</font></td>
<td width="2%" align="left"> </td>
<td width="13%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">0</font></td>
<td width="2%" align="left"> </td>
<td width="13%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">0</font></td>
<td width="2%" align="right"> </td>
<td width="13%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">28,510,933</font></td></tr>
<tr valign="bottom"><td width="34%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Fixed Maturities</font></td>
<td width="2%" align="right"> </td>
<td width="13%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="13%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="13%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="13%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" width="34%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Obligations of states and political subdivisions*</font></td>
<td width="2%" align="right"> </td>
<td width="13%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">0</font></td>
<td width="2%" align="left"> </td>
<td width="13%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">62,701,858</font></td>
<td width="2%" align="left"> </td>
<td width="13%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">0</font></td>
<td width="2%" align="right"> </td>
<td width="13%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">62,701,858</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 2px;" width="34%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Corporate debt Securities*</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="13%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="13%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">18,302,920</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="13%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">932,200</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="13%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">19,235,120</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double;" width="34%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Total</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="13%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">42,078,581</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="13%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">81,004,778</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="13%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">932,200</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="13%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">124,015,559</font></td></tr></table></div>
<p style="margin: 0px;"> </p>
<p style="text-align: left;"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">*Denotes fair market value obtained from pricing services.</font></p></div></div></div></div></div></div></div></div></div> </div>
<div> <table style="height: 165px; width: 720px;" cellspacing="0" border="0">
<tr><td width="67%"> </td>
<td width="1%"> </td>
<td width="11%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="12%"> </td>
<td width="1%"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="67%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Changes in fair value during the period ended:</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="11%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">2013</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="12%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">2012</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="67%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Beginning balance at January 1</font></td>
<td width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">$</font></b></td>
<td width="11%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">932,200</font></b></td>
<td width="1%" align="left"> </td>
<td width="1%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">$</font></td>
<td width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">4,552,400</font></td>
<td width="1%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="67%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Redemptions and sales</font></td>
<td width="1%" align="left"> </td>
<td width="11%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">0</font></b></td>
<td width="1%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">(3,900,000</font></td>
<td width="1%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">)</font></td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="67%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Realized gain – included in net realized gain on investments</font></td>
<td width="1%" align="left"> </td>
<td width="11%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">0</font></b></td>
<td width="1%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">211,061</font></td>
<td width="1%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 1px;" width="67%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Unrealized gain - included in other comprehensive income</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="11%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">(1,400</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">)</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">68,739</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double; text-indent: 1px;" width="67%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Ending balance, net</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="11%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">930,800</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">932,200</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"> </td></tr></table> </div>
<div> <div>
<div>
<div>
<p style="text-align: left;"><u><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Note 6 - Fair Value Measurement</font></u></p>
<p style="text-align: left;"><i><font class="_mt" style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" size="3">Valuation of Financial Assets and Liabilities</font></i></p>
<p style="text-align: left;"> <font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" 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 class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" 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><br /></p>
<p style="text-align: left;"><i><font class="_mt" style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" size="3">Debt and Equity Securities</font></i></p>
<p style="text-align: left;"> <font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" 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 class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" 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 class="_mt" style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" size="3">, Fair Value Measurements and Disclosures</font></i><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">. Generally, quotes obtained from the pricing service for instruments classified as Level 2 are not adjusted and are not binding. As of March 31, 2013 and December 31, 2012, the Company did not adjust any Level 2 fair values.</font></p>
<p style="text-align: left;"> <font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" 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 class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" 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. That service uses a proprietary valuation model that considers factors such as the following: the financial standing of the issuer; reported prices and the extent of public trading in similar financial instruments of the issuer or comparable companies; the ability of the issuer to obtain required financing; changes in the economic conditions affecting the issuer; pricing by other dealers in similar securities; time to maturity; and interest rates. The following table summarizes some key assumptions the service used to determine fair value as of March 31, 2013 and December 31, 2012:</font></p>
<div>
<table cellspacing="0" border="0">
<tr><td width="58%"> </td>
<td width="18%"> </td>
<td width="3%"> </td>
<td width="16%"> </td>
<td width="3%"> </td></tr>
<tr valign="bottom"><td width="58%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="18%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">2013</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="3%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="16%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">2012</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="3%" align="left"> </td></tr>
<tr valign="bottom"><td width="58%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Cumulative probability of earning maximum rate until maturity</font></td>
<td width="18%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">0.0</font></b></td>
<td width="3%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">%</font></b></td>
<td width="16%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">0.0</font></b></td>
<td width="3%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">%</font></b></td></tr>
<tr valign="bottom"><td width="58%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Cumulative probability of principal returned prior to maturity</font></td>
<td width="18%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">96.0</font></b></td>
<td width="3%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">%</font></b></td>
<td width="16%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">96.1</font></b></td>
<td width="3%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">%</font></b></td></tr>
<tr valign="bottom"><td width="58%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Cumulative probability of default at some future point</font></td>
<td width="18%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">4.0</font></b></td>
<td width="3%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">%</font></b></td>
<td width="16%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">3.9</font></b></td>
<td width="3%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">%</font></b></td></tr></table></div>
<p style="margin: 0px;"> </p>
<p style="text-align: left;"> <font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" 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><br /></p>
<p style="text-align: left;"> <font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" 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 and believes that this valuation is the most reasonable estimate of fair value. In 2013 and 2012, 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 class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" 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">1,000,000</font> as of March 31, 2013 and December 31, 2012, with approximately <font class="_mt">97.0</font>% as of March 31, 2013 and December 31, 2012, guaranteed by the U.S. Department of Education.</font></p>
<p style="text-align: left;"> <font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">The following table presents, by level, the financial assets carried at fair value measured on a recurring basis as of March 31, 2013 and December 31, 2012. 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. Level 3 assets are comprised solely of ARS.</font></p>
<div>
<table style="height: 203px; width: 811px;" cellspacing="0" border="0">
<tr><td width="37%"> </td>
<td width="2%"> </td>
<td width="13%"> </td>
<td width="2%"> </td>
<td width="13%"> </td>
<td width="2%"> </td>
<td width="13%"> </td>
<td width="2%"> </td>
<td width="13%"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="37%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">As of March 31, 2013</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="13%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Level 1</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 2px;" width="13%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Level 2</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="13%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Level 3</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="13%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Total</font></b></td></tr>
<tr valign="bottom"><td width="37%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Short-term Investments</font></b></td>
<td width="2%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td width="13%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">19,839,497</font></b></td>
<td width="2%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td width="13%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">0</font></b></td>
<td width="2%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td width="13%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">0</font></b></td>
<td width="2%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td width="13%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">19,839,497</font></b></td></tr>
<tr valign="bottom"><td width="37%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Equity Securities</font></b></td>
<td width="2%" align="right"> </td>
<td width="13%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="13%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="13%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="13%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" width="37%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Common stock and nonredeemable preferred stock</font></b></td>
<td width="2%" align="right"> </td>
<td width="13%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">30,809,436</font></b></td>
<td width="2%" align="right"> </td>
<td width="13%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">0</font></b></td>
<td width="2%" align="left"> </td>
<td width="13%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">0</font></b></td>
<td width="2%" align="right"> </td>
<td width="13%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">30,809,436</font></b></td></tr>
<tr valign="bottom"><td width="37%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Fixed Maturities</font></b></td>
<td width="2%" align="right"> </td>
<td width="13%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="13%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="13%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="13%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" width="37%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Obligations of states and political subdivisions*</font></b></td>
<td width="2%" align="right"> </td>
<td width="13%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">0</font></b></td>
<td width="2%" align="right"> </td>
<td width="13%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">60,339,739</font></b></td>
<td width="2%" align="left"> </td>
<td width="13%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">0</font></b></td>
<td width="2%" align="right"> </td>
<td width="13%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">60,339,739</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 2px;" width="37%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Corporate debt Securities*</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="13%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">0</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="13%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">16,228,034</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="13%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">930,800</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="13%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">17,158,834</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double;" width="37%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Total</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="13%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">50,648,933</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="13%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">76,567,773</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="13%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">930,800</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="13%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">128,147,506</font></b></td></tr></table></div>
<p style="margin: 0px;"> </p>
<div>
<table cellspacing="0" border="0">
<tr><td width="34%"> </td>
<td width="2%"> </td>
<td width="13%"> </td>
<td width="2%"> </td>
<td width="13%"> </td>
<td width="2%"> </td>
<td width="13%"> </td>
<td width="2%"> </td>
<td width="13%"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="34%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">As of December 31, 2012</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="13%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Level 1</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="13%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Level 2</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="13%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Level 3</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 4px;" width="13%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Total</font></td></tr>
<tr valign="bottom"><td width="34%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Short-term Investments</font></td>
<td width="2%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td width="13%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">13,567,648</font></td>
<td width="2%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td width="13%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">0</font></td>
<td width="2%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td width="13%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">0</font></td>
<td width="2%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td width="13%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">13,567,648</font></td></tr>
<tr valign="bottom"><td width="34%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Equity Securities</font></td>
<td width="2%" align="right"> </td>
<td width="13%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="13%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="13%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="13%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" width="34%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Common stock and nonredeemable preferred stock</font></td>
<td width="2%" align="right"> </td>
<td width="13%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">28,510,933</font></td>
<td width="2%" align="left"> </td>
<td width="13%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">0</font></td>
<td width="2%" align="left"> </td>
<td width="13%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">0</font></td>
<td width="2%" align="right"> </td>
<td width="13%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">28,510,933</font></td></tr>
<tr valign="bottom"><td width="34%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Fixed Maturities</font></td>
<td width="2%" align="right"> </td>
<td width="13%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="13%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="13%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="13%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" width="34%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Obligations of states and political subdivisions*</font></td>
<td width="2%" align="right"> </td>
<td width="13%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">0</font></td>
<td width="2%" align="left"> </td>
<td width="13%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">62,701,858</font></td>
<td width="2%" align="left"> </td>
<td width="13%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">0</font></td>
<td width="2%" align="right"> </td>
<td width="13%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">62,701,858</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 2px;" width="34%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Corporate debt Securities*</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="13%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="13%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">18,302,920</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="13%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">932,200</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="13%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">19,235,120</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double;" width="34%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Total</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="13%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">42,078,581</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="13%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">81,004,778</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="13%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">932,200</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="13%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">124,015,559</font></td></tr></table></div>
