Accumulated Other Comprehensive Income

12 Months Ended

Dec. 31, 2013

Accumulated Other Comprehensive Income [Abstract]

Accumulated Other Comprehensive Income

 

Note S – Accumulated Other Comprehensive Income

A reconciliation of the components of accumulated other comprehensive income at December 31 is as follows:

	2013			2012
Investments:
Total unrealized gain before federal income taxes	$	75,521		$	54,565
Deferred tax liability		(26,432	)		(19,098	)
Net unrealized gains on investments		49,089			35,467
Foreign exchange adjustment:
Total unrealized gains		2,155			3,039
Deferred tax liability		(754	)		(1,063	)
Net unrealized gains on foreign exchange adjustment		1,401			1,976
Accumulated other comprehensive income	$	50,490		$	37,443

Other comprehensive income (loss) reclassification adjustments for the years ended December 31 are as follows:

	2013		2012		2011
Investments:
Pre-tax holding gains (losses) on debt and equity
securities arising during period	$	36,477	$	15,612	$	(7,146	)
Less: applicable federal income taxes (credits)		12,766		5,464		(2,501	)
		23,711		10,148		(4,645	)
Pre-tax gains on debt and equity securities
included in net income during period		15,520		1,959		4,088
Less: applicable federal income taxes		5,431		686		1,431
		10,089		1,273		2,657
Change in unrealized gains (losses) on investments	$	13,622	$	8,875	$	(7,302	)

Reconciliation of accumulated other comprehensive income and retained earnings for the years ended December 31 are as follows:

	2013			2012			2011
Beginning accumulated other comprehensive income	$	37,443		$	28,351		$	35,883
Change in foreign exchange adjustment		(575	)		217			(230	)
Change in unrealized net gains (losses) on investments		13,622			8,875			(7,302	)
Ending accumulated other comprehensive income	$	50,490		$	37,443		$	28,351
		2013			2012			2011
Beginning retained earnings	$	258,358		$	241,325		$	284,346
Net income (loss)		36,588			31,919			(28,175	)
Dividends		(14,943	)		(14,886	)		(14,846	)
Ending retained earnings	$	280,003		$	258,358		$	241,325