Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 16, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Document Fiscal Year Focus | '2014 | ' |
Entity Registrant Name | 'INVESTORS TITLE CO | ' |
Entity Central Index Key | '0000720858 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 2,028,915 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Investments in securities: | ' | ' |
Fixed maturities, available-for-sale, at fair value (amortized cost: 2014: $86,162,748; 2013: $87,980,160) | $90,978,622 | $91,445,413 |
Equity securities, available-for-sale, at fair value (cost: 2014: $23,450,256; 2013: $22,200,369) | 38,193,808 | 36,144,065 |
Short-term investments | 9,695,708 | 7,926,373 |
Other investments | 7,949,171 | 7,247,831 |
Total investments | 146,817,309 | 142,763,682 |
Cash and cash equivalents | 19,501,886 | 23,626,761 |
Premium and fees receivable | 8,630,916 | 8,750,224 |
Accrued interest and dividends | 981,541 | 1,006,698 |
Prepaid expenses and other assets | 8,459,543 | 7,466,141 |
Property, net | 4,981,955 | 4,325,538 |
Current income taxes recoverable | 1,879,224 | 366,772 |
Total Assets | 191,252,374 | 188,305,816 |
Liabilities: | ' | ' |
Reserves for claims | 35,628,000 | 35,360,000 |
Accounts payable and accrued liabilities | 17,225,696 | 20,324,190 |
Deferred income taxes, net | 5,496,643 | 4,013,983 |
Total liabilities | 58,350,339 | 59,698,173 |
Commitments and Contingencies | 0 | 0 |
Redeemable Noncontrolling Interest | 0 | 545,489 |
Stockholders' Equity: | ' | ' |
Preferred stock (1,000,000 authorized shares; no shares issued) | 0 | 0 |
Common stock - no par value (10,000,000 authorized shares; 2,029,819 and 2,037,135 shares issued and outstanding 2014 and 2013, respectively, excluding 291,676 shares for 2014 and 2013 of common stock held by the Company's subsidiary) | 1 | 1 |
Retained earnings | 120,148,704 | 116,714,749 |
Accumulated other comprehensive income | 12,753,330 | 11,347,404 |
Total stockholders' equity | 132,902,035 | 128,062,154 |
Total Liabilities and Stockholders' Equity | $191,252,374 | $188,305,816 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Fixed maturities, available-for-sale, amortized cost | $86,162,748 | $87,980,160 |
Equity securities, available-for-sale, cost | $23,450,256 | $22,200,369 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, no par value | ' | ' |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 2,029,819 | 2,037,135 |
Common stock, shares outstanding | 2,029,819 | 2,037,135 |
Common stock, held by Company's subsidiary | 291,676 | 291,676 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Revenues: | ' | ' | ' | ' |
Net premiums written | $29,849,853 | $30,429,761 | $54,759,105 | $54,355,758 |
Investment income - interest and dividends | 1,039,435 | 925,047 | 2,065,851 | 1,845,532 |
Net realized gain on investments | 92,082 | 55,272 | 584,219 | 71,616 |
Other | 2,240,183 | 2,283,320 | 4,266,452 | 4,268,767 |
Total Revenues | 33,221,553 | 33,693,400 | 61,675,627 | 60,541,673 |
Operating Expenses: | ' | ' | ' | ' |
Commissions to agents | 18,346,381 | 17,608,789 | 33,802,659 | 31,098,220 |
Provision for claims | 294,281 | 996,870 | 2,669,664 | 607,812 |
Salaries, employee benefits and payroll taxes | 6,454,930 | 6,249,723 | 12,640,691 | 12,400,473 |
Office occupancy and operations | 1,246,644 | 1,026,108 | 2,426,971 | 2,100,341 |
Business development | 511,763 | 452,353 | 1,029,657 | 881,086 |
Filing fees, franchise and local taxes | 225,343 | 188,950 | 414,943 | 369,520 |
Premium and retaliatory taxes | 546,091 | 530,524 | 840,565 | 971,047 |
Professional and contract labor fees | 666,909 | 535,207 | 1,354,967 | 1,110,544 |
Other | 250,167 | 234,826 | 459,951 | 381,162 |
Total Operating Expenses | 28,542,509 | 27,823,350 | 55,640,068 | 49,920,205 |
Income before Income Taxes | 4,679,044 | 5,870,050 | 6,035,559 | 10,621,468 |
Provision for Income Taxes | 1,281,000 | 1,846,000 | 1,652,000 | 3,211,000 |
Net Income | 3,398,044 | 4,024,050 | 4,383,559 | 7,410,468 |
Net Income Attributable to Redeemable Noncontrolling Interest | -24,446 | -18,375 | -23,523 | -28,063 |
Net Income Attributable to the Company | $3,373,598 | $4,005,675 | $4,360,036 | $7,382,405 |
Basic Earnings per Common Share | $1.66 | $1.94 | $2.14 | $3.59 |
Weighted Average Shares Outstanding – Basic | 2,034,931 | 2,063,797 | 2,036,047 | 2,054,300 |
Diluted Earnings per Common Share | $1.65 | $1.92 | $2.14 | $3.54 |
Weighted Average Shares Outstanding – Diluted | 2,039,202 | 2,089,674 | 2,041,268 | 2,087,229 |
Cash Dividends Paid per Common Share | $0.08 | $0.08 | $0.16 | $0.16 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $3,398,044 | $4,024,050 | $4,383,559 | $7,410,468 |
Other comprehensive income, before tax: | ' | ' | ' | ' |
Amortization (accretion) related to prior year service cost | 555 | -379 | 1,109 | -759 |
Amortization of unrecognized loss | 0 | 1,574 | 0 | 3,147 |
Unrealized gains (losses) on investments arising during the period | 2,208,475 | -1,649,518 | 2,984,115 | 749,471 |
Reclassification adjustment for sales of securities included in net income | -68,364 | -70,857 | -833,636 | -105,686 |
Reclassification adjustment for write-downs of securities included in net income | 0 | 15,585 | 0 | 34,070 |
Other comprehensive income (loss), before tax | 2,140,666 | -1,703,595 | 2,151,588 | 680,243 |
Income tax expense related to postretirement health benefits | 189 | 408 | 377 | 813 |
Income tax expense (benefit) related to unrealized gains (losses) on investments arising during the year | 761,231 | -568,422 | 1,031,035 | 260,323 |
Income tax benefit related to reclassification adjustment for sales of securities included in net income | -23,213 | -24,609 | -285,750 | -36,598 |
Income tax expense related to reclassification adjustment for write-downs of securities included in net income | 0 | 6,007 | 0 | 13,134 |
Net income tax expense (benefit) on other comprehensive income (loss) | 738,207 | -586,616 | 745,662 | 237,672 |
Other comprehensive income (loss) | 1,402,459 | -1,116,979 | 1,405,926 | 442,571 |
Comprehensive Income | 4,800,503 | 2,907,071 | 5,789,485 | 7,853,039 |
Comprehensive income attributable to redeemable noncontrolling interest | -24,446 | -18,375 | -23,523 | -28,063 |
Comprehensive Income Attributable to the Company | $4,776,057 | $2,888,696 | $5,765,962 | $7,824,976 |
Consolidated_Statements_Of_Sto
Consolidated Statements Of Stockholders' Equity (USD $) | Total | Common Stock | Retained Earnings | Accumulated Other Comprehensive Income |
Balance, beginning of year at Dec. 31, 2012 | $114,638,890 | $1 | $105,820,459 | $8,818,430 |
Balance, beginning of year, shares at Dec. 31, 2012 | ' | 2,043,359 | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Net income attributable to the Company | 7,382,405 | ' | 7,382,405 | ' |
Dividends | -329,569 | ' | -329,569 | ' |
Shares of common stock repurchased and retired (in shares) | ' | -19,460 | ' | ' |
Shares of common stock repurchased and retired | -1,378,131 | ' | -1,378,131 | ' |
Stock options and stock appreciation rights exercised (in shares) | ' | 49,749 | ' | ' |
Stock options and stock appreciation rights exercised | 68,032 | ' | 68,032 | ' |
Share-based compensation expense | 40,092 | ' | 40,092 | ' |
Amortization related to postretirement health benefits | 1,575 | ' | ' | 1,575 |
Net unrealized gain on investments | 440,996 | ' | ' | 440,996 |
Stockholders' Equity, Other | 935,563 | ' | ' | ' |
Income tax benefit from share-based compensation | ' | ' | 935,563 | ' |
Balance, end of year at Jun. 30, 2013 | 121,799,853 | 1 | 112,538,851 | 9,261,001 |
Balance, end of year, shares at Jun. 30, 2013 | ' | 2,073,648 | ' | ' |
Balance, beginning of year at Dec. 31, 2013 | 128,062,154 | 1 | 116,714,749 | 11,347,404 |
Balance, beginning of year, shares at Dec. 31, 2013 | ' | 2,037,135 | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Net income attributable to the Company | 4,360,036 | ' | 4,360,036 | ' |
Dividends | -325,822 | ' | -325,822 | ' |
Shares of common stock repurchased and retired (in shares) | ' | -8,823 | ' | ' |
Shares of common stock repurchased and retired | -584,121 | ' | -584,121 | ' |
Stock options and stock appreciation rights exercised (in shares) | ' | 1,507 | ' | ' |
Stock options and stock appreciation rights exercised | 27,100 | ' | 27,100 | ' |
Share-based compensation expense | 55,083 | ' | 55,083 | ' |
Amortization related to postretirement health benefits | 732 | ' | ' | 732 |
Net unrealized gain on investments | 1,405,194 | ' | ' | 1,405,194 |
Temporary Equity, Interest Resulting From Subsidiary Purchase | -114,320 | ' | -114,320 | ' |
Income tax benefit from share-based compensation | 15,999 | ' | 15,999 | ' |
Balance, end of year at Jun. 30, 2014 | $132,902,035 | $1 | $120,148,704 | $12,753,330 |
Balance, end of year, shares at Jun. 30, 2014 | ' | 2,029,819 | ' | ' |
Consolidated_Statements_Of_Sto1
Consolidated Statements Of Stockholders' Equity (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' | ' |
Common Stock, Dividends, Per Share, Cash Paid | $0.08 | $0.08 | $0.16 | $0.16 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Operating Activities | ' | ' |
Net income | $4,383,559 | $7,410,468 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' |
Depreciation | 406,133 | 292,732 |
Amortization, net | 301,398 | 215,253 |
Amortization related to postretirement benefits obligation | 1,109 | 2,388 |
Share-based compensation expense related to stock options | 55,083 | 40,092 |
Gain (Loss) on Disposition of Property Plant Equipment | -1,900 | 1,435 |
Net realized gain on investments | -584,219 | -71,616 |
Net earnings from other investments | -684,781 | -815,714 |
Provision for claims | 2,669,664 | 607,812 |
Provision for deferred income taxes | 737,000 | 1,517,000 |
Changes in assets and liabilities: | ' | ' |
Decrease in receivables | 119,308 | 230,631 |
Increase in other assets | -1,003,088 | -3,315,234 |
Increase in current income taxes recoverable | -1,512,452 | -771,419 |
(Decrease) increase in accounts payable and accrued liabilities | -3,098,494 | 1,698,084 |
Decrease in current income taxes payable | 0 | -1,336,824 |
Payments of claims, net of recoveries | -2,401,664 | -918,812 |
Net cash (used in) provided by operating activities | -613,344 | 4,786,276 |
Investing Activities | ' | ' |
Purchases of available-for-sale securities | -5,184,440 | -641,302 |
Purchases of short-term securities | -3,770,868 | -3,835,960 |
Purchases of other investments | -786,575 | -780,778 |
Payments to Acquire Businesses, Gross | 0 | -350,000 |
Proceeds from sales and maturities of available-for-sale securities | 6,319,047 | 5,230,400 |
Proceeds from sales and maturities of short-term securities | 2,001,533 | 1,325,143 |
Proceeds from sales and distributions of other investments | 494,365 | 1,072,467 |
Proceeds from sales of other assets | 26,233 | 25,308 |
Payments to Acquire Additional Interest in Subsidiaries | -515,275 | 0 |
Purchases of property | -1,062,550 | -538,466 |
Proceeds from Sale of Property, Plant, and Equipment | 1,900 | 3,135 |
Net cash (used in) provided by investing activities | -2,476,630 | 1,509,947 |
Financing Activities | ' | ' |
Repurchases of common stock | -584,121 | -1,378,131 |
Exercises of stock options and SARs | 27,100 | 68,032 |
Payments of Ordinary Dividends, Noncontrolling Interest | -168,057 | 0 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 15,999 | 935,563 |
Dividends paid | -325,822 | -329,569 |
Net cash used in financing activities | -1,034,901 | -704,105 |
Net (Decrease) Increase in Cash and Cash Equivalents | -4,124,875 | 5,592,118 |
Cash and Cash Equivalents, Beginning of Period | 23,626,761 | 20,810,018 |
Cash and Cash Equivalents, End of Period | 19,501,886 | 26,402,136 |
Cash Paid During the Year for: | ' | ' |
Income tax payments, net | 2,414,900 | 2,892,000 |
Non cash net unrealized gain on investments, net of deferred tax provision of $(745,285) and $(236,859) for 2014 and 2013, respectively | ($1,405,194) | ($440,996) |
Consolidated_Statements_Of_Cas1
Consolidated Statements Of Cash Flows (Parenthetical) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Statement of Cash Flows [Abstract] | ' | ' |
Non cash net unrealized gain on investments, deferred tax provision | ($745,285) | ($236,859) |
Basis_Of_Presentation_And_Sign
Basis Of Presentation And Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis Of Presentation And Significant Accounting Policies | ' |
Basis of Presentation and Significant Accounting Policies | |
Reference should be made to the “Notes to Consolidated Financial Statements” appearing in the Annual Report on Form 10-K for the year ended December 31, 2013 of Investors Title Company (the “Company”) for a complete description of the Company’s significant accounting policies. | |
Principles of Consolidation – The accompanying unaudited Consolidated Financial Statements include the accounts and operations of Investors Title Company and its subsidiaries, and have been prepared in accordance with generally accepted accounting principles for interim financial information, 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 in 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. | |
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 June 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. | |
Reclassification – Certain 2013 amounts in the accompanying unaudited Consolidated Financial Statements have been reclassified to conform to the 2014 classifications. These reclassifications had no effect on stockholders’ equity or net income as previously reported. | |
Immaterial Classification Correction – During the six months ended June 30, 2013, the Company realized $935,563 in excess tax benefits associated with the exercise of stock options and stock appreciation rights (“SARs”). Such amounts were mistakenly classified as part of operating activities rather than financing activities. Accordingly, the Consolidated Statements of Cash Flows have been corrected. The correction resulted in a decrease to previously reported operating cash flows and an increase to financing cash flows in the amount of $935,563 for the six months ended June 30, 2013. There was no impact to the Consolidated Balance Sheets, Consolidated Statements of Income, Consolidated Statements of Comprehensive Income, Consolidated Statements of Stockholders’ Equity or to the Company’s cash position. | |
Allowance for Doubtful Accounts – Company management continually evaluates the collectability of receivables and provides an allowance for doubtful accounts equal to estimated losses expected to be incurred in the collection of premiums and fees receivable. During the second quarter of 2014, the Company changed its presentation of gross premiums and fees receivable and related allowance for doubtful accounts and now reports them net of certain commitments not expected to result in issued title insurance policies. The change had no impact to net premium and fees receivable, net premiums written, operating expenses or net income. | |
Use of Estimates and Assumptions – The preparation of the Company’s Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions used. | |
Subsequent Events – The Company has concluded that there were no material subsequent events requiring adjustment to or disclosure in its Consolidated Financial Statements. | |
Recently Issued Accounting Standards – In May 2014, the Financial Accounting Standards Board (“FASB”) updated guidance to improve the comparability of revenue recognition practices for entities that either enter into contracts with customers to transfer goods or services or enter into contracts for the transfer of nonfinancial assets, unless those contracts are within the scope of other standards such as insurance contracts or lease standards. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. For public entities, this update becomes effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. The Company is currently evaluating the impact that the recently issued accounting standard will have on the Company's financial position and results of operations. |
Reserves_For_Claims
Reserves For Claims | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract] | ' | |||||||||||
Reserves For Claims | ' | |||||||||||
Reserves for Claims | ||||||||||||
Transactions in the reserves for claims for the six months ended June 30, 2014 and the year ended December 31, 2013 are summarized as follows: | ||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||
Balance, beginning of period | $ | 35,360,000 | $ | 39,078,000 | ||||||||
Provision (benefit), charged to operations | 2,669,664 | (571,596 | ) | |||||||||
Payments of claims, net of recoveries | (2,401,664 | ) | (3,146,404 | ) | ||||||||
Ending balance | $ | 35,628,000 | $ | 35,360,000 | ||||||||
The total reserve for all reported and unreported losses the Company incurred through June 30, 2014 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 claims that have been incurred but not yet reported (“IBNR”). Despite the variability of such estimates, management believes that the reserves are adequate to cover claim losses which might result from pending and future claims under policies issued through June 30, 2014. Management continually reviews and adjusts its reserve estimates to reflect its loss experience and any new information that becomes available. Adjustments resulting from such reviews may be significant. | ||||||||||||
A summary of the Company’s loss reserves, broken down into its components of known title claims and IBNR, follows: | ||||||||||||
June 30, 2014 | % | December 31, 2013 | % | |||||||||
Known title claims | $ | 4,965,961 | 13.9 | $ | 4,670,809 | 13.2 | ||||||
IBNR | 30,662,039 | 86.1 | 30,689,191 | 86.8 | ||||||||