<p style="margin: 0px;"> </p>
<p style="text-align: left;"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">*<font class="_mt"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2"><font class="_mt">Denotes fair market value obtained from pricing services.</font></font></font></font></p>
<p style="text-align: left;"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" 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 class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" 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><br /></p>
<p style="text-align: left;"><i><font class="_mt" style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" size="3">Other Financial Instruments</font></i></p>
<p style="text-align: left;"> <font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" 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 class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" 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 class="_mt" style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" size="3">Cash and cash equivalents</font></i></p>
<p style="text-align: left;"> <font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" 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 class="_mt" style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" size="3">Cost-basis investments</font></i></p>
<p style="text-align: left;"> <font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">The estimated fair value of cost-basis investments is calculated from the book value of the underlying entities, which is not materially different from the fair market value of the underlying entity.</font></p>
<p style="text-align: left;"><i><font class="_mt" style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" size="3">Accrued dividends and interest</font></i></p>
<p style="text-align: left;"> <font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" 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 class="_mt" style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" size="3">Contingent consideration</font></i></p>
<p style="text-align: left;"> <font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">The fair value of contingent consideration was estimated based on the discounted value of future cash flows. Contingent consideration consists of additional monies the Company may become obligated to pay based on the future performance of a business the Company acquired, as discussed in Note 10.</font></p>
<p style="text-align: left;"> <font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">The carrying amounts and fair values of these financial instruments (please note investments are disclosed in a previous table) as of March 31, 2013 and December 31, 2012 are presented in the following table:</font></p>
<div class="MetaData">
<p style="text-align: left;"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">As of March 31, 2013:</font></b></p>
<div>
<table style="height: 243px; width: 970px;" cellspacing="0" border="0">
<tr><td width="38%"> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="1%"> </td>
<td width="11%"> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="1%"> </td>
<td width="10%"> </td></tr>
<tr valign="bottom"><td width="38%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="center"> </td>
<td width="1%" align="center"> </td>
<td width="10%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Estimated Fair</font></b></td>
<td width="1%" align="center"> </td>
<td width="11%" align="center"> </td>
<td width="1%" align="center"> </td>
<td width="10%" align="center"> </td>
<td width="1%" align="center"> </td>
<td width="10%" align="center"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="38%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Financial Assets</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Carrying Value</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Value</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="11%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Level 1</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="11%" colspan="2" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Level 2</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Level 3</font></b></td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="38%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Cash</font></b></td>
<td width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">20,501,601</font></b></td>
<td width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">20,501,601</font></b></td>
<td width="1%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td width="11%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">20,501,601</font></b></td>
<td width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">0</font></b></td>
<td width="1%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">0</font></b></td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="38%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Cost-basis investments</font></b></td>
<td width="1%" align="left"> </td>
<td width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">1,754,060</font></b></td>
<td width="1%" align="left"> </td>
<td width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">1,848,949</font></b></td>
<td width="1%" align="left"> </td>
<td width="11%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">0</font></b></td>
<td width="1%" align="left"> </td>
<td width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">0</font></b></td>
<td width="1%" align="right"> </td>
<td width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">1,848,949</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 1px;" width="38%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Accrued dividends and interest</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">882,517</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">882,517</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="11%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">882,517</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">0</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">0</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double;" width="38%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Total</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">23,138,178</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">23,233,067</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="11%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">21,384,118</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">0</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">1,848,949</font></b></td></tr>
<tr><td width="94%" colspan="11"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="38%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Financial Liabilities</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="11%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 2px;" width="38%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Contingent consideration</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">691,250</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">691,250</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="11%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">0</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">0</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">691,250</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double;" width="38%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Total</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">691,250</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">691,250</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="11%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">0</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">0</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">691,250</font></b></td></tr></table></div>
<p style="text-align: left;"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">As of December 31, 2012:</font></p>
<div>
<table cellspacing="0" border="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="12%"> </td></tr>
<tr valign="bottom"><td width="29%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="12%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="12%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Estimated Fair</font></td>
<td width="2%" align="center"> </td>
<td width="12%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="12%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="12%" align="center"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="29%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Financial Assets</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="12%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Carrying Value</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="12%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Value</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="12%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Level 1</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="14%" colspan="2" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Level 2</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="12%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Level 3</font></td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="29%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Cash</font></td>
<td width="2%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">20,810,018</font></td>
<td width="2%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">20,810,018</font></td>
<td width="2%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">20,810,018</font></td>
<td width="2%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">0</font></td>
<td width="2%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">0</font></td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="29%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Cost-basis investments</font></td>
<td width="2%" align="right"> </td>
<td width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">1,871,315</font></td>
<td width="2%" align="right"> </td>
<td width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">1,952,323</font></td>
<td width="2%" align="left"> </td>
<td width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">0</font></td>
<td width="2%" align="left"> </td>
<td width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">0</font></td>
<td width="2%" align="right"> </td>
<td width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">1,952,323</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 1px;" width="29%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Accrued dividends and interest</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">1,037,447</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">1,037,447</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">1,037,447</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">0</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double;" width="29%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Total</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">23,718,780</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">23,799,788</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">21,847,465</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">1,952,323</font></td></tr>
<tr><td width="99%" colspan="11"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="29%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Financial Liabilities</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="12%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="12%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="12%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="12%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="12%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 2px;" width="29%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Contingent consideration</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">691,250</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">691,250</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">691,250</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double;" width="29%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Total</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">691,250</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">691,250</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">691,250</font></td></tr></table></div></div>
<p style="margin: 0px;"> </p>
<p style="text-align: left;"> <font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">The following table presents a reconciliation of the Company's assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3), which are all ARS securities, for the period ended March 31, 2013 and the year ended December 31, 2012:</font></p>
<div>
<table style="height: 165px; width: 720px;" cellspacing="0" border="0">
<tr><td width="67%"> </td>
<td width="1%"> </td>
<td width="11%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="12%"> </td>
<td width="1%"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="67%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Changes in fair value during the period ended:</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="11%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">2013</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="12%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">2012</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="67%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Beginning balance at January 1</font></td>
<td width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">$</font></b></td>
<td width="11%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">932,200</font></b></td>
<td width="1%" align="left"> </td>
<td width="1%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">$</font></td>
<td width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">4,552,400</font></td>
<td width="1%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="67%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Redemptions and sales</font></td>
<td width="1%" align="left"> </td>
<td width="11%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">0</font></b></td>
<td width="1%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">(3,900,000</font></td>
<td width="1%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">)</font></td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="67%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Realized gain – included in net realized gain on investments</font></td>
<td width="1%" align="left"> </td>
<td width="11%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">0</font></b></td>
<td width="1%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">211,061</font></td>
<td width="1%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 1px;" width="67%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Unrealized gain - included in other comprehensive income</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="11%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">(1,400</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">)</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">68,739</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double; text-indent: 1px;" width="67%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Ending balance, net</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="11%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">930,800</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">932,200</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"> </td></tr></table></div>
<p style="margin: 0px;"> </p>
<p style="text-align: left;"> <font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" 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), consisting solely of contingent consideration, for the period ended March 31, 2013 and the year ended December 31, 2012:</font></p>
<div>
<table style="height: 119px; width: 700px;" cellspacing="0" border="0">
<tr><td width="67%"> </td>
<td width="1%"> </td>
<td width="15%" align="center"> </td>
<td width="1%" align="center"> </td>
<td width="14%" align="center"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="67%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Changes in fair value during the period ended:</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="15%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">2013</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="14%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">2012</font></td></tr>
<tr valign="bottom"><td width="67%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Beginning balance at January 1</font></td>
<td width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">$</font></b></td>
<td width="15%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">691,250</font></b></td>
<td width="1%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">$</font></td>
<td width="14%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">0</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="67%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Addition of contingent consideration</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="15%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">0</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="14%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">691,250</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double;" width="67%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Ending balance, net</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="15%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">691,250</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="14%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">691,250</font></td></tr></table></div>
<p style="margin: 0px;"> </p>
<p style="text-align: left;"> <font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Certain cost method investments are measured at estimated fair value on a non-recurring basis, such as investments that are impaired during the period and recorded at estimated fair value in the Consolidated Financial Statements as of March 31, 2013 and December 31, 2012.</font><br /></p>
<p style="text-align: center;"> <font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">The following table summarizes the corresponding estimated fair value hierarchy of such investments at March 31, 2013 and December 31, 2012 and the related impairments recognized.</font></p>
<div>
<table style="height: 207px; width: 1282px;" cellspacing="0" border="0">
<tr><td width="16%"> </td>
<td width="13%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
<td width="7%"> </td>
<td width="2%"> </td>
<td width="7%"> </td>
<td width="2%"> </td>
<td width="7%"> </td>
<td width="2%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
<td width="10%"> </td>
<td width="2%"> </td></tr>
<tr valign="bottom"><td width="16%" align="left"> </td>
<td width="13%" align="center"> </td>
<td width="10%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="7%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="7%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="7%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="10%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Total at</font></b></td>
<td width="2%" align="center"> </td>
<td width="10%" align="center"> </td>
<td width="2%" align="left"> </td></tr>
<tr valign="bottom"><td width="16%" align="left"> </td>
<td width="13%" align="center"> </td>
<td width="10%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="7%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="7%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="7%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="10%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Estimated</font></b></td>
<td width="2%" align="center"> </td>
<td width="10%" align="center"> </td>
<td width="2%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 4px;" width="16%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">March 31, 2013</font></b></td>
