INCOME TAXES (Tables)

6 Months Ended

Jun. 30, 2013

Income Tax Disclosure [Abstract]

Reconciliation of income tax expense (benefit)

The actual income tax expense (benefit) for the three and six months ended June 30, 2013 and 2012 differed from the “expected” income tax expense (benefit) for those periods (computed by applying the United States federal corporate tax rate of 35 percent to income (loss) before income tax expense (benefit)) as follows:

	Three months ended June 30,						Six months ended June 30,
	2013			2012			2013			2012
Computed "expected" income tax expense (benefit)	$	2,782,030		$	(1,929,132	)	$	9,960,167		$	7,835,268
Increases (decreases) in tax resulting from:
Tax-exempt interest income	(993,175		)	(1,126,316		)	(1,936,150		)	(2,281,477		)
Dividends received deduction	(222,468		)	(158,109		)	(417,040		)	(286,445		)
Proration of tax-exempt interest and dividends received deduction	182,347			192,663			352,979			385,188
Other, net	(12,315		)	85,561			12,910			86,685
Income tax expense (benefit)	$	1,736,419		$	(2,935,333	)	$	7,972,866		$	5,739,219