Accumulated Other Comprehensive Income

12 Months Ended

Dec. 31, 2014

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:

	2014			2013
Investments:
Total unrealized gain before federal income taxes	$	79,753		$	75,521
Deferred tax liability		(27,913	)		(26,432	)
Net unrealized gains on investments		51,840			49,089
Foreign exchange adjustment:
Total unrealized gains		600			2,155
Deferred tax liability		(210	)		(754	)
Net unrealized gains on foreign exchange adjustment		390			1,401
Accumulated other comprehensive income	$	52,230		$	50,490

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

	2014		2013		2012
Investments:
Pre-tax holding gains on debt and equity
securities arising during period	$	12,055	$	36,477	$	15,612
Less: applicable federal income taxes		4,220		12,766		5,464
		7,835		23,711		10,148
Pre-tax gains on debt and equity securities
included in net income during period		7,823		15,520		1,959
Less: applicable federal income taxes		2,739		5,431		686
		5,084		10,089		1,273
Change in unrealized gains on investments	$	2,751	$	13,622	$	8,875

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

	2014			2013			2012
Beginning accumulated other comprehensive income	$	50,490		$	37,443		$	28,351
Change in foreign exchange adjustment		(1,011	)		(575	)		217
Change in unrealized net gains on investments		2,751			13,622			8,875
Ending accumulated other comprehensive income	$	52,230		$	50,490		$	37,443
		2014			2013			2012
Beginning retained earnings	$	280,003		$	258,358		$	241,325
Net income		29,717			36,588			31,919
Dividends		(14,947	)		(14,943	)		(14,886	)
Ending retained earnings	$	294,773		$	280,003		$	258,358