<td width="13%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Valuation</font></b></td>
<td width="10%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="7%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="7%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="7%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="10%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Fair</font></b></td>
<td width="2%" align="center"> </td>
<td width="10%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Impairment</font></b></td>
<td width="2%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="16%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="13%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Method</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Impaired</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 1px;" width="9%" colspan="2" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Level 1</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="7%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Level 2</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="7%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Level 3</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Value</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Losses</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="left"> </td></tr>
<tr valign="bottom"><td width="16%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Cost method</font></b></td>
<td width="13%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="7%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="7%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="7%" 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="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 1px;" width="16%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">investments</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="13%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Fair Value</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Yes</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="7%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">0</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 8px;" width="7%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">0</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="7%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">31,315</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 1px;" width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">31,315</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">(18,485</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">)</font></b></td></tr>
<tr valign="bottom"><td width="16%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Total cost method</font></b></td>
<td width="13%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="7%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="7%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="7%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double; text-indent: 2px;" width="16%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">investments</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="13%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="7%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">0</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double; text-indent: 8px;" width="7%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">0</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="7%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">31,315</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double; text-indent: 1px;" width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">31,315</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">(18,485</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">)</font></b></td></tr></table></div>
<p style="margin: 0px;"> </p>
<div>
<table style="height: 161px; width: 1284px;" cellspacing="0" border="0">
<tr><td width="17%" align="center"> </td>
<td width="10%" align="center"> </td>
<td width="10%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="7%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="7%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="7%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="10%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="10%" align="center"> </td>
<td width="2%" align="center"> </td></tr>
<tr valign="bottom"><td width="17%" align="center"> </td>
<td width="10%" align="center"> </td>
<td width="10%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="7%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="7%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="7%" align="center"> </td>
<td width="2%" align="center"> </td>
<td style="text-indent: 1px;" width="10%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Total at</font></td>
<td width="2%" align="center"> </td>
<td width="10%" align="center"> </td>
<td width="2%" align="center"> </td></tr>
<tr valign="bottom"><td width="17%" align="center"> </td>
<td width="10%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Valuation</font></td>
<td width="10%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="7%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="7%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="7%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="10%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Estimated</font></td>
<td width="2%" align="center"> </td>
<td width="10%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Impairment</font></td>
<td width="2%" align="center"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="17%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">December 31, 2012</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Method</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Impaired</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 1px;" width="9%" colspan="2" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Level 1</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="7%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Level 2</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="7%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Level 3</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Fair Value</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Losses</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="center"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="17%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Cost method investments</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Fair Value</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Yes</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="7%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 8px;" width="7%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="7%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">36,406</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">36,406</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">(6,504</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">)</font></td></tr>
<tr valign="bottom"><td width="17%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">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="7%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="7%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="7%" align="right"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double; text-indent: 2px;" width="17%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">investments</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="7%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double; text-indent: 8px;" width="7%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="7%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">36,406</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">36,406</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">(6,504</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">)</font></td></tr></table></div>
<p style="margin: 0px;"> </p></div></div></div> </div>
0.15
<div> <table style="height: 119px; width: 700px;" cellspacing="0" border="0">
<tr><td width="67%"> </td>
<td width="1%"> </td>
<td width="15%" align="center"> </td>
<td width="1%" align="center"> </td>
<td width="14%" align="center"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="67%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Changes in fair value during the period ended:</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="15%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">2013</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="14%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">2012</font></td></tr>
<tr valign="bottom"><td width="67%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Beginning balance at January 1</font></td>
<td width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">$</font></b></td>
<td width="15%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">691,250</font></b></td>
<td width="1%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">$</font></td>
<td width="14%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">0</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="67%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Addition of contingent consideration</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="15%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">0</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="14%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">691,250</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double;" width="67%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Ending balance, net</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="15%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">691,250</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="14%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">691,250</font></td></tr></table> </div>
68739
-1400
-3900000
0
4552400
932200
930800
691250
0
0
691250
691250
52263
69684
836215
645685
P12Y
P10Y
192881
10467
0
182414
192881
16344
-15257
0
31601
34829
335664
379696
6309
0
6504
6504
18485
18485
1945139
-2519
4751418
-1193
16344
1945139
-89721
-20417
2055277
4751418
-251269
-40755
5043442
667000
1507100
513000
-857
66056
1365000
-405
4862
-1816646
-2547550
-492271
-962058
-175361
-214586
542066
-1537769
27953
39198
11192127
13489431
1429637
1412216
977261
143847
-20417
853831
920485
95164
-23334
848655
130778659
135088548
<div> <table style="width: 738px; height: 211px;" border="0" cellspacing="0">
<tr><td width="63%"> </td>
<td width="1%"> </td>
<td width="16%"> </td>
<td width="1%"> </td>
<td width="15%"> </td></tr>
<tr valign="bottom"><td width="63%" align="left"> </td>
<td width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="32%" 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="63%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="16%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Amortized</font></td>
<td width="1%" align="center"> </td>
<td style="text-indent: 1px;" width="15%" 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: rgb(0,0,0) 1px solid;" width="63%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="16%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Cost</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="15%" 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="63%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Due in one year or less</font></td>
<td width="1%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td width="16%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">5,920,278</font></td>
<td width="1%" 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">6,038,894</font></td></tr>
<tr valign="bottom"><td width="63%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Due after one year through five years</font></td>
<td width="1%" align="left"> </td>
<td width="16%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">48,713,658</font></td>
<td width="1%" align="left"> </td>
<td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">52,822,544</font></td></tr>
<tr valign="bottom"><td width="63%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Due five years through ten years</font></td>
<td width="1%" align="left"> </td>
<td width="16%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">13,853,203</font></td>
<td width="1%" align="left"> </td>
<td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">15,268,415</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="63%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Due after ten years</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="16%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">2,950,514</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">3,368,720</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double; text-indent: 4px;" width="63%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Total</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="16%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">71,437,653</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">77,498,573</font></td></tr></table> </div>
36406
36406
0
0
36406
0
0
36406
31315
31315
0
0
31315
0
0
31315
4990632
6149661
56785525
54129205
171918276
174136049
691250
0
0
691250
691250
0
0
691250
<div> <font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">
</font>
<div><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">
</font>
<div><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">
</font>
<div>
<p style="text-align: left;"><u><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Note 2 - Reserves for Claims</font></u></p>
<p style="text-align: left;"> <font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Transactions in the reserves for claims for the three months ended March 31, 2013 and the year ended December 31, 2012 are summarized as follows:</font></p>
<div>
<table style="height: 161px; width: 833px;" cellspacing="0" border="0">
<tr><td width="58%"> </td>
<td width="1%"> </td>
<td width="16%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="15%"> </td>
<td width="1%"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="58%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="16%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">March 31, 2013</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="15%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">December 31, 2012</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td></tr>
<tr valign="bottom"><td width="58%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Balance, beginning of period</font></td>
<td width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">$</font></b></td>
<td width="16%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">39,078,000</font></b></td>
<td width="1%" align="left"> </td>
<td style="text-indent: 1px;" width="1%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">$</font></td>
<td width="15%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">37,996,000</font></td>
<td width="1%" align="left"> </td></tr>
<tr valign="bottom"><td width="58%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Provision, charged to operations</font></td>
<td width="1%" align="left"> </td>
<td width="16%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">(389,058</font></b></td>
<td width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">)</font></b></td>
<td width="1%" align="left"> </td>
<td width="15%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">6,072,115</font></td>
<td width="1%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="58%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Payments of claims, net of recoveries</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="16%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">(380,942</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">)</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="15%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">(4,990,115</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">)</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="58%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Ending balance</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="16%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">38,308,000</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 3px double; text-indent: 1px;" width="1%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="15%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">39,078,000</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"> </td></tr></table></div>
<p style="margin: 0px;"> </p>
<p style="text-align: left;"> <font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">The total reserve for all reported and unreported losses the Company incurred through March 31, 2013 is represented by the reserves for claims. The Company's reserves for unpaid losses and loss adjustment expenses are established using estimated amounts required to settle claims for which notice has been received (reported) and the amount estimated to be required to satisfy incurred claims of policyholders which may be reported in the future. Despite the variability of such estimates, management believes that the reserves are adequate to cover claim losses which might result from pending and future claims under policies issued through March 31, 2013. The Company continually reviews and adjusts its reserve estimates to reflect its loss experience and any new information that becomes available. Adjustments resulting from such reviews may be significant.</font></p>
<p style="text-align: left;"> <font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Positive legal developments in several claim matters, coupled with a significant current quarter recovery of a claim payment made in a prior period, contributed to a benefit in the claims provision during the quarter. In addition, claims experience for several recent policy years continued to emerge favorably in comparison with prior expectations.</font><br /></p>
<p style="text-align: left;"> <font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" 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 style="height: 119px; width: 816px;" cellspacing="0" border="0">
<tr><td width="46%"> </td>
<td width="1%"> </td>
<td width="18%"> </td>
<td width="7%"> </td>
<td width="1%"> </td>
<td width="15%"> </td>
<td width="7%"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="46%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="18%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">March 31, 2013</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="7%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">%</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="15%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">December 31, 2012</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="7%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">%</font></td></tr>
<tr valign="bottom"><td width="46%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Known title claims</font></td>
<td width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">$</font></b></td>
<td width="18%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">4,288,643</font></b></td>
<td width="7%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">11.2</font></b></td>
<td width="1%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">$</font></td>
<td width="15%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">5,166,370</font></td>
<td width="7%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">13.2</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="46%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">IBNR</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="18%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">34,019,357</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="7%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">88.8</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="15%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">33,911,630</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="7%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">86.8</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="46%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Total loss reserves</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="18%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">38,308,000</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="7%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">100.0</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="15%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">39,078,000</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="7%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">100.0</font></td></tr></table></div>