Total loss reserves | $ | 35,628,000 | 100 | $ | 35,360,000 | 100 | ||||||
Claims and losses paid are charged to the reserves for claims. Although claims losses are typically paid in cash, occasionally claims are settled by purchasing the interest of the insured or the claimant in the real property. When this event occurs, the Company carries assets at the lower of cost or estimated realizable value, net of any indebtedness on the property. |
Earnings_Per_Common_Share_And_
Earnings Per Common Share And Share Awards | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Common Share And Share Awards | ' | |||||||||||||||
Earnings Per Common Share and Share Awards | ||||||||||||||||
Basic earnings per common share is 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 services that the Company has not yet recognized; and (c) the amount of estimated tax benefits that would be recorded in retained earnings, if any, are assumed to be used to repurchase shares in the current period. The number of incremental dilutive potential common shares, calculated using the treasury stock method, was 4,271 and 25,877 for the three months ended June 30, 2014 and 2013, respectively, and 5,221 and 32,929 for the six months ended June 30, 2014 and 2013, respectively. | ||||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share for the three and six months ended June 30: | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income attributable to the Company | $ | 3,373,598 | $ | 4,005,675 | $ | 4,360,036 | $ | 7,382,405 | ||||||||
Weighted average common shares outstanding – Basic | 2,034,931 | 2,063,797 | 2,036,047 | 2,054,300 | ||||||||||||
Incremental shares outstanding assuming the exercise of dilutive stock options and SARs (share-settled) | 4,271 | 25,877 | 5,221 | 32,929 | ||||||||||||
Weighted average common shares outstanding – Diluted | 2,039,202 | 2,089,674 | 2,041,268 | 2,087,229 | ||||||||||||
Basic earnings per common share | $ | 1.66 | $ | 1.94 | $ | 2.14 | $ | 3.59 | ||||||||
Diluted earnings per common share | $ | 1.65 | $ | 1.92 | $ | 2.14 | $ | 3.54 | ||||||||
There were 3,000 potential shares excluded from the computation of diluted earnings per share for the three months ended June 30, 2014 and 2013. There were no potential shares excluded from the computation of diluted earnings per share for the six months ended June 30, 2014. There were 3,000 potential shares excluded from the computation of diluted earnings per share for the six months ended June 30, 2013. These potential shares were anti-dilutive because the underlying share awards were out-of-the-money. | ||||||||||||||||
The Company has adopted employee stock award plans under which restricted stock, and options or SARs to acquire shares (not to exceed 500,000 shares) of the Company's stock, may be granted to key employees or directors of the Company at a price not less than the market value on the date of grant. SARs and options (which have predominantly been incentive stock options) awarded under the plans thus far generally expire in five to ten years and are exercisable and vest: immediately; within one year; or at 10% to 20% per year beginning on the date of grant. All SARs issued to date have been share-settled only. | ||||||||||||||||
A summary of share-based award transactions for all share-based award plans follows: | ||||||||||||||||
Number | Weighted | Average | Aggregate | |||||||||||||
Of Shares | Average | Remaining | Intrinsic | |||||||||||||
Exercise | Contractual | Value | ||||||||||||||
Price | Term (Years) | |||||||||||||||
Outstanding as of January 1, 2013 | 98,150 | $ | 30.74 | 3.17 | $ | 2,871,710 | ||||||||||
SARs granted | 3,000 | 71.59 | ||||||||||||||
SARs exercised | (79,500 | ) | 28.77 | |||||||||||||
Options exercised | (2,650 | ) | 28.63 | |||||||||||||
Options/SARs canceled/forfeited/expired | — | — | ||||||||||||||
Outstanding as of December 31, 2013 | 19,000 | $ | 45.74 | 3.43 | $ | 669,610 | ||||||||||
SARs granted | 4,500 | 68.7 | ||||||||||||||
SARs exercised | (1,500 | ) | 49.04 | |||||||||||||
Options exercised | (1,000 | ) | 27.21 | |||||||||||||
Options/SARs canceled/forfeited/expired | — | — | ||||||||||||||
Outstanding as of June 30, 2014 | 21,000 | $ | 51.3 | 4.15 | $ | 356,160 | ||||||||||
Exercisable as of June 30, 2014 | 17,625 | $ | 47.97 | 3.62 | $ | 356,160 | ||||||||||
Unvested as of June 30, 2014 | 3,375 | $ | 68.7 | 6.9 | $ | — | ||||||||||
During the second quarters of both 2014 and 2013, the Company issued a total of 3,000 share-settled SARs to the directors of the Company. SARs give the holder the right to receive stock equal to the appreciation in the value of shares of stock from the grant date for a specified period of time, and as a result, are accounted for as equity instruments. The fair value of each award is estimated on the date of grant using the Black-Scholes option valuation model with the weighted-average assumptions noted in the table shown below. Expected volatilities are based on both the implied and historical volatility of the Company's stock. The Company uses historical data to project SAR exercises and pre-exercise forfeitures within the valuation model. The expected term of awards represents the period of time that SARs granted are expected to be outstanding. The interest rate assumed for the expected life of the award is based on the U.S. Treasury yield curve in effect at the time of the grant. The weighted-average fair values for the SARs issued during 2014 and 2013 were $28.98 and $27.55, respectively. | ||||||||||||||||
The weighted-average fair values for SARs issued during 2014 and 2013 were estimated using the weighted-average assumptions shown in the table below: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Expected life in years | 6.9 | 5 | ||||||||||||||
Volatility | 39.9 | % | 44.6 | % | ||||||||||||
Interest rate | 2.1 | % | 1.3 | % | ||||||||||||
Yield rate | 0.4 | % | 0.5 | % | ||||||||||||
There was approximately $55,000 and $40,000 of compensation expense relating to SARs or options vesting on or before June 30, 2014 and 2013, included in salaries, employee benefits and payroll taxes in the Consolidated Statements of Income. As of June 30, 2014, there was approximately $98,000 of total unrecognized compensation cost related to unvested share-based compensation arrangements granted under the Company’s stock award plans. That cost is expected to be recognized over a weighted-average period of approximately 6 months. | ||||||||||||||||
There have been no stock options or SARs granted where the exercise price was less than the market price on the date of grant. |
Segment_Information
Segment Information | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Information | ' | |||||||||||||||
Segment Information | ||||||||||||||||
The Company has one reportable segment, title insurance services. The remaining immaterial segments have been combined into a group called “All Other.” | ||||||||||||||||
The title insurance segment primarily issues title insurance policies through approved attorneys from underwriting offices and through independent issuing agents. Title insurance policies insure titles to real estate. | ||||||||||||||||
Provided below is selected financial information about the Company's operations by segment for the periods ended June 30, 2014 and 2013: | ||||||||||||||||
Three Months Ended June 30, 2014 | Title | All | Intersegment | Total | ||||||||||||
Insurance | Other | Eliminations | ||||||||||||||
Insurance and other services revenues | $ | 31,068,218 | $ | 1,447,431 | $ | (425,613 | ) | $ | 32,090,036 | |||||||
Investment income | 937,692 | 125,077 | (23,334 | ) | 1,039,435 | |||||||||||
Net realized gain (loss) on investments | 92,920 | (838 | ) | — | 92,082 | |||||||||||
Total revenues | $ | 32,098,830 | $ | 1,571,670 | $ | (448,947 | ) | $ | 33,221,553 | |||||||
Operating expenses | 27,590,537 | 1,360,164 | (408,192 | ) | 28,542,509 | |||||||||||
Income before income taxes | $ | 4,508,293 | $ | 211,506 | $ | (40,755 | ) | $ | 4,679,044 | |||||||
Total assets | $ | 148,524,746 | $ | 42,727,628 | $ | — | $ | 191,252,374 | ||||||||
Three Months Ended June 30, 2013 | Title | All | Intersegment | Total | ||||||||||||
Insurance | Other | Eliminations | ||||||||||||||
Insurance and other services revenues | $ | 31,691,606 | $ | 1,382,206 | $ | (360,731 | ) | $ | 32,713,081 | |||||||
Investment income | 858,168 | 90,213 | (23,334 | ) | 925,047 | |||||||||||
Net realized gain (loss) on investments | 59,473 | (4,201 | ) | — | 55,272 | |||||||||||
Total revenues | $ | 32,609,247 | $ | 1,468,218 | $ | (384,065 | ) | $ | 33,693,400 | |||||||
Operating expenses | 26,580,339 | 1,586,320 | (343,309 | ) | 27,823,350 | |||||||||||
Income (loss) before income taxes | $ | 6,028,908 | $ | (118,102 | ) | $ | (40,756 | ) | $ | 5,870,050 | ||||||
Total assets | $ | 144,732,176 | $ | 35,793,158 | $ | — | $ | 180,525,334 | ||||||||
Six Months Ended June 30, 2014 | Title | All | Intersegment | Total | ||||||||||||
Insurance | Other | Eliminations | ||||||||||||||
Insurance and other services revenues | $ | 56,875,668 | $ | 2,900,732 | $ | (750,843 | ) | $ | 59,025,557 | |||||||
Investment income | 1,866,204 | 246,315 | (46,668 | ) | 2,065,851 | |||||||||||
Net realized gain on investments | 530,528 | 53,691 | — | 584,219 | ||||||||||||
Total revenues | $ | 59,272,400 | $ | 3,200,738 | $ | (797,511 | ) | $ | 61,675,627 | |||||||
Operating expenses | 53,315,465 | 3,040,604 | (716,001 | ) | 55,640,068 | |||||||||||
Income before income taxes | $ | 5,956,935 | $ | 160,134 | $ | (81,510 | ) | $ | 6,035,559 | |||||||
Total assets | $ | 148,524,746 | $ | 42,727,628 | $ | — | $ | 191,252,374 | ||||||||
Six Months Ended June 30, 2013 | Title | All | Intersegment | Total | ||||||||||||
Insurance | Other | Eliminations | ||||||||||||||
Insurance and other services revenues | $ | 56,720,164 | $ | 2,608,457 | $ | (704,096 | ) | $ | 58,624,525 | |||||||
Investment income | 1,706,823 | 185,377 | (46,668 | ) | 1,845,532 | |||||||||||
Net realized gain (loss) on investments | 91,074 | (19,458 | ) | — | 71,616 | |||||||||||
Total revenues | $ | 58,518,061 | $ | 2,774,376 | $ | (750,764 | ) | $ | 60,541,673 | |||||||
Operating expenses | 47,445,711 | 3,143,747 | (669,253 | ) | 49,920,205 | |||||||||||
Income (loss) before income taxes | $ | 11,072,350 | $ | (369,371 | ) | $ | (81,511 | ) | $ | 10,621,468 | ||||||
Total assets | $ | 144,732,176 | $ | 35,793,158 | $ | — | $ | 180,525,334 | ||||||||
Retirement_Agreements_And_Othe
Retirement Agreements And Other Postretirement Benefits | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Retirement Agreements And Other Postretirement Benefits | ' | |||||||||||||||
Retirement Agreements and Other Postretirement Benefits | ||||||||||||||||
The Company’s subsidiary, Investors Title Insurance Company, is party to employment agreements with key executives that provide for the continuation of certain employee benefits and other payments due under the agreements upon retirement estimated to total $6,938,000 and $6,580,000 as of June 30, 2014 and December 31, 2013, 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 June 30, 2014 and 2013: | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost – benefits earned during the year | $ | 3,667 | $ | 3,945 | $ | 7,334 | $ | 7,891 | ||||||||
Interest cost on the projected benefit obligation | 7,618 | 7,103 | 15,236 | 14,206 | ||||||||||||
Amortization (accretion) of unrecognized prior service cost | 555 | (379 | ) | 1,109 | (759 | ) | ||||||||||
Amortization of unrecognized losses | — | 1,574 | — | 3,147 | ||||||||||||
Net periodic benefits costs | $ | 11,840 | $ | 12,243 | $ | 23,679 | $ | 24,485 | ||||||||
Fair_Value_Measurement
Fair Value Measurement | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||
Fair Value Measurement | ' | |||||||||||||||||||||||
Fair Value Measurement | ||||||||||||||||||||||||
Valuation of Financial Assets and Liabilities | ||||||||||||||||||||||||
The FASB has established a valuation hierarchy for disclosure of the inputs to valuation used to measure fair value of financial assets and liabilities, such as securities. This hierarchy categorizes the inputs into three broad levels as follows. Level 1 inputs to the valuation methodology are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs to the valuation methodology are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on the Company’s own assumptions used to measure assets and liabilities at fair value. | ||||||||||||||||||||||||
A financial instrument’s classification within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement – consequently, if there are multiple significant valuation inputs that are categorized in different levels of the hierarchy, the instrument’s hierarchy level is the lowest level (with Level 3 being the lowest level) within which any significant input falls. | ||||||||||||||||||||||||
Debt and Equity Securities | ||||||||||||||||||||||||
The Level 1 category includes equity securities that are measured at fair value using quoted active market prices. | ||||||||||||||||||||||||
The Level 2 category includes fixed maturity investments such as corporate bonds, U.S. government and agency bonds and municipal bonds. Fair value is principally based on market values obtained from a third party pricing service. Factors that are used in determining 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 a third party pricing service, although as discussed below, the Company does consult other pricing resources when confirming that the prices it obtains reflect the fair values of the instruments in accordance with Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures. Generally, quotes obtained from the pricing service for instruments classified as Level 2 are not adjusted and are not binding. As of June 30, 2014 and December 31, 2013, the Company did not adjust any Level 2 fair values. | ||||||||||||||||||||||||
A number of the Company’s investment grade corporate bonds are frequently traded in active markets, and trading prices are consequently available for these securities. However, these securities were classified as Level 2 because the pricing service from which the Company has obtained fair values for these instruments uses valuation models which use observable market inputs in addition to traded prices. Substantially all of the input assumptions used in the service’s model are observable in the marketplace or can be derived or supported by observable market data. | ||||||||||||||||||||||||
The Level 3 category only includes the Company’s investments in student loan auction rate securities (“ARS”) because quoted prices were unavailable due to the failure of auctions. The Company’s ARS portfolio is comprised entirely of investment grade student loan ARS. The par value of these securities was $1,000,000 as of June 30, 2014 and December 31, 2013, with approximately 97.0% as of June 30, 2014 and December 31, 2013, guaranteed by the U.S. Department of Education. | ||||||||||||||||||||||||
Some of the inputs to ARS valuation 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. This 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 June 30, 2014 and December 31, 2013: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Cumulative probability of earning maximum rate until maturity | —% | —% | ||||||||||||||||||||||
Cumulative probability of principal returned prior to maturity | 95.40% | 95.60% | ||||||||||||||||||||||
Cumulative probability of default at some future point | 4.60% | 4.40% | ||||||||||||||||||||||
Significant increases or decreases in any of the inputs in isolation could result in significant changes to the fair value measurement. Generally, increases in default probabilities and liquidity risk premiums lower the fair market value while increases in principal being returned and earning maximum rates increase fair market values. | ||||||||||||||||||||||||
Based upon these inputs and assumptions, the pricing service provides a range of values to the Company for its ARS. The Company records the fair value based on the midpoint of the range and believes that this valuation is the most reasonable estimate of fair value. In 2014 and 2013, the difference in the low and high values of the ranges was between approximately zero and four percent of the carrying value of the Company’s ARS. | ||||||||||||||||||||||||
The following table presents, by level, the financial assets carried at fair value measured on a recurring basis as of June 30, 2014 and December 31, 2013. 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. | ||||||||||||||||||||||||
As of June 30, 2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Short-term Investments | $ | 9,695,708 | $ | — | $ | — | $ | 9,695,708 | ||||||||||||||||
Equity Securities | ||||||||||||||||||||||||
Common stock and nonredeemable preferred stock | 38,193,808 | — | — | 38,193,808 | ||||||||||||||||||||
Fixed Maturities | ||||||||||||||||||||||||
Obligations of states and political subdivisions* | — | 69,891,681 | — | 69,891,681 | ||||||||||||||||||||
Corporate debt securities* | — | 20,154,640 | 932,301 | 21,086,941 | ||||||||||||||||||||
Total | $ | 47,889,516 | $ | 90,046,321 | $ | 932,301 | $ | 138,868,138 | ||||||||||||||||
As of December 31, 2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Short-term Investments | $ | 7,926,373 | $ | — | $ | — | $ | 7,926,373 | ||||||||||||||||
Equity Securities | ||||||||||||||||||||||||
Common stock and nonredeemable preferred stock | 36,144,065 | — | — | 36,144,065 | ||||||||||||||||||||
Fixed Maturities | ||||||||||||||||||||||||
Obligations of states and political subdivisions* | — | 72,091,721 | — | 72,091,721 | ||||||||||||||||||||
Corporate debt securities* | — | 18,417,992 | 935,700 | 19,353,692 | ||||||||||||||||||||
