0001193125-12-214961.txt : 20120507 0001193125-12-214961.hdr.sgml : 20120507 20120507160148 ACCESSION NUMBER: 0001193125-12-214961 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20120331 FILED AS OF DATE: 20120507 DATE AS OF CHANGE: 20120507 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST ACCEPTANCE CORP /DE/ CENTRAL INDEX KEY: 0001017907 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 751328153 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-12117 FILM NUMBER: 12817826 BUSINESS ADDRESS: STREET 1: 3813 GREEN HILLS VILLAGE DRIVE CITY: NASHVILLE STATE: TN ZIP: 37215 BUSINESS PHONE: 615-844-2800 MAIL ADDRESS: STREET 1: 3813 GREEN HILLS VILLAGE DRIVE CITY: NASHVILLE STATE: TN ZIP: 37215 FORMER COMPANY: FORMER CONFORMED NAME: LIBERTE INVESTORS INC DATE OF NAME CHANGE: 19960701 10-Q 1 d343008d10q.htm FORM 10-Q Form 10-Q
Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 10-Q

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2012

Commission File Number: 001-12117

 

 

FIRST ACCEPTANCE CORPORATION

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   75-1328153

(State or other jurisdiction

of incorporation or organization)

 

(I.R.S. Employer

Identification No.)

3813 Green Hills Village Drive

Nashville, Tennessee

  37215
(Address of principal executive offices)   (Zip Code)

(615) 844-2800

(Registrant’s telephone number, including area code)

Not applicable

(Former name, former address and former fiscal year, if changed since last report)

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large accelerated filer   ¨    Accelerated filer   ¨
Non-accelerated filer   ¨  (Do not check if a smaller reporting company)    Smaller Reporting Company   x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x

At May 7, 2012, there were 40,923,344 shares outstanding of the registrant’s common stock, par value $0.01 per share.

 

 

 


Table of Contents

FIRST ACCEPTANCE CORPORATION

FORM 10-Q

FOR THE QUARTER ENDED MARCH 31, 2012

INDEX

 

PART I – FINANCIAL INFORMATION

  

Item 1. Financial Statements

     1   

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

     15   

Item 3. Quantitative and Qualitative Disclosures About Market Risk

     25   

Item 4. Controls and Procedures

     27   

PART II – OTHER INFORMATION

  

Item 1. Legal Proceedings

     28   

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

     28   

Item 4. Mine Safety Disclosures

     28   

Item 6. Exhibits

     28   

SIGNATURES

     29   


Table of Contents

PART I – FINANCIAL INFORMATION

 

Item 1. Financial Statements

FIRST ACCEPTANCE CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

 

     March 31,
2012
    December 31,
2011
 
     (Unaudited)        
ASSETS     

Investments, available-for-sale at fair value (amortized cost of $155,976 and $162,575, respectively)

   $ 167,098      $ 172,825   

Cash and cash equivalents

     26,079        23,751   

Premiums and fees receivable, net of allowance of $357 and $364

     54,320        41,313   

Other assets

     7,164        8,005   

Property and equipment, net

     4,916        3,315   

Deferred acquisition costs

     3,843        3,243   

Identifiable intangible assets

     4,800        4,800   
  

 

 

   

 

 

 

TOTAL ASSETS

   $ 268,220      $ 257,252   
  

 

 

   

 

 

 
LIABILITIES AND STOCKHOLDERS’ EQUITY     

Loss and loss adjustment expense reserves

   $ 71,070      $ 69,436   

Unearned premiums and fees

     66,700        50,464   

Debentures payable

     41,240        41,240   

Other liabilities

     13,526        13,383   
  

 

 

   

 

 

 

Total liabilities

     192,536        174,523   
  

 

 

   

 

 

 

Stockholders’ equity:

    

Preferred stock, $.01 par value, 10,000 shares authorized

     —          —     

Common stock, $.01 par value, 75,000 shares authorized; 40,923 and 40,928 shares issued and outstanding, respectively

     409        409   

Additional paid-in capital

     456,346        456,056   

Accumulated other comprehensive income

     11,122        10,250   

Accumulated deficit

     (392,193     (383,986
  

 

 

   

 

 

 

Total stockholders’ equity

     75,684        82,729   
  

 

 

   

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

   $ 268,220      $ 257,252   
  

 

 

   

 

 

 

See notes to consolidated financial statements.


Table of Contents

FIRST ACCEPTANCE CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(in thousands, except per share data)

 

     Three Months Ended
March 31,
 
     2012     2011  

Revenues:

    

Premiums earned

   $ 45,419      $ 43,444   

Commission and fee income

     8,252        7,443   

Investment income

     1,770        1,991   

Net realized gains (losses) on investments, available-for-sale

     26        (78
  

 

 

   

 

 

 
     55,467        52,800   
  

 

 

   

 

 

 

Costs and expenses:

    

Losses and loss adjustment expenses

     38,864        31,586   

Insurance operating expenses

     22,762        20,963   

Other operating expenses

     266        306   

Stock-based compensation

     295        549   

Depreciation and amortization

     429        338   

Interest expense

     979        968   
  

 

 

   

 

 

 
     63,595        54,710   
  

 

 

   

 

 

 

Loss before income taxes

     (8,128     (1,910

Provision (benefit) for income taxes

     79        (302
  

 

 

   

 

 

 

Net loss

   $ (8,207   $ (1,608
  

 

 

   

 

 

 

Net loss per share:

    

Basic and diluted

   $ (0.20   $ (0.03
  

 

 

   

 

 

 

Number of shares used to calculate net loss per share:

    

Basic and diluted

     40,843        48,192   
  

 

 

   

 

 

 

Reconciliation of net loss to comprehensive loss:

    

Net loss

   $ (8,207   $ (1,608

Net unrealized change in investments

     872        (379
  

 

 

   

 

 

 

Comprehensive loss

   $ (7,335   $ (1,987
  

 

 

   

 

 

 

 

    

Detail of net realized gains (losses) on investments, available-for-sale:

    

Net realized gains (losses) on sales and redemptions

   $ 27      $ (1

Other-than-temporary impairment (“OTTI”) charges

     —          —     

Non-credit portion included in comprehensive loss

     —          —     

OTTI charges reclassified from other comprehensive loss

     (1     (77
  

 

 

   

 

 

 

OTTI charges recognized in net loss

     (1     (77
  

 

 

   

 

 

 

Net realized gains (losses) on investments, available-for-sale

   $ 26      $ (78
  

 

 

   

 

 

 

See notes to consolidated financial statements.

 

2


Table of Contents

FIRST ACCEPTANCE CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(in thousands)

 

     Three Months Ended
March 31,
 
     2012     2011  

Cash flows from operating activities:

    

Net loss

   $ (8,207   $ (1,608

Adjustments to reconcile net loss to cash provided by (used in) operating activities:

    

Depreciation and amortization

     429        338   

Stock-based compensation

     295        549   

Other-than-temporary impairment on investment securities

     1        77   

Net realized (gains) losses on sales and redemptions of investments

     (27     1   

Other

     69        48   

Change in:

    

Premiums and fees receivable

     (13,000     (9,885

Loss and loss adjustment expense reserves

     1,634        (866

Unearned premiums and fees

     16,236        11,498   

Other

     396        (141
  

 

 

   

 

 

 

Net cash provided by (used in) operating activities

     (2,174     11   
  

 

 

   

 

 

 

Cash flows from investing activities:

    

Purchases of investments, available-for-sale

     (1,500     (1,371

Maturities and redemptions of investments, available-for-sale

     8,042        6,493   

Capital expenditures

     (2,028     (116

Other

     —          (2
  

 

 

   

 

 

 

Net cash provided by investing activities

     4,514        5,004   
  

 

 

   

 

 

 

Cash flows from financing activities:

    

Payments on borrowings

     (12     (20
  

 

 

   

 

 

 

Net cash used in financing activities

     (12     (20
  

 

 

   

 

 

 

Net change in cash and cash equivalents

     2,328        4,995   

Cash and cash equivalents, beginning of period

     23,751        29,078   
  

 

 

   

 

 

 

Cash and cash equivalents, end of period

   $ 26,079      $ 34,073   
  

 

 

   

 

 

 

See notes to consolidated financial statements.

 

3


Table of Contents

FIRST ACCEPTANCE CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

1. General

The consolidated financial statements of First Acceptance Corporation (the “Company”) included herein have been prepared without audit pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been omitted. In the opinion of management, the consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair statement of the interim periods. Certain reclassifications have been made to the prior year’s consolidated financial statements to conform with the current year presentation.

The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year. These consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in its Transition Report on Form 10-K for the transition period from July 1, 2011 to December 31, 2011.

 

2. Fair Value

Fair value is the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are generally based upon observable and unobservable inputs. Observable inputs are based on market data from independent sources, while unobservable inputs reflect the Company’s view of market assumptions in the absence of observable market information. All assets and liabilities that are carried at fair value are classified and disclosed in one of the following categories:

 

Level 1 -

  Quoted prices in active markets for identical assets or liabilities.

Level 2 -

  Quoted market prices for similar assets or liabilities in active markets; quoted prices by independent pricing services for identical or similar assets or liabilities in markets that are not active; and valuations, using models or other valuation techniques, that use observable market data. All significant inputs are observable, or derived from observable information in the marketplace, or are supported by observable levels at which transactions are executed in the market place.

Level 3 -

  Instruments that use non-binding broker quotes or model driven valuations that do not have observable market data.

The Company categorizes methods used in its identifiable intangible assets impairment tests as Level 3. To determine the fair value of acquired trademarks and trade names, the Company uses the relief-from-royalty method, which requires the Company to estimate the future revenue for the related brands, the appropriate royalty rate and the weighted average cost of capital.

Fair Value of Financial Instruments

The carrying values and fair values of certain of the Company’s financial instruments were as follows (in thousands).

 

     March 31, 2012      December 31, 2011  
     Carrying
Value
     Fair
Value
     Carrying
Value
     Fair
Value
 

Assets:

           

Investments, available-for-sale

   $ 167,098       $ 167,098       $ 172,825       $ 172,825   

Liabilities:

           

Debentures payable

     41,240         15,218         41,240         14,868   

 

4


Table of Contents

FIRST ACCEPTANCE CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

 

The fair values as presented represent the Company’s best estimates and may not be substantiated by comparisons to independent markets. The fair value of the debentures payable was based on current market rates offered for debt with similar risks and maturities. Carrying values of certain financial instruments, such as cash and cash equivalents and premiums and fees receivable, approximate fair value due to the short-term nature of the instruments and are not required to be disclosed. Therefore, the aggregate of the fair values presented in the preceding table do not purport to represent the Company’s underlying value.

The Company holds available-for-sale investments, which are carried at fair value. The following tables present the fair-value measurements for each major category of assets that are measured on a recurring basis (in thousands).

 

     Total      Fair Value Measurements Using  

March 31, 2012

      Quoted Prices
in Active
Markets for
Identical
Assets

(Level 1)
     Significant
Other
Observable
Inputs

(Level 2)
     Significant
Unobservable
Inputs

(Level 3)
 

Fixed maturities, available-for-sale:

           

U.S. government and agencies

   $ 25,470       $ 25,470       $ —         $ —     

State

     5,655         —           5,655         —     

Political subdivisions

     781         —           781         —     

Revenue and assessment

     23,934         —           23,934         —     

Corporate bonds

     73,879         —           73,879         —     

Collateralized mortgage obligations:

           

Agency backed

     16,524         —           16,524         —     

Non-agency backed – residential

     5,461         —           5,461         —     

Non-agency backed – commercial

     5,682         —           5,682         —     

Redeemable preferred stocks

     1,800         1,800         —           —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total fixed maturities, available-for-sale

     159,186         27,270         131,916         —     

Investment in mutual fund, available-for-sale

     7,912         7,912         —           —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total investments, available-for-sale

     167,098         35,182         131,916         —     

Cash and cash equivalents

     26,079         26,079         —           —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 193,177       $ 61,261       $ 131,916       $ —     
  

 

 

    

 

 

    

 

 

    

 

 

 

 

5


Table of Contents

FIRST ACCEPTANCE CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

 

     Total      Fair Value Measurements Using  

December 31, 2011

      Quoted Prices
in Active
Markets for
Identical
Assets

(Level 1)
     Significant
Other
Observable
Inputs

(Level 2)
     Significant
Unobservable
Inputs

(Level 3)
 

Fixed maturities, available-for-sale:

           

U.S. government and agencies

   $ 25,528       $ 25,528       $ —         $ —     

State

     6,387         —           6,387         —     

Political subdivisions

     781         —           781         —     

Revenue and assessment

     25,432         —           25,432         —     

Corporate bonds

     77,297         —           77,297         —     

Collateralized mortgage obligations:

           

Agency backed

     18,133         —           18,133         —     

Non-agency backed – residential

     5,429         —           5,429         —     

Non-agency backed – commercial

     6,125         —           6,125         —     

Redeemable preferred stock

     169         169         —           —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total fixed maturities, available-for-sale

     165,281         25,697         139,584         —     

Investment in mutual fund, available-for-sale

     7,544         7,544         —           —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total investments, available-for-sale

     172,825         33,241         139,584         —     

Cash and cash equivalents

     23,751         23,751         —           —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 196,576       $ 56,992       $ 139,584       $ —     
  

 

 

    

 

 

    

 

 

    

 

 

 

The fair values of the Company’s investments are determined by management after taking into consideration available sources of data. All of the portfolio valuations classified as Level 1 or Level 2 in the above tables are priced exclusively by utilizing the services of independent pricing sources using observable market data. The Level 2 classified security valuations are obtained from a single independent pricing service. There were no transfers between Level 1 and Level 2 for the three months ended March 31, 2012 and 2011. The Company’s policy is to recognize transfers between levels at the end of the reporting period. The Company has not made any adjustments to the prices obtained from the independent pricing sources.

The Company has reviewed the pricing techniques and methodologies of the independent pricing service for Level 2 investments and believes that its policies adequately consider market activity, either based on specific transactions for the security valued or based on modeling of securities with similar credit quality, duration, yield and structure that were recently traded. The Company monitored security-specific valuation trends and has made inquiries with the pricing service about material changes or the absence of expected changes to understand the underlying factors and inputs and to validate the reasonableness of the pricing.

Based on the above categorization, there were no Level 3 classified security valuations at March 31, 2012 and 2011 and December 31, 2011 and 2010, nor any transfers into or out of Level 3 during these periods.

 

6


Table of Contents

FIRST ACCEPTANCE CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

 

3. Investments

Investments, Available-for-Sale

The following tables summarize the Company’s investment securities (in thousands).

 

March 31, 2012

   Amortized
Cost
     Gross
Unrealized
Gains
     Gross
Unrealized
Losses
    Fair
Value
 

U.S. government and agencies

   $ 24,181       $ 1,289       $ —        $ 25,470   

State

     5,418         237         —          5,655   

Political subdivisions

     753         28         —          781   

Revenue and assessment

     22,469         1,470         (5     23,934   

Corporate bonds

     67,740         6,150         (11     73,879   

Collateralized mortgage obligations:

          

Agency backed

     15,435         1,089         —          16,524   

Non-agency backed – residential

     5,442         154         (135     5,461   

Non-agency backed – commercial

     5,361         321         —          5,682   

Redeemable preferred stocks

     1,676         131         (7     1,800   
  

 

 

    

 

 

    

 

 

   

 

 

 

Total fixed maturities, available-for-sale

     148,475         10,869         (158     159,186   

Investment in mutual fund, available-for-sale

     7,501         411         —          7,912   
  

 

 

    

 

 

    

 

 

   

 

 

 
   $ 155,976       $ 11,280       $ (158   $ 167,098   
  

 

 

    

 

 

    

 

 

   

 

 

 

 

December 31, 2011

   Amortized
Cost
     Gross
Unrealized
Gains
     Gross
Unrealized
Losses
    Fair
Value
 

U.S. government and agencies

   $ 24,178       $ 1,350       $ —        $ 25,528   

State

     6,099         288         —          6,387   

Political subdivisions

     754         27         —          781   

Revenue and assessment

     24,130         1,302         —          25,432   

Corporate bonds

     71,392         6,113         (208     77,297   

Collateralized mortgage obligations:

          

Agency backed

     16,953         1,180         —          18,133   

Non-agency backed – residential

     5,530         66         (167     5,429   

Non-agency backed – commercial

     5,862         275         (12     6,125   

Redeemable preferred stock

     176         —           (7     169   
  

 

 

    

 

 

    

 

 

   

 

 

 

Total fixed maturities, available-for-sale

     155,074         10,601         (394     165,281   

Investment in mutual fund, available-for-sale

     7,501         43         —          7,544   
  

 

 

    

 

 

    

 

 

   

 

 

 
   $ 162,575       $ 10,644       $ (394   $ 172,825   
  

 

 

    

 

 

    

 

 

   

 

 

 

 

7


Table of Contents

FIRST ACCEPTANCE CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

 

The following tables set forth the scheduled maturities of the Company’s fixed maturity securities based on their fair values (in thousands). Actual maturities may differ from contractual maturities because certain securities may be called or prepaid by the issuers.

 

March 31, 2012

   Securities
with
Unrealized
Gains
     Securities
with
Unrealized
Losses
     Securities
with No
Unrealized
Gains or
Losses
     All
Fixed
Maturity
Securities
 

One year or less

   $ 21,975       $ —         $ —         $ 21,975   

After one through five years

     52,837         1,010         —           53,847   

After five through ten years

     42,531         —           —           42,531   

After ten years

     9,494         1,872         —           11,366   

No single maturity date

     27,858         1,609         —           29,467   
  

 

 

    

 

 

    

 

 

    

 

 

 
   $ 154,695       $ 4,491       $ —         $ 159,186   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

December 31, 2011

   Securities
with
Unrealized
Gains
     Securities
with
Unrealized
Losses
     Securities
with No
Unrealized
Gains or
Losses
     All
Fixed
Maturity
Securities
 

One year or less

   $ 15,801       $ 2,506       $ 955       $ 19,262   

After one through five years

     61,511         —           —           61,511   

After five through ten years

     42,997         689         —           43,686   

After ten years

     7,860         3,106         —           10,966   

No single maturity date

     26,623         2,168         1,065         29,856   
  

 

 

    

 

 

    

 

 

    

 

 

 
   $ 154,792       $ 8,469       $ 2,020       $ 165,281   
  

 

 

    

 

 

    

 

 

    

 

 

 

The following table reflects the number of fixed maturity securities with gross unrealized gains and losses. Gross unrealized losses are further segregated by the length of time that individual securities have been in a continuous unrealized loss position.

 

     Gross Unrealized Losses      Gross
Unrealized
Gains
 

At:

   Less than
or equal to
12 months
     Greater
than 12
months
    

March 31, 2012

     1         5         137   

December 31, 2011

     7         4         139   

The following tables reflect the fair value and gross unrealized losses of those fixed maturity securities in a continuous unrealized loss position for greater than 12 months. Gross unrealized losses are further segregated by the percentage of amortized cost (in thousands, except number of securities).

 

Gross Unrealized Losses

at March 31, 2012:

   Number
of
Securities
     Fair
Value
     Gross
Unrealized
Losses
 

Less than or equal to 10%

     4       $ 3,290       $ (45

Greater than 10%

     1         191         (108
  

 

 

    

 

 

    

 

 

 
     5       $ 3,481       $ (153
  

 

 

    

 

 

    

 

 

 

 

Gross Unrealized Losses

at December 31, 2011:

   Number
of
Securities
     Fair
Value
     Gross
Unrealized
Losses
 

Less than or equal to 10%

     3       $ 2,760       $ (92

Greater than 10%

     1         191         (110
  

 

 

    

 

 

    

 

 

 
     4       $ 2,951       $ (202
  

 

 

    

 

 

    

 

 

 

 

8


Table of Contents

FIRST ACCEPTANCE CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

 

The following tables set forth the amount of gross unrealized losses by current severity (as compared to amortized cost) and length of time that individual securities have been in a continuous unrealized loss position (in thousands).

