Accumulated Other Comprehensive Income

12 Months Ended

Dec. 31, 2016

Accumulated Other Comprehensive Income [Abstract]

Accumulated Other Comprehensive Income

Note R – Accumulated Other Comprehensive Income

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

	2016			2015
Investments:
Total unrealized gain before federal income taxes	$	52,386		$	59,883
Deferred tax liability		(18,335	)		(20,959	)
Net unrealized gains on investments		34,051			38,924
Foreign exchange adjustment:
Total unrealized losses		(1,278	)		(1,640	)
Deferred tax benefit		447			574
Net unrealized losses on foreign exchange adjustment		(831	)		(1,066	)
Accumulated other comprehensive income	$	33,220		$	37,858

Details of changes in net unrealized gains on investments for the years ended December 31 are as follows:

	2016			2015			2014
Investments:
Pre-tax holding gains (losses) on debt and
equity securities arising during period	$	13,259		$	(19,445	)	$	12,055
Less: applicable federal income taxes		4,641			(6,806	)		4,220
		8,618			(12,639	)		7,835
Pre-tax gains on debt and equity securities
included in net income during period		20,755			426			7,823
Less: applicable federal income taxes		7,264			149			2,739
		13,491			277			5,084
Change in unrealized gains on investments	$	(4,873	)	$	(12,916	)	$	2,751

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

	2016			2015			2014
Beginning accumulated other comprehensive income	$	37,858		$	52,230		$	50,490
Change in foreign exchange adjustment		235			(1,456	)		(1,011	)
Change in unrealized net gains on investments		(4,873	)		(12,916	)		2,751
Ending accumulated other comprehensive income	$	33,220		$	37,858		$	52,230
		2016			2015			2014
Beginning retained earnings	$	303,053		$	294,773		$	280,003
Net income		28,945			23,283			29,717
Dividends		(15,803	)		(15,003	)		(14,947	)
Ending retained earnings	$	316,195		$	303,053		$	294,773