<p style="margin: 0px;"> </p>
<p style="text-align: left;"> <font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" 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 Company carries assets at the lower of cost or estimated realizable value, net of any indebtedness on the property.</font></p></div></div></div> </div>
37996000
39078000
38308000
33911630
34019357
5166370
4288643
-40800
0
-611746
-112050
-258995
-1896704
-706134
1700337
1432139
1432139
3376730
3376730
0
9688
<div> <div><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3"> </font>
<div><i><font class="_mt" style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" size="3"> </font></i>
<div><i><font class="_mt" style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" size="3"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3"> </font></font></i>
<div>
<div><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">
</font>
<div>
<p style="text-align: left;"> <i><font class="_mt" style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" size="3">Recently Issued Accounting Standards – </font></i><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">In February 2013, the Financial Accounting Standards Board ("FASB") updated guidance to improve the reporting of reclassifications out of accumulated other comprehensive income. The main provisions of this guidance require an entity to provide information about the amount reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the footnotes, the amount reclassified out of accumulated other comprehensive income by the respective line items of net income if the amount is reclassified to net income in its entirety in the same reporting period. For other amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other </font><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">disclosures providing additional detail about those amounts. The amendments do not change the requirements for reporting net income or other comprehensive income in financial statements. 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 class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">In June 2011, the FASB updated requirements relating to the presentation of comprehensive income. The objectives of this accounting update are to facilitate convergence of GAAP and 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 class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" 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></div></div></div></div></div></div> </div>
1
<div> <div><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">
</font>
<div><i><font class="_mt" style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" size="3">
</font></i>
<div>
<p style="text-align: left;"><i><font class="_mt" style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" size="3">
</font></i></p>
<div>
<div>
<p style="text-align: left;"><u><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Note 1 - Basis of Presentation and Significant Accounting Policies</font></u></p></div></div>
<div>
<p style="text-align: left;"> <font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" 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, 2012 for a complete description of the Company's significant accounting policies.</font></p>
<p style="text-align: left;"> <i><font class="_mt" style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" size="3">Principles of Consolidation </font></i><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" 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, with the instructions to Form 10-Q and with Article 10 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in annual financial statements have been condensed or omitted. Earnings attributable to the Company's redeemable noncontrolling interest in a majority-owned insurance agency are recorded on the Consolidated Statements of Income. 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 class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" 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 of the Company in the accompanying unaudited Consolidated Financial Statements have been included. All such adjustments are of a normal recurring nature. Operating results for the quarter ended March 31, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013.</font></p>
<div>
<p style="text-align: left;"> <i><font class="_mt" style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" size="3">Use of Estimates and Assumptions </font></i><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" 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>
<p style="text-align: left;"> <i><font class="_mt" style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" size="3">Subsequent Events - </font></i><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">The Company has concluded that there were no material subsequent events requiring adjustment to or disclosure in its Consolidated Financial Statements.</font></p>
<p style="text-align: left;"> <i><font class="_mt" style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" size="3">Recently Issued Accounting Standards – </font></i><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">In February 2013, the Financial Accounting Standards Board ("FASB") updated guidance to improve the reporting of reclassifications out of accumulated other comprehensive income. The main provisions of this guidance require an entity to provide information about the amount reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the footnotes, the amount reclassified out of accumulated other comprehensive income by the respective line items of net income if the amount is reclassified to net income in its entirety in the same reporting period. For other amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other </font><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">disclosures providing additional detail about those amounts. The amendments do not change the requirements for reporting net income or other comprehensive income in financial statements. 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 class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">In June 2011, the FASB updated requirements relating to the presentation of comprehensive income. The objectives of this accounting update are to facilitate convergence of GAAP and 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 class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" 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></div></div></div></div> </div>
0
93436
0
-2349
-2349
380
380
1806064
2383838
1179320
1662
1177658
1559550
788
1558762
-857
-405
-192881
-34829
-66056
-11989
0
18485
0
7127
626744
824288
170
1573
1996426
2398989
1177658
1177658
1558762
1558762
691943
828745
167279
137587
1576712
474000
1985447
525000
6763100
4892000
6941042
5187000
0
-22439
13567648
19839497
-18485
509711
114958
147097
163677
7207882
9601
1917500
321231
32537
273381
2226674
6286175
<div> <div>
<div>
<div>
<p style="text-align: left;"><u><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Note 5 – Retirement Agreements and Other Postretirement Benefits</font></u></p>
<p style="text-align: left;"> <font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" 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">6,447,000</font> and $<font class="_mt">6,303,000</font> as of March 31, 2013 and December 31, 2012, respectively. The executive employee benefits include health insurance, dental, vision and life insurance and are unfunded. These amounts are classified as accounts payable and accrued liabilities in the Consolidated Balance Sheets. The following sets forth the net periodic benefits cost for the executive benefits for the periods ended March 31, 2013 and 2012:</font></p>
<div>
<table style="height: 257px; width: 804px;" cellspacing="0" border="0">
<tr><td width="72%"> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="9%"> </td></tr>
<tr valign="bottom"><td width="72%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="21%" colspan="4" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">For the Three</font></td></tr>
<tr valign="bottom"><td width="72%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="21%" colspan="4" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Months Ended</font></td></tr>
<tr valign="bottom"><td width="72%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="21%" colspan="4" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">March 31,</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="72%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">2013</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="9%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">2012</font></td></tr>
<tr><td width="94%" colspan="6"> </td></tr>
<tr valign="bottom"><td width="72%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Service cost – benefits earned during the year</font></td>
<td width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">$</font></b></td>
<td width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">3,946</font></b></td>
<td width="1%" align="left"> </td>
<td width="1%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">$</font></td>
<td width="9%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">3,154</font></td></tr>
<tr valign="bottom"><td width="72%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Interest cost on the projected benefit obligation</font></td>
<td width="1%" align="left"> </td>
<td width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">7,103</font></b></td>
<td width="1%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="9%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">6,967</font></td></tr>
<tr valign="bottom"><td width="72%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">(Accretion) amortization of unrecognized prior service cost</font></td>
<td width="1%" align="left"> </td>
<td width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">(380</font></b></td>
<td width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">)</font></b></td>
<td width="1%" align="left"> </td>
<td width="9%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">2,349</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="72%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Amortization of unrecognized losses</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">1,573</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="9%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">170</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double;" width="72%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Net periodic benefits costs</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">12,242</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="9%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">12,640</font></td></tr></table></div>
<p style="margin: 0px;"> </p></div></div></div> </div>
1631359
6072115
-389058
1000000
1000000
0
0
0
0
11037714
1011000
9404229
875000
1902581
1998297
19667420
3383000
23925997
3417000
4651115
4521774
3093116
4470026
7767468
14326
256014
504500
0
4832
9000
0
45062
166585
400537
614443
1432139
125163
-1662
126825
3386418
10694
-788
11482
3603323
3737380
209000
95716
<div> <div>
<div>
<p style="text-align: left;"><u><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Note 9 – Related Party Transactions</font></u></p>
<p style="text-align: left;"> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The Company does business with, and has investments in, unconsolidated limited liability companies that are primarily title insurance agencies. The Company utilizes the equity method to account for its investment in these limited liability companies. The following table sets forth the approximate values by year found within each financial statement classification:</font></p>
<div>
<table border="0" cellspacing="0">
<tr><td width="48%"> </td>
<td width="8%"> </td>
<td width="20%"> </td>
<td width="7%"> </td>
<td width="14%"> </td></tr>
<tr valign="bottom"><td align="left"> </td>
<td align="left"> </td>
<td align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">As of</font></b></td>
<td align="center"> </td>
<td align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">As of</font></td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Financial Statement Classification,</font></td>
<td align="left"> </td>
<td align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">March 31,</font></b></td>
<td align="center"> </td>
<td align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">December 31,</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Consolidated Balance Sheets</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2013</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2012</font></td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Other investments</font></td>
<td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="text-indent: 3px;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">5,187,000</font></b></td>
<td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,892,000</font></td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Premiums and fees receivable</font></td>
<td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">875,000</font></b></td>
<td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,011,000</font></td></tr></table></div>
<p style="margin: 0px;"> </p>
<div>
<table border="0" cellspacing="0">
<tr><td width="49%"> </td>
<td width="8%"> </td>
<td width="20%"> </td>
<td width="7%"> </td>
<td width="14%"> </td></tr>
<tr valign="bottom"><td align="left"> </td>
<td align="left"> </td>
<td colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">For the Three Months Ended</font></b></td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Financial Statement Classification,</font></td>
<td align="left"> </td>
<td colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">March 31,</font></b></td>
<td align="center"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Consolidated Statements of Income</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2013</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2012</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">3,417,000</font></b></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,383,000</font></td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Other income</font></td>
<td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">525,000</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">474,000</font></td></tr></table></div></div></div> </div>
105820459
109125314
22414274
1330372
-226099
21310001
26848273
1306158
-366699
25908814
<div> <div class="MetaData">
<div>
<table border="0" cellspacing="0">
<tr><td width="38%"> </td>
<td width="7%"> </td>
<td width="17%"> </td>
<td width="2%"> </td>
<td width="4%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="11%"> </td>
<td width="2%"> </td></tr>
<tr valign="bottom"><td align="left"> </td>
<td align="left"> </td>
<td align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized Gains and Losses</font></b></td>
<td align="center"> </td>
<td align="center"> </td>
<td align="center"> </td>
<td align="center"> </td>
<td align="center"> </td>
<td align="center"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td align="left"> </td>
<td align="left"> </td>
<td align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">On Available-for-Sale</font></b></td>
<td align="center"> </td>
<td align="center"> </td>
<td align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Postretirement</font></b></td>
<td align="center"> </td>
<td align="center"> </td>
<td align="center"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">March 31, 2013</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Securities</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Benefits Plans</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid; text-indent: 4px;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Beginning balance at January 1</font></b></td>
<td style="border-bottom: #000000 1px solid; text-indent: 6px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">8,920,883</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(102,453</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">8,818,430</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Other comprehensive income before</font></b></td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 4px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">reclassifications</font></b></td>
<td align="left"> </td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,570,244</font></b></td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></b></td>
<td align="left"> </td>
<td align="right"> </td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,570,244</font></b></td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Amounts reclassified from accumulated other</font></b></td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 4px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">comprehensive income</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(11,482</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">788</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(10,694</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Net current-period other comprehensive income</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,558,762</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">788</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,559,550</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Ending Balance</font></b></td>
<td style="border-bottom: #000000 3px double; text-indent: 5px;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">10,479,645</font></b></td>
<td style="border-bottom: #000000 3px double;" align="left"> </td>
<td style="border-bottom: #000000 3px double;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(101,665</font></b></td>
<td style="border-bottom: #000000 3px double;" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">10,377,980</font></b></td>
<td style="border-bottom: #000000 3px double;" align="left"> </td></tr></table></div>
<p style="margin: 0px;"> </p>
<div>
<table border="0" cellspacing="0">
<tr><td width="38%"> </td>
<td width="8%"> </td>
<td width="17%"> </td>
<td width="2%"> </td>
<td width="4%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="8%"> </td>
<td width="2%"> </td></tr>
<tr valign="bottom"><td align="left"> </td>
<td align="left"> </td>
<td align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized Gains and Losses</font></td>
<td align="center"> </td>
<td align="center"> </td>
<td align="center"> </td>
<td align="center"> </td>
<td align="center"> </td>
<td align="center"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td align="left"> </td>
<td align="left"> </td>
<td align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">On Available-for-Sale</font></td>
<td align="center"> </td>
<td align="center"> </td>
<td align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Postretirement</font></td>
<td align="center"> </td>
<td align="center"> </td>
<td align="center"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">March 31, 2012</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Securities</font></td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Benefits Plans</font></td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Beginning balance at January 1</font></td>
<td style="border-bottom: #000000 1px solid; text-indent: 5px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">7,563,541</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(54,376</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">7,509,165</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Other comprehensive income before</font></td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 4px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">reclassifications</font></td>
<td align="left"> </td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,304,483</font></td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,304,483</font></td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Amounts reclassified from accumulated other</font></td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 4px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">comprehensive income</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(126,825</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,662</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(125,163</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Net current-period other comprehensive income</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,177,658</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,662</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,179,320</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Ending Balance</font></td>