 

      Fair Value of
Securities with
Gross
Unrealized
Losses
     Gross
Unrealized
Losses
    Severity of Gross Unrealized Losses  
         

Length of

Gross Unrealized Losses

at March 31, 2012:

        Less
than 5%
    5% to
10%
     Greater
than

10%
 

Less than or equal to:

            

Three months

   $ —         $ —        $ —        $ —         $ —     

Six months

     —           —          —          —           —     

Nine months

     1,010         (5     (5     —           —     

Twelve months

     —           —          —          —           —     

Greater than twelve months

     3,481         (153     (45     —           (108
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

 

Total

   $ 4,491       $ (158   $ (50   $ —         $ (108
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

 

 

      Fair Value of
Securities with
Gross
Unrealized
Losses
     Gross
Unrealized
Losses
    Severity of Gross Unrealized Losses  
         

Length of

Gross Unrealized Losses

at December 31, 2011:

        Less
than 5%
    5% to
10%
    Greater
than 10%
 

Less than or equal to:

           

Three months

   $ 2,506       $ —        $ —        $ —        $ —     

Six months

     1,945         (174     —          (174     —     

Nine months

     898         (11     (11     —          —     

Twelve months

     169         (7     (7     —          —     

Greater than twelve months

     2,951         (202     (45     (47     (110
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 8,469       $ (394   $ (63   $ (221   $ (110
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Restrictions

At March 31, 2012, fixed maturities and cash equivalents with a fair value of $5.9 million (amortized cost of $5.3 million) were on deposit with various insurance departments as a requirement of doing business in those states. Fixed maturities and cash equivalents with a fair value of $9.0 million (amortized cost of $8.9 million) were on deposit with another insurance company as collateral for an assumed reinsurance contract.

Investment Income and Net Realized Gains and Losses

The major categories of investment income follow (in thousands).

 

     Three Months Ended
March 31,
 
     2012     2011  

Fixed maturities, available-for-sale

   $ 1,760      $ 1,975   

Investment in mutual fund, available-for-sale

     137        151   

Cash and cash equivalents

     —          1   

Other

     29        29   

Investment expenses

     (156     (165
  

 

 

   

 

 

 
   $ 1,770      $ 1,991   
  

 

 

   

 

 

 

 

9


Table of Contents

FIRST ACCEPTANCE CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

 

The components of net realized gains (losses) on investments, available-for-sale at fair value follow (in thousands).

 

     Three Months Ended
March 31,
 
     2012     2011  

Gains

   $ 27      $ —     

Losses

     —          (1

Other-than-temporary impairment

     (1     (77
  

 

 

   

 

 

 
   $ 26      $ (78
  

 

 

   

 

 

 

Realized gains and losses on sales and redemptions are computed based on specific identification. The non-credit related portion of other-than-temporary impairment (“OTTI”) is included in other comprehensive income (loss). The amounts of non-credit OTTI for securities still owned was $1.0 million for non-agency backed residential collateralized mortgage obligations (“CMOs”) and $0.2 million for non-agency backed commercial CMOs at both March 31, 2012 and December 31, 2011.

Other-Than-Temporary Impairment

In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 320-10, the Company separates OTTI into the following two components: (i) the amount related to credit losses, which is recognized in the consolidated statement of operations and (ii) the amount related to all other factors, which is recorded in other comprehensive income (loss). The credit-related portion of an OTTI is measured by comparing a security’s amortized cost to the present value of its current expected cash flows discounted at its effective yield prior to the impairment charge.

The determination of whether unrealized losses are “other-than-temporary” requires judgment based on subjective, as well as objective factors. The Company routinely monitors its investment portfolio for changes in fair value that might indicate potential impairments and performs detailed reviews on such securities. Changes in fair value are evaluated to determine the extent to which such changes are attributable to (i) fundamental factors specific to the issuer or (ii) market-related factors such as interest rates or sector declines.

Securities with declines attributable to issuer-specific fundamentals are reviewed to identify all available evidence to estimate the potential for impairment. Resources used include historical financial data included in filings with the SEC for corporate bonds and performance data regarding the underlying loans for CMOs. Securities with declines attributable solely to market or sector declines where the Company does not intend to sell the security and it is more likely than not that the Company will not be required to sell the security before the full recovery of its amortized cost basis are not deemed to be other-than-temporarily impaired.

The issuer-specific factors considered in reaching the conclusion that securities with declines are not other-than-temporary include (i) the extent and duration of the decline in fair value, including the duration of any significant decline in value, (ii) whether the security is current as to payments of principal and interest, (iii) a valuation of any underlying collateral, (iv) current and future conditions and trends for both the business and its industry, (v) changes in cash flow assumptions for CMOs and (vi) rating agency actions. Based on these factors, the Company makes a determination as to the probability of recovering principal and interest on the security.

 

10


Table of Contents

FIRST ACCEPTANCE CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

 

The number and amount of securities for which the Company has recognized OTTI charges in net loss are presented in the following table (in thousands, except for the number of securities).

 

     Three Months Ended March 31,  
     2012     2011  
     Number of
Securities
     OTTI     Number of
Securities
     OTTI  

Collateralized mortgage obligations:

          

Non-agency backed – residential

     1       $ (1     3       $ (77

Non-agency backed – commercial

     —           —          —           —     
  

 

 

    

 

 

   

 

 

    

 

 

 
     1         (1     3         (77

Portion of loss recognized in accumulated other comprehensive income (loss)

        —             —     
     

 

 

      

 

 

 

Net OTTI recognized in net loss

      $ (1      $ (77
     

 

 

      

 

 

 

The following is a progression of the credit-related portion of OTTI on investments owned at March 31, 2012 and 2011 (in thousands).

 

     Three Months Ended
March 31,
 
     2012     2011  

Beginning balance

   $ (3,425   $ (3,590

Additional credit impairments on:

    

Previously impaired securities

     (1     (77

Securities without previous impairments

     —          —     
  

 

 

   

 

 

 
     (1     (77

Reductions for securities sold (realized)

     —          192   
  

 

 

   

 

 

 
   $ (3,426   $ (3,475
  

 

 

   

 

 

 

On a quarterly basis, the Company reviews cash flow estimates for certain non-agency backed CMOs of lesser credit quality following the guidance of FASB ASC 325-40, Investments – Other – Benefits Interests in Securitized Financial Assets (“FASB ASC 325-40”). Accordingly, when changes in estimated cash flows occur due to actual or estimated prepayment or credit loss experience, and the present value of the revised cash flows is less than the present value previously estimated, OTTI is deemed to have occurred. For non-agency backed CMOs not subject to FASB ASC 325-40, the Company reviews quarterly projected cash flow analyses and recognizes OTTI when it determines that a loss is probable. The Company has recognized OTTI related to certain non-agency backed CMOs as the underlying cash flows have been adversely impacted due to a reduction in prepayments from mortgage refinancing and an increase in actual and projected delinquencies in the underlying mortgages.

The Company’s review of non-agency backed CMOs included an analysis of available information such as collateral quality, anticipated cash flows, credit enhancements, default rates, loss severities, the securities’ relative position in their respective capital structures, and credit ratings from statistical rating agencies. The Company reviews quarterly projected cash flow analyses for each security utilizing current assumptions regarding (i) actual and anticipated delinquencies, (ii) delinquency transition-to-default rates and (iii) loss severities. Based on its quarterly reviews, the Company determined that there had not been an adverse change in projected cash flows, except in the case of those securities for which OTTI charges have been recorded. The Company believes that the unrealized losses on the remaining non-agency backed securities for which OTTI charges have not been recorded are not necessarily predictive of the ultimate performance of the underlying collateral. The Company does not intend to sell these securities and it is more likely than not that the Company will not be required to sell these securities before the recovery of their amortized cost basis.

The Company believes that the remaining securities having unrealized losses at March 31, 2012 were not other-than-temporarily impaired. The Company also does not intend to sell any of these securities and it is more likely than not that the Company will not be required to sell any of these securities before the recovery of their amortized cost basis.

 

11


Table of Contents

FIRST ACCEPTANCE CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

 

4. Net Loss Per Share

The following table sets forth the computation of basic and diluted net loss per share (in thousands, except per share data).

 

     Three Months Ended
March 31,
 
     2012     2011  

Net loss

   $ (8,207   $ (1,608
  

 

 

   

 

 

 

Weighted average common basic shares

     40,843        48,192   

Effect of dilutive securities

     —          —     
  

 

 

   

 

 

 

Weighted average common dilutive shares

     40,843        48,192   
  

 

 

   

 

 

 

Basic and diluted net loss per share

   $ (0.20   $ (0.03
  

 

 

   

 

 

 

For the three months ended March 31, 2012 and 2011, the computation of diluted net loss per share did not include 0.1 million and 0.2 million shares, respectively, of unvested restricted common stock as their inclusion would have been anti-dilutive. Options to purchase approximately 5.3 million and 4.5 million shares for the three months ended March 31, 2012 and 2011, respectively, were also not included in the computation of diluted net loss per share as their exercise prices were in excess of the average stock prices for the periods presented.

 

5. Income Taxes

The provision (benefit) for income taxes consisted of the following (in thousands).

 

     Three Months Ended
March 31,
 
     2012      2011  

Federal:

     

Current

   $ —         $ —     

Deferred

     —           —     
  

 

 

    

 

 

 
     —           —     

State:

     

Current

     78         (204

Deferred

     1         (98
  

 

 

    

 

 

 
     79         (302
  

 

 

    

 

 

 
   $ 79       $ (302
  

 

 

    

 

 

 

The provision (benefit) for income taxes differs from the amounts computed by applying the statutory federal corporate tax rate of 35% to loss before income taxes as a result of the following (in thousands).

 

     Three Months Ended
March 31,
 
     2012     2011  

Benefit for income taxes at statutory rate

   $ (2,845   $ (669

Tax effect of:

    

Tax-exempt investment income

     (1     (4

Change in the beginning of the period balance of the valuation allowance for deferred tax assets allocated to federal income taxes

     2,827        556   

Restricted stock

     13        136   

State income taxes, net of federal income tax benefit and valuation allowance

     79        (302

Other

     6        (19
  

 

 

   

 

 

 
   $ 79      $ (302
  

 

 

   

 

 

 

 

12


Table of Contents

FIRST ACCEPTANCE CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

 

The Company had a valuation allowance of $29.9 million and $27.2 million at March 31, 2012 and December 31, 2011, respectively, to reduce deferred tax assets to the amount that is more likely than not to be realized. The change in the total valuation allowance for the three months ended March 31, 2012 was an increase of $2.7 million. For the three months ended March 31, 2012, the change in the valuation allowance included reductions of $0.3 million related to the unrealized change in investments included in other comprehensive income (loss) and increases of $0.2 million related to deferred state income taxes.

In assessing the realization of deferred tax assets, management considered whether it was more likely than not that some portion or all of the deferred tax assets will not be realized. The Company is required to assess whether a valuation allowance should be established against the Company’s net deferred tax assets based on the consideration of all available evidence using a more likely than not standard. In making such judgments, significant weight is given to evidence that can be objectively verified. In assessing the Company’s ability to support the realizability of its deferred tax assets, management considered both positive and negative evidence. The Company placed greater weight on historical results than on the Company’s outlook for future profitability and established a deferred tax valuation allowance at March 31, 2012 and December 31, 2011. The deferred tax valuation allowance may be adjusted in future periods if management determines that it is more likely than not that some portion or all of the deferred tax assets will be realized. In the event the deferred tax valuation allowance is adjusted, the Company would record an income tax benefit for the adjustment.

 

6. Segment Information

The Company operates in two business segments with its primary focus being the selling, servicing and underwriting of non-standard personal automobile insurance. The real estate and corporate segment consists of the activities related to the disposition of foreclosed real estate held for sale, interest expense associated with all debt and other general corporate overhead expenses.

The following table presents selected financial data by business segment (in thousands).

 

       Three Months Ended
March 31,
 
       2012      2011  

Revenues:

       

Insurance

     $ 55,434       $ 52,771   

Real estate and corporate

       33         29   
    

 

 

    

 

 

 

Consolidated total

     $ 55,467       $ 52,800   
    

 

 

    

 

 

 

Loss before income taxes:

       

Insurance

     $ (6,622    $ (115

Real estate and corporate

       (1,506      (1,795
    

 

 

    

 

 

 

Consolidated total

     $ (8,128    $ (1,910
    

 

 

    

 

 

 

 

     March 31,
2012
     December 31,
2011
 

Total assets:

     

Insurance

   $ 252,736       $ 241,815   

Real estate and corporate

     15,484         15,437   
  

 

 

    

 

 

 

Consolidated total

   $ 268,220       $ 257,252   
  

 

 

    

 

 

 

 

13


Table of Contents

FIRST ACCEPTANCE CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

 

7. Recent Accounting Pronouncements

In October 2010, the FASB issued ASU No. 2010-26, Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts (a consensus of the FASB Emerging Issues Task Force) (Topic 944), which clarifies what costs should be deferred by insurance companies when issuing or renewing insurance contracts. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning on or after December 15, 2011. The Company adopted this standard on a prospective basis on January 1, 2012 and, therefore, will recognize estimated additional expense of approximately $0.5 million to $0.7 million over the first six months of 2012, consistent with the Company’s insurance policy terms and estimated deferred acquisition costs amortization period.

In May 2011, the FASB issued ASU No. 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs, which amends certain measurement and disclosure requirements related to fair value measurements to improve consistency with international reporting standards. The Company adopted the provisions of this guidance in the quarter ended March 31, 2012. The adoption of this guidance did not have an impact on the Company’s financial position or results of operations.

In June 2011, the FASB issued ASU No. 2011-05, Presentation of Comprehensive Income, which requires a company to present components of net income and other comprehensive income in one continuous statement or in two separate, but consecutive statements. There are no changes to the components that are recognized in net income or other comprehensive income under current GAAP. The Company adopted the provisions of this guidance in the quarter ended March 31, 2012. The adoption of this guidance did not have an impact on the Company’s financial position or results of operations.

In September 2011, the FASB issued ASU 2011-08, Intangibles — Goodwill and Other (Topic 350), which allows companies to waive comparing the fair value of a reporting unit to its carrying amount in assessing the recoverability of goodwill if, based on qualitative factors, it is more likely than not that the fair value of a reporting unit is greater than its carrying amount. The Company adopted the provisions of this guidance in the quarter ended March 31, 2012. The adoption of this guidance did not have an impact on the Company’s financial position or results of operations.

 

14


Table of Contents

FIRST ACCEPTANCE CORPORATION 10-Q

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Management’s Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements which involve risks and uncertainties. Our actual results may differ significantly from the results discussed in the forward-looking statements. Factors that might cause such a difference include those discussed in Item 1A. “Risk Factors” in our Transition Report on Form 10-K for the transition period from July 1, 2011 to December 31, 2011. The following discussion should be read in conjunction with our consolidated financial statements included with this report and our consolidated financial statements and related Management’s Discussion and Analysis of Financial Condition and Results of Operations for the six months ended December 31, 2011 included in our Transition Report on Form 10-K for the transition period from July 1, 2011 to December 31, 2011.

General

We are principally a retailer, servicer and underwriter of non-standard personal automobile insurance. We also own two tracts of land in San Antonio, Texas that are held for sale. Non-standard personal automobile insurance is made available to individuals who are categorized as “non-standard” because of their inability or unwillingness to obtain standard insurance coverage due to various factors, including payment history, payment preference, failure in the past to maintain continuous insurance coverage, driving record and/or vehicle type.

At March 31, 2012, we leased and operated 378 retail locations (or “stores”) staffed by employee-agents who primarily sell non-standard personal automobile insurance products underwritten by us as well as certain commissionable ancillary products. In most states, our employee-agents also sell a tenant homeowner insurance product underwritten by us. At March 31, 2012, we wrote non-standard personal automobile insurance in 12 states and were licensed in 13 additional states. See the discussion in Item 1. “Business - General” in our Transition Report on Form 10-K for the transition period from July 1, 2011 to December 31, 2011 for additional information with respect to our business.

The following table shows the number of our retail locations. Retail location counts are based upon the date that a location commenced or ceased writing business.

 

     Three Months Ended
March  31,
 
     2012     2011  

Retail locations – beginning of period

     382        393   

Opened

     —          —     

Closed

     (4     (8
  

 

 

   

 

 

 

Retail locations – end of period

     378        385   
  

 

 

   

 

 

 

The following table shows the number of our retail locations by state.

 

     March 31,      December 31,  
     2012      2011      2011      2010  

Alabama

     24         24         24         25   

Florida

     30         31         30         31   

Georgia

     60         60         60         60   

Illinois

     66         68         67         73   

Indiana

     17         17         17         17   

Mississippi

     8         8         8         8   

Missouri

     12         12         12         12   

Ohio

     27         27         27         27   

Pennsylvania

     16         16         16         16   

South Carolina

     26         26         26         26   

Tennessee

     19         20         20         20   

Texas

     73         76         75         78   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

     378         385         382         393   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

15


Table of Contents

FIRST ACCEPTANCE CORPORATION 10-Q

 

Consolidated Results of Operations

Overview

Our primary focus is selling, servicing and underwriting non-standard personal automobile insurance. Our real estate and corporate segment consists of activities related to the disposition of real estate held for sale, interest expense associated with debt, and other general corporate overhead expenses. Our insurance operations generate revenues from selling, servicing and underwriting non-standard personal automobile insurance policies in 12 states. We conduct our underwriting operations through three insurance company subsidiaries: First Acceptance Insurance Company, Inc., First Acceptance Insurance Company of Georgia, Inc. and First Acceptance Insurance Company of Tennessee, Inc. Our insurance revenues are primarily generated from:

 

   

premiums earned, including policy and renewal fees, from sales of policies written and assumed by our insurance company subsidiaries;

 

   

commission and fee income, including installment billing fees on policies written, agency fees and commissions and fees for other ancillary products and services; and

 

   

investment income earned on the invested assets of the insurance company subsidiaries.

The following table presents gross premiums earned by state (in thousands). Driven by improvements in sales execution, net premiums earned for the three months ended March 31, 2012 increased 4.5% compared with the same period in the prior year.

 

     Three Months Ended
March 31,
 
     2012     2011  

Gross premiums earned:

    

Georgia

   $ 9,529      $ 9,450   

Florida

     6,069        4,839   

Texas

     5,677        5,891   

Illinois

     5,538        5,711   

Alabama

     4,228        4,177   

Ohio

     3,802        3,476   

South Carolina

     3,012        2,470   

Tennessee

     2,954        2,701   

Pennsylvania

     2,047        2,254   

Indiana

     1,176        1,144   

Missouri

     788        726   

Mississippi

     646        653   
  

 

 

   

 

 

 

Total gross premiums earned

     45,466        43,492   

Premiums ceded to reinsurer

     (47     (47
  

 

 

   

 

 

 

Total net premiums earned

   $ 45,419      $ 43,445   
  

 

 

   

 

 

 

The following table presents the change in the total number of policies in force (“PIF”) for the insurance operations. PIF increase as a result of new policies issued and decrease as a result of policies that are canceled or expire and are not renewed. At March 31, 2012, PIF was 6.0% higher than at the same date in the prior year.

 

     Three Months Ended
March 31,
 
     2012      2011  

Policies in force – beginning of period

     141,862         144,582   

Net increase during period

     28,392         16,006   
  

 

 

    

 

 

 

Policies in force – end of period

     170,254         160,588   
  

 

 

    

 

 

 

 

16


Table of Contents

FIRST ACCEPTANCE CORPORATION 10-Q

 

The following tables present total PIF for the insurance operations segregated by policies that were sold through our open and closed retail locations as well as our independent agents. For our retail locations, PIF are further segregated by (i) new and renewal and (ii) liability-only or full coverage. New policies are defined as those policies issued to both first-time customers and customers who have reinstated a lapsed or cancelled policy. Renewal policies are those policies which renewed after completing their full uninterrupted policy term. Liability-only policies are defined as those policies including only bodily injury (or no-fault) and property damage coverages, which are the required coverages in most states. For comparative purposes, the PIF data with respect to closed retail locations for each of the periods presented below includes all retail locations closed at March 31, 2012. PIF from open retail locations increased 7.0% during the current quarter on a year-over-year basis. In addition, the percentage of PIF with full coverage at March 31, 2012 that were sold through our open retail locations increased to 40.8%, compared with 39.2% at the same date in the prior year.