Total | $ | 44,070,438 | $ | 90,509,713 | $ | 935,700 | $ | 135,515,851 | ||||||||||||||||
*Denotes fair market value obtained from pricing services. | ||||||||||||||||||||||||
There were no transfers into or out of Levels 1, 2 or 3 during the period. | ||||||||||||||||||||||||
To help ensure that fair value determinations are consistent with ASC 820 fair value measurements, prices from our pricing services go through multiple review processes. Pricing procedures and inputs used to price each security include, but are not limited to, the following: unadjusted quoted market prices for identical securities such as stock market closing prices; non-binding quoted prices for identical securities in markets that are not active; interest rates; yield curves observable at commonly quoted intervals; volatility; prepayment speeds; loss severity; credit risks and default rates. The Company reviews the procedures and inputs used by its pricing services and verifies a sample of the services’ quotes by comparing them to values obtained from other pricing resources. In the event the Company disagrees with a price provided by its pricing services, the service reevaluates the price to corroborate the market information and then reviews inputs to the evaluation in light of potentially new market data. The Company believes that these processes and inputs result in appropriate classifications and fair values consistent with ASC 820. | ||||||||||||||||||||||||
Other Financial Instruments | ||||||||||||||||||||||||
The Company uses various financial instruments in the normal course of its business. In the measurement of the fair value of certain financial instruments, other valuation techniques were utilized if quoted market prices were not available. These derived fair value estimates are significantly affected by the assumptions used. Additionally, ASC 820 excludes from its scope certain financial instruments, including those related to insurance contracts, pension and other postretirement benefits, and equity method investments. | ||||||||||||||||||||||||
In estimating the fair value of the financial instruments presented, the Company used the following methods and assumptions: | ||||||||||||||||||||||||
Cash and cash equivalents | ||||||||||||||||||||||||
The carrying amount for cash and cash equivalents is a reasonable estimate of fair value due to the short-term maturity of these investments. | ||||||||||||||||||||||||
Cost-basis investments | ||||||||||||||||||||||||
The 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. These items are included in prepaid expenses and other assets in the Consolidated Balance Sheets. | ||||||||||||||||||||||||
Accrued dividends and interest | ||||||||||||||||||||||||
The carrying amount for accrued dividends and interest is a reasonable estimate of fair value due to the short-term maturity of these assets. | ||||||||||||||||||||||||
Contingent consideration | ||||||||||||||||||||||||
The fair value of 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. This item is included in accounts payable and accrued liabilities in the Consolidated Balance Sheets. | ||||||||||||||||||||||||
The carrying amounts and fair values of these financial instruments (please note investments are disclosed in a previous table) as of June 30, 2014 and December 31, 2013 are presented in the following table: | ||||||||||||||||||||||||
As of June 30, 2014 | Carrying Value | Estimated Fair | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Value | ||||||||||||||||||||||||
Financial Assets | ||||||||||||||||||||||||
Cash | $ | 19,501,886 | $ | 19,501,886 | $ | 19,501,886 | $ | — | $ | — | ||||||||||||||
Cost-basis investments | 2,498,327 | 2,600,961 | — | — | 2,600,961 | |||||||||||||||||||
Accrued dividends and interest | 981,541 | 981,541 | 981,541 | — | — | |||||||||||||||||||
Total Financial Assets | $ | 22,981,754 | $ | 23,084,388 | $ | 20,483,427 | $ | — | $ | 2,600,961 | ||||||||||||||
As of December 31, 2013 | Carrying Value | Estimated Fair | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Value | ||||||||||||||||||||||||
Financial Assets | ||||||||||||||||||||||||
Cash | $ | 23,626,761 | $ | 23,626,761 | $ | 23,626,761 | $ | — | $ | — | ||||||||||||||
Cost-basis investments | 1,927,429 | 2,069,302 | — | — | 2,069,302 | |||||||||||||||||||
Accrued dividends and interest | 1,006,698 | 1,006,698 | 1,006,698 | — | — | |||||||||||||||||||
Total Financial Assets | $ | 26,560,888 | $ | 26,702,761 | $ | 24,633,459 | $ | — | $ | 2,069,302 | ||||||||||||||
Financial Liabilities | ||||||||||||||||||||||||
Contingent consideration | $ | 341,250 | $ | 341,250 | $ | — | $ | — | $ | 341,250 | ||||||||||||||
Total Financial Liabilities | $ | 341,250 | $ | 341,250 | $ | — | $ | — | $ | 341,250 | ||||||||||||||
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 June 30, 2014 and the year ended December 31, 2013: | ||||||||||||||||||||||||
Changes in fair value during the period ended: | 2014 | 2013 | ||||||||||||||||||||||
Beginning balance at January 1 | $ | 935,700 | $ | 932,200 | ||||||||||||||||||||
Redemptions and sales | — | — | ||||||||||||||||||||||
Realized gain – included in net realized gain on investments | — | — | ||||||||||||||||||||||
Unrealized (loss) gain - included in other comprehensive income | (3,399 | ) | 3,500 | |||||||||||||||||||||
Ending balance, net | $ | 932,301 | $ | 935,700 | ||||||||||||||||||||
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 acquisition consideration, for the period ended June 30, 2014 and the year ended December 31, 2013: | ||||||||||||||||||||||||
Changes in fair value during the period ended: | 2014 | 2013 | ||||||||||||||||||||||
Beginning balance at January 1 | $ | 341,250 | $ | 691,250 | ||||||||||||||||||||
Addition of contingent consideration | — | — | ||||||||||||||||||||||
Payment for contingent consideration | (341,250 | ) | (350,000 | ) | ||||||||||||||||||||
Ending balance, net | $ | — | $ | 341,250 | ||||||||||||||||||||
Certain cost method investments are measured at estimated fair value on a non-recurring basis, such as investments that are determined to be other-than temporarily impaired during the period and recorded at estimated fair value in the Consolidated Financial Statements as of June 30, 2014 and December 31, 2013. The following table summarizes the corresponding estimated fair value hierarchy of such investments at June 30, 2014 and December 31, 2013 and the related impairments recognized: | ||||||||||||||||||||||||
As of June 30, 2014 | Valuation | Impaired | Level 1 | Level 2 | Level 3 | Total at | Impairment | |||||||||||||||||
Method | Estimated | Losses | ||||||||||||||||||||||
Fair | ||||||||||||||||||||||||
Value | ||||||||||||||||||||||||
Cost method investments | Fair Value | Yes | $ | — | $ | — | $ | 22,682 | $ | 22,682 | $ | (10,062 | ) | |||||||||||
Total cost method investments | $ | — | $ | — | $ | 22,682 | $ | 22,682 | $ | (10,062 | ) | |||||||||||||
As of December 31, 2013 | Valuation | Impaired | Level 1 | Level 2 | Level 3 | Total at | Impairment | |||||||||||||||||
Method | Estimated | Losses | ||||||||||||||||||||||
Fair | ||||||||||||||||||||||||
Value | ||||||||||||||||||||||||
Cost method investments | Fair Value | Yes | $ | — | $ | — | $ | 32,744 | $ | 32,744 | $ | (34,070 | ) | |||||||||||
Total cost method investments | $ | — | $ | — | $ | 32,744 | $ | 32,744 | $ | (34,070 | ) | |||||||||||||
Investments_In_Securities
Investments In Securities | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||
Investments In Securities | ' | |||||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||||||
The aggregate estimated fair value, gross unrealized holding gains, gross unrealized holding losses and cost or amortized cost for securities by major security type are as follows: | ||||||||||||||||||||||||
As of June 30, 2014 | Amortized | Gross | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||
Cost | Unrealized | |||||||||||||||||||||||
Gains | ||||||||||||||||||||||||
Fixed maturities, available-for-sale, at fair value – | ||||||||||||||||||||||||
General obligations of U.S. states, territories and political subdivisions | $ | 34,103,890 | $ | 1,896,485 | $ | 25,554 | $ | 35,974,821 | ||||||||||||||||
Special revenue obligations of U.S. states, territories and political subdivisions | 31,937,659 | 2,058,818 | 79,617 | 33,916,860 | ||||||||||||||||||||
Corporate debt securities | 19,200,308 | 958,602 | 4,270 | 20,154,640 | ||||||||||||||||||||
Auction rate securities | 920,891 | 11,410 | — | 932,301 | ||||||||||||||||||||
Total | $ | 86,162,748 | $ | 4,925,315 | $ | 109,441 | $ | 90,978,622 | ||||||||||||||||
Equity securities, available-for-sale, at fair value – | ||||||||||||||||||||||||
Common stocks and nonredeemable preferred stocks | $ | 23,450,256 | $ | 14,774,291 | $ | 30,739 | $ | 38,193,808 | ||||||||||||||||
Total | $ | 23,450,256 | $ | 14,774,291 | $ | 30,739 | $ | 38,193,808 | ||||||||||||||||
Short-term investments – | ||||||||||||||||||||||||
Certificates of deposit and other | $ | 9,695,708 | $ | — | $ | — | $ | 9,695,708 | ||||||||||||||||
Total | $ | 9,695,708 | $ | — | $ | — | $ | 9,695,708 | ||||||||||||||||
As of December 31, 2013 | Amortized | Gross | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||
Cost | Unrealized | |||||||||||||||||||||||
Gains | ||||||||||||||||||||||||
Fixed maturities, available-for-sale, at fair value – | ||||||||||||||||||||||||
General obligations of U.S. states, territories and political subdivisions | $ | 38,449,309 | $ | 1,922,862 | $ | 184,351 | $ | 40,187,820 | ||||||||||||||||
Special revenue obligations of U.S. states, territories and political subdivisions | 30,874,571 | 1,234,130 | 204,800 | 31,903,901 | ||||||||||||||||||||
Corporate debt securities | 17,736,608 | 789,840 | 108,456 | 18,417,992 | ||||||||||||||||||||
Auction rate securities | 919,672 | 16,028 | — | 935,700 | ||||||||||||||||||||
Total | $ | 87,980,160 | $ | 3,962,860 | $ | 497,607 | $ | 91,445,413 | ||||||||||||||||
Equity securities, available-for-sale, at fair value – | ||||||||||||||||||||||||
Common stocks and nonredeemable preferred stocks | $ | 22,200,369 | $ | 14,052,780 | $ | 109,084 | $ | 36,144,065 | ||||||||||||||||
Total | $ | 22,200,369 | $ | 14,052,780 | $ | 109,084 | $ | 36,144,065 | ||||||||||||||||
Short-term investments – | ||||||||||||||||||||||||
Certificates of deposit and other | $ | 7,926,373 | $ | — | $ | — | $ | 7,926,373 | ||||||||||||||||
Total | $ | 7,926,373 | $ | — | $ | — | $ | 7,926,373 | ||||||||||||||||
The special revenue category for both periods presented includes at least 30 individual bonds with revenue sources from a variety of industry sectors. | ||||||||||||||||||||||||
The scheduled maturities of fixed maturity securities at June 30, 2014 were as follows: | ||||||||||||||||||||||||
Available-for-Sale | ||||||||||||||||||||||||
Amortized | Fair | |||||||||||||||||||||||
Cost | Value | |||||||||||||||||||||||
Due in one year or less | $ | 12,813,088 | $ | 12,991,798 | ||||||||||||||||||||
Due after one year through five years | 48,745,990 | 51,541,170 | ||||||||||||||||||||||
Due five years through ten years | 22,608,151 | 23,908,830 | ||||||||||||||||||||||
Due after ten years | 1,995,519 | 2,536,824 | ||||||||||||||||||||||
Total | $ | 86,162,748 | $ | 90,978,622 | ||||||||||||||||||||
Realized gains and losses on investments for the six months ended June 30 are summarized as follows: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Gross realized gains: | ||||||||||||||||||||||||
Corporate debt securities | $ | — | $ | 20,476 | ||||||||||||||||||||
Common stocks and nonredeemable preferred stocks | 891,955 | 119,163 | ||||||||||||||||||||||
Total | $ | 891,955 | $ | 139,639 | ||||||||||||||||||||
Gross realized losses: | ||||||||||||||||||||||||
Common stocks and nonredeemable preferred stocks | $ | (58,319 | ) | $ | (38,785 | ) | ||||||||||||||||||
Total | $ | (58,319 | ) | $ | (38,785 | ) | ||||||||||||||||||
Net realized gain from securities | $ | 833,636 | $ | 100,854 | ||||||||||||||||||||
Net realized gains (losses) on other investments: | ||||||||||||||||||||||||
Impairments of other investments | $ | (10,062 | ) | $ | (34,070 | ) | ||||||||||||||||||
Gains on other investments | 26,234 | 4,832 | ||||||||||||||||||||||
Losses on other investments | (265,589 | ) | — | |||||||||||||||||||||
Total | $ | (249,417 | ) | $ | (29,238 | ) | ||||||||||||||||||
Net realized gain on investments | $ | 584,219 | $ | 71,616 | ||||||||||||||||||||
Realized gains and losses are determined on the specific identification method. | ||||||||||||||||||||||||
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 June 30, 2014 and December 31, 2013: | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||
As of June 30, 2014 | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
General obligations of U.S. states, territories and political subdivisions | $ | 922,668 | $ | (1,036 | ) | $ | 1,101,430 | $ | (24,518 | ) | $ | 2,024,098 | $ | (25,554 | ) | |||||||||
Special revenue obligations of U.S. states territories and political subdivisions | 2,125,264 | (16,607 | ) | 1,170,323 | (63,010 | ) | 3,295,587 | (79,617 | ) | |||||||||||||||
Corporate debt securities | 1,495,525 | (4,270 | ) | — | — | 1,495,525 | (4,270 | ) | ||||||||||||||||
Total fixed income securities | $ | 4,543,457 | $ | (21,913 | ) | $ | 2,271,753 | $ | (87,528 | ) | $ | 6,815,210 | $ | (109,441 | ) | |||||||||
Equity securities | $ | 574,818 | $ | (13,737 | ) | $ | 151,840 | $ | (17,002 | ) | $ | 726,658 | $ | (30,739 | ) | |||||||||
Total temporarily impaired securities | $ | 5,118,275 | $ | (35,650 | ) | $ | 2,423,593 | $ | (104,530 | ) | $ | 7,541,868 | $ | (140,180 | ) | |||||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||
As of December 31, 2013 | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
General obligations of U.S. states, territories and political subdivisions | $ | 4,198,012 | $ | (184,351 | ) | $ | — | $ | — | $ | 4,198,012 | $ | (184,351 | ) | ||||||||||
Special revenue obligations of U.S. states territories and political subdivisions | 11,010,093 | (204,800 | ) | — | — | 11,010,093 | (204,800 | ) | ||||||||||||||||
Corporate debt securities | 5,942,570 | (108,456 | ) | — | — | 5,942,570 | (108,456 | ) | ||||||||||||||||
Total fixed income securities | $ | 21,150,675 | $ | (497,607 | ) | $ | — | $ | — | $ | 21,150,675 | $ | (497,607 | ) | ||||||||||
Equity securities | $ | 2,035,971 | $ | (72,998 | ) | $ | 244,929 | $ | (36,086 | ) | $ | 2,280,900 | $ | (109,084 | ) | |||||||||
Total temporarily impaired securities | $ | 23,186,646 | $ | (570,605 | ) | $ | 244,929 | $ | (36,086 | ) | $ | 23,431,575 | $ | (606,691 | ) | |||||||||
As of June 30, 2014, the Company held $6,815,210 in fixed maturity securities with unrealized losses of $109,441. As of December 31, 2013, the Company held $21,150,675 in fixed maturity securities with unrealized losses of $497,607. The decline in fair value of the fixed maturity securities can be attributed primarily to changes in market interest rates and changes in credit spreads over Treasury securities. Because the Company does not have the intent to sell these securities and will likely not be compelled to sell them before it can recover its cost basis, the Company does not consider these investments to be other-than-temporarily impaired. | ||||||||||||||||||||||||
As of June 30, 2014, the Company held $726,658 in equity securities with unrealized losses of $30,739. As of December 31, 2013, the Company held $2,280,900 in equity securities with unrealized losses of $109,084. The unrealized losses related to holdings of equity securities were caused by market changes that the Company considers to be temporary. Since the Company has the intent and ability to hold these equity securities until a recovery of fair value, the Company does not consider these investments other-than-temporarily impaired. | ||||||||||||||||||||||||
Factors considered in determining whether a loss is temporary include the length of time and extent to which fair value has been below cost, the financial condition and prospects of the issuer (including credit ratings and analyst reports) and macro-economic changes. A total of 12 and 26 securities had unrealized losses at June 30, 2014 and December 31, 2013, 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 six months ended June 30, 2014 and 2013, the Company recorded no other-than-temporary impairment charges for securities. For the 2013 fiscal year, the Company recorded no other-than-temporary impairment charges for securities. Other-than-temporary impairment charges are included in net realized gain on investments in the Consolidated Statements of Income. |
Commitments_And_Contingencies
Commitments And Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments And Contingencies | ' |
Commitments and Contingencies | |
Legal Proceedings – As previously reported, Investors Title Insurance Company and several other title insurance underwriters were named in a class action lawsuit in the United States District Court for the Eastern District of Michigan, Southern Division, entitled Bushman et al. v. R. Kevin Clinton, Treasurer of the State of Michigan, et al. (2:14-cv-10011-GCS-MAR). Michigan law requires the seller of property to pay a transfer tax based on the total value of the property at the time of transfer. Exemptions from the payment of this tax exist if (1) the property is the seller’s principal residence, and (2) the state equalized value (“SEV”) of the property at the time of purchase is greater than the SEV at the time of sale. The plaintiffs in this case contended, notwithstanding this exemption, they were assessed, charged and paid the full transfer tax when they sold their property. The Company was dismissed with prejudice from this proceeding during July 2014. The Company will not report further on this matter unless there are any material developments. | |