<td style="border-bottom: #000000 3px double; text-indent: 5px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">8,741,199</font></td>
<td style="border-bottom: #000000 3px double;" align="left"> </td>
<td style="border-bottom: #000000 3px double;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(52,714</font></td>
<td style="border-bottom: #000000 3px double;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: #000000 3px double;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">8,688,485</font></td>
<td style="border-bottom: #000000 3px double;" align="left"> </td></tr></table></div></div> </div>
<div> <table cellspacing="0" border="0">
<tr><td width="58%"> </td>
<td width="18%"> </td>
<td width="3%"> </td>
<td width="16%"> </td>
<td width="3%"> </td></tr>
<tr valign="bottom"><td width="58%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="18%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">2013</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="3%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="16%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">2012</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="3%" align="left"> </td></tr>
<tr valign="bottom"><td width="58%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Cumulative probability of earning maximum rate until maturity</font></td>
<td width="18%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">0.0</font></b></td>
<td width="3%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">%</font></b></td>
<td width="16%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">0.0</font></b></td>
<td width="3%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">%</font></b></td></tr>
<tr valign="bottom"><td width="58%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Cumulative probability of principal returned prior to maturity</font></td>
<td width="18%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">96.0</font></b></td>
<td width="3%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">%</font></b></td>
<td width="16%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">96.1</font></b></td>
<td width="3%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">%</font></b></td></tr>
<tr valign="bottom"><td width="58%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Cumulative probability of default at some future point</font></td>
<td width="18%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">4.0</font></b></td>
<td width="3%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">%</font></b></td>
<td width="16%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">3.9</font></b></td>
<td width="3%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">%</font></b></td></tr></table> </div>
<div> <table border="0" cellspacing="0">
<tr><td width="69%"> </td>
<td width="1%"> </td>
<td width="13%"> </td>
<td width="1%"> </td>
<td width="12%"> </td></tr>
<tr valign="bottom"><td width="69%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="26%" colspan="3" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Three Months Ended</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="69%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="26%" colspan="3" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">March 31,</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="69%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="13%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">2013</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">2012</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="69%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Net income attributable to the Company</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">3,376,730</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">1,432,139</font></td></tr>
<tr valign="bottom"><td width="69%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Weighted average common shares outstanding – Basic</font></td>
<td width="1%" align="left"> </td>
<td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">2,044,801</font></td>
<td width="1%" align="left"> </td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">2,100,835</font></td></tr>
<tr valign="bottom"><td width="69%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Incremental shares outstanding assuming the exercise of dilutive</font></td>
<td width="1%" align="left"> </td>
<td width="13%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="12%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="69%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">stock options and SARs (share-settled)</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">39,198</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">27,953</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="69%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Weighted average common shares outstanding – Diluted</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">2,083,999</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">2,128,788</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double;" width="69%" 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: rgb(0,0,0) 3px double;" width="1%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">1.65</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">0.68</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double;" width="69%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Diluted earnings per common share</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">1.62</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">0.67</font></td></tr></table> </div>
<div> <div class="MetaData">
<p style="text-align: left;"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">As of March 31, 2013:</font></b></p>
<div>
<table style="height: 243px; width: 970px;" cellspacing="0" border="0">
<tr><td width="38%"> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="1%"> </td>
<td width="11%"> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="1%"> </td>
<td width="10%"> </td></tr>
<tr valign="bottom"><td width="38%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="center"> </td>
<td width="1%" align="center"> </td>
<td width="10%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Estimated Fair</font></b></td>
<td width="1%" align="center"> </td>
<td width="11%" align="center"> </td>
<td width="1%" align="center"> </td>
<td width="10%" align="center"> </td>
<td width="1%" align="center"> </td>
<td width="10%" align="center"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="38%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Financial Assets</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Carrying Value</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Value</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="11%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Level 1</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="11%" colspan="2" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Level 2</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Level 3</font></b></td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="38%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Cash</font></b></td>
<td width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">20,501,601</font></b></td>
<td width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">20,501,601</font></b></td>
<td width="1%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td width="11%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">20,501,601</font></b></td>
<td width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">0</font></b></td>
<td width="1%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">0</font></b></td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="38%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Cost-basis investments</font></b></td>
<td width="1%" align="left"> </td>
<td width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">1,754,060</font></b></td>
<td width="1%" align="left"> </td>
<td width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">1,848,949</font></b></td>
<td width="1%" align="left"> </td>
<td width="11%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">0</font></b></td>
<td width="1%" align="left"> </td>
<td width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">0</font></b></td>
<td width="1%" align="right"> </td>
<td width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">1,848,949</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 1px;" width="38%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Accrued dividends and interest</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">882,517</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">882,517</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="11%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">882,517</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">0</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">0</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double;" width="38%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Total</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">23,138,178</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">23,233,067</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="11%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">21,384,118</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">0</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">1,848,949</font></b></td></tr>
<tr><td width="94%" colspan="11"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="38%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Financial Liabilities</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="11%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 2px;" width="38%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Contingent consideration</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">691,250</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">691,250</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="11%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">0</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">0</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">691,250</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double;" width="38%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Total</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">691,250</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">691,250</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="11%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">0</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">0</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">691,250</font></b></td></tr></table></div>
<p style="text-align: left;"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">As of December 31, 2012:</font></p>
<div>
<table cellspacing="0" border="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="12%"> </td></tr>
<tr valign="bottom"><td width="29%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="12%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="12%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Estimated Fair</font></td>
<td width="2%" align="center"> </td>
<td width="12%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="12%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="12%" align="center"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="29%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Financial Assets</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="12%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Carrying Value</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="12%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Value</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="12%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Level 1</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="14%" colspan="2" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Level 2</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="12%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Level 3</font></td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="29%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Cash</font></td>
<td width="2%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">20,810,018</font></td>
<td width="2%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">20,810,018</font></td>
<td width="2%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">20,810,018</font></td>
<td width="2%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">0</font></td>
<td width="2%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">0</font></td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="29%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Cost-basis investments</font></td>
<td width="2%" align="right"> </td>
<td width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">1,871,315</font></td>
<td width="2%" align="right"> </td>
<td width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">1,952,323</font></td>
<td width="2%" align="left"> </td>
<td width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">0</font></td>
<td width="2%" align="left"> </td>
<td width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">0</font></td>
<td width="2%" align="right"> </td>
<td width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">1,952,323</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 1px;" width="29%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Accrued dividends and interest</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">1,037,447</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">1,037,447</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">1,037,447</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">0</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double;" width="29%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Total</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">23,718,780</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">23,799,788</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">21,847,465</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">1,952,323</font></td></tr>
<tr><td width="99%" colspan="11"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="29%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Financial Liabilities</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="12%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="12%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="12%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="12%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="12%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 2px;" width="29%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Contingent consideration</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">691,250</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">691,250</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">691,250</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double;" width="29%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Total</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">691,250</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">691,250</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="12%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">691,250</font></td></tr></table></div></div> </div>
<div> <table style="height: 161px; width: 833px;" cellspacing="0" border="0">
<tr><td width="58%"> </td>
<td width="1%"> </td>
<td width="16%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="15%"> </td>
<td width="1%"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="58%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="16%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">March 31, 2013</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="15%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">December 31, 2012</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td></tr>
<tr valign="bottom"><td width="58%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Balance, beginning of period</font></td>
<td width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">$</font></b></td>
<td width="16%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">39,078,000</font></b></td>
<td width="1%" align="left"> </td>
<td style="text-indent: 1px;" width="1%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">$</font></td>
<td width="15%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">37,996,000</font></td>
<td width="1%" align="left"> </td></tr>
<tr valign="bottom"><td width="58%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Provision, charged to operations</font></td>
<td width="1%" align="left"> </td>
<td width="16%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">(389,058</font></b></td>
<td width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">)</font></b></td>
<td width="1%" align="left"> </td>
<td width="15%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">6,072,115</font></td>
<td width="1%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="58%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Payments of claims, net of recoveries</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="16%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">(380,942</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">)</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="15%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">(4,990,115</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">)</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="58%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Ending balance</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="16%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">38,308,000</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 3px double; text-indent: 1px;" width="1%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="15%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">39,078,000</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"> </td></tr></table> </div>
<div> <table style="height: 257px; width: 804px;" cellspacing="0" border="0">
<tr><td width="72%"> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="9%"> </td></tr>
<tr valign="bottom"><td width="72%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="21%" colspan="4" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">For the Three</font></td></tr>
<tr valign="bottom"><td width="72%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="21%" colspan="4" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Months Ended</font></td></tr>
<tr valign="bottom"><td width="72%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="21%" colspan="4" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">March 31,</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="72%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">2013</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="9%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">2012</font></td></tr>
<tr><td width="94%" colspan="6"> </td></tr>
<tr valign="bottom"><td width="72%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Service cost – benefits earned during the year</font></td>
<td width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">$</font></b></td>
<td width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">3,946</font></b></td>
<td width="1%" align="left"> </td>
<td width="1%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">$</font></td>
<td width="9%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">3,154</font></td></tr>
<tr valign="bottom"><td width="72%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Interest cost on the projected benefit obligation</font></td>
<td width="1%" align="left"> </td>
<td width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">7,103</font></b></td>
<td width="1%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="9%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">6,967</font></td></tr>
<tr valign="bottom"><td width="72%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">(Accretion) amortization of unrecognized prior service cost</font></td>
<td width="1%" align="left"> </td>