 

     March 31,  
     2012      2011  

Retail locations:

     

Open retail locations:

     

New

     89,453         77,082   

Renewal

     75,619         77,187   
  

 

 

    

 

 

 
     165,072         154,269   

Closed retail locations:

     

New

     290         1,160   

Renewal

     1,849         2,949   
  

 

 

    

 

 

 
     2,139         4,109   

Independent agents

     3,043         2,210   
  

 

 

    

 

 

 

Total policies in force

     170,254         160,588   
  

 

 

    

 

 

 

 

     March 31,  
     2012      2011  

Retail locations:

     

Open retail locations:

     

Liability-only

     97,678         93,788   

Full coverage

     67,394         60,481   
  

 

 

    

 

 

 
     165,072         154,269   

Closed retail locations:

     

Liability-only

     1,253         2,559   

Full coverage

     886         1,550   
  

 

 

    

 

 

 
     2,139         4,109   

Independent agents

     3,043         2,210   
  

 

 

    

 

 

 

Total policies in force

     170,254         160,588   
  

 

 

    

 

 

 

Insurance companies present a combined ratio as a measure of their overall underwriting profitability. The components of the combined ratio are as follows.

Loss Ratio - Loss ratio is the ratio (expressed as a percentage) of losses and loss adjustment expenses incurred to premiums earned and is a basic element of underwriting profitability. We calculate this ratio based on all direct and assumed premiums earned, net of ceded reinsurance.

Expense Ratio - Expense ratio is the ratio (expressed as a percentage) of insurance operating expenses to net premiums earned. Insurance operating expenses are reduced by commission and fee income from insureds. This is a measurement that illustrates relative management efficiency in administering our operations.

Combined Ratio - Combined ratio is the sum of the loss ratio and the expense ratio. If the combined ratio is at or above 100%, an insurance company cannot be profitable without sufficient investment income.

 

17


Table of Contents

FIRST ACCEPTANCE CORPORATION 10-Q

 

The following table presents the loss, expense and combined ratios for our insurance operations.

 

     Three Months Ended
March  31,
 
     2012     2011  

Loss and loss adjustment expense

     85.6     72.7

Expense

     31.9     31.1
  

 

 

   

 

 

 

Combined

     117.5     103.8
  

 

 

   

 

 

 

Excluding the severance and related benefits charges incurred in connection with the separation of certain executive officers of $1.3 million during March 2011, the expense and combined ratios for the three months ended March 31, 2011 were 28.0% and 100.7%, respectively. For a more detailed discussion of the changes in these ratios, see management’s discussion of operating results.

Operational Initiatives

We believe that our retail stores are the foundation of our business, providing an opportunity for us to directly interact with our customers on a regular basis. Therefore, we remain dedicated to improving the customer experience in our retail stores. Our recent retail sales and marketing initiatives included:

 

   

investment in our sales management organization to improve the quality and consistency of the customer experience in our retail stores,

 

   

development of a new brand logo and cohesive brand strategy, and

 

   

investment in rebranding our store fronts and refurbishing our stores interiors.

We also recognize that customer preferences are changing and that we need to adapt to meet those needs. For that reason, we are focused on expanding the ways that customers can purchase automobile insurance, access customer service and interact with our claims department. Our recent customer interaction initiatives included:

 

   

development of electronic signature capabilities, thereby enabling most customers to receive quotes and bind policies over the phone and through the internet, and

 

   

development of a consumer-based website that reflects our branding strategy, improves the customer experience, and allows for full-service capabilities including quoting, binding and receiving payments.

We have also been focused on expanding our potential customer base through improvements to our insurance products and product offerings. Our recent product initiatives included:

 

   

implementation of our new multivariate pricing program, and

 

   

expansion of ancillary product offerings.

Through April 2012, we made significant progress regarding the above mentioned initiatives, including the strategic rebranding of our advertising and stores fronts and the implementation of both electronic signature capabilities and our new multivariate pricing program in all markets. In addition, our customers are able to complete the entire sales process over the phone or at the local stores. In late March 2012, our expanded consumer-based website was made available. The initial website upgrades, which reflect our branding strategy and allow for full-service capabilities including quoting, binding and payment receipt, are being made available in all states that we currently write business by mid-2012. During the current year, our plans include the continued investment in our people, retail stores and our customer interaction efforts in order to improve the customer experience, provide value and improve financial results.

 

18


Table of Contents

FIRST ACCEPTANCE CORPORATION 10-Q

 

Investments

We use the services of an independent investment manager to manage our investment portfolio. The investment manager conducts, in accordance with our investment policy, all of the investment purchases and sales for our insurance company subsidiaries. Our investment policy has been established by the Investment Committee of our Board of Directors and specifically addresses overall investment goals and objectives, authorized investments, prohibited securities, restrictions on sales by the investment manager and guidelines as to asset allocation, duration and credit quality. Management and the Investment Committee meet regularly with our investment manager to review the performance of the portfolio and compliance with our investment guidelines.

The invested assets of the insurance company subsidiaries consist substantially of marketable, investment grade, U.S. government securities, municipal bonds, corporate bonds and collateralized mortgage obligations (“CMOs”). Investment income is comprised primarily of interest earned on these securities, net of related investment expenses. Realized gains and losses may occur from time to time as changes are made to our holdings based upon changes in interest rates or the credit quality of specific securities.

The value of our consolidated investment portfolio was $167.1 million at March 31, 2012 and consisted of fixed maturity securities and an investment in a mutual fund, all carried at fair value with unrealized gains and losses reported as a separate component of stockholders’ equity. At March 31, 2012, we had gross unrealized gains of $11.3 million and gross unrealized losses of $0.2 million in our consolidated investment portfolio.

At March 31, 2012, 89% of the fair value of our fixed maturity portfolio was rated “investment grade” (a credit rating of AAA to BBB-) by nationally recognized statistical rating organizations. The average credit rating of our fixed maturity portfolio was A+ at March 31, 2012. Investment grade securities generally bear lower yields and have lower degrees of risk than those that are unrated or non-investment grade. We believe that a high quality investment portfolio is more likely to generate a stable and predictable investment return.

Investments in CMOs had a fair value of $27.7 million at March 31, 2012 and represented 17% of our fixed maturity portfolio. At March 31, 2012, 79% of our CMOs were considered investment grade by nationally recognized statistical rating agencies. In addition, 14% of our CMOs were rated AAA and 60% of our CMOs were backed by agencies of the United States government. Of the non-agency backed CMOs, 34% were rated AAA.

The following table summarizes our investment securities at March 31, 2012 (in thousands).

 

March 31, 2012

   Amortized
Cost
     Gross
Unrealized
Gains
     Gross
Unrealized
Losses
    Fair
Value
 

U.S. government and agencies

   $ 24,181       $ 1,289       $ —        $ 25,470   

State

     5,418         237         —          5,655   

Political subdivisions

     753         28         —          781   

Revenue and assessment

     22,469         1,470         (5     23,934   

Corporate bonds

     67,740         6,150         (11     73,879   

Collateralized mortgage obligations:

          

Agency backed

     15,435         1,089         —          16,524   

Non-agency backed – residential

     5,442         154         (135     5,461   

Non-agency backed – commercial

     5,361         321         —          5,682   

Redeemable preferred stocks

     1,676         131         (7     1,800   
  

 

 

    

 

 

    

 

 

   

 

 

 

Total fixed maturities, available-for-sale

     148,475         10,869         (158     159,186   

Investment in mutual fund, available-for-sale

     7,501         411         —          7,912   
  

 

 

    

 

 

    

 

 

   

 

 

 
   $ 155,976       $ 11,280       $ (158   $ 167,098   
  

 

 

    

 

 

    

 

 

   

 

 

 

 

19


Table of Contents

FIRST ACCEPTANCE CORPORATION 10-Q

 

The following table sets forth the scheduled maturities of our fixed maturity securities at March 31, 2012 based on their fair values (in thousands). Actual maturities may differ from contractual maturities because certain securities may be called or prepaid by the issuers.

 

     Securities
with
Unrealized
Gains
     Securities
with
Unrealized
Losses
     Securities
with No
Unrealized
Gains or
Losses
     All
Fixed
Maturity
Securities
 

One year or less

   $ 21,975       $ —         $ —         $ 21,975   

After one through five years

     52,837         1,010         —           53,847   

After five through ten years

     42,531         —           —           42,531   

After ten years

     9,494         1,872         —           11,366   

No single maturity date

     27,858         1,609         —           29,467   
  

 

 

    

 

 

    

 

 

    

 

 

 
   $ 154,695       $ 4,491       $ —         $ 159,186   
  

 

 

    

 

 

    

 

 

    

 

 

 

Other-Than-Temporary Impairment

In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 320, Investments – Debt and Equity Securities, we separate other-than-temporary impairment (“OTTI”) into the following two components: (i) the amount related to credit losses, which is recognized in the consolidated statement of operations and (ii) the amount related to all other factors, which is recorded in other comprehensive income (loss). The credit-related portion of an OTTI is measured by comparing a security’s amortized cost to the present value of its current expected cash flows discounted at its effective yield prior to the impairment charge.

The determination of whether unrealized losses are “other-than-temporary” requires judgment based on subjective as well as objective factors. We routinely monitor our investment portfolio for changes in fair value that might indicate potential impairments and perform detailed reviews on such securities. Changes in fair value are evaluated to determine the extent to which such changes are attributable to (i) fundamental factors specific to the issuer or (ii) market-related factors such as interest rates or sector declines.

Securities with declines attributable to issuer-specific fundamentals are reviewed to identify all available evidence to estimate the potential for impairment. Resources used include historical financial data included in filings with the United States Securities and Exchange Commission for corporate bonds and performance data regarding the underlying loans for CMOs. Securities with declines attributable solely to market or sector declines where we do not intend to sell the security and it is more likely than not that we will not be required to sell the security before the full recovery of its amortized cost basis are not deemed to be other-than-temporarily impaired.

The issuer-specific factors considered in reaching the conclusion that securities with declines are not other-than-temporary include (i) the extent and duration of the decline in fair value, including the duration of any significant decline in value, (ii) whether the security is current as to payments of principal and interest, (iii) a valuation of any underlying collateral, (iv) current and future conditions and trends for both the business and its industry, (v) changes in cash flow assumptions for CMOs and (vi) rating agency actions. Based on these factors, we make a determination as to the probability of recovering principal and interest on the security.

On a quarterly basis, we review cash flow estimates for certain non-agency backed CMOs of lesser credit quality following the guidance of FASB ASC 325-40, Investments – Other – Benefits Interests in Securitized Financial Assets (“FASB ASC 325-40”). Accordingly, when changes in estimated cash flows occur due to actual or estimated prepayment or credit loss experience, and the present value of the revised cash flows is less than the present value previously estimated, OTTI is deemed to have occurred. For non-agency backed CMOs not subject to FASB ASC 325-40, we review quarterly projected cash flow analyses and recognize OTTI when it is determined that a loss is probable. We have recognized OTTI related to certain non-agency backed CMOs as the underlying cash flows have been adversely impacted due to a reduction in prepayments from mortgage refinancing and an increase in actual and projected delinquencies in the underlying mortgages.

 

20


Table of Contents

FIRST ACCEPTANCE CORPORATION 10-Q

 

Our review of non-agency backed CMOs included an analysis of available information such as collateral quality, anticipated cash flows, credit enhancements, default rates, loss severities, the securities’ relative position in their respective capital structures and credit ratings from statistical rating agencies. We review quarterly projected cash flow analyses for each security utilizing current assumptions regarding (i) actual and anticipated delinquencies, (ii) delinquency transition-to-default rates and (iii) loss severities. Based on our quarterly reviews, we determined that there had not been an adverse change in projected cash flows, except in the case of those securities discussed in Note 3 to our consolidated financial statements which incurred OTTI charges recognized in the consolidated statement of operations of $1 thousand and $77 thousand for the three months ended March 31, 2012 and 2011, respectively. We believe that the unrealized losses on the remaining non-agency backed CMOs for which OTTI charges have not been recorded are not necessarily predictive of the ultimate performance of the underlying collateral. We do not intend to sell these securities and it is more likely than not that we will not be required to sell these securities before the recovery of their amortized cost basis.

We believe that the remaining securities having unrealized losses at March 31, 2012 were not other-than-temporarily impaired. We also do not intend to sell any of these securities and it is more likely than not that we will not be required to sell any of these securities before the recovery of their amortized cost basis.

Three Months Ended March 31, 2012 Compared with the Three Months Ended March 31, 2011

Consolidated Results

Revenues for the three months ended March 31, 2012 increased 5% to $55.5 million from $52.8 million in the same period in the prior year. Loss before income taxes for the three months ended March 31, 2012 was $8.1 million, compared with loss before income taxes of $1.9 million for the three months ended March 31, 2011. Net loss for the three months ended March 31, 2012 was $8.2 million, compared with net loss of $1.6 million for the three months ended March 31, 2011. Basic and diluted net loss per share were $0.20 for the three months ended March 31, 2012, compared with basic and diluted net loss per share of $0.03 for the same period in the prior year.

Insurance Operations

Revenues from insurance operations were $55.4 million for the three months ended March 31, 2012, compared with $52.8 million for the three months ended March 31, 2011. Loss before income taxes from insurance operations for the three months ended March 31, 2012 was $6.6 million, compared with loss before income taxes from insurance operations of $0.1 million for the three months ended March 31, 2011.

Premiums Earned

Premiums earned increased by $2.0 million, or 5%, to $45.4 million for the three months ended March 31, 2012, from $43.4 million for the three months ended March 31, 2011. This improvement was primarily due to an increase in the number of PIF from 160,588 at March 31, 2011 to 170,254 at March 31, 2012, which we attribute to the recent sales, marketing, customer interaction and product initiatives. In addition, we experienced increases in both new policies sold during the most recent quarter on a year-over-year basis and the number of PIF at March 31, 2012 compared to December 31, 2011, and for those policies quoted, we continue to experience a higher close ratio for the quarter ended March 31, 2012 compared with the same period in the prior year.

Commission and Fee Income

Commission and fee income increased 11% to $8.3 million for the three months ended March 31, 2012, from $7.4 million for the three months ended March 31, 2011. This increase in commission and fee income was a result of higher fee income related to commissionable ancillary products sold through our retail locations and the increase in PIF noted above.

 

21


Table of Contents

FIRST ACCEPTANCE CORPORATION 10-Q

 

Investment Income

Investment income decreased to $1.8 million during the three months ended March 31, 2012 from $2.0 million during the three months ended March 31, 2011. This decrease in investment income was primarily a result of the decline in invested assets as a result of cash used in operations during the prior fiscal year. At March 31, 2012 and 2011, the tax-equivalent book yields for our fixed maturities portfolio were 4.4% and 4.6%, respectively, with effective durations of 3.11 and 3.01 years, respectively.

Net realized gains (losses) on investments, available-for-sale

Net realized gains on investments, available-for-sale during the three months ended March 31, 2012 included $27 thousand in net realized gains on redemptions and $1 thousand of charges related to OTTI on certain non-agency backed CMOs. Net realized losses on investments, available-for-sale during the three months ended March 31, 2011 primarily included $77 thousand of charges related to OTTI on certain non-agency backed CMOs. For additional information with respect to the determination of OTTI losses on investment securities, see Note 3 to our consolidated financial statements.

Loss and Loss Adjustment Expenses

The loss and loss adjustment expense ratio was 85.6% for the three months ended March 31, 2012, compared with 72.7% for the three months ended March 31, 2011. We experienced unfavorable development related to prior periods of $3.4 million for the three months ended March 31, 2012, compared with favorable development of $0.6 million for the three months ended March 31, 2011. The unfavorable development for the three months ended March 31, 2012 was primarily due to higher than expected severity related to physical damage claims that occurred in calendar year 2011, adverse trends in bodily injury claims and no-fault claims that occurred in fiscal years 2008 and 2009, as well as more recent accident quarters.

Excluding the development related to prior periods, the loss and loss adjustment expense ratios for the three months ended March 31, 2012 and 2011 were 78.1% and 74.1%, respectively. The year-over-year increase in the loss and loss adjustment expense ratio was primarily due to higher loss and loss adjustment expense driven by an increase in bodily injury frequency.

In December 2011, we completed the process of implementing a new multivariate pricing (or scored) program. We believe this new scored pricing program provides us with greater pricing segmentation and improves our pricing relative to the risk we are insuring. Currently, approximately 64% of our PIF have been underwritten using this new scored pricing program.

In response to the increases in our loss ratio during recent quarters, we performed reviews on all of our non-scored pricing programs and have implemented rate increases based upon those reviews. In addition, we recently implemented rate increases for our scored pricing programs in both Georgia and Florida. We expect to perform further state-by-state reviews of all scored pricing programs and alter rates as we believe necessary by mid-2012.

Operating Expenses

Insurance operating expenses increased 9% to $22.8 million for the three months ended March 31, 2012 from $21.0 million for the three months ended March 31, 2011. The increase was primarily a result of additional costs associated with sales and marketing organizational initiatives and enhancements to our underwriting processes associated with the new multivariate pricing program, slightly offset by savings realized from the closure of underperforming stores as well as the March 2011 severance and related benefits charges of $1.3 million incurred in connection with the separation of certain executive officers.

The expense ratio was 31.9% for the three months ended March 31, 2012, compared with 31.1% for the three months ended March 31, 2011. Excluding the severance and related benefits charges noted above, the expense ratio for the three months ended March 31, 2011 was 28.0%, compared to 31.9% for the three months ended March 31, 2012. The year-over-year increase in the expense ratio was primarily due to the costs associated with the operational initiatives noted above.

 

22


Table of Contents

FIRST ACCEPTANCE CORPORATION 10-Q

 

Overall, the combined ratio increased to 117.5% for the three months ended March 31, 2012 from 103.8% for the three months ended March 31, 2011. Excluding the severance and related benefits charges noted above, the combined ratio for the three months ended March 31, 2011 was 100.7%.

Provision (Benefit) for Income Taxes

The provision for income taxes was $0.1 million for the three months ended March 31, 2012, compared with the benefit for income taxes of $0.3 million for the three months ended March 31, 2011. The provision (benefit) for income taxes related to current state income taxes for certain subsidiaries with taxable income. The benefit for income taxes for the three months ended March 31, 2011 included an adjustment that reduced certain accrued state income taxes. At March 31, 2012 and 2011, we established a valuation allowance to reduce deferred tax assets to the amount that is more likely than not to be realized. In assessing our ability to support the realizability of our deferred tax assets, we considered both positive and negative evidence. We placed greater weight on historical results than on our outlook for future profitability. The deferred tax valuation allowance may be adjusted in future periods if we determine that it is more likely than not that some portion or all of the deferred tax assets will be realized. In the event the deferred tax valuation allowance is adjusted, we would record an income tax benefit for the adjustment.

Real Estate and Corporate

Loss before income taxes from real estate and corporate operations for the three months ended March 31, 2012 was $1.5 million, compared with a loss before income taxes from real estate and corporate operations of $1.8 million for the three months ended March 31, 2011. Segment losses consist of other operating expenses not directly related to our insurance operations, interest expense and stock-based compensation offset by investment income on corporate invested assets. We incurred $1.0 million of interest expense during both the three months ended March 31, 2012 and 2011 related to the debentures issued in June 2007.

Liquidity and Capital Resources

Our primary sources of funds are premiums, fees and investment income from our insurance company subsidiaries and commissions and fee income from our non-insurance company subsidiaries. Our primary uses of funds are the payment of claims and operating expenses. Net cash used in operating activities for the three months ended March 31, 2012 was $2.2 million, compared with net cash provided by operating activities of $10 thousand for the same period in the prior fiscal year. Net cash used in operating activities for the three months ended March 31, 2012 was primarily the result of an increase in losses and loss adjustment expenses paid. Net cash provided by investing activities for the three months ended March 31, 2012 was $4.5 million, compared with net cash provided by investing activities of $5.0 million for the same period in the prior fiscal year. The three months ended March 31, 2012 and 2011 included net reductions in our investment portfolio of $6.5 million and $5.1 million, respectively. The net reductions in our investment portfolio in both periods were primarily a result of increased maturities and redemptions. Investing activities during the three months ended March 31, 2012 also included capital expenditures of $2.0 million primarily related to the rebranding of our retail stores.

