12.	SELECTED PER SHARE DATA AND RATIOS

The following presents a summary of the selected per share data for the years ended March 31, 2009 through 2013 (in thousands except per share amounts):

	Years Ended March 31
Per Share Data	2013			2012			2011			2010			2009
Investment income	$	2.84		$	2.49		$	2.01		$	1.63		$	3.74
Operating expenses		(2.19	)		(1.78	)		(1.50	)		(1.04	)		(.98	)
Interest expense		–			–			–			–			–
Income taxes		(.15	)		(.03	)		(.03	)		(.03	)		(.04	)
Net investment income		.50			.68			.48			.56			2.72
Distributions from undistributed net investment income		(.79	)		(.80	)		(.80	)		(.80	)		(3.28	)
Net realized gain net of tax		23.22			2.81			10.36			.22			2.87
Dividends from capital gains		(20.29	)		–			–			–			–
Net increase (decrease) in unrealized appreciation of investments		4.30			20.93			3.46			18.88			(42.56	)
Exercise of employee stock options**		(.97	)		(.02	)		(.20	)		–			–
Forfeiture/ (Issuance) of restricted stock***		(.41	)
Stock option expense		.14			.28			.26			.18			.13
Net change in pension plan funded status		.05			(.11	)		(.02	)		.12			(.39	)
Treasury stock*		–			–			–			–			1.40
Adjustment to initially apply ASC 715, net of tax		–			–			–			–			–
Increase (decrease) in net asset value		5.75			23.77			13.54			19.16			(39.11	)
Net asset value
Beginning of year		167.45			143.68			130.14			110.98			150.09
End of year	$	173.20		$	167.45		$	143.68		$	130.14		$	110.98

Ratios and Supplemental Data
Ratio of operating expenses to average net assets		1.36	%		1.07	%		1.10	%		.87	%		.71	%
Ratio of net investment income to average net assets		.31	%		.41	%		.35	%		.47	%		1.96	%
Portfolio turnover rate		2.22	%		2.15	%		2.78	%		1.16	%		2.51	%
Net asset total return		27.00	%		18.07	%		18.40	%		18.50	%		(22.56	)%

Shares outstanding at end of period (000s) omitted		3,809			3,755			3,753			3,741			3,741

*	Net increase is due to purchases of common stock at prices less than beginning period net asset value.

**	Net decrease is due to the exercise of employee stock options at prices less than beginning of period net asset value.

***	Reflects impact of the different share amounts as a result of issuance or forfeiture of restricted stock during the period.