The Company and its subsidiaries are involved in other legal proceedings that are incidental to their business. In the Company’s opinion, based on the present status of these proceedings, any potential liability of the Company or its subsidiaries with respect to these legal proceedings, will not, in the aggregate, be material to the Company’s consolidated financial condition or operations. | |
Regulation – The Company’s title insurance and trust subsidiaries are regulated by various federal, state and local governmental agencies and are subject to various audits and inquiries. It is the opinion of management based on its present expectations that these audits and inquiries will not have a material impact on the Company’s consolidated financial condition or operations. | |
Escrow and Trust Deposits – As a service to its customers, the Company, through Investors Title Insurance Company (“ITIC”), administers escrow and trust deposits representing earnest money received under real estate contracts, undisbursed amounts received for settlement of mortgage loans and indemnities against specific title risks. These amounts are not considered assets of the Company and, therefore, are excluded from the accompanying Consolidated Balance Sheets. However, the Company remains contingently liable for the disposition of these deposits. | |
Like-Kind Exchanges Proceeds – In administering tax-deferred property exchanges, the Company’s subsidiary, Investors Title Exchange Corporation (“ITEC”), serves as a qualified intermediary for exchanges, holding the net sales proceeds from relinquished property to be used for purchase of replacement property. Another Company subsidiary, Investors Title Accommodation Corporation (“ITAC”), serves as exchange accommodation titleholder and, through limited liability companies (“LLCs”) that are wholly owned subsidiaries of ITAC, holds property for exchangers in reverse exchange transactions. Like-kind exchange deposits and reverse exchange property totaled approximately $90,569,000 and $76,037,000 as of June 30, 2014 and December 31, 2013, 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 other revenue rather than investment income. These like-kind exchange funds are primarily invested in money market and other short-term investments. |
Related_Party_Transactions
Related Party Transactions | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||||||
Related Party Transactions | ' | |||||||||||||||
Related Party Transactions | ||||||||||||||||
The Company does business with, and has investments in, unconsolidated limited liability companies that are primarily title insurance agencies. The Company utilizes the equity method to account for its investment in these limited liability companies. The following table sets forth the approximate values by year found within each financial statement classification: | ||||||||||||||||
Financial Statement Classification, | As of June 30, 2014 | As of December 31, 2013 | ||||||||||||||
Consolidated Balance Sheets | ||||||||||||||||
Other investments | $ | 5,451,000 | $ | 5,320,000 | ||||||||||||
Premiums and fees receivable | $ | 671,000 | $ | 657,000 | ||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||
Financial Statement Classification, | June 30, | June 30, | ||||||||||||||
Consolidated Statements of Income | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Net premiums written | $ | 3,270,000 | $ | 3,941,000 | $ | 5,561,000 | $ | 7,358,000 | ||||||||
Other income | $ | 627,000 | $ | 544,000 | $ | 976,000 | $ | 1,069,000 | ||||||||
During the second quarter of 2013, the Company repurchased 17,524 shares of Company common stock from officers of the Company at a price of $71.50 per share to cover withholding taxes payable by the officers upon the exercise of SARs. |
Acquisition
Acquisition | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Business Combinations [Abstract] | ' | |||||||
Acquisition | ' | |||||||
Acquisition | ||||||||
In January 2012, a subsidiary of the Company, ITIC, entered into a membership interest purchase and sale agreement under which it agreed to acquire a majority ownership interest of United Title Agency Co., LLC (“United”). United, a Michigan limited liability company, is an insurance agency doing business in the State of Michigan. On April 2, 2012, ITIC purchased a 70% ownership interest in United, with both ITIC and the seller having the option to require ITIC to purchase the remaining 30% interest at a later date. | ||||||||
The contingent payment arrangement required that the purchase price for the 70% majority interest was to be paid over a two year period and was 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 was the purchase price for the majority interest to exceed $1,041,250. The acquisition date fair value of the total consideration to be transferred was $1,041,250. This fair value total was equal to $350,000 ITIC had already paid toward the purchase price, as well as $691,250 in estimated contingent payments. During the second quarter of 2013, ITIC paid an additional $350,000 toward the purchase price. During the second quarter of 2014, ITIC paid the remaining $341,250 of the purchase price. The resulting contingent payments of $0 and $341,250 are categorized in the Consolidated Balance Sheets as accounts payable and accrued liabilities as of June 30, 2014 and December 31, 2013, respectively. | ||||||||
On May 21, 2014, ITIC purchased the remaining 30% ownership interest in United, making United a wholly owned subsidiary of ITIC. The purchase price of the redeemable noncontrolling interest was 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 calculated purchase price of $515,275 was paid during the second quarter of 2014. | ||||||||
The following table provides the effects of changes in ITIC's ownership interest in United, and the resulting impact on the Company's equity: | ||||||||
June 30, 2014 | December 31, 2013 | |||||||
Net income attributable to the Company | $ | 4,360,036 | $ | 14,708,210 | ||||
Transfers from the redeemable controlling interest: | ||||||||
Decrease in paid-in capital for purchase of redeemable noncontrolling interest | (114,320 | ) | — | |||||
Net transfers from noncontrolling interest | (114,320 | ) | — | |||||
Change from net income attributable to the Company and transfers from redeemable noncontrolling interest | $ | 4,245,716 | $ | 14,708,210 | ||||
As certain provisions of the membership interest purchase and sale agreement placed the acquisition of the remaining 30% by ITIC out of ITIC’s control, the noncontrolling interest in United was deemed redeemable. The redeemable noncontrolling interest was presented outside of permanent equity, as redeemable equity in the Consolidated Balance Sheets. On the acquisition date, the fair value of the redeemable noncontrolling interest was $446,250. The fair value of the redeemable noncontrolling interest was based on the noncontrolling interest’s share of the value of net assets. | ||||||||
The following table provides a reconciliation of total redeemable equity for the periods ended June 30, 2014 and December 31, 2013: | ||||||||
Changes in carrying value during the period ended: | 30-Jun-14 | 31-Dec-13 | ||||||
Beginning balance at January 1 | $ | 545,489 | $ | 493,861 | ||||
Net income attributable to redeemable noncontrolling interest | 23,523 | 88,528 | ||||||
Distributions to noncontrolling interest | (168,057 | ) | (36,900 | ) | ||||
Purchase of redeemable noncontrolling interest | (515,275 | ) | — | |||||
Additional paid-in capital for purchase of noncontrolling interest | 114,320 | — | ||||||
Balance, net | $ | — | $ | 545,489 | ||||
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 $5,600. Identifiable assets acquired included cash and fixed assets. Liabilities assumed consisted of notes payable. | ||||||||
The transaction was accounted for using the acquisition method required by ASC 805, Business Combinations. Accordingly, the Company recognized the required identifiable intangible assets of United. There was no goodwill recorded as a result of the acquisition. The fair values of intangible assets, all Level 3 inputs, are principally based on values obtained from a third party valuation service. At acquisition, intangible assets included $645,685 relating to a non-compete contract resulting from the acquisition and $836,215 from referral relationships. The non-compete contract is being amortized over a 10-year period using the straight-line method, starting at a future date when the related employment agreement is terminated. The referral relationships are being amortized over a 12-year period using the straight-line method. At June 30, 2014 and December 31, 2013, accumulated amortization of intangible assets was $156,789 and $121,947, respectively. Net intangible assets of $1,325,111 and $1,359,953 are categorized as prepaid expenses and other assets in the Consolidated Balance Sheets as of June 30, 2014 and December 31, 2013. In accordance with ASC 350, Intangibles – Goodwill and Other, management determined that no events or changes in circumstances occurred that would indicate the carrying amount may not be recoverable, and therefore determined that the intangible assets assigned to United were not impaired at June 30, 2014. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||
Accumulated Other Comprehensive Income | ' | |||||||||||
Accumulated Other Comprehensive Income | ||||||||||||
The following tables provides changes in the balances of each component of accumulated other comprehensive income, net of tax, for the periods ended June 30, 2014 and 2013: | ||||||||||||
Three Months Ended June 30, 2014 | Unrealized Gains and Losses | Postretirement | ||||||||||
On Available-for-Sale | Benefits Plans | Total | ||||||||||
Securities | ||||||||||||
Beginning balance at April 1 | $ | 11,398,858 | $ | (47,987 | ) | $ | 11,350,871 | |||||
Other comprehensive income before reclassifications | 1,447,244 | — | 1,447,244 | |||||||||
Amounts reclassified from accumulated other comprehensive income | (45,151 | ) | 366 | (44,785 | ) | |||||||
Net current-period other comprehensive income | 1,402,093 | 366 | 1,402,459 | |||||||||
Ending balance | $ | 12,800,951 | $ | (47,621 | ) | $ | 12,753,330 | |||||
Three Months Ended June 30, 2013 | Unrealized Gains and Losses | Postretirement | ||||||||||
On Available-for-Sale | Benefits Plans | Total | ||||||||||
Securities | ||||||||||||
Beginning balance at April 1 | $ | 10,479,645 | $ | (101,665 | ) | $ | 10,377,980 | |||||
Other comprehensive loss before reclassifications | (1,081,096 | ) | — | (1,081,096 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss | (36,670 | ) | 787 | (35,883 | ) | |||||||
Net current-period other comprehensive (loss) income | (1,117,766 | ) | 787 | (1,116,979 | ) | |||||||
Ending balance | $ | 9,361,879 | $ | (100,878 | ) | $ | 9,261,001 | |||||
Six Months Ended June 30, 2014 | Unrealized Gains and Losses | Postretirement | ||||||||||
On Available-for-Sale | Benefits Plans | Total | ||||||||||
Securities | ||||||||||||
Beginning balance at January 1 | $ | 11,395,757 | $ | (48,353 | ) | $ | 11,347,404 | |||||
Other comprehensive income before reclassifications | 1,953,080 | — | 1,953,080 | |||||||||
Amounts reclassified from accumulated other comprehensive income | (547,886 | ) | 732 | (547,154 | ) | |||||||
Net current-period other comprehensive income | 1,405,194 | 732 | 1,405,926 | |||||||||
Ending balance | $ | 12,800,951 | $ | (47,621 | ) | $ | 12,753,330 | |||||
Six Months Ended June 30, 2013 | Unrealized Gains and Losses | Postretirement | ||||||||||
On Available-for-Sale | Benefits Plans | Total | ||||||||||
Securities | ||||||||||||
Beginning balance at January 1 | $ | 8,920,883 | $ | (102,453 | ) | $ | 8,818,430 | |||||
Other comprehensive income before reclassifications | 489,148 | — | 489,148 | |||||||||
Amounts reclassified from accumulated other comprehensive income | (48,152 | ) | 1,575 | (46,577 | ) | |||||||
Net current-period other comprehensive income | 440,996 | 1,575 | 442,571 | |||||||||
Ending balance | $ | 9,361,879 | $ | (100,878 | ) | $ | 9,261,001 | |||||
The following tables provides significant amounts reclassified out of each component of accumulated other comprehensive income for the periods ended June 30, 2014 and 2013: | ||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||
Details about Accumulated Other | Amount Reclassified from | Affected Line Item in the Consolidated | ||||||||||
Comprehensive Income Components | Accumulated Other | Statements of Income | ||||||||||
Comprehensive Income | ||||||||||||
Unrealized gains and losses on available-for-sale securities: | ||||||||||||
Net realized gain on investment | $ | 68,364 | ||||||||||
Other-than-temporary impairments | — | |||||||||||
Total | $ | 68,364 | Net realized gain on investment | |||||||||
Tax | (23,213 | ) | Provision for Income Taxes | |||||||||
Net of Tax | $ | 45,151 | ||||||||||
Amortization related to postretirement benefit plans: | ||||||||||||
Prior year service cost | $ | (555 | ) | |||||||||
Unrecognized gain (loss) | — | |||||||||||
Total | $ | (555 | ) | (a) | ||||||||
Tax | 189 | Provision for Income Taxes | ||||||||||
Net of Tax | $ | (366 | ) | |||||||||
Reclassifications for the period | $ | 44,785 | ||||||||||
Three Months Ended June 30, 2013 | ||||||||||||
Details about Accumulated Other | Amount Reclassified from | Affected Line Item in the Consolidated | ||||||||||
Comprehensive Loss Components | Accumulated Other | Statements of Income | ||||||||||
Comprehensive Income | ||||||||||||
Unrealized gains and losses on available-for-sale securities: | ||||||||||||
Net realized gain on investment | $ | 70,857 | ||||||||||
Other-than-temporary impairments | (15,585 | ) | ||||||||||
Total | $ | 55,272 | Net realized gain on investment | |||||||||
Tax | (18,602 | ) | Provision for Income Taxes | |||||||||
Net of Tax | $ | 36,670 | ||||||||||
Accretion (amortization) related to postretirement benefit plans: | ||||||||||||
Prior year service cost | $ | 379 | ||||||||||
Unrecognized loss | (1,574 | ) | ||||||||||
Total | $ | (1,195 | ) | (a) | ||||||||
Tax | 408 | Provision for Income Taxes | ||||||||||
Net of Tax | $ | (787 | ) | |||||||||
Reclassifications for the period | $ | 35,883 | ||||||||||
Six Months Ended June 30, 2014 | ||||||||||||
Details about Accumulated Other | Amount Reclassified from | Affected Line Item in the Consolidated | ||||||||||
Comprehensive Income Components | Accumulated Other | Statements of Income | ||||||||||
Comprehensive Income | ||||||||||||
Unrealized gains and losses on available-for-sale securities: | ||||||||||||
Net realized gain on investment | $ | 833,636 | ||||||||||
Other-than-temporary impairments | — | |||||||||||
Total | $ | 833,636 | Net realized gain on investment | |||||||||
Tax | (285,750 | ) | Provision for Income Taxes | |||||||||
Net of Tax | $ | 547,886 | ||||||||||
Amortization related to postretirement benefit plans: | ||||||||||||
Prior year service cost | $ | (1,109 | ) | |||||||||
Unrecognized gain (loss) | — | |||||||||||
Total | $ | (1,109 | ) | (a) | ||||||||
Tax | 377 | Provision for Income Taxes | ||||||||||
Net of Tax | $ | (732 | ) | |||||||||
Reclassifications for the period | $ | 547,154 | ||||||||||
Six Months Ended June 30, 2013 | ||||||||||||
Details about Accumulated Other | Amount Reclassified from | Affected Line Item in the Consolidated | ||||||||||
Comprehensive Income Components | Accumulated Other | Statements of Income | ||||||||||
Comprehensive Income | ||||||||||||
Unrealized gains and losses on available-for-sale securities: | ||||||||||||
Net realized gain on investment | $ | 105,686 | ||||||||||
Other-than-temporary impairments | (34,070 | ) | ||||||||||
Total | $ | 71,616 | Net realized gain on investment | |||||||||
Tax | (23,464 | ) | Provision for Income Taxes | |||||||||
Net of Tax | $ | 48,152 | ||||||||||
Accretion (amortization) related to postretirement benefit plans: | ||||||||||||
Prior year service cost | $ | 759 | ||||||||||
Unrecognized loss | (3,147 | ) | ||||||||||
Total | $ | (2,388 | ) | (a) | ||||||||
Tax | 813 | Provision for Income Taxes | ||||||||||
Net of Tax | $ | (1,575 | ) | |||||||||
Reclassifications for the period | $ | 46,577 | ||||||||||
(a) | 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 and accretion related to postretirement benefit plans is included in the computation of net periodic pension costs, as discussed in Note 5. |
Basis_Of_Presentation_And_Sign1
Basis Of Presentation And Significant Accounting Policies (Policy) | 6 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Principles Of Consolidation | ' |
Principles of Consolidation – The accompanying unaudited Consolidated Financial Statements include the accounts and operations of Investors Title Company and its subsidiaries, and have been prepared in accordance with generally accepted accounting principles for interim financial information, 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 in 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. | |
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 June 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. | |
Reclassification, Policy [Policy Text Block] | ' |
Reclassification – Certain 2013 amounts in the accompanying unaudited Consolidated Financial Statements have been reclassified to conform to the 2014 classifications. These reclassifications had no effect on stockholders’ equity or net income as previously reported. | |