Our holding company requires cash for general corporate overhead expenses and for debt service related to our debentures payable. The holding company’s primary source of unrestricted cash to meet its obligations is the sale of ancillary products to our insureds and, if necessary and available subject to state law limitations, the holding company may receive dividends from our insurance company subsidiaries. The holding company also receives cash from operating activities as a result of investment income. Through an intercompany tax allocation arrangement, taxable losses of the holding company provide cash to the holding company to the extent that taxable income is generated by the insurance company subsidiaries. At March 31, 2012, we had $12.4 million available in unrestricted cash and investments outside of the insurance company subsidiaries. These funds and the additional unrestricted cash from the sources noted above will be used to pay our future cash requirements outside of the insurance company subsidiaries.

The holding company has debt service requirements related to the debentures payable. The debentures are interest-only and mature in full in July 2037. The debentures pay a fixed rate of 9.277% until July 30, 2012, after which time the rate becomes variable (Three-Month LIBOR plus 375 basis points). Based on current LIBOR interest rates (0.468% at March 31, 2012), our interest expense related to the debentures would decrease to 4.218% beginning in August 2012.

 

23


Table of Contents

FIRST ACCEPTANCE CORPORATION 10-Q

 

State insurance laws limit the amount of dividends that may be paid from our insurance company subsidiaries. At March 31, 2012, our insurance company subsidiaries could not pay ordinary dividends without prior regulatory approval due to a negative earned surplus position.

The National Association of Insurance Commissioners Model Act for risk-based capital provides formulas to determine each December 31 on an annual basis the amount of statutory capital and surplus that an insurance company needs to ensure that it has an acceptable expectation of not becoming financially impaired. There are also statutory guidelines that suggest that on an annual calendar year basis an insurance company should not exceed a ratio of net premiums written to statutory capital and surplus of 3-to-1. On a combined basis, the ratios for our insurance company subsidiaries of net premiums written for the last twelve months to statutory capital and surplus were 2.13-to-1 at March 31, 2012. Based on our current forecast on a combined basis, we anticipate that our risk-based capital levels will be adequate and that our ratio of net premiums written to statutory capital and surplus will not exceed the 3-to-1 statutory guideline for the reasonably foreseeable future. We therefore believe that our insurance company subsidiaries have sufficient statutory capital and surplus available to support their net premium writings in this time frame.

We believe that existing cash and investment balances, when combined with anticipated cash flows as noted above, will be adequate to meet our expected liquidity needs, for both the holding company and our insurance company subsidiaries, in both the short-term and the reasonably foreseeable future. Any future growth strategy may require external financing, and we may from time to time seek to obtain external financing. We cannot assure that additional sources of financing will be available to us on favorable terms, or at all, or that any such financing would not negatively impact our results of operations.

Off-Balance Sheet Arrangements

We have not entered into any new off-balance sheet arrangements since December 31, 2011. For information with respect to our off-balance sheet arrangements at December 31, 2011, see Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Off-Balance Sheet Arrangements” included in our Transition Report on Form 10-K for the transition period from July 1, 2011 to December 31, 2011.

Critical Accounting Estimates

There have been no significant changes to our critical accounting estimates during the three months ended March 31, 2012 compared with those disclosed in Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates” included in our Transition Report on Form 10-K for the transition period from July 1, 2011 to December 31, 2011.

Forward-Looking Statements

This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements made in this report, other than statements of historical fact, are forward-looking statements. You can identify these statements from our use of the words “may,” “should,” “could,” “potential,” “continue,” “plan,” “forecast,” “estimate,” “project,” “believe,” “intent,” “anticipate,” “expect,” “target,” “is likely,” “will,” or the negative of these terms and similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include, among other things statements and assumptions relating to:

 

   

our future growth, income, income per share and other financial performance measures;

 

   

the anticipated effects on our results of operations or financial condition from recent and expected developments or events;

 

   

the financial condition of, and other issues relating to the strength of and liquidity available to, issuers of securities held in our investment portfolio;

 

   

the accuracy and adequacy of our loss reserving methodologies; and

 

   

our business and growth strategies.

 

24


Table of Contents

FIRST ACCEPTANCE CORPORATION 10-Q

 

We believe that our expectations are based on reasonable assumptions. However, these forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements, or industry results to differ materially from our expectations of future results, performance or achievements expressed or implied by these forward-looking statements. In addition, our past results of operations do not necessarily indicate our future results. We discuss these and other uncertainties in “Item 1A. Risk Factors” of our Transition Report on Form 10-K for the transition period from July 1, 2011 to December 31, 2011.

You should not place undue reliance on any forward-looking statements. These statements speak only as of the date of this report. Except as otherwise required by applicable laws, we undertake no obligation to publicly update or revise any forward-looking statements or the risk factors described in this report, whether as a result of new information, future events, changed circumstances or any other reason after the date of this report.

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Market risk represents the potential economic loss arising from adverse changes in the fair value of financial instruments. Our exposures to market risk relate primarily to our investment portfolio, which is exposed primarily to interest rate risk and credit risk. The fair value of our investment portfolio is directly impacted by changes in market interest rates; generally, the fair value of fixed-income investments moves inversely with movements in market interest rates. Our fixed maturity portfolio is comprised of substantially all fixed rate investments with primarily short-term and intermediate-term maturities. Likewise, the underlying investments of our current mutual fund investment are also fixed-income investments. This portfolio composition allows flexibility in reacting to fluctuations of interest rates. The portfolios of our insurance company subsidiaries are managed to achieve an adequate risk-adjusted return while maintaining sufficient liquidity to meet policyholder obligations.

Interest Rate Risk

The fair values of our fixed maturity investments fluctuate in response to changes in market interest rates. Increases and decreases in prevailing interest rates generally translate into decreases and increases, respectively, in the fair values of those instruments. Additionally, the fair values of interest rate sensitive instruments may be affected by the creditworthiness of the issuer, prepayment options, relative values of alternative investments, the liquidity of the instrument and other general market conditions.

The following table summarizes the estimated effects of hypothetical increases and decreases in interest rates resulting from parallel shifts in market yield curves on our fixed maturity portfolio (in thousands). It is assumed that the effects are realized immediately upon the change in interest rates. The hypothetical changes in market interest rates do not reflect what could be deemed best or worst case scenarios. Variations in market interest rates could produce significant changes in the timing of repayments due to prepayment options available. For these and other reasons, actual results might differ from those reflected in the table.

 

     Sensitivity to Instantaneous Interest Rate Changes (basis points)  
     (100)      (50)      0      50      100      200  

Fair value of fixed maturity portfolio

   $ 164,875       $ 162,002       $ 159,186       $ 156,466       $ 153,821       $ 148,754   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

25


Table of Contents

FIRST ACCEPTANCE CORPORATION 10-Q

 

The following table provides information about our fixed maturity investments at March 31, 2012 which are sensitive to interest rate risk. The table shows expected principal cash flows (at par value, which differs from amortized cost as a result of premiums or discounts at the time of purchase and OTTI) by expected maturity date for each of the next five fiscal years and collectively for all fiscal years thereafter (in thousands). Callable bonds and notes are included based on call date or maturity date depending upon which date produces the most conservative yield. CMOs and sinking fund issues are included based on maturity year adjusted for expected payment patterns. Actual cash flows may differ from those expected.

 

Year Ending December 31,

   Securities
with
Unrealized
Gains
     Securities
with
Unrealized
Losses
     Securities
with No
Unrealized
Gains or
Losses
     All Fixed
Maturity
Securities
 

2012

   $ 20,145       $ —         $ —         $ 20,145   

2013

     10,410         —           —           10,410   

2014

     29,143         —           —           29,143   

2015

     8,373         1,000         —           9,373   

2016

     9,055         —           —           9,055   

Thereafter

     64,375         3,068         —           67,443   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 141,501       $ 4,068       $ —         $ 145,569   
  

 

 

    

 

 

    

 

 

    

 

 

 

Fair value

   $ 154,695       $ 4,491       $ —         $ 159,186   
  

 

 

    

 

 

    

 

 

    

 

 

 

On June 15, 2007, our trust entity, First Acceptance Statutory Trust I, used the proceeds from its sale of trust preferred securities to purchase $41.2 million of junior subordinated debentures. The debentures pay a fixed rate of 9.277% until July 30, 2012, after which the rate becomes variable (Three-Month LIBOR plus 375 basis points).

Credit Risk

Credit risk is managed by diversifying our investment portfolio to avoid concentrations in any single industry group or issuer and by limiting investments in securities with lower credit ratings. Our largest investment in any one investment, excluding U.S. government and agency securities, is our investment in a single mutual fund with a fair value of $7.9 million, or 5% of our investment portfolio. Our five largest investments make up 18% of our investment portfolio. The average credit quality rating for our fixed maturity portfolio was A+ at March 31, 2012.

The following table presents the underlying ratings of our fixed maturity portfolio by nationally recognized statistical rating organizations at March 31, 2012 (in thousands).

 

Comparable Rating

   Amortized
Cost
     % of
Amortized
Cost
    Fair
Value
     % of
Fair
Value
 

AAA

   $ 28,863         19   $ 30,357         18

AA+, AA, AA-

     58,592         37     63,303         38

A+, A, A-

     40,082         26     43,613         26

BBB+, BBB, BBB-

     11,144         7     11,774         7
  

 

 

    

 

 

   

 

 

    

 

 

 

Total investment grade

     138,681         89     149,047         89

Not rated

     12,416         8     13,145         8

BB+, BB, BB-

     187         0     216         0

B+, B, B-

     1,818         1     1,883         1

CCC+, CCC, CCC-

     2,859         2     2,776         2

CC+, CC, CC-

     15         0     23         0

D

     —           0     8         0
  

 

 

    

 

 

   

 

 

    

 

 

 

Total non-investment grade

     4,879         3     4,906         3
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

   $ 155,976         100   $ 167,098         100
  

 

 

    

 

 

   

 

 

    

 

 

 

 

26


Table of Contents

FIRST ACCEPTANCE CORPORATION 10-Q

 

The mortgage industry has experienced a significant number of delinquencies and foreclosures, particularly among lower quality exposures (“sub-prime” and “Alt-A”). As a result of these delinquencies and foreclosures, many CMOs with underlying sub-prime and Alt-A mortgages as collateral experienced significant declines in fair value. At March 31, 2012, our fixed maturity portfolio included three CMOs having sub-prime exposure with both an amortized cost and a fair value of $0.8 million, and no exposure to Alt-A investments.

Our investment portfolio consists of $30.4 million of municipal bonds, of which $18.5 million are insured. Of the insured bonds, 73% are insured with MBIA, 12% with AMBAC and 15% with XL Capital. These securities are paying their principal and periodic interest timely.

The following table presents the underlying ratings at March 31, 2012, represented by the lower of either Standard and Poor’s, Fitch’s, or Moody’s ratings, of the municipal bond portfolio (in thousands).

 

     Insured     Uninsured     Total  
     Fair
Value
     % of
Fair
Value
    Fair
Value
     % of
Fair
Value
    Fair
Value
     % of
Fair
Value
 

AAA

   $ —           0   $ 2,822         24   $ 2,822         9

AA+, AA, AA-

     7,763         42     4,658         39     12,421         41

A+, A, A-

     9,094         49     4,346         37     13,440         44

BBB+, BBB, BBB-

     1,682         9     —           0     1,682         6

Not Rated

     5         0     —           0     5         0
  

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total

   $ 18,544         100   $ 11,826         100   $ 30,370         100
  

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

 

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of our management team, including our Principal Executive Officer and Principal Financial Officer, we conducted an evaluation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended, or the “Exchange Act”) as of March 31, 2012. Based on that evaluation, our Chief Executive Officer (principal executive officer) and Senior Vice President of Finance (principal financial officer) concluded that our disclosure controls and procedures were effective as of March 31, 2012 to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms.

Changes in Internal Control Over Financial Reporting

During the period covered by this report, there has been no change in our internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

27


Table of Contents

FIRST ACCEPTANCE CORPORATION 10-Q

 

PART II – OTHER INFORMATION

 

Item 1. Legal Proceedings

We and our subsidiaries are named from time to time as defendants in various legal actions that are incidental to our business, including those which arise out of or are related to the handling of claims made in connection with our insurance policies and claims handling. The plaintiffs in some of these lawsuits have alleged bad faith or extra-contractual damages, and some have sought punitive damages or class action status. We believe that the resolution of these legal actions will not have a material adverse effect on our financial condition or results of operations. However, the ultimate outcome of these matters is uncertain.

As discussed in “Part I, Item 3. Legal Proceedings” of our Transition Report on Form 10-K for the transition period from July 1, 2011 to December 31, 2011, in the interest of judicial economy, we recently agreed upon preliminary settlement terms involving a lawsuit against our insured in which the plaintiffs sought extra-contractual damages against one of our insurance company subsidiaries. During March 2012, the court approved the terms of the settlement and accrued amounts were paid. The litigation settlement accrual at December 31, 2011 was classified within loss and loss adjustment expense reserves on our consolidated balance sheet, while the associated costs were classified within losses and loss adjustment expenses in the consolidated statement of operations during the six months ended December 31, 2011. We have not accrued any amount at December 31, 2011 for recoveries that may offset the costs and expenses relating to the litigation settlement. Any such recoveries will be recorded in our operating results during the periods in which the recoveries are probable.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

The following table provides information regarding repurchases by us of our common stock during the periods indicated. During the three months ended March 31, 2012, we repurchased 3,997 shares from employees to cover payroll withholding taxes in connection with the vesting of restricted common stock.

 

Period

Beginning

   Period
Ending
   Total
Number of
Shares
Purchased
     Average
Price Paid
per Share
     Total Number  of
Shares

Purchased as
Part of Publicly
Announced Plans
or Programs
     Approximate
Dollar Value of
Shares that May
Yet Be  Purchased
Under the Plans

or Programs
 

January 1, 2012

   January 31, 2012      —           —           —           —     

February 1, 2012

   February 29, 2012      3,540       $ 1.26         —           —     

March 1, 2012

   March 31, 2012      457         1.36         —           —     
     

 

 

    

 

 

    

 

 

    

 

 

 

Total

        3,997       $ 1.27         —           —     

 

Item 4. Mine Safety Disclosures

None.

 

Item 6. Exhibits

The following exhibits are attached to this report:

 

31.1    Certification of Principal Executive Officer pursuant to Rule 13a-14(a).
31.2    Certification of Principal Financial Officer pursuant to Rule 13a-14(a).
32.1    Principal Executive Officer’s Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2    Principal Financial Officer’s Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101 –    XBRL

 

28


Table of Contents

FIRST ACCEPTANCE CORPORATION 10-Q

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

    FIRST ACCEPTANCE CORPORATION
Date: May 7, 2012     By:   /s/    JOHN R. BARNETT        
        John R. Barnett
        Senior Vice President of Finance
        (Principal Financial Officer and Principal Accounting Officer)

 

29

EX-31.1 2 d343008dex311.htm CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER Certification of Principal Executive Officer

Exhibit 31.1

FIRST ACCEPTANCE CORPORATION 10-Q

SECTION 302 CERTIFICATION OF THE PRINCIPAL EXECUTIVE OFFICER

I, Mark A. Kelly, Interim Chief Executive Officer and President of First Acceptance Corporation, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of First Acceptance Corporation;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 7, 2012

 

/s/ Mark A. Kelly
Mark A. Kelly
Interim Chief Executive Officer and President
EX-31.2 3 d343008dex312.htm CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER Certification of Principal Financial Officer

Exhibit 31.2

FIRST ACCEPTANCE CORPORATION 10-Q

SECTION 302 CERTIFICATION OF THE PRINCIPAL FINANCIAL OFFICER

I, John R. Barnett, Senior Vice President of Finance of First Acceptance Corporation, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of First Acceptance Corporation;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 7, 2012

 

/s/ John R. Barnett
John R. Barnett
Senior Vice President of Finance
EX-32.1 4 d343008dex321.htm PRINCIPAL EXECUTIVE OFFICERS CERTIFICATION Principal Executive Officers Certification

Exhibit 32.1

FIRST ACCEPTANCE CORPORATION 10-Q

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of First Acceptance Corporation (the “Company”) on Form 10-Q for the period ended March 31, 2012, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Mark A. Kelly, Interim Chief Executive Officer and President of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

 

1. The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and

 

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company at the dates and for the periods indicated.

 

/s/ Mark A. Kelly
Mark A. Kelly
Interim Chief Executive Officer and President

May 7, 2012

A signed original of this written statement required by Section 906 has been provided to First Acceptance Corporation, and will be retained by First Acceptance Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2 5 d343008dex322.htm PRINCIPAL FINANCIAL OFFICERS CERTIFICATION Principal Financial Officers Certification

Exhibit 32.2

FIRST ACCEPTANCE CORPORATION 10-Q

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of First Acceptance Corporation (the “Company”) on Form 10-Q for the period ended March 31, 2012, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, John R. Barnett, Senior Vice President of Finance of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

 

1. The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and

 

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company at the dates and for the periods indicated.

 

/s/ John R. Barnett
John R. Barnett
Senior Vice President of Finance

May 7, 2012

A signed original of this written statement required by Section 906 has been provided to First Acceptance Corporation, and will be retained by First Acceptance Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

