Stockholders' Equity Note Disclosure [Text Block]

9 Months Ended

Sep. 30, 2017

Notes

Stockholders' Equity Note Disclosure

Note 11.   Stockholders’ Equity 

Treasury Stock

In 2017, the Company repurchased 2,211,629 shares of its common stock for an aggregate cost of $44,442,000. Of that amount, 703,000 shares were repurchased in private transactions for an aggregate cost of $13,975,000; 1,385,118 shares were repurchased for an aggregate cost of $27,702,000 pursuant to the terms of a tender offer; and the remaining shares were repurchased in the open market. 

In 2017, the Company reissued 12,671 shares previously held in treasury to satisfy the net-share settlement of option exercises during the period. 

Accumulated Other Comprehensive Income (Loss)

Other comprehensive income (loss) includes the after-tax net unrealized gains and losses on investment securities available-for-sale, including the subsequent increases and decreases in fair value of available-for-sale securities previously impaired and the non-credit related component of other-than-temporary impairments of fixed maturities.

Changes in the balances of accumulated other comprehensive income, shown net of taxes, for the periods indicated were as follows (in thousands):

		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2017		2016		2017		2016
Beginning balance	$	(2,504)	$	4,054	$	(6,964)	$	(3,440)
Other comprehensive income (loss) before reclassifications		627		(182)		5,305		8,522
Amounts reclassified from accumulated OCI		(467)		(573)		(685)		(1,618)
Net other comprehensive income		160		(755)		4,620		6,904
Less: Other comprehensive income attributable
to noncontrolling interests		-		47		-		(118)
Acquired from noncontrolling interests		-		102		-		102
Ending balance	$	(2,344)	$	3,448	$	(2,344)	$	3,448

Presented below are the amounts reclassified out of accumulated other comprehensive income (loss) and recognized in earnings for each of the periods indicated (in thousands):

		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2017		2016		2017		2016
Unrealized gains (losses) on available-for-sale securities
reclassified during the period to the following income
statement line items:
Net realized investment gains	$	719	$	2,446	$	1,062	$	4,067
Net impairment losses recognized in earnings		-		(1,475)		-		(1,475)
Income before income tax		719		971		1,062		2,592
Tax effect		252		398		377		974
Net income	$	467	$	573	$	685	$	1,618