Immaterial Classification Correction – During the six months ended June 30, 2013, the Company realized $935,563 in excess tax benefits associated with the exercise of stock options and stock appreciation rights (“SARs”). Such amounts were mistakenly classified as part of operating activities rather than financing activities. Accordingly, the Consolidated Statements of Cash Flows have been corrected. The correction resulted in a decrease to previously reported operating cash flows and an increase to financing cash flows in the amount of $935,563 for the six months ended June 30, 2013. There was no impact to the Consolidated Balance Sheets, Consolidated Statements of Income, Consolidated Statements of Comprehensive Income, Consolidated Statements of Stockholders’ Equity or to the Company’s cash position. | |
Allowance for Doubtful Accounts – Company management continually evaluates the collectability of receivables and provides an allowance for doubtful accounts equal to estimated losses expected to be incurred in the collection of premiums and fees receivable. During the second quarter of 2014, the Company changed its presentation of gross premiums and fees receivable and related allowance for doubtful accounts and now reports them net of certain commitments not expected to result in issued title insurance policies. The change had no impact to net premium and fees receivable, net premiums written, operating expenses or net income. | |
Use Of Estimates And Assumptions | ' |
Use of Estimates and Assumptions – The preparation of the Company’s Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions used. | |
Subsequent Events | ' |
Subsequent Events – The Company has concluded that there were no material subsequent events requiring adjustment to or disclosure in its Consolidated Financial Statements. | |
Recently Issued Accounting Standards | ' |
Recently Issued Accounting Standards – In May 2014, the Financial Accounting Standards Board (“FASB”) updated guidance to improve the comparability of revenue recognition practices for entities that either enter into contracts with customers to transfer goods or services or enter into contracts for the transfer of nonfinancial assets, unless those contracts are within the scope of other standards such as insurance contracts or lease standards. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. For public entities, this update becomes effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. The Company is currently evaluating the impact that the recently issued accounting standard will have on the Company's financial position and results of operations. |
Reserves_For_Claims_Tables
Reserves For Claims (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract] | ' | |||||||||||
Summary Of Transactions In Reserves For Claims | ' | |||||||||||
Transactions in the reserves for claims for the six months ended June 30, 2014 and the year ended December 31, 2013 are summarized as follows: | ||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||
Balance, beginning of period | $ | 35,360,000 | $ | 39,078,000 | ||||||||
Provision (benefit), charged to operations | 2,669,664 | (571,596 | ) | |||||||||
Payments of claims, net of recoveries | (2,401,664 | ) | (3,146,404 | ) | ||||||||
Ending balance | $ | 35,628,000 | $ | 35,360,000 | ||||||||
Summary Of The Company's Loss Reserves | ' | |||||||||||
A summary of the Company’s loss reserves, broken down into its components of known title claims and IBNR, follows: | ||||||||||||
June 30, 2014 | % | December 31, 2013 | % | |||||||||
Known title claims | $ | 4,965,961 | 13.9 | $ | 4,670,809 | 13.2 | ||||||
IBNR | 30,662,039 | 86.1 | 30,689,191 | 86.8 | ||||||||
Total loss reserves | $ | 35,628,000 | 100 | $ | 35,360,000 | 100 | ||||||
Earnings_Per_Common_Share_And_1
Earnings Per Common Share And Share Awards (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Computation Of Basic And Diluted Earnings Per Share | ' | |||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share for the three and six months ended June 30: | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income attributable to the Company | $ | 3,373,598 | $ | 4,005,675 | $ | 4,360,036 | $ | 7,382,405 | ||||||||
Weighted average common shares outstanding – Basic | 2,034,931 | 2,063,797 | 2,036,047 | 2,054,300 | ||||||||||||
Incremental shares outstanding assuming the exercise of dilutive stock options and SARs (share-settled) | 4,271 | 25,877 | 5,221 | 32,929 | ||||||||||||
Weighted average common shares outstanding – Diluted | 2,039,202 | 2,089,674 | 2,041,268 | 2,087,229 | ||||||||||||
Basic earnings per common share | $ | 1.66 | $ | 1.94 | $ | 2.14 | $ | 3.59 | ||||||||
Diluted earnings per common share | $ | 1.65 | $ | 1.92 | $ | 2.14 | $ | 3.54 | ||||||||
Summary Of Share-Based Award Transactions | ' | |||||||||||||||
A summary of share-based award transactions for all share-based award plans follows: | ||||||||||||||||
Number | Weighted | Average | Aggregate | |||||||||||||
Of Shares | Average | Remaining | Intrinsic | |||||||||||||
Exercise | Contractual | Value | ||||||||||||||
Price | Term (Years) | |||||||||||||||
Outstanding as of January 1, 2013 | 98,150 | $ | 30.74 | 3.17 | $ | 2,871,710 | ||||||||||
SARs granted | 3,000 | 71.59 | ||||||||||||||
SARs exercised | (79,500 | ) | 28.77 | |||||||||||||
Options exercised | (2,650 | ) | 28.63 | |||||||||||||
Options/SARs canceled/forfeited/expired | — | — | ||||||||||||||
Outstanding as of December 31, 2013 | 19,000 | $ | 45.74 | 3.43 | $ | 669,610 | ||||||||||
SARs granted | 4,500 | 68.7 | ||||||||||||||
SARs exercised | (1,500 | ) | 49.04 | |||||||||||||
Options exercised | (1,000 | ) | 27.21 | |||||||||||||
Options/SARs canceled/forfeited/expired | — | — | ||||||||||||||
Outstanding as of June 30, 2014 | 21,000 | $ | 51.3 | 4.15 | $ | 356,160 | ||||||||||
Exercisable as of June 30, 2014 | 17,625 | $ | 47.97 | 3.62 | $ | 356,160 | ||||||||||
Unvested as of June 30, 2014 | 3,375 | $ | 68.7 | 6.9 | $ | — | ||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | |||||||||||||||
The weighted-average fair values for SARs issued during 2014 and 2013 were estimated using the weighted-average assumptions shown in the table below: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Expected life in years | 6.9 | 5 | ||||||||||||||
Volatility | 39.9 | % | 44.6 | % | ||||||||||||
Interest rate | 2.1 | % | 1.3 | % | ||||||||||||
Yield rate | 0.4 | % | 0.5 | % |
Segment_Information_Tables
Segment Information (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Selected Financial Information About The Company's Operations By Segment | ' | |||||||||||||||
Provided below is selected financial information about the Company's operations by segment for the periods ended June 30, 2014 and 2013: | ||||||||||||||||
Three Months Ended June 30, 2014 | Title | All | Intersegment | Total | ||||||||||||
Insurance | Other | Eliminations | ||||||||||||||
Insurance and other services revenues | $ | 31,068,218 | $ | 1,447,431 | $ | (425,613 | ) | $ | 32,090,036 | |||||||
Investment income | 937,692 | 125,077 | (23,334 | ) | 1,039,435 | |||||||||||
Net realized gain (loss) on investments | 92,920 | (838 | ) | — | 92,082 | |||||||||||
Total revenues | $ | 32,098,830 | $ | 1,571,670 | $ | (448,947 | ) | $ | 33,221,553 | |||||||
Operating expenses | 27,590,537 | 1,360,164 | (408,192 | ) | 28,542,509 | |||||||||||
Income before income taxes | $ | 4,508,293 | $ | 211,506 | $ | (40,755 | ) | $ | 4,679,044 | |||||||
Total assets | $ | 148,524,746 | $ | 42,727,628 | $ | — | $ | 191,252,374 | ||||||||
Three Months Ended June 30, 2013 | Title | All | Intersegment | Total | ||||||||||||
Insurance | Other | Eliminations | ||||||||||||||
Insurance and other services revenues | $ | 31,691,606 | $ | 1,382,206 | $ | (360,731 | ) | $ | 32,713,081 | |||||||
Investment income | 858,168 | 90,213 | (23,334 | ) | 925,047 | |||||||||||
Net realized gain (loss) on investments | 59,473 | (4,201 | ) | — | 55,272 | |||||||||||
Total revenues | $ | 32,609,247 | $ | 1,468,218 | $ | (384,065 | ) | $ | 33,693,400 | |||||||
Operating expenses | 26,580,339 | 1,586,320 | (343,309 | ) | 27,823,350 | |||||||||||
Income (loss) before income taxes | $ | 6,028,908 | $ | (118,102 | ) | $ | (40,756 | ) | $ | 5,870,050 | ||||||
Total assets | $ | 144,732,176 | $ | 35,793,158 | $ | — | $ | 180,525,334 | ||||||||
Six Months Ended June 30, 2014 | Title | All | Intersegment | Total | ||||||||||||
Insurance | Other | Eliminations | ||||||||||||||
Insurance and other services revenues | $ | 56,875,668 | $ | 2,900,732 | $ | (750,843 | ) | $ | 59,025,557 | |||||||
Investment income | 1,866,204 | 246,315 | (46,668 | ) | 2,065,851 | |||||||||||
Net realized gain on investments | 530,528 | 53,691 | — | 584,219 | ||||||||||||
Total revenues | $ | 59,272,400 | $ | 3,200,738 | $ | (797,511 | ) | $ | 61,675,627 | |||||||
Operating expenses | 53,315,465 | 3,040,604 | (716,001 | ) | 55,640,068 | |||||||||||
Income before income taxes | $ | 5,956,935 | $ | 160,134 | $ | (81,510 | ) | $ | 6,035,559 | |||||||
Total assets | $ | 148,524,746 | $ | 42,727,628 | $ | — | $ | 191,252,374 | ||||||||
Six Months Ended June 30, 2013 | Title | All | Intersegment | Total | ||||||||||||
Insurance | Other | Eliminations | ||||||||||||||
Insurance and other services revenues | $ | 56,720,164 | $ | 2,608,457 | $ | (704,096 | ) | $ | 58,624,525 | |||||||
Investment income | 1,706,823 | 185,377 | (46,668 | ) | 1,845,532 | |||||||||||
Net realized gain (loss) on investments | 91,074 | (19,458 | ) | — | 71,616 | |||||||||||
Total revenues | $ | 58,518,061 | $ | 2,774,376 | $ | (750,764 | ) | $ | 60,541,673 | |||||||
Operating expenses | 47,445,711 | 3,143,747 | (669,253 | ) | 49,920,205 | |||||||||||
Income (loss) before income taxes | $ | 11,072,350 | $ | (369,371 | ) | $ | (81,511 | ) | $ | 10,621,468 | ||||||
Total assets | $ | 144,732,176 | $ | 35,793,158 | $ | — | $ | 180,525,334 | ||||||||
Retirement_Agreements_And_Othe1
Retirement Agreements And Other Postretirement Benefits (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Components Of Net Periodic Benefits Cost | ' | |||||||||||||||
The following sets forth the net periodic benefits cost for the executive benefits for the periods ended June 30, 2014 and 2013: | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost – benefits earned during the year | $ | 3,667 | $ | 3,945 | $ | 7,334 | $ | 7,891 | ||||||||
Interest cost on the projected benefit obligation | 7,618 | 7,103 | 15,236 | 14,206 | ||||||||||||
Amortization (accretion) of unrecognized prior service cost | 555 | (379 | ) | 1,109 | (759 | ) | ||||||||||
Amortization of unrecognized losses | — | 1,574 | — | 3,147 | ||||||||||||
Net periodic benefits costs | $ | 11,840 | $ | 12,243 | $ | 23,679 | $ | 24,485 | ||||||||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||
Schedule Of Assumptions Used To Determine Fair Value | ' | |||||||||||||||||||||||
The following table summarizes some key assumptions the service used to determine fair value as of June 30, 2014 and December 31, 2013: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Cumulative probability of earning maximum rate until maturity | —% | —% | ||||||||||||||||||||||
Cumulative probability of principal returned prior to maturity | 95.40% | 95.60% | ||||||||||||||||||||||
Cumulative probability of default at some future point | 4.60% | 4.40% | ||||||||||||||||||||||
Schedule Of Fair Value Assets Measured On Recurring Basis | ' | |||||||||||||||||||||||
The following table presents, by level, the financial assets carried at fair value measured on a recurring basis as of June 30, 2014 and December 31, 2013. 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. | ||||||||||||||||||||||||
As of June 30, 2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Short-term Investments | $ | 9,695,708 | $ | — | $ | — | $ | 9,695,708 | ||||||||||||||||
Equity Securities | ||||||||||||||||||||||||
Common stock and nonredeemable preferred stock | 38,193,808 | — | — | 38,193,808 | ||||||||||||||||||||
Fixed Maturities | ||||||||||||||||||||||||
Obligations of states and political subdivisions* | — | 69,891,681 | — | 69,891,681 | ||||||||||||||||||||
Corporate debt securities* | — | 20,154,640 | 932,301 | 21,086,941 | ||||||||||||||||||||
Total | $ | 47,889,516 | $ | 90,046,321 | $ | 932,301 | $ | 138,868,138 | ||||||||||||||||
As of December 31, 2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Short-term Investments | $ | 7,926,373 | $ | — | $ | — | $ | 7,926,373 | ||||||||||||||||
Equity Securities | ||||||||||||||||||||||||
Common stock and nonredeemable preferred stock | 36,144,065 | — | — | 36,144,065 | ||||||||||||||||||||
Fixed Maturities | ||||||||||||||||||||||||
Obligations of states and political subdivisions* | — | 72,091,721 | — | 72,091,721 | ||||||||||||||||||||
Corporate debt securities* | — | 18,417,992 | 935,700 | 19,353,692 | ||||||||||||||||||||
Total | $ | 44,070,438 | $ | 90,509,713 | $ | 935,700 | $ | 135,515,851 | ||||||||||||||||
*Denotes fair market value obtained from pricing services. | ||||||||||||||||||||||||
Schedule Of Carrying Value And Fair Value Of Financial Assets Disclosed | ' | |||||||||||||||||||||||
The carrying amounts and fair values of these financial instruments (please note investments are disclosed in a previous table) as of June 30, 2014 and December 31, 2013 are presented in the following table: | ||||||||||||||||||||||||
As of June 30, 2014 | Carrying Value | Estimated Fair | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Value | ||||||||||||||||||||||||
Financial Assets | ||||||||||||||||||||||||
Cash | $ | 19,501,886 | $ | 19,501,886 | $ | 19,501,886 | $ | — | $ | — | ||||||||||||||
Cost-basis investments | 2,498,327 | 2,600,961 | — | — | 2,600,961 | |||||||||||||||||||
Accrued dividends and interest | 981,541 | 981,541 | 981,541 | — | — | |||||||||||||||||||
Total Financial Assets | $ | 22,981,754 | $ | 23,084,388 | $ | 20,483,427 | $ | — | $ | 2,600,961 | ||||||||||||||
As of December 31, 2013 | Carrying Value | Estimated Fair | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Value | ||||||||||||||||||||||||
Financial Assets | ||||||||||||||||||||||||
Cash | $ | 23,626,761 | $ | 23,626,761 | $ | 23,626,761 | $ | — | $ | — | ||||||||||||||
Cost-basis investments | 1,927,429 | 2,069,302 | — | — | 2,069,302 | |||||||||||||||||||
Accrued dividends and interest | 1,006,698 | 1,006,698 | 1,006,698 | — | — | |||||||||||||||||||
Total Financial Assets | $ | 26,560,888 | $ | 26,702,761 | $ | 24,633,459 | $ | — | $ | 2,069,302 | ||||||||||||||
Financial Liabilities | ||||||||||||||||||||||||
Contingent consideration | $ | 341,250 | $ | 341,250 | $ | — | $ | — | $ | 341,250 | ||||||||||||||
Total Financial Liabilities | $ | 341,250 | $ | 341,250 | $ | — | $ | — | $ | 341,250 | ||||||||||||||
Schedule Of Fair Value Assets Measured At Unobservable Inputs Reconciliation | ' | |||||||||||||||||||||||
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 June 30, 2014 and the year ended December 31, 2013: | ||||||||||||||||||||||||
Changes in fair value during the period ended: | 2014 | 2013 | ||||||||||||||||||||||
Beginning balance at January 1 | $ | 935,700 | $ | 932,200 | ||||||||||||||||||||
Redemptions and sales | — | — | ||||||||||||||||||||||
Realized gain – included in net realized gain on investments | — | — | ||||||||||||||||||||||
Unrealized (loss) gain - included in other comprehensive income | (3,399 | ) | 3,500 | |||||||||||||||||||||
Ending balance, net | $ | 932,301 | $ | 935,700 | ||||||||||||||||||||
Reconciliation Of Liabilities Measured At Fair Value On A Recurring Basis Using Significant Unobservable Inputs (Level 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 acquisition consideration, for the period ended June 30, 2014 and the year ended December 31, 2013: | ||||||||||||||||||||||||
Changes in fair value during the period ended: | 2014 | 2013 | ||||||||||||||||||||||
Beginning balance at January 1 | $ | 341,250 | $ | 691,250 | ||||||||||||||||||||
Addition of contingent consideration | — | — | ||||||||||||||||||||||
Payment for contingent consideration | (341,250 | ) | (350,000 | ) | ||||||||||||||||||||
Ending balance, net | $ | — | $ | 341,250 | ||||||||||||||||||||
Schedule Of Estimated Fair Value Hierarchy Of Investments And Related Impairments Recognized | ' | |||||||||||||||||||||||
The following table summarizes the corresponding estimated fair value hierarchy of such investments at June 30, 2014 and December 31, 2013 and the related impairments recognized: | ||||||||||||||||||||||||
As of June 30, 2014 | Valuation | Impaired | Level 1 | Level 2 | Level 3 | Total at | Impairment | |||||||||||||||||
Method | Estimated | Losses | ||||||||||||||||||||||
Fair | ||||||||||||||||||||||||
Value | ||||||||||||||||||||||||
Cost method investments | Fair Value | Yes | $ | — | $ | — | $ | 22,682 | $ | 22,682 | $ | (10,062 | ) | |||||||||||
Total cost method investments | $ | — | $ | — | $ | 22,682 | $ | 22,682 | $ | (10,062 | ) | |||||||||||||
As of December 31, 2013 | Valuation | Impaired | Level 1 | Level 2 | Level 3 | Total at | Impairment | |||||||||||||||||
Method | Estimated | Losses | ||||||||||||||||||||||
Fair | ||||||||||||||||||||||||
Value | ||||||||||||||||||||||||
Cost method investments | Fair Value | Yes | $ | — | $ | — | $ | 32,744 | $ | 32,744 | $ | (34,070 | ) | |||||||||||
Total cost method investments | $ | — | $ | — | $ | 32,744 | $ | 32,744 | $ | (34,070 | ) | |||||||||||||
Investments_In_Securities_Tabl
Investments In Securities (Tables) | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||
Schedule Of Gross Unrealized Gains And Losses And Amortized Cost For Securities | ' | |||||||||||||||||||||||
The aggregate estimated fair value, gross unrealized holding gains, gross unrealized holding losses and cost or amortized cost for securities by major security type are as follows: | ||||||||||||||||||||||||