EX-101.INS 6 fac-20120331.xml XBRL INSTANCE DOCUMENT 0001017907 2012-05-07 0001017907 2012-03-31 0001017907 2011-12-31 0001017907 2012-01-01 2012-03-31 0001017907 2011-01-01 2011-03-31 0001017907 2010-12-31 0001017907 2011-03-31 iso4217:USD xbrli:shares xbrli:shares iso4217:USD FIRST ACCEPTANCE CORP /DE/ 0001017907 --12-31 Smaller Reporting Company 10-Q false 2012-03-31 Q1 2012 40923344 167098000 172825000 155976000 162575000 26079000 23751000 54320000 41313000 357000 364000 7164000 8005000 4916000 3315000 3843000 3243000 4800000 4800000 268220000 257252000 71070000 69436000 66700000 50464000 41240000 41240000 13526000 13383000 192536000 174523000 .01 .01 10000000 10000000 409000 409000 .01 .01 75000000 75000000 40923000 40928000 40923000 40928000 456346000 456056000 11122000 10250000 -392193000 -383986000 75684000 82729000 268220000 257252000 45419000 43444000 8252000 7443000 1770000 1991000 26000 -78000 55467000 52800000 38864000 31586000 22762000 20963000 266000 306000 295000 549000 429000 338000 979000 968000 63595000 54710000 -8128000 -1910000 79000 -302000 -8207000 -1608000 -0.20 -0.03 40843000 48192000 872000 -379000 -7335000 -1987000 27000 -1000 -1000 -77000 1000 77000 429000 338000 295000 549000 -69000 -48000 13000000 9885000 -1634000 866000 -16236000 -11498000 -396000 141000 -2174000 11000 1500000 1371000 8042000 6493000 2028000 116000 2000 4514000 5004000 12000 20000 -12000 -20000 2328000 4995000 29078000 34073000 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Note 1 - us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock--> <!-- xbrl,ns --> <!-- xbrl,nx --> <font style="font-family:times new roman" size="2"><b></b></font> <font style="font-family:times new roman" size="2"> <b></b></font> <table style="border-collapse:collapse; text-align: left" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><font style="font-family:times new roman" size="2"><b>1.</b></font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2"><b>General </b></font></td> </tr> </table> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">The consolidated financial statements of First Acceptance Corporation (the &#8220;Company&#8221;) included herein have been prepared without audit pursuant to the rules and regulations of the Securities and Exchange Commission (&#8220;SEC&#8221;). Accordingly, certain information and disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been omitted. In the opinion of management, the consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair statement of the interim periods. Certain reclassifications have been made to the prior year&#8217;s consolidated financial statements to conform with the current year presentation. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2"> The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year. These consolidated financial statements should be read in conjunction with the Company&#8217;s audited consolidated financial statements included in its Transition Report on Form 10-K for the transition period from July&#160;1, 2011 to December&#160;31, 2011. </font></p> <p style="font-size:18px;margin-top:0px;margin-bottom:0px">&#160;</p> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Note 2 - us-gaap:FairValueDisclosuresTextBlock--> <table style="border-collapse:collapse; text-align: left" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><font style="font-family:times new roman" size="2"><b>2.</b></font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2"><b>Fair Value </b></font></td> </tr> </table> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">Fair value is the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are generally based upon observable and unobservable inputs. Observable inputs are based on market data from independent sources, while unobservable inputs reflect the Company&#8217;s view of market assumptions in the absence of observable market information. All assets and liabilities that are carried at fair value are classified and disclosed in one of the following categories: </font></p> <p style="font-size:6px;margin-top:0px;margin-bottom:0px">&#160;</p> <table cellspacing="0" cellpadding="0" width="92%" border="0" style="border-collapse:collapse; text-align: left" align="center"> <!-- Begin Table Head --> <tr> <td width="8%">&#160;</td> <td valign="bottom" width="1%">&#160;</td> <td width="91%">&#160;</td> </tr> <!-- End Table Head --> <!-- Begin Table Body --> <tr> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Level&#160;1&#160;-</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">Quoted prices in active markets for identical assets or liabilities.</font></td> </tr> <tr> <td height="8">&#160;</td> <td height="8" colspan="2">&#160;</td> </tr> <tr> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Level&#160;2&#160;-</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">Quoted market prices for similar assets or liabilities in active markets; quoted prices by independent pricing services for identical or similar assets or liabilities in markets that are not active; and valuations, using models or other valuation techniques, that use observable market data. All significant inputs are observable, or derived from observable information in the marketplace, or are supported by observable levels at which transactions are executed in the market place.</font></td> </tr> <tr> <td height="8">&#160;</td> <td height="8" colspan="2">&#160;</td> </tr> <tr> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Level&#160;3&#160;-</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">Instruments that use non-binding broker quotes or model driven valuations that do not have observable market data.</font></td> </tr> <!-- End Table Body --> </table> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">The Company categorizes methods used in its identifiable intangible assets impairment tests as Level 3. To determine the fair value of acquired trademarks and trade names, the Company uses the relief-from-royalty method, which requires the Company to estimate the future revenue for the related brands, the appropriate royalty rate and the weighted average cost of capital. </font></p> <p style="margin-top:18px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2"><b><i>Fair Value of Financial Instruments </i></b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">The carrying values and fair values of certain of the Company&#8217;s financial instruments were as follows (in thousands). </font></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px">&#160;</p> <table cellspacing="0" cellpadding="0" width="92%" border="0" style="border-collapse:collapse; text-align: left" align="center"> <!-- Begin Table Head --> <tr> <td width="64%">&#160;</td> <td valign="bottom" width="3%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td valign="bottom" width="3%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td valign="bottom" width="3%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td valign="bottom" width="3%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> </tr> <tr> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="6" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>March&#160;31, 2012</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="6" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>December&#160;31, 2011</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> </tr> <tr> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Carrying<br />Value</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Fair</b></font><br /><font style="font-family:times new roman" size="1"><b>Value</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Carrying<br />Value</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Fair</b></font><br /><font style="font-family:times new roman" size="1"><b>Value</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> </tr> <!-- End Table Head --> <!-- Begin Table Body --> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2"><b>Assets:</b></font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> </tr> <tr> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Investments, available-for-sale</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">167,098</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">167,098</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">172,825</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">172,825</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2"><b>Liabilities:</b></font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> </tr> <tr> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Debentures payable</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">41,240</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">15,218</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">41,240</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">14,868</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <!-- End Table Body --> </table> <p style="font-size:1px;margin-top:12px;margin-bottom:0px">&#160;</p> <p style="margin-top:0px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">The fair values as presented represent the Company&#8217;s best estimates and may not be substantiated by comparisons to independent markets. The fair value of the debentures payable was based on current market rates offered for debt with similar risks and maturities. Carrying values of certain financial instruments, such as cash and cash equivalents and premiums and fees receivable, approximate fair value due to the short-term nature of the instruments and are not required to be disclosed. Therefore, the aggregate of the fair values presented in the preceding table do not purport to represent the Company&#8217;s underlying value. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">The Company holds available-for-sale investments, which are carried at fair value. The following tables present the fair-value measurements for each major category of assets that are measured on a recurring basis (in thousands). </font></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px">&#160;</p> <table cellspacing="0" cellpadding="0" width="92%" border="0" style="border-collapse:collapse; text-align: left" align="center"> <!-- Begin Table Head --> <tr> <td width="60%">&#160;</td> <td valign="bottom" width="5%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td valign="bottom" width="5%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td valign="bottom" width="5%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td valign="bottom" width="5%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> </tr> <tr> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" rowspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Total</b></font></td> <td valign="bottom" rowspan="2"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="10" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Fair Value Measurements Using</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> </tr> <tr> <td valign="bottom" nowrap="nowrap"> <p style="border-bottom:1px solid #000000;width:53pt"><font style="font-family:times new roman" size="1"><b>March&#160;31, 2012</b></font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Quoted&#160;Prices<br />in Active<br />Markets for<br />Identical<br />Assets</b></font><br /><font style="font-family:times new roman" size="1"> <b>(Level 1)</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Significant<br />Other<br />Observable<br />Inputs</b></font><br /><font style="font-family:times new roman" size="1"> <b>(Level 2)</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Significant<br />Unobservable<br />Inputs</b></font><br /><font style="font-family:times new roman" size="1"><b>(Level 3)</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> </tr> <!-- End Table Head --> <!-- Begin Table Body --> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Fixed maturities, available-for-sale:</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> </tr> <tr> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">U.S. government and agencies</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">25,470</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">25,470</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">State</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">5,655</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">5,655</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Political subdivisions</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">781</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">781</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Revenue and assessment</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">23,934</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">23,934</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Corporate bonds</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">73,879</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">73,879</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Collateralized mortgage obligations:</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> </tr> <tr> <td valign="top"> <p style="margin-left:5.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Agency backed</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">16,524</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">16,524</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:5.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Non-agency backed &#8211; residential</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">5,461</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">5,461</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr> <td valign="top"> <p style="margin-left:5.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Non-agency backed &#8211; commercial</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">5,682</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">5,682</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Redeemable preferred stocks</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1,800</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1,800</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> </tr> <tr> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Total fixed maturities, available-for-sale</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">159,186</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">27,270</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">131,916</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Investment in mutual fund, available-for-sale</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">7,912</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">7,912</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> </tr> <tr> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Total investments, available-for-sale</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">167,098</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">35,182</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">131,916</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Cash and cash equivalents</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">26,079</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">26,079</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> </tr> <tr> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Total</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">193,177</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">61,261</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">131,916</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> </tr> <!-- End Table Body --> </table> <p style="font-size:1px;margin-top:12px;margin-bottom:0px">&#160;</p> <table cellspacing="0" cellpadding="0" width="92%" border="0" style="border-collapse:collapse; text-align: left" align="center"> <!-- Begin Table Head --> <tr> <td width="60%">&#160;</td> <td valign="bottom" width="5%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td valign="bottom" width="5%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td valign="bottom" width="5%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td valign="bottom" width="5%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> </tr> <tr> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" rowspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Total</b></font></td> <td valign="bottom" rowspan="2"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="10" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Fair Value Measurements Using</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> </tr> <tr> <td valign="bottom" nowrap="nowrap"> <p style="border-bottom:1px solid #000000;width:64pt"><font style="font-family:times new roman" size="1"><b>December&#160;31, 2011</b></font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Quoted&#160;Prices<br />in Active<br />Markets for<br />Identical<br />Assets</b></font><br /><font style="font-family:times new roman" size="1"> <b>(Level 1)</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Significant<br />Other<br />Observable<br />Inputs</b></font><br /><font style="font-family:times new roman" size="1"> <b>(Level 2)</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Significant<br />Unobservable<br />Inputs</b></font><br /><font style="font-family:times new roman" size="1"><b>(Level 3)</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> </tr> <!-- End Table Head --> <!-- Begin Table Body --> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Fixed maturities, available-for-sale:</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> </tr> <tr> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">U.S. government and agencies</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">25,528</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">25,528</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">State</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">6,387</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">6,387</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Political subdivisions</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">781</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">781</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Revenue and assessment</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">25,432</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">25,432</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Corporate bonds</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">77,297</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">77,297</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Collateralized mortgage obligations:</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> </tr> <tr> <td valign="top"> <p style="margin-left:5.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Agency backed</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">18,133</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">18,133</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:5.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Non-agency backed &#8211; residential</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">5,429</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">5,429</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr> <td valign="top"> <p style="margin-left:5.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Non-agency backed &#8211; commercial</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">6,125</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">6,125</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Redeemable preferred stock</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">169</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">169</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> </tr> <tr> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Total fixed maturities, available-for-sale</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">165,281</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">25,697</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">139,584</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Investment in mutual fund, available-for-sale</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">7,544</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">7,544</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> </tr> <tr> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Total investments, available-for-sale</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">172,825</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">33,241</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">139,584</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Cash and cash equivalents</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">23,751</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">23,751</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> </tr> <tr> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Total</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">196,576</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">56,992</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">139,584</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> </tr> <!-- End Table Body --> </table> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">The fair values of the Company&#8217;s investments are determined by management after taking into consideration available sources of data. All of the portfolio valuations classified as Level 1 or Level 2 in the above tables are priced exclusively by utilizing the services of independent pricing sources using observable market data. The Level 2 classified security valuations are obtained from a single independent pricing service. There were no transfers between Level 1 and Level 2 for the three months ended March&#160;31, 2012 and 2011. The Company&#8217;s policy is to recognize transfers between levels at the end of the reporting period. The Company has not made any adjustments to the prices obtained from the independent pricing sources. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2"> The Company has reviewed the pricing techniques and methodologies of the independent pricing service for Level 2 investments and believes that its policies adequately consider market activity, either based on specific transactions for the security valued or based on modeling of securities with similar credit quality, duration, yield and structure that were recently traded. The Company monitored security-specific valuation trends and has made inquiries with the pricing service about material changes or the absence of expected changes to understand the underlying factors and inputs and to validate the reasonableness of the pricing. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">Based on the above categorization, there were no Level 3 classified security valuations at March&#160;31, 2012 and 2011 and December&#160;31, 2011 and 2010, nor any transfers into or out of Level 3 during these periods. </font></p> <p style="font-size:1px;margin-top:18px;margin-bottom:0px">&#160;</p> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Note 3 - us-gaap:InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock--> <table style="border-collapse:collapse; text-align: left" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><font style="font-family:times new roman" size="2"><b>3.</b></font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2"><b>Investments </b></font></td> </tr> </table> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2"><b><i>Investments, Available-for-Sale </i></b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2"> The following tables summarize the Company&#8217;s investment securities (in thousands). </font></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px">&#160;</p> <table cellspacing="0" cellpadding="0" width="92%" border="0" style="border-collapse:collapse; text-align: left" align="center"> <!-- Begin Table Head --> <tr> <td width="64%">&#160;</td> <td valign="bottom" width="4%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td valign="bottom" width="4%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td valign="bottom" width="4%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td valign="bottom" width="4%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> </tr> <tr> <td valign="bottom" nowrap="nowrap"> <p style="border-bottom:1px solid #000000;width:53pt"><font style="font-family:times new roman" size="1"><b>March&#160;31, 2012</b></font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Amortized</b></font><br /><font style="font-family:times new roman" size="1"><b>Cost</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Gross<br />Unrealized<br />Gains</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Gross<br />Unrealized<br />Losses</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Fair</b></font><br /><font style="font-family:times new roman" size="1"><b>Value</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> </tr> <!-- End Table Head --> <!-- Begin Table Body --> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">U.S. government and agencies</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">24,181</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1,289</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">25,470</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">State</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">5,418</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">237</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">5,655</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Political subdivisions</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">753</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">28</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">781</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Revenue and assessment</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">22,469</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1,470</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">23,934</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Corporate bonds</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">67,740</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">6,150</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(11</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">73,879</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Collateralized mortgage obligations:</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Agency backed</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">15,435</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1,089</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">16,524</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Non-agency backed &#8211; residential</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">5,442</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">154</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(135</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">5,461</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Non-agency backed &#8211; commercial</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">5,361</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">321</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">5,682</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Redeemable preferred stocks</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1,676</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">131</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(7</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1,800</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Total fixed maturities, available-for-sale</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">148,475</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">10,869</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(158</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">159,186</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Investment in mutual fund, available-for-sale</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">7,501</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">411</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">7,912</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> </tr> <tr bgcolor="#cceeff"> <td valign="top">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">155,976</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">11,280</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(158</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">167,098</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> </tr> <!-- End Table Body --> </table> <p style="font-size:12px;margin-top:0px;margin-bottom:0px">&#160;</p> <table cellspacing="0" cellpadding="0" width="92%" border="0" style="border-collapse:collapse; text-align: left" align="center"> <!-- Begin Table Head --> <tr> <td width="64%">&#160;</td> <td valign="bottom" width="4%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td valign="bottom" width="4%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td valign="bottom" width="4%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td valign="bottom" width="4%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> </tr> <tr> <td valign="bottom" nowrap="nowrap"> <p style="border-bottom:1px solid #000000;width:64pt"><font style="font-family:times new roman" size="1"><b>December&#160;31, 2011</b></font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Amortized</b></font><br /><font style="font-family:times new roman" size="1"><b>Cost</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Gross<br />Unrealized<br />Gains</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Gross<br />Unrealized<br />Losses</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Fair</b></font><br /><font style="font-family:times new roman" size="1"><b>Value</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> </tr> <!-- End Table Head --> <!-- Begin Table Body --> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">U.S. government and agencies</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">24,178</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1,350</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">25,528</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">State</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">6,099</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">288</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">6,387</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Political subdivisions</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">754</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">27</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">781</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Revenue and assessment</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">24,130</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1,302</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">25,432</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Corporate bonds</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">71,392</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">6,113</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(208</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">77,297</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Collateralized mortgage obligations:</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Agency backed</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">16,953</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1,180</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">18,133</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Non-agency backed &#8211; residential</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">5,530</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">66</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(167</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">5,429</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Non-agency backed &#8211; commercial</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">5,862</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">275</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(12</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">6,125</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Redeemable preferred stock</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">176</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(7</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">169</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Total fixed maturities, available-for-sale</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">155,074</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">10,601</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(394</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">165,281</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Investment in mutual fund, available-for-sale</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">7,501</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">43</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">7,544</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> </tr> <tr bgcolor="#cceeff"> <td valign="top">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">162,575</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">10,644</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(394</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">172,825</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> </tr> <!-- End Table Body --> </table> <p style="font-size:1px;margin-top:12px;margin-bottom:0px">&#160;</p> <p style="margin-top:0px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">The following tables set forth the scheduled maturities of the Company&#8217;s fixed maturity securities based on their fair values (in thousands). Actual maturities may differ from contractual maturities because certain securities may be called or prepaid by the issuers. </font></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px">&#160;</p> <table cellspacing="0" cellpadding="0" width="92%" border="0" style="border-collapse:collapse; text-align: left" align="center"> <!-- Begin Table Head --> <tr> <td width="65%">&#160;</td> <td valign="bottom" width="4%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td valign="bottom" width="4%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td valign="bottom" width="4%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td valign="bottom" width="4%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> </tr> <tr> <td valign="bottom" nowrap="nowrap"> <p style="border-bottom:1px solid #000000;width:53pt"><font style="font-family:times new roman" size="1"><b>March&#160;31, 2012</b></font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Securities<br />with<br />Unrealized<br />Gains</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Securities<br />with<br />Unrealized<br />Losses</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Securities<br />with No<br />Unrealized<br />Gains or<br />Losses</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>All</b></font><br /><font style="font-family:times new roman" size="1"><b>Fixed<br />Maturity<br />Securities </b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> </tr> <!-- End Table Head --> <!-- Begin Table Body --> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">One year or less</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">21,975</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">21,975</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">After one through five years</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">52,837</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1,010</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">53,847</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">After five through ten years</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">42,531</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">42,531</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">After ten years</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">9,494</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1,872</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">11,366</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">No single maturity date</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">27,858</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1,609</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">29,467</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> </tr> <tr> <td valign="top">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">154,695</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">4,491</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">159,186</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> </tr> <!-- End Table Body --> </table> <p style="font-size:12px;margin-top:0px;margin-bottom:0px">&#160;</p> <table cellspacing="0" cellpadding="0" width="92%" border="0" style="border-collapse:collapse; text-align: left" align="center"> <!-- Begin Table Head --> <tr> <td width="64%">&#160;</td> <td valign="bottom" width="4%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td valign="bottom" width="4%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td valign="bottom" width="4%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td valign="bottom" width="4%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> </tr> <tr> <td valign="bottom" nowrap="nowrap"> <p style="border-bottom:1px solid #000000;width:64pt"><font style="font-family:times new roman" size="1"><b>December&#160;31, 2011</b></font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Securities<br />with<br />Unrealized<br />Gains</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Securities<br />with<br />Unrealized<br />Losses</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Securities<br />with No<br />Unrealized<br />Gains or<br />Losses</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>All</b></font><br /><font style="font-family:times new roman" size="1"><b>Fixed<br />Maturity<br />Securities </b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> </tr> <!-- End Table Head --> <!-- Begin Table Body --> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">One year or less</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">15,801</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">2,506</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">955</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">19,262</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">After one through five years</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">61,511</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">61,511</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">After five through ten years</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">42,997</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">689</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">43,686</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">After ten years</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">7,860</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">3,106</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">10,966</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">No single maturity date</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">26,623</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">2,168</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1,065</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">29,856</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> </tr> <tr> <td valign="top">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">154,792</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">8,469</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">2,020</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">165,281</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> </tr> <!-- End Table Body --> </table> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">The following table reflects the number of fixed maturity securities with gross unrealized gains and losses. Gross unrealized losses are further segregated by the length of time that individual securities have been in a continuous unrealized loss position. </font></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px">&#160;</p> <table cellspacing="0" cellpadding="0" width="84%" border="0" style="border-collapse:collapse; text-align: left" align="center"> <!-- Begin Table Head --> <tr> <td width="71%">&#160;</td> <td valign="bottom" width="8%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td valign="bottom" width="8%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td valign="bottom" width="8%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> </tr> <tr> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="6" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Gross&#160;Unrealized&#160;Losses</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" rowspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Gross<br />Unrealized<br />Gains</b></font></td> <td valign="bottom" rowspan="2"><font size="1">&#160;</font></td> </tr> <tr> <td valign="bottom" nowrap="nowrap"> <p style="border-bottom:1px solid #000000;width:11pt"><font style="font-family:times new roman" size="1"><b>At:</b></font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Less than<br />or&#160;equal&#160;to<br />12 months</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Greater<br />than 12<br />months</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> </tr> <!-- End Table Head --> <!-- Begin Table Body --> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">March&#160;31, 2012</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">137</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">December&#160;31, 2011</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">7</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">4</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">139</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <!-- End Table Body --> </table> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">The following tables reflect the fair value and gross unrealized losses of those fixed maturity securities in a continuous unrealized loss position for greater than 12 months. Gross unrealized losses are further segregated by the percentage of amortized cost (in thousands, except number of securities). </font></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px">&#160;</p> <table cellspacing="0" cellpadding="0" width="84%" border="0" style="border-collapse:collapse; text-align: left" align="center"> <!-- Begin Table Head --> <tr> <td width="71%">&#160;</td> <td valign="bottom" width="7%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td valign="bottom" width="7%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td valign="bottom" width="7%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> </tr> <tr> <td valign="bottom" nowrap="nowrap"> <p style="margin-top:0px;margin-bottom:0px"><font style="font-family:times new roman" size="1"><b>Gross Unrealized Losses</b></font></p> <p style="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000;width:83pt"><font style="font-family:times new roman" size="1"><b>at March&#160;31, 2012:</b></font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Number<br />of<br />Securities</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Fair<br />Value</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Gross<br />Unrealized<br />Losses</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> </tr> <!-- End Table Head --> <!-- Begin Table Body --> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Less than or equal to 10%</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">4</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">3,290</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(45</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> </tr> <tr> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Greater than 10%</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">191</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(108</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> </tr> <tr bgcolor="#cceeff"> <td valign="top">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">3,481</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(153</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> </tr> <!-- End Table Body --> </table> <p style="font-size:12px;margin-top:0px;margin-bottom:0px">&#160;</p> <table cellspacing="0" cellpadding="0" width="84%" border="0" style="border-collapse:collapse; text-align: left" align="center"> <!-- Begin Table Head --> <tr> <td width="71%">&#160;</td> <td valign="bottom" width="7%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td valign="bottom" width="7%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td valign="bottom" width="7%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> </tr> <tr> <td valign="bottom" nowrap="nowrap"> <p style="margin-top:0px;margin-bottom:0px"><font style="font-family:times new roman" size="1"><b>Gross Unrealized Losses</b></font></p> <p style="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000;width:83pt"><font style="font-family:times new roman" size="1"><b>at December&#160;31, 2011:</b></font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Number<br />of<br />Securities</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Fair<br />Value</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Gross<br />Unrealized<br />Losses</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> </tr> <!-- End Table Head --> <!-- Begin Table Body --> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Less than or equal to 10%</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">3</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">2,760</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(92</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> </tr> <tr> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Greater than 10%</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">191</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(110</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> </tr> <tr bgcolor="#cceeff"> <td valign="top">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">4</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">2,951</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(202</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> </tr> <!