Indemnity Capital Stock

3 Months Ended

Mar. 31, 2013

Class of Stock Disclosures [Abstract]

Indemnity Capital Stock

Note 11.  Indemnity Capital Stock

Class A and B common stock

Holders of Class B shares may, at their option, convert their shares into Class A shares at the rate of 2,400 Class A shares per Class B share.  There were no share conversions in the first quarter of 2013. In the first quarter of 2012, two shares of Class B common stock were converted into 4,800 shares of Class A common stock.  There is no provision for conversion of Class A shares to Class B shares, and, Class B shares surrendered for conversion cannot be reissued.

Stock repurchase program

In October 2011, our Board of Directors approved a continuation of the current stock repurchase program for a total of $150 million, with no time limitation.  Indemnity had approximately $55 million of repurchase authority remaining under this program at March 31, 2013.