As of June 30, 2014 | Amortized | Gross | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||
Cost | Unrealized | |||||||||||||||||||||||
Gains | ||||||||||||||||||||||||
Fixed maturities, available-for-sale, at fair value – | ||||||||||||||||||||||||
General obligations of U.S. states, territories and political subdivisions | $ | 34,103,890 | $ | 1,896,485 | $ | 25,554 | $ | 35,974,821 | ||||||||||||||||
Special revenue obligations of U.S. states, territories and political subdivisions | 31,937,659 | 2,058,818 | 79,617 | 33,916,860 | ||||||||||||||||||||
Corporate debt securities | 19,200,308 | 958,602 | 4,270 | 20,154,640 | ||||||||||||||||||||
Auction rate securities | 920,891 | 11,410 | — | 932,301 | ||||||||||||||||||||
Total | $ | 86,162,748 | $ | 4,925,315 | $ | 109,441 | $ | 90,978,622 | ||||||||||||||||
Equity securities, available-for-sale, at fair value – | ||||||||||||||||||||||||
Common stocks and nonredeemable preferred stocks | $ | 23,450,256 | $ | 14,774,291 | $ | 30,739 | $ | 38,193,808 | ||||||||||||||||
Total | $ | 23,450,256 | $ | 14,774,291 | $ | 30,739 | $ | 38,193,808 | ||||||||||||||||
Short-term investments – | ||||||||||||||||||||||||
Certificates of deposit and other | $ | 9,695,708 | $ | — | $ | — | $ | 9,695,708 | ||||||||||||||||
Total | $ | 9,695,708 | $ | — | $ | — | $ | 9,695,708 | ||||||||||||||||
As of December 31, 2013 | Amortized | Gross | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||
Cost | Unrealized | |||||||||||||||||||||||
Gains | ||||||||||||||||||||||||
Fixed maturities, available-for-sale, at fair value – | ||||||||||||||||||||||||
General obligations of U.S. states, territories and political subdivisions | $ | 38,449,309 | $ | 1,922,862 | $ | 184,351 | $ | 40,187,820 | ||||||||||||||||
Special revenue obligations of U.S. states, territories and political subdivisions | 30,874,571 | 1,234,130 | 204,800 | 31,903,901 | ||||||||||||||||||||
Corporate debt securities | 17,736,608 | 789,840 | 108,456 | 18,417,992 | ||||||||||||||||||||
Auction rate securities | 919,672 | 16,028 | — | 935,700 | ||||||||||||||||||||
Total | $ | 87,980,160 | $ | 3,962,860 | $ | 497,607 | $ | 91,445,413 | ||||||||||||||||
Equity securities, available-for-sale, at fair value – | ||||||||||||||||||||||||
Common stocks and nonredeemable preferred stocks | $ | 22,200,369 | $ | 14,052,780 | $ | 109,084 | $ | 36,144,065 | ||||||||||||||||
Total | $ | 22,200,369 | $ | 14,052,780 | $ | 109,084 | $ | 36,144,065 | ||||||||||||||||
Short-term investments – | ||||||||||||||||||||||||
Certificates of deposit and other | $ | 7,926,373 | $ | — | $ | — | $ | 7,926,373 | ||||||||||||||||
Total | $ | 7,926,373 | $ | — | $ | — | $ | 7,926,373 | ||||||||||||||||
Schedule Of Fixed Maturity Securities | ' | |||||||||||||||||||||||
The scheduled maturities of fixed maturity securities at June 30, 2014 were as follows: | ||||||||||||||||||||||||
Available-for-Sale | ||||||||||||||||||||||||
Amortized | Fair | |||||||||||||||||||||||
Cost | Value | |||||||||||||||||||||||
Due in one year or less | $ | 12,813,088 | $ | 12,991,798 | ||||||||||||||||||||
Due after one year through five years | 48,745,990 | 51,541,170 | ||||||||||||||||||||||
Due five years through ten years | 22,608,151 | 23,908,830 | ||||||||||||||||||||||
Due after ten years | 1,995,519 | 2,536,824 | ||||||||||||||||||||||
Total | $ | 86,162,748 | $ | 90,978,622 | ||||||||||||||||||||
Schedule Of Gross Realized Gains And Losses On Securities | ' | |||||||||||||||||||||||
Realized gains and losses on investments for the six months ended June 30 are summarized as follows: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Gross realized gains: | ||||||||||||||||||||||||
Corporate debt securities | $ | — | $ | 20,476 | ||||||||||||||||||||
Common stocks and nonredeemable preferred stocks | 891,955 | 119,163 | ||||||||||||||||||||||
Total | $ | 891,955 | $ | 139,639 | ||||||||||||||||||||
Gross realized losses: | ||||||||||||||||||||||||
Common stocks and nonredeemable preferred stocks | $ | (58,319 | ) | $ | (38,785 | ) | ||||||||||||||||||
Total | $ | (58,319 | ) | $ | (38,785 | ) | ||||||||||||||||||
Net realized gain from securities | $ | 833,636 | $ | 100,854 | ||||||||||||||||||||
Net realized gains (losses) on other investments: | ||||||||||||||||||||||||
Impairments of other investments | $ | (10,062 | ) | $ | (34,070 | ) | ||||||||||||||||||
Gains on other investments | 26,234 | 4,832 | ||||||||||||||||||||||
Losses on other investments | (265,589 | ) | — | |||||||||||||||||||||
Total | $ | (249,417 | ) | $ | (29,238 | ) | ||||||||||||||||||
Net realized gain on investments | $ | 584,219 | $ | 71,616 | ||||||||||||||||||||
Schedule Of Unrealized Losses On Investments | ' | |||||||||||||||||||||||
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 June 30, 2014 and December 31, 2013: | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||
As of June 30, 2014 | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
General obligations of U.S. states, territories and political subdivisions | $ | 922,668 | $ | (1,036 | ) | $ | 1,101,430 | $ | (24,518 | ) | $ | 2,024,098 | $ | (25,554 | ) | |||||||||
Special revenue obligations of U.S. states territories and political subdivisions | 2,125,264 | (16,607 | ) | 1,170,323 | (63,010 | ) | 3,295,587 | (79,617 | ) | |||||||||||||||
Corporate debt securities | 1,495,525 | (4,270 | ) | — | — | 1,495,525 | (4,270 | ) | ||||||||||||||||
Total fixed income securities | $ | 4,543,457 | $ | (21,913 | ) | $ | 2,271,753 | $ | (87,528 | ) | $ | 6,815,210 | $ | (109,441 | ) | |||||||||
Equity securities | $ | 574,818 | $ | (13,737 | ) | $ | 151,840 | $ | (17,002 | ) | $ | 726,658 | $ | (30,739 | ) | |||||||||
Total temporarily impaired securities | $ | 5,118,275 | $ | (35,650 | ) | $ | 2,423,593 | $ | (104,530 | ) | $ | 7,541,868 | $ | (140,180 | ) | |||||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||
As of December 31, 2013 | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
General obligations of U.S. states, territories and political subdivisions | $ | 4,198,012 | $ | (184,351 | ) | $ | — | $ | — | $ | 4,198,012 | $ | (184,351 | ) | ||||||||||
Special revenue obligations of U.S. states territories and political subdivisions | 11,010,093 | (204,800 | ) | — | — | 11,010,093 | (204,800 | ) | ||||||||||||||||
Corporate debt securities | 5,942,570 | (108,456 | ) | — | — | 5,942,570 | (108,456 | ) | ||||||||||||||||
Total fixed income securities | $ | 21,150,675 | $ | (497,607 | ) | $ | — | $ | — | $ | 21,150,675 | $ | (497,607 | ) | ||||||||||
Equity securities | $ | 2,035,971 | $ | (72,998 | ) | $ | 244,929 | $ | (36,086 | ) | $ | 2,280,900 | $ | (109,084 | ) | |||||||||
Total temporarily impaired securities | $ | 23,186,646 | $ | (570,605 | ) | $ | 244,929 | $ | (36,086 | ) | $ | 23,431,575 | $ | (606,691 | ) | |||||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||||||
Summary Of Approximate Values By Year Found Within Consolidated Balance Sheets | ' | |||||||||||||||
Financial Statement Classification, | As of June 30, 2014 | As of December 31, 2013 | ||||||||||||||
Consolidated Balance Sheets | ||||||||||||||||
Other investments | $ | 5,451,000 | $ | 5,320,000 | ||||||||||||
Premiums and fees receivable | $ | 671,000 | $ | 657,000 | ||||||||||||
Summary Of Approximate Values By Year Found Within Consolidated Statements Of Income | ' | |||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||
Financial Statement Classification, | June 30, | June 30, | ||||||||||||||
Consolidated Statements of Income | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Net premiums written | $ | 3,270,000 | $ | 3,941,000 | $ | 5,561,000 | $ | 7,358,000 | ||||||||
Other income | $ | 627,000 | $ | 544,000 | $ | 976,000 | $ | 1,069,000 | ||||||||
Acquisition_Tables
Acquisition (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Business Combinations [Abstract] | ' | |||||||
Schedule of Parent Ownership Interest, Effects of Changes | ' | |||||||
The following table provides the effects of changes in ITIC's ownership interest in United, and the resulting impact on the Company's equity: | ||||||||
June 30, 2014 | December 31, 2013 | |||||||
Net income attributable to the Company | $ | 4,360,036 | $ | 14,708,210 | ||||
Transfers from the redeemable controlling interest: | ||||||||
Decrease in paid-in capital for purchase of redeemable noncontrolling interest | (114,320 | ) | — | |||||
Net transfers from noncontrolling interest | (114,320 | ) | — | |||||
Change from net income attributable to the Company and transfers from redeemable noncontrolling interest | $ | 4,245,716 | $ | 14,708,210 | ||||
Reconciliation Of Total Redeemable Equity | ' | |||||||
The following table provides a reconciliation of total redeemable equity for the periods ended June 30, 2014 and December 31, 2013: | ||||||||
Changes in carrying value during the period ended: | 30-Jun-14 | 31-Dec-13 | ||||||
Beginning balance at January 1 | $ | 545,489 | $ | 493,861 | ||||
Net income attributable to redeemable noncontrolling interest | 23,523 | 88,528 | ||||||
Distributions to noncontrolling interest | (168,057 | ) | (36,900 | ) | ||||
Purchase of redeemable noncontrolling interest | (515,275 | ) | — | |||||
Additional paid-in capital for purchase of noncontrolling interest | 114,320 | — | ||||||
Balance, net | $ | — | $ | 545,489 | ||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||
Schedule Of Changes In Balances Of Each Component Of Accumulated Other Comprehensive Income, Net Of Tax | ' | |||||||||||
The following tables provides changes in the balances of each component of accumulated other comprehensive income, net of tax, for the periods ended June 30, 2014 and 2013: | ||||||||||||
Three Months Ended June 30, 2014 | Unrealized Gains and Losses | Postretirement | ||||||||||
On Available-for-Sale | Benefits Plans | Total | ||||||||||
Securities | ||||||||||||
Beginning balance at April 1 | $ | 11,398,858 | $ | (47,987 | ) | $ | 11,350,871 | |||||
Other comprehensive income before reclassifications | 1,447,244 | — | 1,447,244 | |||||||||
Amounts reclassified from accumulated other comprehensive income | (45,151 | ) | 366 | (44,785 | ) | |||||||
Net current-period other comprehensive income | 1,402,093 | 366 | 1,402,459 | |||||||||
Ending balance | $ | 12,800,951 | $ | (47,621 | ) | $ | 12,753,330 | |||||
Three Months Ended June 30, 2013 | Unrealized Gains and Losses | Postretirement | ||||||||||
On Available-for-Sale | Benefits Plans | Total | ||||||||||
Securities | ||||||||||||
Beginning balance at April 1 | $ | 10,479,645 | $ | (101,665 | ) | $ | 10,377,980 | |||||
Other comprehensive loss before reclassifications | (1,081,096 | ) | — | (1,081,096 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss | (36,670 | ) | 787 | (35,883 | ) | |||||||
Net current-period other comprehensive (loss) income | (1,117,766 | ) | 787 | (1,116,979 | ) | |||||||
Ending balance | $ | 9,361,879 | $ | (100,878 | ) | $ | 9,261,001 | |||||
Six Months Ended June 30, 2014 | Unrealized Gains and Losses | Postretirement | ||||||||||
On Available-for-Sale | Benefits Plans | Total | ||||||||||
Securities | ||||||||||||
Beginning balance at January 1 | $ | 11,395,757 | $ | (48,353 | ) | $ | 11,347,404 | |||||
Other comprehensive income before reclassifications | 1,953,080 | — | 1,953,080 | |||||||||
Amounts reclassified from accumulated other comprehensive income | (547,886 | ) | 732 | (547,154 | ) | |||||||
Net current-period other comprehensive income | 1,405,194 | 732 | 1,405,926 | |||||||||
Ending balance | $ | 12,800,951 | $ | (47,621 | ) | $ | 12,753,330 | |||||
Six Months Ended June 30, 2013 | Unrealized Gains and Losses | Postretirement | ||||||||||
On Available-for-Sale | Benefits Plans | Total | ||||||||||
Securities | ||||||||||||
Beginning balance at January 1 | $ | 8,920,883 | $ | (102,453 | ) | $ | 8,818,430 | |||||
Other comprehensive income before reclassifications | 489,148 | — | 489,148 | |||||||||
Amounts reclassified from accumulated other comprehensive income | (48,152 | ) | 1,575 | (46,577 | ) | |||||||
Net current-period other comprehensive income | 440,996 | 1,575 | 442,571 | |||||||||
Ending balance | $ | 9,361,879 | $ | (100,878 | ) | $ | 9,261,001 | |||||
Schedule Of Reclassification Out Of Accumulated Other Comprehensive Income | ' | |||||||||||
The following tables provides significant amounts reclassified out of each component of accumulated other comprehensive income for the periods ended June 30, 2014 and 2013: | ||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||
Details about Accumulated Other | Amount Reclassified from | Affected Line Item in the Consolidated | ||||||||||
Comprehensive Income Components | Accumulated Other | Statements of Income | ||||||||||
Comprehensive Income | ||||||||||||
Unrealized gains and losses on available-for-sale securities: | ||||||||||||
Net realized gain on investment | $ | 68,364 | ||||||||||
Other-than-temporary impairments | — | |||||||||||
Total | $ | 68,364 | Net realized gain on investment | |||||||||
Tax | (23,213 | ) | Provision for Income Taxes | |||||||||
Net of Tax | $ | 45,151 | ||||||||||
Amortization related to postretirement benefit plans: | ||||||||||||
Prior year service cost | $ | (555 | ) | |||||||||
Unrecognized gain (loss) | — | |||||||||||
Total | $ | (555 | ) | (a) | ||||||||
Tax | 189 | Provision for Income Taxes | ||||||||||
Net of Tax | $ | (366 | ) | |||||||||
Reclassifications for the period | $ | 44,785 | ||||||||||
Three Months Ended June 30, 2013 | ||||||||||||
Details about Accumulated Other | Amount Reclassified from | Affected Line Item in the Consolidated | ||||||||||
Comprehensive Loss Components | Accumulated Other | Statements of Income | ||||||||||
Comprehensive Income | ||||||||||||
Unrealized gains and losses on available-for-sale securities: | ||||||||||||
Net realized gain on investment | $ | 70,857 | ||||||||||
Other-than-temporary impairments | (15,585 | ) | ||||||||||
Total | $ | 55,272 | Net realized gain on investment | |||||||||
Tax | (18,602 | ) | Provision for Income Taxes | |||||||||
Net of Tax | $ | 36,670 | ||||||||||
Accretion (amortization) related to postretirement benefit plans: | ||||||||||||
Prior year service cost | $ | 379 | ||||||||||
Unrecognized loss | (1,574 | ) | ||||||||||
Total | $ | (1,195 | ) | (a) | ||||||||
Tax | 408 | Provision for Income Taxes | ||||||||||
Net of Tax | $ | (787 | ) | |||||||||
Reclassifications for the period | $ | 35,883 | ||||||||||
Six Months Ended June 30, 2014 | ||||||||||||
Details about Accumulated Other | Amount Reclassified from | Affected Line Item in the Consolidated | ||||||||||
Comprehensive Income Components | Accumulated Other | Statements of Income | ||||||||||
Comprehensive Income | ||||||||||||
Unrealized gains and losses on available-for-sale securities: | ||||||||||||
Net realized gain on investment | $ | 833,636 | ||||||||||
Other-than-temporary impairments | — | |||||||||||
Total | $ | 833,636 | Net realized gain on investment | |||||||||
Tax | (285,750 | ) | Provision for Income Taxes | |||||||||
Net of Tax | $ | 547,886 | ||||||||||
Amortization related to postretirement benefit plans: | ||||||||||||
Prior year service cost | $ | (1,109 | ) | |||||||||
Unrecognized gain (loss) | — | |||||||||||
Total | $ | (1,109 | ) | (a) | ||||||||
Tax | 377 | Provision for Income Taxes | ||||||||||
Net of Tax | $ | (732 | ) | |||||||||
Reclassifications for the period | $ | 547,154 | ||||||||||
Six Months Ended June 30, 2013 | ||||||||||||
Details about Accumulated Other | Amount Reclassified from | Affected Line Item in the Consolidated | ||||||||||
Comprehensive Income Components | Accumulated Other | Statements of Income | ||||||||||
Comprehensive Income | ||||||||||||
Unrealized gains and losses on available-for-sale securities: | ||||||||||||
Net realized gain on investment | $ | 105,686 | ||||||||||
Other-than-temporary impairments | (34,070 | ) | ||||||||||
Total | $ | 71,616 | Net realized gain on investment | |||||||||
Tax | (23,464 | ) | Provision for Income Taxes | |||||||||
Net of Tax | $ | 48,152 | ||||||||||
Accretion (amortization) related to postretirement benefit plans: | ||||||||||||
Prior year service cost | $ | 759 | ||||||||||
Unrecognized loss | (3,147 | ) | ||||||||||
Total | $ | (2,388 | ) | (a) | ||||||||
Tax | 813 | Provision for Income Taxes | ||||||||||
Net of Tax | $ | (1,575 | ) | |||||||||
Reclassifications for the period | $ | 46,577 | ||||||||||
(a) | 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 and accretion related to postretirement benefit plans is included in the computation of net periodic pension costs, as discussed in Note 5. |
Basis_Of_Presentation_And_Sign2
Basis Of Presentation And Significant Accounting Policies Immaterial Classification Correction (Details) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Immaterial Classification Correction [Line Items] | ' | ' |
Excess Tax Benefit from Share-based Compensation, Financing Activities | $15,999 | $935,563 |
Restatement Adjustment [Member] | ' | ' |
Immaterial Classification Correction [Line Items] | ' | ' |
Excess Tax Benefit from Share-based Compensation, Financing Activities | ' | 935,563 |
Scenario, Previously Reported [Member] | ' | ' |
Immaterial Classification Correction [Line Items] | ' | ' |
Excess Tax Benefit from Share-based Compensation, Operating Activities | ' | $935,563 |
Reserves_For_Claims_Summary_Of
Reserves For Claims Summary Of Transactions In Reserves For Claims (Details) (USD $) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ' | ' | ' |
Liability for Title Claims and Claims Adjustment Expense | $35,628,000 | $35,360,000 | $39,078,000 |
Provision, charged to operations | 2,669,664 | -571,596 | ' |
Payments of claims, net of recoveries | ($2,401,664) | ($3,146,404) | ' |
Reserves_For_Claims_Summary_Of1