<td width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">(380</font></b></td>
<td width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">)</font></b></td>
<td width="1%" align="left"> </td>
<td width="9%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">2,349</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="72%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Amortization of unrecognized losses</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">1,573</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="9%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">170</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double;" width="72%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Net periodic benefits costs</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">12,242</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="9%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">12,640</font></td></tr></table> </div>
<div> <table style="width: 836px; height: 270px;" border="0" cellspacing="0">
<tr><td width="72%"> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="10%"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="72%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2013</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2012</font></td></tr>
<tr valign="bottom"><td width="72%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Gross realized gains:</font></td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="72%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">General obligations of U.S. states, territories and political</font></td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td></tr>
<tr valign="bottom"><td width="72%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">subdivisions</font></td>
<td width="1%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></b></td>
<td width="1%" align="left"> </td>
<td width="1%" 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">250</font></td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="72%" 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="1%" align="left"> </td>
<td width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">67,876</font></b></td>
<td width="1%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">152,574</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 1px;" width="72%" 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: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">40,057</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 3px;" width="72%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" 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: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">67,876</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">192,881</font></td></tr>
<tr valign="bottom"><td width="72%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Gross realized losses:</font></td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="72%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Common stocks and nonredeemable preferred stocks</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(37,879</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" 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: rgb(0,0,0) 1px solid;" width="1%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 3px;" width="72%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(37,879</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" 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: rgb(0,0,0) 1px solid;" width="1%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double;" width="72%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Net realized gain</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">29,997</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">192,881</font></td></tr></table> </div>
<div> <div class="MetaData">
<div>
<table cellspacing="0" border="0">
<tr><td width="31%"> </td>
<td width="3%"> </td>
<td width="12%"> </td>
<td width="3%"> </td>
<td width="11%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="14%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="11%"> </td></tr>
<tr valign="bottom"><td align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Three Months Ended</font></b></td>
<td align="left"> </td>
<td align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Title</font></b></td>
<td align="center"> </td>
<td align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">All</font></b></td>
<td align="center"> </td>
<td align="center"> </td>
<td align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Intersegment</font></b></td>
<td align="center"> </td>
<td align="center"> </td>
<td align="center"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">March 31, 2013</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 1px;" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Insurance</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Other</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Eliminations</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Total</font></b></td></tr>
<tr valign="bottom"><td align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Insurance and other services</font></b></td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">revenues</font></b></td>
<td align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">25,028,558</font></b></td>
<td align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">1,226,251</font></b></td>
<td align="left"> </td>
<td align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">(343,365</font></b></td>
<td align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">)</font></b></td>
<td align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">25,911,444</font></b></td></tr>
<tr valign="bottom"><td align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Investment income</font></b></td>
<td align="left"> </td>
<td align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">848,655</font></b></td>
<td align="left"> </td>
<td align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">95,164</font></b></td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">(23,334</font></b></td>
<td align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">)</font></b></td>
<td align="left"> </td>
<td align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">920,485</font></b></td></tr>
<tr valign="bottom"><td align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Net realized gain (loss) on</font></b></td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">investments</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">31,601</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">(15,257</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">)</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">0</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">16,344</font></b></td></tr>
<tr valign="bottom"><td align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Total revenues</font></b></td>
<td align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">25,908,814</font></b></td>
<td align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">1,306,158</font></b></td>
<td align="left"> </td>
<td align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">(366,699</font></b></td>
<td align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">)</font></b></td>
<td align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">26,848,273</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Operating expenses</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">20,865,372</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">1,557,427</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">(325,944</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">)</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">22,096,855</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double;" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Income (loss) before income taxes</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">5,043,442</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">(251,269</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">)</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">(40,755</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">)</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">4,751,418</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double;" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Total assets</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">136,734,324</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">37,401,725</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">0</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">174,136,049</font></b></td></tr></table></div>
<p style="margin: 0px;"> </p>
<div>
<table style="height: 255px; width: 675px;" cellspacing="0" border="0">
<tr><td width="30%"> </td>
<td width="3%"> </td>
<td width="12%"> </td>
<td width="3%"> </td>
<td width="11%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="13%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="11%"> </td></tr>
<tr valign="bottom"><td align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Three Months Ended</font></td>
<td align="left"> </td>
<td align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Title</font></td>
<td align="center"> </td>
<td align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">All</font></td>
<td align="center"> </td>
<td align="center"> </td>
<td align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Intersegment</font></td>
<td align="center"> </td>
<td align="center"> </td>
<td align="center"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">March 31, 2012</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 1px;" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Insurance</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Other</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Eliminations</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Total</font></td></tr>
<tr valign="bottom"><td align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Insurance and other services</font></td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">revenues</font></td>
<td align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">20,273,756</font></td>
<td align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">1,176,058</font></td>
<td align="left"> </td>
<td align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">(205,682</font></td>
<td align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">)</font></td>
<td align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">21,244,132</font></td></tr>
<tr valign="bottom"><td align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Investment income</font></td>
<td align="left"> </td>
<td align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">853,831</font></td>
<td align="left"> </td>
<td align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">143,847</font></td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">(20,417</font></td>
<td align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">)</font></td>
<td align="left"> </td>
<td align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">977,261</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Net realized gain on investments</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">182,414</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">10,467</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">192,881</font></td></tr>
<tr valign="bottom"><td align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Total revenues</font></td>
<td align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">21,310,001</font></td>
<td align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">1,330,372</font></td>
<td align="left"> </td>
<td align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">(226,099</font></td>
<td align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">)</font></td>
<td align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">22,414,274</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Operating expenses</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">19,254,724</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">1,420,093</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">(205,682</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">)</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">20,469,135</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double;" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Income (loss) before income taxes</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">2,055,277</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">(89,721</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">)</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">(20,417</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">)</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">1,945,139</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double;" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Total assets</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">123,921,278</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">35,000,416</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">158,921,694</font></td></tr></table></div></div> </div>
<div> <table border="0" cellspacing="0">
<tr><td width="32%"> </td>
<td width="16%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="13%"> </td>
<td width="16%"> </td>
<td width="2%"> </td>
<td width="13%"> </td></tr>
<tr valign="bottom"><td align="left"> </td>
<td align="center"> </td>
<td align="center"> </td>
<td align="center"> </td>
<td align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Weighted</font></b></td>
<td align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Average</font></b></td>
<td align="center"> </td>
<td align="center"> </td></tr>
<tr valign="bottom"><td align="left"> </td>
<td align="center"> </td>
<td align="center"> </td>
<td align="center"> </td>
<td style="text-indent: 1px;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Average</font></b></td>
<td align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Remaining</font></b></td>
<td align="center"> </td>
<td align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Aggregate</font></b></td></tr>
<tr valign="bottom"><td align="left"> </td>
<td align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Number</font></b></td>
<td align="center"> </td>
<td align="center"> </td>
<td style="text-indent: 1px;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Exercise</font></b></td>
<td align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Contractual</font></b></td>
<td align="center"> </td>
<td align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Intrinsic</font></b></td></tr>
<tr valign="bottom"><td align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Of Shares</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Price</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Term (Years)</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Value</font></b></td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Outstanding as of January 1, 2012</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">101,600</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">29.81</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 12px;" 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: rgb(0,0,0) 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" 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 align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">SARs granted</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,000</font></td>
<td align="left"> </td>
<td align="right"> </td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">50.50</font></td>
<td align="right"> </td>
<td align="right"> </td>
<td align="right"> </td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">SARs exercised</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></td>
<td align="left"> </td>
<td align="right"> </td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></td>
<td align="right"> </td>
<td align="right"> </td>
<td align="right"> </td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Options exercised</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(6,380</font></td>
<td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td align="right"> </td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">25.17</font></td>
<td align="right"> </td>
<td align="right"> </td>
<td align="right"> </td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Options/SARs cancelled/forfeited/expired</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(70</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">31.00</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"> </td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Outstanding as of December 31, 2012</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">98,150</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" 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: rgb(0,0,0) 1px solid; text-indent: 12px;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">3.17</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2,871,710</font></b></td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">SARs granted</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></td>
<td align="left"> </td>
<td align="right"> </td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></td>
<td align="right"> </td>
<td align="right"> </td>
<td align="right"> </td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">SARs exercised</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(3,000</font></td>
<td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td align="right"> </td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">41.25</font></td>
<td align="right"> </td>
<td align="right"> </td>
<td align="right"> </td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Options exercised</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(1,400</font></td>
<td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td align="right"> </td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">30.59</font></td>
<td align="right"> </td>
<td align="right"> </td>
<td align="right"> </td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Options/SARs cancelled/forfeited/expired</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"> </td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Outstanding as of March 31, 2013</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">93,750</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">30.41</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 12px;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2.97</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">3,624,608</font></b></td></tr>
<tr><td colspan="8"> </td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Exercisable as of March 31, 2013</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">93,500</font></b></td>
<td align="left"> </td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">30.41</font></b></td>
<td style="text-indent: 12px;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2.97</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">3,615,105</font></b></td></tr>
<tr><td colspan="8"> </td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Unvested as of March 31, 2013</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">250</font></b></td>
<td align="left"> </td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">31.06</font></b></td>
<td style="text-indent: 12px;" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1.44</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">9,503</font></b></td></tr></table> </div>
<div> <div class="MetaData">
<div>
<table border="0" cellspacing="0">
<tr><td width="15%"> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="1%"> </td>
<td width="9%"> </td>
<td width="1%"> </td></tr>
<tr valign="bottom"><td width="15%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="21%" colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Less than 12 Months</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="21%" colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">12 Months or Longer</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="20%" colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td></tr>
<tr valign="bottom"><td width="15%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Fair</font></b></td>
<td width="1%" align="center"> </td>
