STOCK REPURCHASE PROGRAMS

12 Months Ended

Dec. 31, 2011

STOCK REPURCHASE PROGRAMS [Abstract]

STOCK REPURCHASE PROGRAMS

14.       STOCK REPURCHASE PROGRAMS

Stock Repurchase Plans

On March 10, 2008, the Company's Board of Directors authorized a $15,000,000 stock repurchase program.  On October 31, 2008, the Company's Board of Directors announced an extension of the stock repurchase program, authorizing an additional $10,000,000.  During 2011, the Company completed the program with the repurchase of 98,200 shares of its common stock at an average cost of $18.84 per share.  In total, the Company repurchased 1,078,733 shares of its common stock at a cost of $24,998,330 under the program.

On November 3, 2011, the Company's Board of Directors authorized a new $15,000,000 stock repurchase program.  This program became effective immediately and does not have an expiration date.  The timing and terms of the purchases are determined by management based on market conditions and are conducted in accordance with the applicable rules of the Securities and Exchange Commission.  Common stock repurchased under this program will be retired by the Company.  The Company did not repurchase any shares under this program during the fourth quarter.

Stock Purchase Plan

During the second quarter of 2005, Employers Mutual initiated a $15,000,000 stock purchase program under which Employers Mutual will purchase shares of the Company's common stock in the open market.  This purchase program does not have an expiration date; however, this program is currently dormant and will remain so while the Company's repurchase program is active.  The timing and terms of the purchases are determined by management based on market conditions and are conducted in accordance with the applicable rules of the Securities and Exchange Commission.  No purchases were made during 2011, 2010 and 2009.  As of December 31, 2011, $4,490,561 remained available under this plan for additional purchases.