Reserves For Claims Summary Of The Company's Loss Reserves (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract] | ' | ' | ' |
Known title claims | $4,965,961 | $4,670,809 | ' |
IBNR | 30,662,039 | 30,689,191 | ' |
Total loss reserves | $35,628,000 | $35,360,000 | $39,078,000 |
% of Known title claims | 13.90% | 13.20% | ' |
% of IBNR | 86.10% | 86.80% | ' |
% of Total loss reserves | 100.00% | 100.00% | ' |
Earnings_Per_Common_Share_And_2
Earnings Per Common Share And Share Awards (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Earnings Per Common Share And Share Awards [Line Items] | ' | ' | ' | ' |
Incremental dilutive potential common shares, calculated using treasury stock method (in shares) | 4,271 | 25,877 | 5,221 | 32,929 |
Anti-dilutive shares excluded from computation of diluted earnings per share | 3,000 | 3,000 | 0 | 3,000 |
SARs and options vesting period | ' | ' | '1 year | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | ' | ' | 3,000 | 3,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value [Table Text Block] | ' | ' | $28.98 | $27.55 |
Compensation expense relating to SARs or options vesting | ' | ' | $55,000 | $40,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $98,000 | ' | $98,000 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | '6 months | ' |
Number of stock options or SARs granted where exercise price was less than market price on date of grant | ' | ' | 0 | 0 |
Minimum | ' | ' | ' | ' |
Earnings Per Common Share And Share Awards [Line Items] | ' | ' | ' | ' |
SARs and options expiration period | ' | ' | '5 years | ' |
Annual rate at which stock appreciation rights and options are exercisable and vest | ' | ' | 10.00% | ' |
Maximum | ' | ' | ' | ' |
Earnings Per Common Share And Share Awards [Line Items] | ' | ' | ' | ' |
Maximum shares of Company stock to be granted to key employees or directors | ' | ' | 500,000 | ' |
SARs and options expiration period | ' | ' | '10 years | ' |
Annual rate at which stock appreciation rights and options are exercisable and vest | ' | ' | 20.00% | ' |
Earnings_Per_Common_Share_And_3
Earnings Per Common Share And Share Awards Computation Of Basic And Diluted Earnings Per Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' |
Net income attributable to the Company | $3,373,598 | $4,005,675 | $4,360,036 | $7,382,405 | $14,708,210 |
Weighted average common shares outstanding - Basic | 2,034,931 | 2,063,797 | 2,036,047 | 2,054,300 | ' |
Incremental shares outstanding assuming the exercise of dilutive stock options and SARs (share settled) | 4,271 | 25,877 | 5,221 | 32,929 | ' |
Weighted average common shares outstanding - Diluted | 2,039,202 | 2,089,674 | 2,041,268 | 2,087,229 | ' |
Basic Earnings per Common Share | $1.66 | $1.94 | $2.14 | $3.59 | ' |
Diluted Earnings per Common Share | $1.65 | $1.92 | $2.14 | $3.54 | ' |
Earnings_Per_Common_Share_And_4
Earnings Per Common Share And Share Awards Summary Of Share-Based Award Transactions (Details) (USD $) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Number Of Shares, Options exercised | -1,000 | -2,650 | ' |
Share Based Compensation Arrangement By Share Based Payment Award, Options, Unvested, Number | 3,375 | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award, Options, Unvested, Weighted Average Exercise Price | $68.70 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' | ' |
Weighted Average Exercise Price, Options exercised | $27.21 | $28.63 | ' |
StockOptionsAndStockAppreciationRightsSARS [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Number Of Shares, Outstanding Beginning Balance | 19,000 | 98,150 | ' |
Number Of Shares, Options/SARs cancelled/forfeited/expired | 0 | 0 | ' |
Number Of Shares, Outstanding Ending Balance | 21,000 | 19,000 | 98,150 |
Number Of Shares, Exercisable as of June 30, 2014 | 17,625 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' | ' |
Weighted Average Exercise Price, Outstanding Beginning Balance | $45.74 | $30.74 | ' |
Weighted Average Exercise Price, Options/SARs cancelled/forfeited/expired | $0 | $0 | ' |
Weighted Average Exercise Price, Outstanding Ending Balance | $51.30 | $45.74 | $30.74 |
Weighted Average Exercise Price, Exercisable as of June 30, 2014 | $47.97 | ' | ' |
Average Remaining Contractual Term, Outstanding Beginning Balance | '4 years 1 month 24 days | '3 years 5 months 5 days | '3 years 2 months 1 day |
Average Remaining Contractual Term, Outstanding Ending Balance | '4 years 1 month 24 days | '3 years 5 months 5 days | '3 years 2 months 1 day |
Average Remaining Contractual Term, Exercisable as of June 30, 2014 | '3 years 7 months 13 days | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award, Options, Unvested, Weighted Average Remaining Contractual Term | '6 years 10 months 24 days | ' | ' |
Aggregate Intrinsic Value, Outstanding Beginning Balance | $669,610 | $2,871,710 | ' |
Aggregate Intrinsic Value, Outstanding Ending Balance | 356,160 | 669,610 | 2,871,710 |
Aggregate Intrinsic Value, Exercisable as of June 30, 2014 | 356,160 | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award, Options, Unvested, Intrinsic Value | $0 | ' | ' |
SARs | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Number Of Shares, SARs granted | 4,500 | 3,000 | ' |
Number Of Shares, Options exercised | -1,500 | -79,500 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' | ' |
Weighted Average Exercise Price, SARs granted | $68.70 | $71.59 | ' |
Weighted Average Exercise Price, Options exercised | $49.04 | $28.77 | ' |
Earnings_Per_Common_Share_And_5
Earnings Per Common Share And Share Awards Share Awards Share-Based Assumptions (Details) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Earnings Per Share [Abstract] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | '6 years 10 months 24 days | '5 years |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate | 39.90% | 44.60% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.10% | 1.30% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.40% | 0.50% |
Segment_Information_Selected_F
Segment Information Selected Financial Information By Segment (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
segment | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Number of reportable segments | ' | ' | 1 | ' | ' |
Insurance And Other Services Revenue | $32,090,036 | $32,713,081 | $59,025,557 | $58,624,525 | ' |
Investment income | 1,039,435 | 925,047 | 2,065,851 | 1,845,532 | ' |
Net realized gain (loss) on investments | 92,082 | 55,272 | 584,219 | 71,616 | ' |
Total Revenues | 33,221,553 | 33,693,400 | 61,675,627 | 60,541,673 | ' |
Operating expenses | 28,542,509 | 27,823,350 | 55,640,068 | 49,920,205 | ' |
Income (loss) before income taxes | 4,679,044 | 5,870,050 | 6,035,559 | 10,621,468 | ' |
Total assets | 191,252,374 | 180,525,334 | 191,252,374 | 180,525,334 | 188,305,816 |
Title Insurance | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Insurance And Other Services Revenue | 31,068,218 | 31,691,606 | 56,875,668 | 56,720,164 | ' |
Investment income | 937,692 | 858,168 | 1,866,204 | 1,706,823 | ' |
Net realized gain (loss) on investments | 92,920 | 59,473 | 530,528 | 91,074 | ' |
Total Revenues | 32,098,830 | 32,609,247 | 59,272,400 | 58,518,061 | ' |
Operating expenses | 27,590,537 | 26,580,339 | 53,315,465 | 47,445,711 | ' |
Income (loss) before income taxes | 4,508,293 | 6,028,908 | 5,956,935 | 11,072,350 | ' |
Total assets | 148,524,746 | 144,732,176 | 148,524,746 | 144,732,176 | ' |
All Other | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Insurance And Other Services Revenue | 1,447,431 | 1,382,206 | 2,900,732 | 2,608,457 | ' |
Investment income | 125,077 | 90,213 | 246,315 | 185,377 | ' |
Net realized gain (loss) on investments | -838 | -4,201 | 53,691 | -19,458 | ' |
Total Revenues | 1,571,670 | 1,468,218 | 3,200,738 | 2,774,376 | ' |
Operating expenses | 1,360,164 | 1,586,320 | 3,040,604 | 3,143,747 | ' |
Income (loss) before income taxes | 211,506 | -118,102 | 160,134 | -369,371 | ' |
Total assets | 42,727,628 | 35,793,158 | 42,727,628 | 35,793,158 | ' |
Intersegment Eliminations [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Insurance And Other Services Revenue | -425,613 | -360,731 | -750,843 | -704,096 | ' |
Investment income | -23,334 | -23,334 | -46,668 | -46,668 | ' |
Net realized gain (loss) on investments | 0 | 0 | 0 | 0 | ' |
Total Revenues | -448,947 | -384,065 | -797,511 | -750,764 | ' |
Operating expenses | -408,192 | -343,309 | -716,001 | -669,253 | ' |
Income (loss) before income taxes | -40,755 | -40,756 | -81,510 | -81,511 | ' |
Total assets | $0 | $0 | $0 | $0 | ' |
Retirement_Agreements_And_Othe2
Retirement Agreements And Other Postretirement Benefits (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' | ' | ' |
Service cost - benefits earned during the year | $3,667 | $3,945 | $7,334 | $7,891 | ' |
Interest cost on the projected benefit obligation | 7,618 | 7,103 | 15,236 | 14,206 | ' |
(Accretion) amortization of unrecognized prior service cost | 555 | -379 | 1,109 | -759 | ' |
Amortization of unrecognized losses | 0 | 1,574 | 0 | 3,147 | ' |
Net periodic benefits costs | 11,840 | 12,243 | 23,679 | 24,485 | ' |
Employee benefits and other payments | $6,938,000 | ' | $6,938,000 | ' | $6,580,000 |
Fair_Value_Measurement_Details
Fair Value Measurement (Details) (USD $) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Auction rate security bond par value | $1,000,000 | $1,000,000 |
Percentage of auction rate security guaranteed | 97.00% | 97.00% |
Minimum | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Percentage of carrying value of auction rate securities | 0.00% | 0.00% |
Maximum | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Percentage of carrying value of auction rate securities | 4.00% | 4.00% |
Fair_Value_Measurement_Schedul
Fair Value Measurement Schedule Of Assumptions Used To Determine Fair Value (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Fair Value Disclosures [Abstract] | ' | ' |
Cumulative probability of earning maximum rate until maturity | 0.00% | 0.00% |
Cumulative probability of principle returned prior to maturity | 95.40% | 95.60% |
Cumulative probability of default at some future point | 4.60% | 4.40% |
Fair_Value_Measurement_Schedul1
Fair Value Measurement Schedule Of Fair Value Assets Measured On Recurring Basis (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Short-term investments | $9,695,708 | $7,926,373 | ||
Equity securities | 38,193,808 | 36,144,065 | ||
Fixed maturities | 90,978,622 | 91,445,413 | ||
Total | 138,868,138 | 135,515,851 | ||
Level 1 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Short-term investments | 9,695,708 | 7,926,373 | ||
Total | 47,889,516 | 44,070,438 | ||
Level 2 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Short-term investments | 0 | 0 | ||
Total | 90,046,321 | 90,509,713 | ||
Level 3 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Short-term investments | 0 | 0 | ||
Total | 932,301 | 935,700 | ||
Common Stock And Nonredeemable Preferred Stock | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Equity securities | 38,193,808 | 36,144,065 | ||
Common Stock And Nonredeemable Preferred Stock | Level 1 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Equity securities | 38,193,808 | 36,144,065 | ||
Common Stock And Nonredeemable Preferred Stock | Level 2 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Equity securities | 0 | 0 | ||
Common Stock And Nonredeemable Preferred Stock | Level 3 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Equity securities | 0 | 0 | ||
General Obligations Of U.S. States, Territories And Political Subdivisions | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturities | 69,891,681 | [1] | 72,091,721 | [1] |
General Obligations Of U.S. States, Territories And Political Subdivisions | Level 1 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturities | 0 | [1] | 0 | [1] |
General Obligations Of U.S. States, Territories And Political Subdivisions | Level 2 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturities | 69,891,681 | [1] | 72,091,721 | [1] |
General Obligations Of U.S. States, Territories And Political Subdivisions | Level 3 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturities | 0 | [1] | 0 | [1] |
Corporate Debt Securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturities | 21,086,941 | [1] | 19,353,692 | [1] |
Corporate Debt Securities | Level 1 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturities | 0 | [1] | 0 | [1] |
Corporate Debt Securities | Level 2 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturities | 20,154,640 | [1] | 18,417,992 | [1] |
Corporate Debt Securities | Level 3 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturities | $932,301 | [1] | $935,700 | [1] |
[1] | Denotes fair market value obtained from pricing services. |
Fair_Value_Measurement_Schedul2
Fair Value Measurement Schedule Of Carrying Value And Fair Value Of Financial Assets Disclosed (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Level 1 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash | $19,501,886 | $23,626,761 |
Cost-basis investments | 0 | 0 |
Accrued dividends and interest | 981,541 | 1,006,698 |
Total Financial Assets | 20,483,427 | 24,633,459 |
Contingent consideration | ' | 0 |
Total Financial Liabilities | ' | 0 |
Level 2 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash | 0 | 0 |
Cost-basis investments | 0 | 0 |
Accrued dividends and interest | 0 | 0 |
Total Financial Assets | 0 | 0 |
Contingent consideration | ' | 0 |
Total Financial Liabilities | ' | 0 |
Level 3 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash | 0 | 0 |
Cost-basis investments | 2,600,961 | 2,069,302 |
Accrued dividends and interest | 0 | 0 |
Total Financial Assets | 2,600,961 | 2,069,302 |
Contingent consideration | ' | 341,250 |
Total Financial Liabilities | ' | 341,250 |
Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash | 19,501,886 | 23,626,761 |
Cost-basis investments | 2,498,327 | 1,927,429 |
Accrued dividends and interest | 981,541 | 1,006,698 |
Total Financial Assets | 22,981,754 | 26,560,888 |
Contingent consideration | ' | 341,250 |
Total Financial Liabilities | ' | 341,250 |
Estimated Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash | 19,501,886 | 23,626,761 |
Cost-basis investments | 2,600,961 | 2,069,302 |
Accrued dividends and interest | 981,541 | 1,006,698 |
Total Financial Assets | 23,084,388 | 26,702,761 |
Contingent consideration | ' | 341,250 |
Total Financial Liabilities | ' | $341,250 |
Fair_Value_Measurement_Schedul3
Fair Value Measurement Schedule Of Fair Value Assets Measured At Unobservable Inputs Reconciliation (Details) (USD $) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Beginning balance at January 1 | $935,700 | $932,200 |
Redemptions and sales | 0 | 0 |
Realized gain - included in net realized gain on investments | 0 | 0 |
Unrealized gain - included in other comprehensive income | -3,399 | 3,500 |
Ending balance, net | $932,301 | $935,700 |
Fair_Value_Measurement_Reconci
Fair Value Measurement Reconciliation Of Liabilities Measured At Fair Value On A Recurring Basis Using Significant Unobservable Inputs (Level 3) (Details) (USD $) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Beginning balance at January 1 | $341,250 | $691,250 |
Addition of contingent liability | 0 | 0 |
Reduction of contingent consideration | -341,250 | -350,000 |
Ending balance, net | $0 | $341,250 |
Fair_Value_Measurement_Schedul4
Fair Value Measurement Schedule Of Estimated Fair Value Hierarchy Of Investments And Related Impairments Recognized (Details) (USD $) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total cost method investments, Total at Estimated Fair Value | $22,682 | $32,744 |
Total cost method investments, Impairment Losses | -10,062 | -34,070 |
Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total cost method investments, Total at Estimated Fair Value | 0 | 0 |
Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total cost method investments, Total at Estimated Fair Value | 0 | 0 |
Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total cost method investments, Total at Estimated Fair Value | 22,682 | 32,744 |
Cost Method Investments | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Valuation Method | 'Fair Value | 'Fair Value |
Impaired | 'Yes | 'Yes |
Total cost method investments, Total at Estimated Fair Value | 22,682 | 32,744 |
Total cost method investments, Impairment Losses | -10,062 | -34,070 |
Cost Method Investments | Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total cost method investments, Total at Estimated Fair Value | 0 | 0 |
Cost Method Investments | Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total cost method investments, Total at Estimated Fair Value | 0 | 0 |
Cost Method Investments | Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total cost method investments, Total at Estimated Fair Value | $22,682 | $32,744 |
Investments_In_Securities_Deta
Investments In Securities (Details) (USD $) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
security | security | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ' | ' | ' |
Available-for-sale securities | $7,541,868 | ' | $23,431,575 |
Number of securities with unrealized losses | 12 | ' | 26 |
Other-than-temporary impairment charges | 0 | 0 | 0 |
Fixed Maturities | ' | ' | ' |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ' | ' | ' |
Available-for-sale securities | 6,815,210 | ' | 21,150,675 |
Unrealized losses | 109,441 | ' | 497,607 |
Equity Securities | ' | ' | ' |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ' | ' | ' |
Available-for-sale securities | 726,658 | ' | 2,280,900 |
Unrealized losses | $30,739 | ' | $109,084 |
Investments_In_Securities_Sche