<td width="10%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized</font></b></td>
<td width="1%" align="center"> </td>
<td width="1%" align="center"> </td>
<td width="10%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Fair</font></b></td>
<td width="11%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized</font></b></td>
<td width="1%" align="center"> </td>
<td width="1%" align="center"> </td>
<td width="10%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Fair</font></b></td>
<td width="1%" align="center"> </td>
<td width="9%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized</font></b></td>
<td width="1%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="15%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">March 31, 2013</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Value</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Losses</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Value</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Losses</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Value</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="9%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Losses</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td></tr>
<tr valign="bottom"><td width="15%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">General obligations of</font></b></td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="1%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" width="15%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">U.S. states,</font></b></td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="1%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" width="15%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">territories and</font></b></td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="1%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" width="15%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">political sub-</font></b></td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="1%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" width="15%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">divisions</font></b></td>
<td width="1%" 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">1,118,337</font></b></td>
<td width="1%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(11,011</font></b></td>
<td width="1%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td>
<td width="1%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></b></td>
<td width="1%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></b></td>
<td width="1%" align="left"> </td>
<td width="1%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,118,337</font></b></td>
<td width="1%" 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">(11,011</font></b></td>
<td width="1%" 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="15%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Special revenue</font></b></td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="1%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" width="15%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">obligations of</font></b></td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="1%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" width="15%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">U.S. states</font></b></td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="1%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" width="15%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">territories and</font></b></td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="1%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" width="15%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">political sub-</font></b></td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="1%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 3px;" width="15%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">divisions</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,238,380</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(6,726</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" 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: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,238,380</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(6,726</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" 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="15%" 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="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="1%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 3px;" width="15%" 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: rgb(0,0,0) 1px solid;" width="1%" 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: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2,356,717</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(17,737</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2,356,717</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(17,737</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="15%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Equity securities</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">379,334</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(23,269</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">181,326</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(57,787</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">560,660</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(81,056</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td></tr>
<tr valign="bottom"><td width="15%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Total temporarily</font></b></td>
<td width="1%" align="right"> </td>
<td width="10%" align="right"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="1%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double; text-indent: 3px;" width="15%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">impaired securities</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2,736,051</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(41,006</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">181,326</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(57,787</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2,917,377</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" 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: rgb(0,0,0) 3px double;" width="9%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">(98,793</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" 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 style="width: 1203px; height: 354px;" border="0" cellspacing="0">
<tr><td width="15%"> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="1%"> </td>
<td width="9%"> </td>
<td width="1%"> </td></tr>
<tr valign="bottom"><td width="15%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="21%" colspan="3" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Less than 12 Months</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="21%" colspan="3" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">12 Months or Longer</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="20%" colspan="3" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td></tr>
<tr valign="bottom"><td width="15%" align="left"> </td>
<td width="1%" align="right"> </td>
<td style="text-indent: 4px;" width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Fair</font></td>
<td width="1%" align="center"> </td>
<td width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized</font></td>
<td width="1%" align="center"> </td>
<td width="1%" align="center"> </td>
<td width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Fair</font></td>
<td width="11%" colspan="2" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized</font></td>
<td width="1%" align="center"> </td>
<td width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Fair</font></td>
<td width="1%" align="center"> </td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized</font></td>
<td width="1%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="15%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">December 31, 2012</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Value</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Losses</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Value</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="11%" colspan="2" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Losses</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Value</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Losses</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td></tr>
<tr valign="bottom"><td width="15%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">General obligations of</font></td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="1%" 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">U.S. states,</font></td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="1%" 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">territories and</font></td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="1%" 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">political sub-</font></td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="1%" 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">divisions</font></td>
<td width="1%" 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">1,236,906</font></td>
<td width="1%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(10,455</font></td>
<td width="1%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td width="1%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="text-indent: 8px;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></td>
<td width="1%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></td>
<td width="1%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,236,906</font></td>
<td width="1%" 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">(10,455</font></td>
<td width="1%" 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="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="right"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="right"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="right"> </td>
<td width="1%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="1%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid; 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: rgb(0,0,0) 1px solid;" width="1%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">985,250</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(14,750</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 8px;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">985,250</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(14,750</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" 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="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="right"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="right"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="right"> </td>
<td width="1%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="1%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid; 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: rgb(0,0,0) 1px solid;" width="1%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,222,156</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(25,205</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 8px;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,222,156</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(25,205</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="15%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Equity securities</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,551,215</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(91,237</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 8px;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,551,215</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(91,237</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr>
<tr valign="bottom"><td width="15%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total temporarily</font></td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="right"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="right"> </td>
<td width="1%" align="right"> </td>
<td width="10%" align="right"> </td>
<td width="1%" align="right"> </td>
<td width="9%" align="left"> </td>
<td width="1%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double; text-indent: 3px;" width="15%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">impaired securities</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,773,371</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(116,442</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double; text-indent: 8px;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,773,371</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(116,442</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr></table></div></div> </div>
<div> <font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">
</font>
<div>
<div>
<div>
<p style="text-align: left;"><u><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Note 4 – Segment Information</font></u></p>
<p style="text-align: left;"> <font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">The Company has <font class="_mt">one</font> 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 class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" 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 class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Provided below is selected financial information about the Company's operations by segment for the periods ended March 31, 2013 and 2012:</font></p>
<div class="MetaData">
<div>
<table cellspacing="0" border="0">
<tr><td width="31%"> </td>
<td width="3%"> </td>
<td width="12%"> </td>
<td width="3%"> </td>
<td width="11%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="14%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="11%"> </td></tr>
<tr valign="bottom"><td align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Three Months Ended</font></b></td>
<td align="left"> </td>
<td align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Title</font></b></td>
<td align="center"> </td>
<td align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">All</font></b></td>
<td align="center"> </td>
<td align="center"> </td>
<td align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Intersegment</font></b></td>
<td align="center"> </td>
<td align="center"> </td>
<td align="center"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">March 31, 2013</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 1px;" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Insurance</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Other</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Eliminations</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Total</font></b></td></tr>
<tr valign="bottom"><td align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Insurance and other services</font></b></td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">revenues</font></b></td>
<td align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">25,028,558</font></b></td>
<td align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">1,226,251</font></b></td>
<td align="left"> </td>
<td align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">(343,365</font></b></td>
<td align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">)</font></b></td>
<td align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">25,911,444</font></b></td></tr>
<tr valign="bottom"><td align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Investment income</font></b></td>
<td align="left"> </td>
<td align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">848,655</font></b></td>
<td align="left"> </td>
<td align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">95,164</font></b></td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">(23,334</font></b></td>
<td align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">)</font></b></td>
<td align="left"> </td>
<td align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">920,485</font></b></td></tr>
<tr valign="bottom"><td align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Net realized gain (loss) on</font></b></td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">investments</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">31,601</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">(15,257</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">)</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">0</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">16,344</font></b></td></tr>
<tr valign="bottom"><td align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Total revenues</font></b></td>
<td align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">25,908,814</font></b></td>
<td align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">1,306,158</font></b></td>
<td align="left"> </td>
<td align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">(366,699</font></b></td>
<td align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">)</font></b></td>
<td align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">26,848,273</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Operating expenses</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">20,865,372</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">1,557,427</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">(325,944</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">)</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">22,096,855</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double;" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Income (loss) before income taxes</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">5,043,442</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">(251,269</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">)</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">(40,755</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">)</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">4,751,418</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double;" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">Total assets</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">136,734,324</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">37,401,725</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">0</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="2">174,136,049</font></b></td></tr></table></div>
<p style="margin: 0px;"> </p>
<div>
<table style="height: 255px; width: 675px;" cellspacing="0" border="0">
<tr><td width="30%"> </td>
<td width="3%"> </td>
<td width="12%"> </td>
<td width="3%"> </td>
<td width="11%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="13%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="11%"> </td></tr>
<tr valign="bottom"><td align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Three Months Ended</font></td>
<td align="left"> </td>
<td align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Title</font></td>
<td align="center"> </td>
<td align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">All</font></td>
<td align="center"> </td>
<td align="center"> </td>
<td align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Intersegment</font></td>
<td align="center"> </td>
<td align="center"> </td>
<td align="center"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">March 31, 2012</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 1px;" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Insurance</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Other</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Eliminations</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Total</font></td></tr>
<tr valign="bottom"><td align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Insurance and other services</font></td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">revenues</font></td>
<td align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">20,273,756</font></td>
<td align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">1,176,058</font></td>
<td align="left"> </td>
<td align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">(205,682</font></td>
<td align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">)</font></td>
<td align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">21,244,132</font></td></tr>
<tr valign="bottom"><td align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Investment income</font></td>