-- End Table Body --> </table> <p style="font-size:1px;margin-top:12px;margin-bottom:0px">&#160;</p> <p style="margin-top:0px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">The following tables set forth the amount of gross unrealized losses by current severity (as compared to amortized cost) and length of time that individual securities have been in a continuous unrealized loss position (in thousands). </font></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px">&#160;</p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; text-align: left" align="center"> <!-- Begin Table Head --> <tr> <td width="61%">&#160;</td> <td valign="bottom" width="5%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td valign="bottom" width="5%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td valign="bottom" width="5%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td valign="bottom" width="5%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td valign="bottom" width="5%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> </tr> <tr> <td valign="bottom">&#160;<font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" rowspan="3" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Fair&#160;Value&#160;of<br />Securities&#160;with<br />Gross<br />Unrealized<br />Losses</b></font></td> <td valign="bottom" rowspan="3"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" rowspan="3" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Gross<br />Unrealized<br />Losses</b></font></td> <td valign="bottom" rowspan="3"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="10" rowspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Severity&#160;of&#160;Gross&#160;Unrealized&#160;Losses</b></font></td> <td valign="bottom" rowspan="2"><font size="1">&#160;</font></td> </tr> <tr> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> </tr> <tr> <td valign="bottom" nowrap="nowrap"> <p style="margin-top:0px;margin-bottom:0px"><font style="font-family:times new roman" size="1"><b>Length of</b></font></p> <p style="margin-top:0px;margin-bottom:0px"><font style="font-family:times new roman" size="1"><b>Gross Unrealized Losses</b></font></p> <p style="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000;width:83pt"><font style="font-family:times new roman" size="1"> <b>at March&#160;31, 2012:</b></font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Less<br />than&#160;5%</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>5% to<br />10%</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Greater<br />than</b></font><br /><font style="font-family:times new roman" size="1"><b>10%</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> </tr> <!-- End Table Head --> <!-- Begin Table Body --> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Less than or equal to:</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> </tr> <tr> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Three months</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Six months</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Nine months</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1,010</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Twelve months</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Greater than twelve months</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">3,481</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(153</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(45</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(108</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:5.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Total</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">4,491</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(158</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(50</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(108</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> </tr> <!-- End Table Body --> </table> <p style="font-size:12px;margin-top:0px;margin-bottom:0px">&#160;</p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; text-align: left" align="center"> <!-- Begin Table Head --> <tr> <td width="65%">&#160;</td> <td valign="bottom" width="4%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td valign="bottom" width="4%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td valign="bottom" width="4%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td valign="bottom" width="4%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td valign="bottom" width="4%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> </tr> <tr> <td valign="bottom">&#160;<font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" rowspan="3" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Fair&#160;Value&#160;of<br />Securities&#160;with<br />Gross<br />Unrealized<br />Losses</b></font></td> <td valign="bottom" rowspan="3"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" rowspan="3" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Gross<br />Unrealized<br />Losses</b></font></td> <td valign="bottom" rowspan="3"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="10" rowspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Severity&#160;of&#160;Gross&#160;Unrealized&#160;Losses</b></font></td> <td valign="bottom" rowspan="2"><font size="1">&#160;</font></td> </tr> <tr> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> </tr> <tr> <td valign="bottom" nowrap="nowrap"> <p style="margin-top:0px;margin-bottom:0px"><font style="font-family:times new roman" size="1"><b>Length of</b></font></p> <p style="margin-top:0px;margin-bottom:0px"><font style="font-family:times new roman" size="1"><b>Gross Unrealized Losses</b></font></p> <p style="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000;width:83pt"><font style="font-family:times new roman" size="1"> <b>at December&#160;31, 2011:</b></font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Less<br />than&#160;5%</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>5% to<br />10%</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Greater<br />than 10%</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> </tr> <!-- End Table Head --> <!-- Begin Table Body --> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Less than or equal to:</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> </tr> <tr> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Three months</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">2,506</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Six months</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1,945</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(174</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(174</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Nine months</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">898</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(11</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(11</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Twelve months</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">169</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(7</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(7</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Greater than twelve months</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">2,951</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(202</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(45</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(47</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(110</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:5.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Total</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">8,469</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(394</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(63</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(221</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(110</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> </tr> <!-- End Table Body --> </table> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2"><b><i>Restrictions </i></b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2"> At March&#160;31, 2012, fixed maturities and cash equivalents with a fair value of $5.9 million (amortized cost of $5.3 million) were on deposit with various insurance departments as a requirement of doing business in those states. Fixed maturities and cash equivalents with a fair value of $9.0 million (amortized cost of $8.9 million) were on deposit with another insurance company as collateral for an assumed reinsurance contract. </font></p> <p style="margin-top:18px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2"><b><i>Investment Income and Net Realized Gains and Losses </i></b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">The major categories of investment income follow (in thousands). </font></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px">&#160;</p> <table cellspacing="0" cellpadding="0" width="76%" border="0" style="border-collapse:collapse; text-align: left" align="center"> <!-- Begin Table Head --> <tr> <td width="82%">&#160;</td> <td valign="bottom" width="5%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td valign="bottom" width="5%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> </tr> <tr> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="6" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Three&#160;Months&#160;Ended<br />March&#160;31,</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> </tr> <tr> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>2012</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>2011</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> </tr> <!-- End Table Head --> <!-- Begin Table Body --> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Fixed maturities, available-for-sale</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1,760</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1,975</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Investment in mutual fund, available-for-sale</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">137</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">151</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Cash and cash equivalents</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Other</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">29</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">29</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Investment expenses</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(156</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(165</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> </tr> <tr> <td valign="top">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1,770</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1,991</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> </tr> <!-- End Table Body --> </table> <p style="font-size:1px;margin-top:12px;margin-bottom:0px">&#160;</p> <p style="margin-top:0px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">The components of net realized gains (losses) on investments, available-for-sale at fair value follow (in thousands). </font></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px">&#160;</p> <table cellspacing="0" cellpadding="0" width="76%" border="0" style="border-collapse:collapse; text-align: left" align="center"> <!-- Begin Table Head --> <tr> <td width="82%">&#160;</td> <td valign="bottom" width="7%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td valign="bottom" width="7%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> </tr> <tr> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="6" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Three&#160;Months&#160;Ended<br />March&#160;31,</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> </tr> <tr> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>2012</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>2011</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> </tr> <!-- End Table Head --> <!-- Begin Table Body --> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Gains</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">27</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Losses</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(1</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Other-than-temporary impairment</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(1</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(77</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> </tr> <tr> <td valign="top">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">26</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(78</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> </tr> <!-- End Table Body --> </table> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">Realized gains and losses on sales and redemptions are computed based on specific identification. The non-credit related portion of other-than-temporary impairment (&#8220;OTTI&#8221;) is included in other comprehensive income (loss). The amounts of non-credit OTTI for securities still owned was $1.0 million for non-agency backed residential collateralized mortgage obligations (&#8220;CMOs&#8221;) and $0.2 million for non-agency backed commercial CMOs at both March&#160;31, 2012 and December&#160;31, 2011. </font></p> <p style="margin-top:18px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2"> <b><i>Other-Than-Temporary Impairment </i></b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">In accordance with Financial Accounting Standards Board (&#8220;FASB&#8221;) Accounting Standards Codification (&#8220;ASC&#8221;) 320-10, the Company separates OTTI into the following two components: (i)&#160;the amount related to credit losses, which is recognized in the consolidated statement of operations and (ii)&#160;the amount related to all other factors, which is recorded in other comprehensive income (loss). The credit-related portion of an OTTI is measured by comparing a security&#8217;s amortized cost to the present value of its current expected cash flows discounted at its effective yield prior to the impairment charge. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">The determination of whether unrealized losses are &#8220;other-than-temporary&#8221; requires judgment based on subjective, as well as objective factors. The Company routinely monitors its investment portfolio for changes in fair value that might indicate potential impairments and performs detailed reviews on such securities. Changes in fair value are evaluated to determine the extent to which such changes are attributable to (i)&#160;fundamental factors specific to the issuer or (ii)&#160;market-related factors such as interest rates or sector declines. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">Securities with declines attributable to issuer-specific fundamentals are reviewed to identify all available evidence to estimate the potential for impairment. Resources used include historical financial data included in filings with the SEC for corporate bonds and performance data regarding the underlying loans for CMOs. Securities with declines attributable solely to market or sector declines where the Company does not intend to sell the security and it is more likely than not that the Company will not be required to sell the security before the full recovery of its amortized cost basis are not deemed to be other-than-temporarily impaired. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">The issuer-specific factors considered in reaching the conclusion that securities with declines are not other-than-temporary include (i)&#160;the extent and duration of the decline in fair value, including the duration of any significant decline in value, (ii)&#160;whether the security is current as to payments of principal and interest, (iii)&#160;a valuation of any underlying collateral, (iv)&#160;current and future conditions and trends for both the business and its industry, (v)&#160;changes in cash flow assumptions for CMOs and (vi)&#160;rating agency actions. Based on these factors, the Company makes a determination as to the probability of recovering principal and interest on the security. </font></p> <p style="font-size:1px;margin-top:12px;margin-bottom:0px">&#160;</p> <p style="margin-top:0px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">The number and amount of securities for which the Company has recognized OTTI charges in net loss are presented in the following table (in thousands, except for the number of securities). </font></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px">&#160;</p> <table cellspacing="0" cellpadding="0" width="92%" border="0" style="border-collapse:collapse; text-align: left" align="center"> <!-- Begin Table Head --> <tr> <td width="70%">&#160;</td> <td valign="bottom" width="5%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td valign="bottom" width="5%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td valign="bottom" width="5%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td valign="bottom" width="5%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> </tr> <tr> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="14" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Three Months Ended March&#160;31,</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> </tr> <tr> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="6" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>2012</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="6" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>2011</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> </tr> <tr> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Number&#160;of<br />Securities</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>OTTI</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Number&#160;of<br />Securities</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>OTTI</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> </tr> <!-- End Table Head --> <!-- Begin Table Body --> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Collateralized mortgage obligations:</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> </tr> <tr> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Non-agency backed &#8211; residential</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(1</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">3</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(77</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Non-agency backed &#8211; commercial</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td nowrap="nowrap" valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td nowrap="nowrap" valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td nowrap="nowrap" valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> </tr> <tr> <td valign="top">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(1</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">3</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(77</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Portion of loss recognized in accumulated other comprehensive income (loss)</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> </tr> <tr> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Net OTTI recognized in net loss</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(1</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(77</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> </tr> <!-- End Table Body --> </table> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">The following is a progression of the credit-related portion of OTTI on investments owned at March&#160;31, 2012 and 2011 (in thousands). </font></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px">&#160;</p> <table cellspacing="0" cellpadding="0" width="76%" border="0" style="border-collapse:collapse; text-align: left" align="center"> <!-- Begin Table Head --> <tr> <td width="80%">&#160;</td> <td valign="bottom" width="5%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td valign="bottom" width="5%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> </tr> <tr> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="6" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Three Months Ended</b></font><br /><font style="font-family:times new roman" size="1"><b>March&#160;31,</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> </tr> <tr> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>2012</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>2011</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> </tr> <!-- End Table Head --> <!-- Begin Table Body --> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Beginning balance</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(3,425</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(3,590</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> </tr> <tr> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Additional credit impairments on:</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Previously impaired securities</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(1</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(77</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> </tr> <tr> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Securities without previous impairments</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> </tr> <tr bgcolor="#cceeff"> <td valign="top">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(1</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(77</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> </tr> <tr> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Reductions for securities sold (realized)</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">192</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> </tr> <tr bgcolor="#cceeff"> <td valign="top">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(3,426</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(3,475</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> </tr> <!-- End Table Body --> </table> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">On a quarterly basis, the Company reviews cash flow estimates for certain non-agency backed CMOs of lesser credit quality following the guidance of FASB ASC 325-40,<i> Investments &#8211; Other &#8211; Benefits Interests in Securitized Financial Assets</i> (&#8220;FASB ASC 325-40&#8221;). Accordingly, when changes in estimated cash flows occur due to actual or estimated prepayment or credit loss experience, and the present value of the revised cash flows is less than the present value previously estimated, OTTI is deemed to have occurred. For non-agency backed CMOs not subject to FASB ASC 325-40, the Company reviews quarterly projected cash flow analyses and recognizes OTTI when it determines that a loss is probable. The Company has recognized OTTI related to certain non-agency backed CMOs as the underlying cash flows have been adversely impacted due to a reduction in prepayments from mortgage refinancing and an increase in actual and projected delinquencies in the underlying mortgages. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2"> The Company&#8217;s review of non-agency backed CMOs included an analysis of available information such as collateral quality, anticipated cash flows, credit enhancements, default rates, loss severities, the securities&#8217; relative position in their respective capital structures, and credit ratings from statistical rating agencies. The Company reviews quarterly projected cash flow analyses for each security utilizing current assumptions regarding (i)&#160;actual and anticipated delinquencies, (ii)&#160;delinquency transition-to-default rates and (iii)&#160;loss severities. Based on its quarterly reviews, the Company determined that there had not been an adverse change in projected cash flows, except in the case of those securities for which OTTI charges have been recorded. The Company believes that the unrealized losses on the remaining non-agency backed securities for which OTTI charges have not been recorded are not necessarily predictive of the ultimate performance of the underlying collateral. The Company does not intend to sell these securities and it is more likely than not that the Company will not be required to sell these securities before the recovery of their amortized cost basis. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">The Company believes that the remaining securities having unrealized losses at March&#160;31, 2012 were not other-than-temporarily impaired. The Company also does not intend to sell any of these securities and it is more likely than not that the Company will not be required to sell any of these securities before the recovery of their amortized cost basis. </font></p> <p style="font-size:1px;margin-top:18px;margin-bottom:0px">&#160;</p> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Note 4 - us-gaap:EarningsPerShareTextBlock--> <table style="border-collapse:collapse; text-align: left" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><font style="font-family:times new roman" size="2"><b>4.</b></font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2"><b>Net Loss Per Share </b></font></td> </tr> </table> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">The following table sets forth the computation of basic and diluted net loss per share (in thousands, except per share data). </font></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px">&#160;</p> <table cellspacing="0" cellpadding="0" width="76%" border="0" style="border-collapse:collapse; text-align: left" align="center"> <!-- Begin Table Head --> <tr> <td width="80%">&#160;</td> <td valign="bottom" width="5%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td valign="bottom" width="5%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> </tr> <tr> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="6" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Three Months Ended<br />March&#160;31,</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> </tr> <tr> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>2012</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>2011</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> </tr> <!-- End Table Head --> <!-- Begin Table Body --> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Net loss</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(8,207</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(1,608</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> </tr> <tr> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Weighted average common basic shares</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">40,843</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">48,192</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Effect of dilutive securities</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> </tr> <tr> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Weighted average common dilutive shares</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">40,843</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">48,192</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Basic and diluted net loss per share</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(0.20</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(0.03</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> </tr> <!-- End Table Body --> </table> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">For the three months ended March&#160;31, 2012 and 2011, the computation of diluted net loss per share did not include 0.1&#160;million and 0.2&#160;million shares, respectively, of unvested restricted common stock as their inclusion would have been anti-dilutive. Options to purchase approximately 5.3&#160;million and 4.5&#160;million shares for the three months ended March&#160;31, 2012 and 2011, respectively, were also not included in the computation of diluted net loss per share as their exercise prices were in excess of the average stock prices for the periods presented. </font></p> <p style="font-size:18px;margin-top:0px;margin-bottom:0px">&#160;</p> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Note 5 - us-gaap:IncomeTaxDisclosureTextBlock--> <table style="border-collapse:collapse; text-align: left" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><font style="font-family:times new roman" size="2"><b>5.</b></font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2"><b>Income Taxes </b></font></td> </tr> </table> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">The provision (benefit) for income taxes consisted of the following (in thousands). </font></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px">&#160;</p> <table cellspacing="0" cellpadding="0" width="76%" border="0" style="border-collapse:collapse; text-align: left" align="center"> <!-- Begin Table Head --> <tr> <td width="84%">&#160;</td> <td valign="bottom" width="5%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td valign="bottom" width="5%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> </tr> <tr> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="6" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Three&#160;Months&#160;Ended<br />March&#160;31,</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> </tr> <tr> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>2012</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>2011</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> </tr> <!-- End Table Head --> <!-- Begin Table Body --> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Federal:</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> </tr> <tr> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Current</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Deferred</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> </tr> <tr> <td valign="top">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">State:</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> </tr> <tr> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Current</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">78</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(204</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Deferred</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(98</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> </tr> <tr> <td valign="top">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">79</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(302</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> </tr> <tr bgcolor="#cceeff"> <td valign="top">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">79</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(302</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> </tr> <!-- End Table Body --> </table> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">The provision (benefit) for income taxes differs from the amounts computed by applying the statutory federal corporate tax rate of 35% to loss before income taxes as a result of the following (in thousands). </font></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px">&#160;</p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; text-align: left" align="center"> <!-- Begin Table Head --> <tr> <td width="89%">&#160;</td> <td valign="bottom" width="2%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td valign="bottom" width="2%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> </tr> <tr> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="6" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Three&#160;Months&#160;Ended<br />March&#160;31,</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> </tr> <tr> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>2012</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>2011</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> </tr> <!-- End Table Head --> <!-- Begin Table Body --> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Benefit for income taxes at statutory rate</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(2,845</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(669</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> </tr> <tr> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Tax effect of:</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Tax-exempt investment income</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(1</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(4</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> </tr> <tr> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Change in the beginning of the period balance of the valuation allowance for deferred tax assets allocated to federal income taxes</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">2,827</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">556</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Restricted stock</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">13</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">136</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">State income taxes, net of federal income tax benefit and valuation allowance</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">79</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(302</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Other</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">6</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(19</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> </tr> <tr> <td valign="top">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">79</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(302</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> </tr> <!-- End Table Body --> </table> <p style="font-size:1px;margin-top:12px;margin-bottom:0px">&#160;</p> <p style="margin-top:0px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">The Company had a valuation allowance of $29.9 million and $27.2 million at March&#160;31, 2012 and December&#160;31, 2011, respectively, to reduce deferred tax assets to the amount that is more likely than not to be realized. The change in the total valuation allowance for the three months ended March&#160;31, 2012 was an increase of $2.7 million. For the three months ended March&#160;31, 2012, the change in the valuation allowance included reductions of $0.3 million related to the unrealized change in investments included in other comprehensive income (loss) and increases of $0.2 million related to deferred state income taxes. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">In assessing the realization of deferred tax assets, management considered whether it was more likely than not that some portion or all of the deferred tax assets will not be realized. The Company is required to assess whether a valuation allowance should be established against the Company&#8217;s net deferred tax assets based on the consideration of all available evidence using a more likely than not standard. In making such judgments, significant weight is given to evidence that can be objectively verified. In assessing the Company&#8217;s ability to support the realizability of its deferred tax assets, management considered both positive and negative evidence. The Company placed greater weight on historical results than on the Company&#8217;s outlook for future profitability and established a deferred tax valuation allowance at March&#160;31, 2012 and December&#160;31, 2011. The deferred tax valuation allowance may be adjusted in future periods if management determines that it is more likely than not that some portion or all of the deferred tax assets will be realized. In the event the deferred tax valuation allowance is adjusted, the Company would record an income tax benefit for the adjustment. </font></p> <p style="font-size:18px;margin-top:0px;margin-bottom:0px">&#160;</p> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Note 6 - us-gaap:SegmentReportingDisclosureTextBlock--> <table style="border-collapse:collapse; text-align: left" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><font style="font-family:times new roman" size="2"><b>6.</b></font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2"><b>Segment Information </b></font></td> </tr> </table> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">The Company operates in two business segments with its primary focus being the selling, servicing and underwriting of non-standard personal automobile insurance. The real estate and corporate segment consists of the activities related to the disposition of foreclosed real estate held for sale, interest expense associated with all debt and other general corporate overhead expenses. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">The following table presents selected financial data by business segment (in thousands). </font></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px">&#160;</p> <table cellspacing="0" cellpadding="0" width="76%" border="0" style="border-collapse:collapse; text-align: left" align="center"> <!-- Begin Table Head --> <tr> <td width="77%">&#160;</td> <td valign="bottom" width="7%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td valign="bottom" width="6%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> </tr> <tr> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="6" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Three Months Ended</b></font><br /><font style="font-family:times new roman" size="1"><b>March&#160;31,</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> </tr> <tr> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>2012</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>2011</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> </tr> <!-- End Table Head --> <!-- Begin Table Body --> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Revenues:</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> </tr> <tr> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Insurance</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">55,434</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">52,771</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Real estate and corporate</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">33</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">29</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> </tr> <tr> <td valign="top"> <p style="margin-left:5.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Consolidated total</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">55,467</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">52,800</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Loss before income taxes:</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> </tr> <tr> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Insurance</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(6,622</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(115</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Real estate and corporate</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(1,506</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(1,795</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> </tr> <tr> <td valign="top"> <p style="margin-left:5.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Consolidated total</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(8,128</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(1,910</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> </tr> <!-- End Table Body --> </table> <p style="font-size:12px;margin-top:0px;margin-bottom:0px">&#160;</p> <table cellspacing="0" cellpadding="0" width="76%" border="0" style="border-collapse:collapse; text-align: left" align="center"> <!-- Begin Table Head --> <tr> <td width="78%">&#160;</td> <td valign="bottom" width="4%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td valign="bottom" width="4%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> </tr> <tr> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>March&#160;31,<br />2012</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>December&#160;31,</b></font><br /><font style="font-family:times new roman" size="1"><b>2011</b></font></td> <td valign="bottom"><font size="1">&#160;</font></td> </tr> <!-- End Table Head --> <!-- Begin Table Body --> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Total assets:</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> </tr> <tr> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Insurance</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">252,736</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">241,815</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Real estate and corporate</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">15,484</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">15,437</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> </tr> <tr> <td valign="top"> <p style="margin-left:5.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Consolidated total</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">268,220</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">257,252</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> </tr> <!-- End Table Body --> </table> <p style="font-size:1px;margin-top:18px;margin-bottom:0px">&#160;</p> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Note 7 - fac:NewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock--> <table style="border-collapse:collapse; text-align: left" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><font style="font-family:times new roman" size="2"><b>7.</b></font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2"><b>Recent Accounting Pronouncements </b></font></td> </tr> </table> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">In October 2010, the FASB issued ASU No.&#160;2010-26, <i>Accounting for Costs Associated with Acquiring or</i> <i>Renewing Insurance Contracts (a consensus of the FASB Emerging Issues Task Force) (Topic 944)</i>, which clarifies what costs should be deferred by insurance companies when issuing or renewing insurance contracts. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning on or after December&#160;15, 2011. The Company adopted this standard on a prospective basis on January&#160;1, 2012 and, therefore, will recognize estimated additional expense of approximately $0.5 million to $0.7 million over the first six months of 2012, consistent with the Company&#8217;s insurance policy terms and estimated deferred acquisition costs amortization period. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">In May 2011, the FASB issued ASU No.&#160;2011-04, <i>Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs</i>, which amends certain measurement and disclosure requirements related to fair value measurements to improve consistency with international reporting standards. The Company adopted the provisions of this guidance in the quarter ended March&#160;31, 2012. The adoption of this guidance did not have an impact on the Company&#8217;s financial position or results of operations. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2"> In June 2011, the FASB issued ASU No.&#160;2011-05, <i>Presentation of Comprehensive Income</i>, which requires a company to present components of net income and other comprehensive income in one continuous statement or in two separate, but consecutive statements. There are no changes to the components that are recognized in net income or other comprehensive income under current GAAP. The Company adopted the provisions of this guidance in the quarter ended March&#160;31, 2012. The adoption of this guidance did not have an impact on the Company&#8217;s financial position or results of operations. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2"> In September&#160;2011, the FASB issued ASU 2011-08,&#160;<i>Intangibles &#8212; Goodwill and Other (Topic 350)</i>,&#160;which allows companies to waive comparing the fair value of a reporting unit to its carrying amount in assessing the recoverability of goodwill if, based on qualitative factors, it is more likely than not that the fair value of a reporting unit is greater than its carrying amount.&#160;The Company adopted the provisions of this guidance in the quarter ended March&#160;31, 2012. The adoption of this guidance did not have an impact on the Company&#8217;s financial position or results of operations. </font></p> EX-101.SCH 7 fac-20120331.xsd XBRL TAXONOMY EXTENSION SCHEMA 00 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 01 - Statement - Consolidated Balance Sheets link:presentationLink link:definitionLink link:calculationLink 011 - Statement - Consolidated Balance Sheets (Parenthetical) link:presentationLink link:definitionLink link:calculationLink 02 - Statement - Consolidated Statements of Operations (Unaudited) link:presentationLink link:definitionLink link:calculationLink 03 - Statement - Consolidated Statements of Cash Flows (Unaudited) link:presentationLink link:definitionLink link:calculationLink 06001 - Disclosure - General link:presentationLink link:definitionLink link:calculationLink 06002 - Disclosure - Fair Value link:presentationLink link:definitionLink link:calculationLink 06003 - Disclosure - Investments link:presentationLink link:definitionLink link:calculationLink 06004 - Disclosure - Net Loss Per Share link:presentationLink link:definitionLink link:calculationLink 06005 - Disclosure - Income Taxes link:presentationLink link:definitionLink link:calculationLink 06006 - Disclosure - Segment Information link:presentationLink link:definitionLink link:calculationLink 06007 - Disclosure - Recent Accounting Pronouncements link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 8 fac-20120331_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.LAB 9 fac-20120331_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE EX-101.PRE 10 fac-20120331_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 11 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; word-wrap: break-word; } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 12 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
Net Loss Per Share
3 Months Ended
Mar. 31, 2012
Net Loss Per Share [Abstract]  
Net Loss Per Share
4. Net Loss Per Share