Investments In Securities (Schedule Of Gross Unrealized Gains And Losses And Amortized Cost For Securities) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Available-for-sale, at fair value, Amortized Cost | $86,162,748 | $87,980,160 |
General Obligations Of U.S. States, Territories And Political Subdivisions | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Available-for-sale, at fair value, Amortized Cost | 34,103,890 | 38,449,309 |
Available-for-sale, at fair value, Gross Unrealized Gains | 1,896,485 | 1,922,862 |
Available-for-sale, at fair value, Gross Unrealized Losses | 25,554 | 184,351 |
Available-for-sale, at fair value, Estimated Fair Value | 35,974,821 | 40,187,820 |
Special Revenue Obligations Of U.S. States, Territories And Political Subdivisions | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Available-for-sale, at fair value, Amortized Cost | 31,937,659 | 30,874,571 |
Available-for-sale, at fair value, Gross Unrealized Gains | 2,058,818 | 1,234,130 |
Available-for-sale, at fair value, Gross Unrealized Losses | 79,617 | 204,800 |
Available-for-sale, at fair value, Estimated Fair Value | 33,916,860 | 31,903,901 |
Number of Special Revenue Bonds | 30 | ' |
Corporate Debt Securities | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Available-for-sale, at fair value, Amortized Cost | 19,200,308 | 17,736,608 |
Available-for-sale, at fair value, Gross Unrealized Gains | 958,602 | 789,840 |
Available-for-sale, at fair value, Gross Unrealized Losses | 4,270 | 108,456 |
Available-for-sale, at fair value, Estimated Fair Value | 20,154,640 | 18,417,992 |
Auction Rate Securities | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Available-for-sale, at fair value, Amortized Cost | 920,891 | 919,672 |
Available-for-sale, at fair value, Gross Unrealized Gains | 11,410 | 16,028 |
Available-for-sale, at fair value, Gross Unrealized Losses | 0 | 0 |
Available-for-sale, at fair value, Estimated Fair Value | 932,301 | 935,700 |
Total Fixed Maturities | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Available-for-sale, at fair value, Amortized Cost | 86,162,748 | 87,980,160 |
Available-for-sale, at fair value, Gross Unrealized Gains | 4,925,315 | 3,962,860 |
Available-for-sale, at fair value, Gross Unrealized Losses | 109,441 | 497,607 |
Available-for-sale, at fair value, Estimated Fair Value | 90,978,622 | 91,445,413 |
Common Stocks And Nonredeemable Preferred Stocks | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Available-for-sale, at fair value, Amortized Cost | 23,450,256 | 22,200,369 |
Available-for-sale, at fair value, Gross Unrealized Gains | 14,774,291 | 14,052,780 |
Available-for-sale, at fair value, Gross Unrealized Losses | 30,739 | 109,084 |
Available-for-sale, at fair value, Estimated Fair Value | 38,193,808 | 36,144,065 |
Equity Securities | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Available-for-sale, at fair value, Amortized Cost | 23,450,256 | 22,200,369 |
Available-for-sale, at fair value, Gross Unrealized Gains | 14,774,291 | 14,052,780 |
Available-for-sale, at fair value, Gross Unrealized Losses | 30,739 | 109,084 |
Available-for-sale, at fair value, Estimated Fair Value | 38,193,808 | 36,144,065 |
Certificates Of Deposit And Other | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Available-for-sale, at fair value, Amortized Cost | 9,695,708 | 7,926,373 |
Available-for-sale, at fair value, Gross Unrealized Gains | 0 | 0 |
Available-for-sale, at fair value, Gross Unrealized Losses | 0 | 0 |
Available-for-sale, at fair value, Estimated Fair Value | 9,695,708 | 7,926,373 |
Short-Term Investments | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Available-for-sale, at fair value, Amortized Cost | 9,695,708 | 7,926,373 |
Available-for-sale, at fair value, Gross Unrealized Gains | 0 | 0 |
Available-for-sale, at fair value, Gross Unrealized Losses | 0 | 0 |
Available-for-sale, at fair value, Estimated Fair Value | $9,695,708 | $7,926,373 |
Investments_In_Securities_Sche1
Investments In Securities (Schedule Of Fixed Maturity Securities) (Details) (USD $) | Jun. 30, 2014 |
Investments, Debt and Equity Securities [Abstract] | ' |
Due in one year or less, Amortized Cost | $12,813,088 |
Due after one year through five years, Amortized Cost | 48,745,990 |
Due five years through ten years, Amortized Cost | 22,608,151 |
Due after ten years, Amortized Cost | 1,995,519 |
Total, Amortized Cost | 86,162,748 |
Due in one year or less, Fair Value | 12,991,798 |
Due after one year through five years, Fair Value | 51,541,170 |
Due five years through ten years, Fair Value | 23,908,830 |
Due after ten years, Fair Value | 2,536,824 |
Total, Fair Value | $90,978,622 |
Investments_In_Securities_Sche2
Investments In Securities (Schedule Of Gross Realized Gains And Losses On Securities) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Total, Gross realized gains | ' | ' | $891,955 | $139,639 |
Total, Gross realized losses | ' | ' | -58,319 | -38,785 |
Net realized gain from securities | ' | ' | 833,636 | 100,854 |
Impairments of other investments | ' | ' | -10,062 | -34,070 |
Gain on other investments | ' | ' | 26,234 | 4,832 |
Loss On Other Investments | ' | ' | -265,589 | 0 |
Total | ' | ' | -249,417 | -29,238 |
Net realized gain on investments | 92,082 | 55,272 | 584,219 | 71,616 |
Corporate Debt Securities | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Total, Gross realized gains | ' | ' | 0 | 20,476 |
Common Stocks And Nonredeemable Preferred Stocks | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Total, Gross realized gains | ' | ' | 891,955 | 119,163 |
Common stocks and nonredeemable preferred stocks | ' | ' | ($58,319) | ($38,785) |
Investments_In_Securities_Sche3
Investments In Securities (Schedule Of Unrealized Losses On Investments) (Details) (USD $) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Total temporarily impaired securities, Less than 12 Months, Fair Value | $5,118,275 | $23,186,646 |
Total temporarily impaired securities, Less than 12 Months, Unrealized Losses | -35,650 | -570,605 |
Total temporarily impaired securities, 12 Months or Longer, Fair Value | 2,423,593 | 244,929 |
Total temporarily impaired securities, 12 Months or Longer, Unrealized Losses | -104,530 | -36,086 |
Total temporarily impaired securities, Total Fair Value | 7,541,868 | 23,431,575 |
Total temporarily impaired securities, Total Unrealized Losses | -140,180 | -606,691 |
General Obligations Of U.S. States, Territories And Political Subdivisions | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Total temporarily impaired securities, Less than 12 Months, Fair Value | 922,668 | 4,198,012 |
Total temporarily impaired securities, Less than 12 Months, Unrealized Losses | -1,036 | -184,351 |
Total temporarily impaired securities, 12 Months or Longer, Fair Value | 1,101,430 | 0 |
Total temporarily impaired securities, 12 Months or Longer, Unrealized Losses | -24,518 | 0 |
Total temporarily impaired securities, Total Fair Value | 2,024,098 | 4,198,012 |
Total temporarily impaired securities, Total Unrealized Losses | -25,554 | -184,351 |
Special Revenue Obligations Of U.S. States, Territories And Political Subdivisions | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Total temporarily impaired securities, Less than 12 Months, Fair Value | 2,125,264 | 11,010,093 |
Total temporarily impaired securities, Less than 12 Months, Unrealized Losses | -16,607 | -204,800 |
Total temporarily impaired securities, 12 Months or Longer, Fair Value | 1,170,323 | 0 |
Total temporarily impaired securities, 12 Months or Longer, Unrealized Losses | -63,010 | 0 |
Total temporarily impaired securities, Total Fair Value | 3,295,587 | 11,010,093 |
Total temporarily impaired securities, Total Unrealized Losses | -79,617 | -204,800 |
Corporate Debt Securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Total temporarily impaired securities, Less than 12 Months, Fair Value | 1,495,525 | 5,942,570 |
Total temporarily impaired securities, Less than 12 Months, Unrealized Losses | -4,270 | -108,456 |
Total temporarily impaired securities, 12 Months or Longer, Fair Value | 0 | 0 |
Total temporarily impaired securities, 12 Months or Longer, Unrealized Losses | 0 | 0 |
Total temporarily impaired securities, Total Fair Value | 1,495,525 | 5,942,570 |
Total temporarily impaired securities, Total Unrealized Losses | -4,270 | -108,456 |
Total Fixed Income Securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Total temporarily impaired securities, Less than 12 Months, Fair Value | 4,543,457 | 21,150,675 |
Total temporarily impaired securities, Less than 12 Months, Unrealized Losses | -21,913 | -497,607 |
Total temporarily impaired securities, 12 Months or Longer, Fair Value | 2,271,753 | 0 |
Total temporarily impaired securities, 12 Months or Longer, Unrealized Losses | -87,528 | 0 |
Total temporarily impaired securities, Total Fair Value | 6,815,210 | 21,150,675 |
Total temporarily impaired securities, Total Unrealized Losses | -109,441 | -497,607 |
Equity Securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Total temporarily impaired securities, Less than 12 Months, Fair Value | 574,818 | 2,035,971 |
Total temporarily impaired securities, Less than 12 Months, Unrealized Losses | -13,737 | -72,998 |
Total temporarily impaired securities, 12 Months or Longer, Fair Value | 151,840 | 244,929 |
Total temporarily impaired securities, 12 Months or Longer, Unrealized Losses | -17,002 | -36,086 |
Total temporarily impaired securities, Total Fair Value | 726,658 | 2,280,900 |
Total temporarily impaired securities, Total Unrealized Losses | ($30,739) | ($109,084) |
Commitments_And_Contingencies_
Commitments And Contingencies (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Like-kind exchange deposits and reverse exchange property | $90,569,000 | $76,037,000 |
Related_Party_Transactions_Sum
Related Party Transactions Summary Of Approximate Values By Year Found Within Consolidated Balance Sheets (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Related Party Transaction [Line Items] | ' | ' |
Other investments | $7,949,171 | $7,247,831 |
Premiums and fees receivable | 8,630,916 | 8,750,224 |
Title Insurance Agencies | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Other investments | 5,451,000 | 5,320,000 |
Premiums and fees receivable | $671,000 | $657,000 |
Related_Party_Transactions_Sum1
Related Party Transactions Summary Of Approximate Values By Year Found Within Consolidated Statements Of Income (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Net premiums written | $29,849,853 | $30,429,761 | $54,759,105 | $54,355,758 |
Other income | 2,240,183 | 2,283,320 | 4,266,452 | 4,268,767 |
Title Insurance Agencies | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Net premiums written | 3,270,000 | 3,941,000 | 5,561,000 | 7,358,000 |
Other income | $627,000 | $544,000 | $976,000 | $1,069,000 |
Related_Party_Transactions_Com
Related Party Transactions Company Repurchase of Common Stock from Related Parties (Details) (USD $) | 3 Months Ended |
Jun. 30, 2013 | |
Related Party Transactions [Abstract] | ' |
Treasury stock shares acquired from Company officers | 17,524 |
Treasury stock acquired from Company officers (dollars per share) | $71.50 |
Acquisition_Details
Acquisition (Details) (USD $) | 6 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | |||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Apr. 02, 2012 | Apr. 02, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | 21-May-14 | Dec. 31, 2013 | Apr. 02, 2012 | 22-May-14 | Apr. 02, 2012 | Apr. 02, 2012 | Apr. 02, 2012 | |
70% | United Title Agency [Member] | United Title Agency [Member] | United Title Agency [Member] | United Title Agency [Member] | United Title Agency [Member] | United Title Agency [Member] | United Title Agency [Member] | United Title Agency [Member] | United Title Agency [Member] | United Title Agency [Member] | |||
70% | 30% | 30% | Non-Compete Contract | Referral Relationships | |||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage acquired | ' | ' | ' | 70.00% | ' | ' | 30.00% | ' | ' | ' | ' | ' | ' |
Business acquisition, remaining ownership interest | ' | ' | ' | 30.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of total consideration to be transferred | ' | ' | ' | $1,041,250 | ' | ' | ' | ' | ' | $515,275 | ' | ' | ' |
Fair value of consideration paid | 0 | 350,000 | ' | 350,000 | 341,250 | 350,000 | ' | ' | ' | ' | ' | ' | ' |
Payment period of purchase price | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, purchase price payment calculation period | ' | ' | ' | ' | ' | ' | ' | ' | '24 months | ' | '24 months | ' | ' |
Business Acquisition Purchase Price | ' | ' | ' | ' | ' | ' | ' | ' | 1,041,250 | ' | ' | ' | ' |
Purchase price of acquisition | ' | ' | ' | 691,250 | 0 | ' | ' | 341,250 | ' | ' | ' | ' | ' |
Fair value of the noncontrolling interest amount | ' | ' | ' | 446,250 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of identifiable net assets | ' | ' | ' | 5,600 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 645,685 | 836,215 |
Intangible assets amortized period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | '12 years |
Accumulated amortization of intangible assets | ' | ' | ' | ' | 156,789 | ' | ' | 121,947 | ' | ' | ' | ' | ' |
Net intangible assets | ' | ' | ' | ' | $1,325,111 | ' | ' | $1,359,953 | ' | ' | ' | ' | ' |
Acquisition_Schedule_of_Effect
Acquisition Schedule of Effects of Changes in Parent Ownership Interest (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Business Combinations [Abstract] | ' | ' | ' | ' | ' |
Net Income (Loss) Attributable to Parent | $3,373,598 | $4,005,675 | $4,360,036 | $7,382,405 | $14,708,210 |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Purchase of Interest by Parent | ' | ' | -114,320 | ' | 0 |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Net | ' | ' | -114,320 | ' | 0 |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Change Due to Net Income Attributable to Parent and Effects of Changes, Net | ' | ' | $4,245,716 | ' | $14,708,210 |
Acquisition_Reconciliation_Of_
Acquisition Reconciliation Of Total Redeemable Equity (Details) (USD $) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ' | ' | ' |
Beginning balance at January 1 | $545,489 | $493,861 | $493,861 |
Net income attributable to redeemable noncontrolling interest | 23,523 | ' | 88,528 |
Distributions to noncontrolling interest | -168,057 | ' | -36,900 |
Payments to Acquire Additional Interest in Subsidiaries | -515,275 | 0 | 0 |
Redeemable noncontrolling interest resulting from subsidiary purchase | 114,320 | ' | 0 |
Balance, net | $0 | ' | $545,489 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income Balances Of Each Component Of Accumulated Other Comprehensive Income, Net Of Tax (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' |
Beginning balance | $11,350,871 | $10,377,980 | $11,347,404 | $8,818,430 |
Other comprehensive income before reclassifications | 1,447,244 | -1,081,096 | 1,953,080 | 489,148 |
Amounts reclassified from accumulated other comprehensive income | -44,785 | -35,883 | -547,154 | -46,577 |
Other comprehensive income (loss) | 1,402,459 | -1,116,979 | 1,405,926 | 442,571 |
Ending balance | 12,753,330 | 9,261,001 | 12,753,330 | 9,261,001 |
Unrealized Gains And Losses On Available-For-Sale Securities | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' |
Beginning balance | 11,398,858 | 10,479,645 | 11,395,757 | 8,920,883 |
Other comprehensive income before reclassifications | 1,447,244 | -1,081,096 | 1,953,080 | 489,148 |
Amounts reclassified from accumulated other comprehensive income | -45,151 | -36,670 | -547,886 | -48,152 |
Other comprehensive income (loss) | 1,402,093 | -1,117,766 | 1,405,194 | 440,996 |
Ending balance | 12,800,951 | 9,361,879 | 12,800,951 | 9,361,879 |
Postretirement Benefits Plans | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' |
Beginning balance | -47,987 | -101,665 | -48,353 | -102,453 |
Other comprehensive income before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income | 366 | 787 | 732 | 1,575 |
Other comprehensive income (loss) | 366 | 787 | 732 | 1,575 |
Ending balance | ($47,621) | ($100,878) | ($47,621) | ($100,878) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income Reclassification Out Of Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Net realized gain on investment | $92,082 | $55,272 | $584,219 | $71,616 |
Prior year service cost | 555 | -379 | 1,109 | -759 |
Unrecognized loss | 0 | -1,574 | 0 | -3,147 |
Income before Income Taxes | 4,679,044 | 5,870,050 | 6,035,559 | 10,621,468 |
Tax | -1,281,000 | -1,846,000 | -1,652,000 | -3,211,000 |
Net Income | 3,398,044 | 4,024,050 | 4,383,559 | 7,410,468 |
Reclassification Out Of Accumulated Other Comprehensive Income | ' | ' | ' | ' |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Net Income | 44,785 | 35,883 | 547,154 | 46,577 |
Reclassification Out Of Accumulated Other Comprehensive Income | Unrealized Gains And Losses On Available-For-Sale Securities | ' | ' | ' | ' |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Net realized gain on investment | 68,364 | 70,857 | 833,636 | 105,686 |
Other-than-temporary impairments | 0 | -15,585 | 0 | -34,070 |
Income before Income Taxes | 68,364 | 55,272 | 833,636 | 71,616 |
Tax | -23,213 | -18,602 | -285,750 | -23,464 |
Net Income | 45,151 | 36,670 | 547,886 | 48,152 |
Reclassification Out Of Accumulated Other Comprehensive Income | Postretirement Benefits Plans | ' | ' | ' | ' |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Prior year service cost | -555 | 379 | -1,109 | 759 |
Unrecognized loss | 0 | -1,574 | 0 | -3,147 |
Income before Income Taxes | -555 | -1,195 | -1,109 | -2,388 |
Tax | 189 | 408 | 377 | 813 |
Net Income | ($366) | ($787) | ($732) | ($1,575) |