<td align="left"> </td>
<td align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">853,831</font></td>
<td align="left"> </td>
<td align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">143,847</font></td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">(20,417</font></td>
<td align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">)</font></td>
<td align="left"> </td>
<td align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">977,261</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Net realized gain on investments</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">182,414</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">10,467</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">192,881</font></td></tr>
<tr valign="bottom"><td align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Total revenues</font></td>
<td align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">21,310,001</font></td>
<td align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">1,330,372</font></td>
<td align="left"> </td>
<td align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">(226,099</font></td>
<td align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">)</font></td>
<td align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">22,414,274</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Operating expenses</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">19,254,724</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">1,420,093</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">(205,682</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">)</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">20,469,135</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double;" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Income (loss) before income taxes</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">2,055,277</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">(89,721</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">)</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">(20,417</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">)</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">1,945,139</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double;" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">Total assets</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">123,921,278</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">35,000,416</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="2">158,921,694</font></td></tr></table></div></div>
<p style="margin: 0px;"> </p></div></div></div> </div>
21244132
1176058
-205682
20273756
25911444
1226251
-343365
25028558
17690
17737
P1Y
3615105
93500
30.41
P2Y11M19D
70
0
31.00
0.00
3000
0
697780
2871710
3624608
101600
98150
93750
29.81
30.74
30.41
P3Y10M28D
P3Y2M1D
P2Y11M19D
500000
25.17
0.00
30.59
41.25
50.50
0.00
2107681
2097564
2043359
2045968
13567648
13567648
0
0
19839497
19839497
0
0
106512184
7509165
1
99003018
108529587
8688485
1
99841101
114638890
8818430
1
105820459
119503295
10377980
1
109125314
22438
22438
2200
6380
0
1400
4400
3000
45062
45062
<div> <div><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3"> </font>
<div><i><font class="_mt" style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" size="3"> </font></i>
<div><i><font class="_mt" style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" size="3"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">
</font></font></i>
<p style="text-align: left;"> <i><font class="_mt" style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" size="3">Subsequent Events - </font></i><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">The Company has concluded that there were no material subsequent events requiring adjustment to or disclosure in its Consolidated Financial Statements.</font></p></div></div></div> </div>
0
493861
503549
88411
9688
493861
503549
<div> <table style="height: 207px; width: 1003px;" cellspacing="0" border="0">
<tr><td width="72%"> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="1%"> </td></tr>
<tr valign="bottom"><td width="72%" align="left"> </td>
<td width="1%" align="left"> </td>
<td width="10%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">March 31,</font></b></td>
<td width="1%" align="center"> </td>
<td width="10%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">December 31,</font></td>
<td width="1%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="72%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Changes in fair value during the period ended:</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">2013</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">2012</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td></tr>
<tr valign="bottom"><td width="72%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Beginning balance at January 1</font></td>
<td width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">$</font></b></td>
<td width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">493,861</font></b></td>
<td width="1%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">$</font></td>
<td width="10%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">0</font></td>
<td width="1%" align="left"> </td></tr>
<tr valign="bottom"><td width="72%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Redeemable noncontrolling interest resulting from subsidiary purchase</font></td>
<td width="1%" align="left"> </td>
<td width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">0</font></b></td>
<td width="1%" align="left"> </td>
<td width="10%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">446,250</font></td>
<td width="1%" align="left"> </td></tr>
<tr valign="bottom"><td width="72%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Net income attributable to redeemable noncontrolling interest</font></td>
<td width="1%" align="left"> </td>
<td width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">9,688</font></b></td>
<td width="1%" align="left"> </td>
<td width="10%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">88,411</font></td>
<td width="1%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="72%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Distributions to noncontrolling interest</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">0</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">(40,800</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="1%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">)</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double;" width="72%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">Balance, net</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" size="3">503,549</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">493,861</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="1%" align="left"> </td></tr></table> </div>
12317
1791
509711
509711
114958
114958
<div> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"> </font>
<div><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"> </font>
<div>
<div><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"> </font>
<div><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"> </font>
<div><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"> </font>
<div>
<div>
<table border="0" cellspacing="0">
<tr><td width="46%"> </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 width="46%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="10%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Gross</font></b></td>
<td width="2%" align="center"> </td>
<td width="10%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Gross</font></b></td>
<td width="2%" align="center"> </td>
<td style="text-indent: 1px;" width="10%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Estimated</font></b></td></tr>
<tr valign="bottom"><td width="46%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Amortized</font></b></td>
<td width="2%" align="center"> </td>
<td width="10%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized</font></b></td>
<td width="2%" align="center"> </td>
<td width="10%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized</font></b></td>
<td width="2%" align="center"> </td>
<td width="10%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Fair</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="46%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">March 31, 2013</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Cost</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Gains</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Losses</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Value</font></b></td></tr>
<tr valign="bottom"><td width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Fixed maturities, available-for-sale, at fair value-</font></td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">General obligations of U.S. states, territories</font></td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">and political subdivisions</font></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">37,864,558</font></b></td>
<td width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">3,028,449</font></b></td>
<td width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">11,011</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">40,881,996</font></b></td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Special revenue obligations of U.S. states, territories and</font></td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">political subdivisions</font></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">17,612,648</font></b></td>
<td width="2%" align="left"> </td>
<td width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,851,821</font></b></td>
<td width="2%" align="left"> </td>
<td width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">6,726</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">19,457,743</font></b></td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Corporate debt securities</font></td>
<td width="2%" align="right"> </td>
<td width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">15,042,627</font></b></td>
<td width="2%" align="left"> </td>
<td width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">1,185,407</font></b></td>
<td width="2%" align="left"> </td>
<td width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></b></td>
<td width="2%" align="right"> </td>
<td width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">16,228,034</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 1px;" width="46%" 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: rgb(0,0,0) 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">917,820</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">12,980</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">930,800</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double; text-indent: 3px;" width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></td>
<td style="border-bottom: rgb(0,0,0) 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: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">71,437,653</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">6,078,657</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">17,737</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">77,498,573</font></b></td></tr>
<tr valign="bottom"><td width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Equity securities, available-for-sale at fair value-</font></td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 1px;" width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Common stocks and nonredeemable preferred stocks</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">20,842,586</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">10,047,906</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">81,056</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">30,809,436</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double; text-indent: 3px;" width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">20,842,586</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">10,047,906</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">81,056</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">30,809,436</font></b></td></tr>
<tr valign="bottom"><td width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Short-term investments-</font></td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 1px;" width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Certificates of deposit and other</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">19,839,497</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">19,839,497</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double; text-indent: 3px;" width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">19,839,497</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></b></td>
<td style="border-bottom: rgb(0,0,0) 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: rgb(0,0,0) 3px double;" width="10%" align="right"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">19,839,497</font></b></td></tr></table></div>
<p style="margin: 0px;"> </p>
<div> </div><br />
<div>
<table border="0" cellspacing="0">
<tr><td width="46%"> </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 width="46%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Gross</font></td>
<td width="2%" align="center"> </td>
<td width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Gross</font></td>
<td width="2%" align="center"> </td>
<td style="text-indent: 2px;" width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Estimated</font></td></tr>
<tr valign="bottom"><td width="46%" align="left"> </td>
<td width="2%" align="right"> </td>
<td style="text-indent: 1px;" width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Amortized</font></td>
<td width="2%" align="center"> </td>
<td width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized</font></td>
<td width="2%" align="center"> </td>
<td width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Unrealized</font></td>
<td width="2%" align="center"> </td>
<td width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Fair</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid;" width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">December 31, 2012</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Cost</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Gains</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Losses</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Value</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">Fixed maturities, available-for-sale, at fair value-</font></td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">General obligations of U.S. states, territories</font></td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">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 style="text-indent: 1px;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">38,658,463</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,211,445</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">0</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">41,869,908</font></td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Special revenue obligations of U.S. states, territories and</font></td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">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">18,933,299</font></td>
<td width="2%" align="left"> </td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,909,106</font></td>
<td width="2%" align="left"> </td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">10,455</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">20,831,950</font></td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Corporate debt securities</font></td>
<td width="2%" align="right"> </td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">17,064,697</font></td>
<td width="2%" align="left"> </td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,252,973</font></td>
<td width="2%" align="left"> </td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">14,750</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">18,302,920</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 1px;" width="46%" 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: rgb(0,0,0) 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">917,214</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">14,986</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="left"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"> </td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">932,200</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double; text-indent: 3px;" width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></td>
<td style="border-bottom: rgb(0,0,0) 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: rgb(0,0,0) 3px double;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">75,573,673</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">6,388,510</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double; text-indent: 1px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">25,205</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">81,936,978</font></td></tr>
<tr valign="bottom"><td width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Equity securities, available-for-sale at fair value-</font></td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 1px;" width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Common stocks and nonredeemable preferred stocks</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">21,229,114</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">7,373,056</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 1px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">91,237</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">28,510,933</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double; text-indent: 3px;" width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">21,229,114</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">7,373,056</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double; text-indent: 1px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">91,237</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">28,510,933</font></td></tr>
<tr valign="bottom"><td width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Short-term investments-</font></td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="left"> </td>
<td width="10%" align="left"> </td>
<td width="2%" align="right"> </td>
<td width="10%" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 1px;" width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Certificates of deposit and other</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">13,567,648</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid; text-indent: 1px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">13,567,648</font></td></tr>
<tr valign="bottom"><td style="border-bottom: rgb(0,0,0) 3px double; text-indent: 3px;" width="46%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">13,567,648</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double; text-indent: 1px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: rgb(0,0,0) 3px double;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">0</font></td>
<td style="border-bottom: rgb(0,0,0) 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: rgb(0,0,0) 3px double;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">13,567,648</font></td></tr></table></div></div></div></div></div></div></div> </div>
<div> <div><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3"> </font>
<div><i><font class="_mt" style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" size="3"> </font></i>
<div>
<div><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" size="3">
</font>
<p style="text-align: left;"> <i><font class="_mt" style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" size="3">Use of Estimates and Assumptions </font></i><font class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" 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></div></div> </div>
2128788
2083999
2100835
2044801
Denotes fair market value obtained from pricing services.
These accumulated other comprehensive income components are not reclassified to net income in their entirety in the same reporting period. The amounts are presented within salaries, employee benefits and payroll taxes on the Consolidated Statements of Income as amortized. Amortization related to postretirement benefit plans is included in the computation of net periodic pension costs, as discussed in Note 5.