The following table sets forth the computation of basic and diluted net loss per share (in thousands, except per share data).

 

                 
    Three Months Ended
March 31,
 
    2012     2011  

Net loss

  $ (8,207   $ (1,608
   

 

 

   

 

 

 

Weighted average common basic shares

    40,843       48,192  

Effect of dilutive securities

    —         —    
   

 

 

   

 

 

 

Weighted average common dilutive shares

    40,843       48,192  
   

 

 

   

 

 

 

Basic and diluted net loss per share

  $ (0.20   $ (0.03
   

 

 

   

 

 

 

For the three months ended March 31, 2012 and 2011, the computation of diluted net loss per share did not include 0.1 million and 0.2 million shares, respectively, of unvested restricted common stock as their inclusion would have been anti-dilutive. Options to purchase approximately 5.3 million and 4.5 million shares for the three months ended March 31, 2012 and 2011, respectively, were also not included in the computation of diluted net loss per share as their exercise prices were in excess of the average stock prices for the periods presented.

 

EXCEL 13 Financial_Report.xls IDEA: XBRL DOCUMENT begin 644 Financial_Report.xls M[[N_34E-12U697)S:6]N.B`Q+C`-"E@M1&]C=6UE;G0M5'EP93H@5V]R:V)O M;VL-"D-O;G1E;G0M5'EP93H@;75L=&EP87)T+W)E;&%T960[(&)O=6YD87)Y M/2(M+2TM/5].97AT4&%R=%]D9&%F,6(W.5\Y-F)F7S0V8S=?.&%E-5\Y8S'!L;W)E&UL;G,Z=CTS1")U&UL;G,Z;STS1")U&UL/@T*(#QX.D5X8V5L5V]R:V)O;VL^#0H@(#QX M.D5X8V5L5V]R:W-H965T5]);F9O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I.86UE/@T*("`@(#QX.E=O#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE M/DYE=%],;W-S7U!E#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/DEN8V]M95]487AE#I.86UE/@T*("`@(#QX.E=O M#I%>&-E;%=O#I.86UE/E-E9VUE;G1?26YF;W)M871I;VX\+W@Z3F%M M93X-"B`@("`\>#I7;W)K#I7;W)K#I3='EL97-H965T($A2968],T0B5V]R:W-H965T3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%]D9&%F,6(W M.5\Y-F)F7S0V8S=?.&%E-5\Y8S'0O:'1M;#L@8VAA2!) M;F9O2`P-RP@,C`Q,CQB'0^1DE24U0@04-#15!404Y#12!#3U)0("]$12\\2!#96YT3PO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^,#`P,3`Q-SDP-SQS<&%N/CPO'0^,3`M43QS<&%N/CPO'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@ M("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$2!#;VUM;VX@4W1O8VLL M(%-H87)E'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S M8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I M=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA7!E/3-$=&5X="]J879AF5D(&-O'0^)FYB'0^)FYB3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%]D9&%F,6(W M.5\Y-F)F7S0V8S=?.&%E-5\Y8S'0O:'1M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@ M/'1R(&-L87-S/3-$7!E.B!T97AT M+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^ M#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT M/3-$)W1E>'0O:'1M;#L@8VAA'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'!E;G-E'!E;G-E&5S/"]T9#X- M"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XW.3QS<&%N/CPO'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$ MF5D(&=A M:6YS("AL;W-S97,I(&]N(&EN=F5S=&UE;G1S+"!A=F%I;&%B;&4M9F]R+7-A M;&4Z/"]S=')O;F<^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\ M'0^)FYB'0^)FYB'0O:F%V87-C3X-"B`@ M("`\=&%B;&4@8VQA2`H=7-E9"!I;BD@;W!E'!E;F1I='5R97,\+W1D/@T*("`@("`@("`\=&0@8VQA'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@ M("`@/'1R(&-L87-S/3-$F%T:6]N0V]N&)R;"QN&)R;"QN>"`M+3X-"B`@(#QF;VYT('-T M>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY M.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V)O3IT:6UEF4],T0R/CQB/C$N/"]B/CPO9F]N=#X\+W1D/B`-"B`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`^#0H\'0O:F%V87-C3X- M"B`@("`\=&%B;&4@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R M(&-L87-S/3-$'0M86QI9VXZ(&QE9G0G M(&)O3IT:6UEF4],T0R/CQB/D9A:7(@5F%L=64@/"]B/CPO9F]N=#X\+W1D/@T*("`@/"]T M#MM87)G:6XM8F]T=&]M.C!P>#L@=&5X="UI;F1E;G0Z-"4G/CQF;VYT('-T M>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@F4Z-G!X.VUA6QE/3-$)VUA6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@ M6QE/3-$)VUA M6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)VUA6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@ M2`M+3X-"B`@(#PO M=&%B;&4^#0H@("`\<"!S='EL93TS1"=M87)G:6XM=&]P.C$R<'@[;6%R9VEN M+6)O='1O;3HP<'@[('1E>'0M:6YD96YT.C0E)SX\9F]N="!S='EL93TS1"=F M;VYT+69A;6EL>3IT:6UEF4],T0R/E1H92!#;VUP M86YY(&-A=&5G;W)I>F5S(&UE=&AO9',@=7-E9"!I;B!I=',@:61E;G1I9FEA M8FQE(&EN=&%N9VEB;&4@87-S971S(&EM<&%I2!M971H;V0L('=H:6-H(')E M<75I2!R871E(&%N9"!T:&4@=V5I9VAT960-"B`@(&%V97)A9V4@8V]S M="!O9B!C87!I=&%L+B`\+V9O;G0^/"]P/@T*("`@/'`@#MM87)G:6XM8F]T=&]M.C!P>#L@=&5X="UI;F1E;G0Z M-"4G/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA M;B<@28C.#(Q-SMS(&9I;F%N8VEA M;"!I;G-T6QE/3-$)V)O6QE/3-$)V9O;G0M M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@ M(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UE MF4],T0Q/CQB/D1E8V5M8F5R)B,Q-C`[,S$L(#(P M,3$\+V(^/"]F;VYT/CPO=&0^(`T*("`@/'1D('9A;&EG;CTS1&)O='1O;3X\ M9F]N="!S:7IE/3-$,3XF(S$V,#L\+V9O;G0^/"]T9#X-"B`@(#PO='(^(`T* M("`@/'1R/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@6QE/3-$)V)O6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@F4],T0Q/B8C,38P.SPO M9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@"!S;VQI9"`C,#`P,#`P)SX\9F]N="!S='EL93TS1"=F M;VYT+69A;6EL>3IT:6UEF4],T0Q/CQB/D9A:7(\ M+V(^/"]F;VYT/CQB6QE/3-$)V9O;G0M9F%M:6QY.G1I M;65S(&YE=R!R;VUA;B<@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI M9VX],T1B;W1T;VT@8V]L6QE/3-$)V)O6QE/3-$)V9O;G0M M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@F4],T0Q/B8C,38P M.SPO9F]N=#X\+W1D/@T*("`@/"]T6QE/3-$)VUAF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D M/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^)B,Q-C`[/"]T9#X@#0H@("`\ M=&0@=F%L:6=N/3-$8F]T=&]M/B8C,38P.SPO=&0^(`T*("`@/'1D('9A;&EG M;CTS1&)O='1O;3XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T M;VT^/&9O;G0@3IT:6UEF4],T0R/DEN=F5S=&UE;G1S+"!A M=F%I;&%B;&4M9F]R+7-A;&4\+V9O;G0^/"]P/@T*("`@/"]T9#X@#0H@("`\ M=&0@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-I>F4],T0Q/B8C,38P.SPO9F]N M=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA M;B<@6QE/3-$)V9O M;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA M;B<@3IT:6UEF4],T0R/C$V-RPP.3@\+V9O;G0^/"]T M9#X@#0H@("`\=&0@;F]W3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B M;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B0\+V9O;G0^/"]T9#X@#0H@ M("`\=&0@=F%L:6=N/3-$8F]T=&]M(&%L:6=N/3-$F4],T0Q/B8C,38P.SPO M9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R M;VUA;B<@6QE/3-$ M)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4] M,T0R/CQB/DQI86)I;&ET:65S.CPO8CX\+V9O;G0^/"]P/@T*("`@/"]T9#X@ M#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-I>F4],T0Q/B8C,38P M.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^)B,Q-C`[ M/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/B8C,38P.SPO=&0^(`T* M("`@/'1D('9A;&EG;CTS1&)O='1O;3XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V M86QI9VX],T1B;W1T;VT^/&9O;G0@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX] M,T1B;W1T;VT^)B,Q-C`[/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M M/B8C,38P.SPO=&0^(`T*("`@/'1D('9A;&EG;CTS1&)O='1O;3XF(S$V,#L\ M+W1D/@T*("`@/"]T6QE/3-$)VUAF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI M9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT M9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P M.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX] M,T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/C$U+#(Q.#PO9F]N=#X\+W1D/B`-"B`@(#QT9"!N M;W=R87`],T1N;W=R87`@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-T>6QE/3-$ M)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R M;VUA;B<@6QE/3-$)V9O M;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D M/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N M=#X\+W1D/@T*("`@/"]T6QE/3-$9F]N="US:7IE.C%P>#MM M87)G:6XM=&]P.C$R<'@[;6%R9VEN+6)O='1O;3HP<'@^)B,Q-C`[/"]P/@T* M("`@/'`@'0M:6YD96YT.C0E)SX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL M>3IT:6UEF4],T0R/E1H92!F86ER('9A;'5E28C.#(Q-SMS M(&)E6EN9R!V M86QU97,@;V8@8V5R=&%I;B!F:6YA;F-I86P@:6YS=')U;65N=',L('-U8V@@ M87,@8V%S:"!A;F0@8V%S:"!E<75I=F%L96YT28C.#(Q-SMS('5N9&5R;'EI;F<@=F%L M=64N(#PO9F]N=#X\+W`^#0H@("`\<"!S='EL93TS1"=M87)G:6XM=&]P.C$R M<'@[;6%R9VEN+6)O='1O;3HP<'@[('1E>'0M:6YD96YT.C0E)SX\9F]N="!S M='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R M/E1H92!#;VUP86YY(&AO;&1S(&%V86EL86)L92UF;W(M6QE/3-$9F]N="US:7IE M.C$R<'@[;6%R9VEN+71O<#HP<'@[;6%R9VEN+6)O='1O;3HP<'@^)B,Q-C`[ M/"]P/@T*("`@/'1A8FQE(&-E;&QS<&%C:6YG/3-$,"!C96QL<&%D9&EN9STS M1#`@=VED=&@],T0Y,B4@8F]R9&5R/3-$,"!S='EL93TS1"=B;W)D97(M8V]L M;&%P'0M86QI9VXZ(&QE9G0G(&%L:6=N/3-$8V5N M=&5R/@T*("`@/"$M+2!"96=I;B!486)L92!(96%D("TM/@T*("`@/'1R/B`- M"B`@(#QT9"!W:61T:#TS1#8P)3XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI M9VX],T1B;W1T;VT@=VED=&@],T0U)3XF(S$V,#L\+W1D/B`-"B`@(#QT9#XF M(S$V,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT9#XF(S$V M,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@=VED=&@],T0U)3XF M(S$V,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT9#XF(S$V M,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX] M,T1B;W1T;VT@=VED=&@],T0U)3XF(S$V,#L\+W1D/B`-"B`@(#QT9#XF(S$V M,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\ M+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@=VED=&@],T0U)3XF(S$V M,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\ M+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/@T*("`@/"]TF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX] M,T1B;W1T;VT@8V]LF4],T0Q/B8C,38P M.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@ MF4],T0Q/B8C,38P M.SPO9F]N=#X\+W1D/@T*("`@/"]T"!S;VQI9"`C,#`P,#`P.W=I9'1H.C4S<'0G M/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@ MF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B M;W1T;VT^/&9O;G0@"!S;VQI9"`C,#`P,#`P)SX\ M9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0Q/CQB/E%U;W1E9"8C,38P.U!R:6-E3IT:6UE MF4],T0Q/@T*("`@/&(^*$QE=F5L(#$I/"]B/CPO M9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@6QE/3-$)V)O6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$ M)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@F4],T0Q/B8C,38P.SPO M9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@8V]LF4],T0Q/B8C,38P.SPO9F]N=#X\ M+W1D/@T*("`@/"]T6QE M/3-$)VUAF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B M;W1T;VT^)B,Q-C`[/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/B8C M,38P.SPO=&0^(`T*("`@/'1D('9A;&EG;CTS1&)O='1O;3XF(S$V,#L\+W1D M/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@'0M:6YD96YT.BTQ+C`P96TG/CQF;VYT('-T M>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/B0\+V9O;G0^/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M M(&%L:6=N/3-$F4],T0R M/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^ M/&9O;G0@3IT:6UE MF4],T0R/B0\+V9O;G0^/"]T9#X@#0H@("`\=&0@ M=F%L:6=N/3-$8F]T=&]M(&%L:6=N/3-$3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V M86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B0\+V9O;G0^ M/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M(&%L:6=N/3-$F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI M9VX],T1B;W1T;VT^/&9O;G0@6QE/3-$)V9O M;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY M.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/E-T871E/"]F M;VYT/CPO<#X-"B`@(#PO=&0^(`T*("`@/'1D('9A;&EG;CTS1&)O='1O;3X\ M9F]N="!S:7IE/3-$,3XF(S$V,#L\+V9O;G0^/"]T9#X@#0H@("`\=&0@=F%L M:6=N/3-$8F]T=&]M/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S M(&YE=R!R;VUA;B<@6QE M/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT M9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P M.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX] M,T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/B8C.#(Q,CLF(S$V,#LF(S$V,#L\+V9O;G0^/"]T M9#X@#0H@("`\=&0@;F]W3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B M;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D M/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N M="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4] M,T0R/C4L-C4U/"]F;VYT/CPO=&0^(`T*("`@/'1D(&YO=W)A<#TS1&YO=W)A M<"!V86QI9VX],T1B;W1T;VT^/&9O;G0@F4],T0Q/B8C,38P M.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@ M'0M:6YD96YT.BTQ+C`P96TG/CQF M;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B M;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL M>3IT:6UEF4],T0R/C6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I M;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O M;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA M;B<@6QE/3-$)V9O;G0M M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@ M(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@'0M:6YD96YT.BTQ+C`P96TG/CQF M;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B M;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL M>3IT:6UEF4],T0R/C(S+#DS-#PO9F]N=#X\+W1D M/B`-"B`@(#QT9"!N;W=R87`],T1N;W=R87`@=F%L:6=N/3-$8F]T=&]M/CQF M;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY M.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$ M)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R M;VUA;B<@6QE/3-$)V9O M;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D M/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@'0M:6YD96YT.BTQ+C`P96TG/CQF;VYT('-T>6QE/3-$ M)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@ MF4],T0Q M/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^ M/&9O;G0@F4],T0Q/B8C,38P.SPO9F]N M=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P M.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@ M3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V M86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F M;VYT+69A;6EL>3IT:6UEF4],T0R/B8C.#(Q,CLF M(S$V,#LF(S$V,#L\+V9O;G0^/"]T9#X@#0H@("`\=&0@;F]W3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D M/@T*("`@/"]T6QE/3-$)VUAF4],T0Q M/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^ M)B,Q-C`[/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/B8C,38P.SPO M=&0^(`T*("`@/'1D('9A;&EG;CTS1&)O='1O;3XF(S$V,#L\+W1D/B`-"B`@ M(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V M86QI9VX],T1B;W1T;VT^)B,Q-C`[/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$ M8F]T=&]M/B8C,38P.SPO=&0^(`T*("`@/'1D('9A;&EG;CTS1&)O='1O;3XF M(S$V,#L\+W1D/@T*("`@/"]T6QE/3-$)VUA6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S M(&YE=R!R;VUA;B<@6QE M/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@F4],T0Q/B8C,38P.SPO9F]N M=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@ M(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D M/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4] M,T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T M;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT M:6UEF4],T0R/B8C.#(Q,CLF(S$V,#LF(S$V,#L\ M+V9O;G0^/"]T9#X@#0H@("`\=&0@;F]W3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/@T*("`@/"]T6QE/3-$)VUA6QE M/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE M=R!R;VUA;B<@3IT:6UEF4],T0R/B8C,38P M.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@ M3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V M86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F M;VYT+69A;6EL>3IT:6UEF4],T0R/B8C.#(Q,CLF M(S$V,#LF(S$V,#L\+V9O;G0^/"]T9#X@#0H@("`\=&0@;F]W3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D M/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4] M,T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T M;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT M:6UEF4],T0R/C4L-#8Q/"]F;VYT/CPO=&0^(`T* M("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!V86QI9VX],T1B;W1T;VT^/&9O;G0@ MF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V M86QI9VX],T1B;W1T;VT^/&9O;G0@'0M:6YD96YT.BTQ+C`P96TG/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY M.G1I;65S(&YE=R!R;VUA;B<@2!B86-K960@ M)B,X,C$Q.R!C;VUM97)C:6%L/"]F;VYT/CPO<#X-"B`@(#PO=&0^(`T*("`@ M/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!S:7IE/3-$,3XF(S$V,#L\+V9O M;G0^/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-T>6QE M/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE M=R!R;VUA;B<@3IT:6UEF4],T0R/B8C,38P M.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@ M3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V M86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F M;VYT+69A;6EL>3IT:6UEF4],T0R/B8C.#(Q,CLF M(S$V,#LF(S$V,#L\+V9O;G0^/"]T9#X@#0H@("`\=&0@;F]W3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D M/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4] M,T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T M;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT M:6UEF4],T0R/C4L-C@R/"]F;VYT/CPO=&0^(`T* M("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!V86QI9VX],T1B;W1T;VT^/&9O;G0@ MF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V M86QI9VX],T1B;W1T;VT^/&9O;G0@'0M:6YD96YT.BTQ+C`P96TG/CQF;VYT('-T M>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY M.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4] M,T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T M;VT^/&9O;G0@3IT M:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`- M"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S M='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R M/C$L.