Stockholders' Equity Note Disclosure [Text Block]

9 Months Ended

Sep. 30, 2018

Notes

Stockholders' Equity Note Disclosure

Note 10.Stockholders’ Equity 

Treasury Stock

In 2018, the Company repurchased 129,521 shares of its common stock for an aggregate cost of $3,817,000. In 2018 all shares were purchased in the open market. 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.

During the nine months ended September 30, 2018 and 2017, the Company reissued 38,908 and 12,671 shares, respectively, that were previously held in treasury. In 2017, the 12,671 shares were reissued to satisfy net-share settlements 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. In 2018, investment securities available-for-sale consist of only fixed maturities. Prior to January 1, 2018, the Company classified certain equity securities as available-for-sale. Changes to the fair value of those equity securities classified as available-for-sale were recorded in other comprehensive income (loss) for the corresponding periods in 2017 and prior. Upon the adoption of new accounting guidance on January 1, 2018, the Company: (i) recorded a cumulative-effect adjustment to reclassify the existing amounts reported in accumulated other comprehensive income on that date for equity securities previously classified as available-for-sale, to retained earnings; and (ii) recorded the subsequent changes in the fair value of those equity securities in net income.

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

		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2018		2017		2018		2017
Beginning balance	$	(11,237)	$	(2,504)	$	(4,598)	$	(6,964)
Cumulative-effect of new accounting principles		-		-		(350)		-
Other comprehensive income (loss):
Other comprehensive income (loss) before reclassifications		(922)		627		(7,364)		5,305
Amounts reclassified from accumulated OCI		196		(467)		349		(685)
Net other comprehensive income (loss)		(726)		160		(7,015)		4,620
Ending balance	$	(11,963)	$	(2,344)	$	(11,963)	$	(2,344)

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,
		2018		2017		2018		2017
Unrealized gains (losses) on available-for-sale securities
reclassified during the period to the following income
statement line items:
Net investment gains (losses)	$	(247)	$	719	$	(442)	$	1,062
Income (loss) before income tax		(247)		719		(442)		1,062
Tax effect		(51)		252		(93)		377
Net income (loss)	$	(196)	$	467	$	(349)	$	685