#`P/"]F;VYT/CPO=&0^(`T*("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!V M86QI9VX],T1B;W1T;VT^/&9O;G0@F4],T0Q/B8C,38P.SPO M9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`- M"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@6QE/3-$ M9F]N="US:7IE.C%P>#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/B8C,38P M.SPO=&0^(`T*("`@/'1D('9A;&EG;CTS1&)O='1O;3XF(S$V,#L\+W1D/B`- M"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^#0H@("`\<"!S='EL93TS1"=B;W)D M97(M=&]P.C%P>"!S;VQI9"`C,#`P,#`P)SXF(S$V,#L\+W`^#0H@("`\+W1D M/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^#0H@("`\<"!S='EL93TS1"=B M;W)D97(M=&]P.C%P>"!S;VQI9"`C,#`P,#`P)SXF(S$V,#L\+W`^#0H@("`\ M+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B M;W1T;VT^)B,Q-C`[/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/@T* M("`@/'`@6QE/3-$)V)O6QE/3-$)V)O"!S;VQI9"`C,#`P,#`P)SXF(S$V M,#L\+W`^#0H@("`\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/@T*("`@/"]T M6QE/3-$)VUAF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`- M"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@F4],T0Q M/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^ M/&9O;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B M;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D M/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N M="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4] M,T0R/C$S,2PY,38\+V9O;G0^/"]T9#X@#0H@("`\=&0@;F]W3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D M/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4] M,T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T M;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT M:6UEF4],T0R/B8C.#(Q,CLF(S$V,#LF(S$V,#L\ M+V9O;G0^/"]T9#X@#0H@("`\=&0@;F]W3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/@T*("`@/"]T6QE/3-$)VUAF4],T0Q/B8C M,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O M;G0@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I M;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UE MF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@ M(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C M,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@86QI M9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/B8C.#(Q,CLF(S$V,#LF(S$V,#L\+V9O;G0^ M/"]T9#X@#0H@("`\=&0@;F]W3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX] M,T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\ M+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\ M9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/B8C.#(Q,CLF(S$V,#LF(S$V,#L\+V9O;G0^/"]T9#X@#0H@("`\ M=&0@;F]W3IT:6UEF4],T0R/B8C M,38P.SPO9F]N=#X\+W1D/@T*("`@/"]TF4Z,7!X/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^)B,Q-C`[ M/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/B8C,38P.SPO=&0^(`T* M("`@/'1D('9A;&EG;CTS1&)O='1O;3X-"B`@(#QP('-T>6QE/3-$)V)O6QE/3-$)V)O M"!S;VQI9"`C,#`P,#`P)SXF M(S$V,#L\+W`^#0H@("`\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^ M#0H@("`\<"!S='EL93TS1"=B;W)D97(M=&]P.C%P>"!S;VQI9"`C,#`P,#`P M)SXF(S$V,#L\+W`^#0H@("`\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`- M"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^)B,Q-C`[/"]T9#X@#0H@("`\=&0@ M=F%L:6=N/3-$8F]T=&]M/@T*("`@/'`@6QE/3-$)V)O6QE/3-$)V)O3IT:6UEF4],T0R/E1O=&%L(&EN=F5S=&UE;G1S+"!A=F%I;&%B;&4M9F]R+7-A M;&4\+V9O;G0^/"]P/@T*("`@/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T M=&]M/CQF;VYT('-I>F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT M9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@F4],T0Q/B8C,38P M.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@ MF4],T0R M/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^ M/&9O;G0@3IT:6UE MF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@ M(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL M93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/C$S M,2PY,38\+V9O;G0^/"]T9#X@#0H@("`\=&0@;F]W3IT:6UE MF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@ M(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C M,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@86QI M9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/B8C.#(Q,CLF(S$V,#LF(S$V,#L\+V9O;G0^ M/"]T9#X@#0H@("`\=&0@;F]W3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/@T*("`@/"]T6QE/3-$)VUA6QE/3-$)V9O;G0M9F%M:6QY.G1I M;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@F4],T0Q/B8C,38P.SPO M9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C M,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O M;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT M9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS M1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/B8C.#(Q M,CLF(S$V,#LF(S$V,#L\+V9O;G0^/"]T9#X@#0H@("`\=&0@;F]W3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\ M+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B M;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL M>3IT:6UEF4],T0R/B8C.#(Q,CLF(S$V,#LF(S$V M,#L\+V9O;G0^/"]T9#X@#0H@("`\=&0@;F]W3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/@T*("`@/"]T MF4Z,7!X/B`-"B`@(#QT9"!V M86QI9VX],T1B;W1T;VT^)B,Q-C`[/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$ M8F]T=&]M/B8C,38P.SPO=&0^(`T*("`@/'1D('9A;&EG;CTS1&)O='1O;3X- M"B`@(#QP('-T>6QE/3-$)V)O6QE/3-$)V)O"!S;VQI9"`C,#`P,#`P)SXF(S$V,#L\+W`^#0H@("`\+W1D/B`-"B`@ M(#QT9"!V86QI9VX],T1B;W1T;VT^#0H@("`\<"!S='EL93TS1"=B;W)D97(M M=&]P.C%P>"!S;VQI9"`C,#`P,#`P)SXF(S$V,#L\+W`^#0H@("`\+W1D/B`- M"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^ M)B,Q-C`[/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/@T*("`@/'`@ M6QE/3-$)V)O6QE/3-$)V)O3IT:6UEF4],T0R/E1O=&%L/"]F;VYT/CPO M<#X-"B`@(#PO=&0^(`T*("`@/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!S M:7IE/3-$,3XF(S$V,#L\+V9O;G0^/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$ M8F]T=&]M/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R M;VUA;B<@3IT:6UEF4],T0R/C$Y,RPQ-S<\+V9O;G0^ M/"]T9#X@#0H@("`\=&0@;F]W3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX] M,T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B0\+V9O;G0^/"]T9#X@ M#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M(&%L:6=N/3-$3IT M:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`- M"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@F4],T0R M/B0\+V9O;G0^/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M(&%L:6=N M/3-$F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX] M,T1B;W1T;VT^/&9O;G0@6QE/3-$)V9O;G0M M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I M;65S(&YE=R!R;VUA;B<@6QE/3-$)V)O6QE/3-$ M)V)O6QE/3-$)V)O6QE/3-$)V)O M6QE M/3-$9F]N="US:7IE.C%P>#MM87)G:6XM=&]P.C$R<'@[;6%R9VEN+6)O='1O M;3HP<'@^)B,Q-C`[/"]P/@T*("`@/'1A8FQE(&-E;&QS<&%C:6YG/3-$,"!C M96QL<&%D9&EN9STS1#`@=VED=&@],T0Y,B4@8F]R9&5R/3-$,"!S='EL93TS M1"=B;W)D97(M8V]L;&%P'0M86QI9VXZ(&QE9G0G M(&%L:6=N/3-$8V5N=&5R/@T*("`@/"$M+2!"96=I;B!486)L92!(96%D("TM M/@T*("`@/'1R/B`-"B`@(#QT9"!W:61T:#TS1#8P)3XF(S$V,#L\+W1D/B`- M"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@=VED=&@],T0U)3XF(S$V,#L\+W1D M/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`- M"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@ M=VED=&@],T0U)3XF(S$V,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`- M"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@ M(#QT9"!V86QI9VX],T1B;W1T;VT@=VED=&@],T0U)3XF(S$V,#L\+W1D/B`- M"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@ M(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@=VED M=&@],T0U)3XF(S$V,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@ M(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/@T*("`@/"]T MF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@ M(#QT9"!V86QI9VX],T1B;W1T;VT@8V]LF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B M;W1T;VT^/&9O;G0@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/@T*("`@/"]T"!S;VQI9"`C,#`P,#`P M.W=I9'1H.C8T<'0G/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S M(&YE=R!R;VUA;B<@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@ M(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UE MF4],T0Q/CQB/E%U;W1E9"8C,38P.U!R:6-E3IT:6UEF4],T0Q/@T*("`@/&(^ M*$QE=F5L(#$I/"]B/CPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B M;W1T;VT^/&9O;G0@6QE/3-$)V)O6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S M(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@ MF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B M;W1T;VT@8V]LF4],T0Q M/B8C,38P.SPO9F]N=#X\+W1D/@T*("`@/"]T6QE/3-$)VUAF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@ M(#QT9"!V86QI9VX],T1B;W1T;VT^)B,Q-C`[/"]T9#X@#0H@("`\=&0@=F%L M:6=N/3-$8F]T=&]M/B8C,38P.SPO=&0^(`T*("`@/'1D('9A;&EG;CTS1&)O M='1O;3XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O M;G0@'0M:6YD96YT.BTQ M+C`P96TG/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R M;VUA;B<@3IT:6UE MF4],T0R/B0\+V9O;G0^/"]T9#X@#0H@("`\=&0@ M=F%L:6=N/3-$8F]T=&]M(&%L:6=N/3-$3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V M86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B0\+V9O;G0^ M/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M(&%L:6=N/3-$3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\ M+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B0\+V9O;G0^/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M M(&%L:6=N/3-$F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D M/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE M/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/E-T871E/"]F;VYT/CPO<#X-"B`@(#PO=&0^(`T*("`@/'1D('9A M;&EG;CTS1&)O='1O;3X\9F]N="!S:7IE/3-$,3XF(S$V,#L\+V9O;G0^/"]T M9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-T>6QE/3-$)V9O M;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA M;B<@3IT:6UEF4],T0R/B8C,38P.SPO9F]N M=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX] M,T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A M;6EL>3IT:6UEF4],T0R/B8C.#(Q,CLF(S$V,#LF M(S$V,#L\+V9O;G0^/"]T9#X@#0H@("`\=&0@;F]W3IT:6UE MF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@ M(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C M,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@86QI M9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/C8L,S@W/"]F;VYT/CPO=&0^(`T*("`@/'1D M(&YO=W)A<#TS1&YO=W)A<"!V86QI9VX],T1B;W1T;VT^/&9O;G0@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX] M,T1B;W1T;VT^/&9O;G0@'0M:6YD M96YT.BTQ+C`P96TG/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S M(&YE=R!R;VUA;B<@3IT:6UE MF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@ M(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL M93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/C6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE M=R!R;VUA;B<@6QE/3-$ M)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R M;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY M.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@F4],T0Q/B8C,38P.SPO M9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@'0M:6YD M96YT.BTQ+C`P96TG/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S M(&YE=R!R;VUA;B<@3IT:6UE MF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@ M(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL M93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/C(U M+#0S,CPO9F]N=#X\+W1D/B`-"B`@(#QT9"!N;W=R87`],T1N;W=R87`@=F%L M:6=N/3-$8F]T=&]M/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S M(&YE=R!R;VUA;B<@6QE M/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE M=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@ M6QE/3-$)V9O;G0M9F%M M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@F4],T0Q/B8C M,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O M;G0@'0M:6YD96YT.BTQ+C`P96TG M/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@ M6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I M;65S(&YE=R!R;VUA;B<@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V M86QI9VX],T1B;W1T;VT^/&9O;G0@F4] M,T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T M;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX] M,T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\ M+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\ M9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/B8C.#(Q,CLF(S$V,#LF(S$V,#L\+V9O;G0^/"]T9#X@#0H@("`\ M=&0@;F]W3IT:6UEF4],T0R/B8C M,38P.SPO9F]N=#X\+W1D/@T*("`@/"]T6QE M/3-$)VUAF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V M86QI9VX],T1B;W1T;VT^)B,Q-C`[/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$ M8F]T=&]M/B8C,38P.SPO=&0^(`T*("`@/'1D('9A;&EG;CTS1&)O='1O;3XF M(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@F4],T0Q/B8C,38P.SPO9F]N=#X\ M+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^)B,Q-C`[/"]T9#X@#0H@ M("`\=&0@=F%L:6=N/3-$8F]T=&]M/B8C,38P.SPO=&0^(`T*("`@/'1D('9A M;&EG;CTS1&)O='1O;3XF(S$V,#L\+W1D/@T*("`@/"]T6QE/3-$)VUA6QE/3-$)V9O M;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA M;B<@F4] M,T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T M;VT^/&9O;G0@F4],T0Q/B8C,38P.SPO M9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C M,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O M;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT M9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS M1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/B8C.#(Q M,CLF(S$V,#LF(S$V,#L\+V9O;G0^/"]T9#X@#0H@("`\=&0@;F]W3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\ M+W1D/@T*("`@/"]T6QE/3-$)VUA6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA M;B<@6QE/3-$)V9O;G0M M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX] M,T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\ M+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\ M9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/B8C.#(Q,CLF(S$V,#LF(S$V,#L\+V9O;G0^/"]T9#X@#0H@("`\ M=&0@;F]W3IT:6UEF4],T0R/B8C M,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O M;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT M9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS M1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/C4L-#(Y M/"]F;VYT/CPO=&0^(`T*("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!V86QI9VX] M,T1B;W1T;VT^/&9O;G0@F4],T0Q/B8C,38P.SPO9F]N=#X\ M+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@'0M:6YD96YT.BTQ+C`P96TG/CQF;VYT('-T>6QE M/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@2!B86-K960@)B,X,C$Q.R!C;VUM97)C:6%L/"]F;VYT/CPO<#X- M"B`@(#PO=&0^(`T*("`@/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!S:7IE M/3-$,3XF(S$V,#L\+V9O;G0^/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T M=&]M/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA M;B<@6QE/3-$)V9O;G0M M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX] M,T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\ M+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\ M9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/B8C.#(Q,CLF(S$V,#LF(S$V,#L\+V9O;G0^/"]T9#X@#0H@("`\ M=&0@;F]W3IT:6UEF4],T0R/B8C M,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O M;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT M9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS M1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/C8L,3(U M/"]F;VYT/CPO=&0^(`T*("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!V86QI9VX] M,T1B;W1T;VT^/&9O;G0@F4],T0Q/B8C,38P.SPO9F]N=#X\ M+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@'0M:6YD96YT.BTQ M+C`P96TG/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R M;VUA;B<@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI M9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V M86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P.SPO M9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R M:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/C$V.3PO9F]N=#X\+W1D/B`-"B`@(#QT9"!N;W=R87`] M,T1N;W=R87`@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-T>6QE/3-$)V9O;G0M M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@ M6QE/3-$)V9O;G0M9F%M M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S M(&YE=R!R;VUA;B<@6QE M/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE M=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@ M6QE/3-$)V)O6QE/3-$)V)O"!S;VQI9"`C,#`P,#`P)SXF(S$V,#L\+W`^#0H@ M("`\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX] M,T1B;W1T;VT^)B,Q-C`[/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M M/@T*("`@/'`@'0M:6YD M96YT.BTQ+C`P96TG/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S M(&YE=R!R;VUA;B<@6QE M/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE M=R!R;VUA;B<@6QE M/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE M=R!R;VUA;B<@6QE/3-$ M)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@F4],T0Q/B8C,38P.SPO9F]N=#X\ M+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B M;W1T;VT^/&9O;G0@'0M:6YD96YT.BTQ+C`P96TG/CQF;VYT('-T>6QE/3-$)V9O M;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R M;VUA;B<@6QE/3-$)V9O M;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI M9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N M=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H M=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/CF4],T0Q M/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^ M/&9O;G0@F4],T0Q/B8C,38P.SPO9F]N M=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@6QE/3-$9F]N="US:7IE.C%P>#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T M=&]M/B8C,38P.SPO=&0^(`T*("`@/'1D('9A;&EG;CTS1&)O='1O;3XF(S$V M,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^#0H@("`\<"!S='EL M93TS1"=B;W)D97(M=&]P.C%P>"!S;VQI9"`C,#`P,#`P)SXF(S$V,#L\+W`^ M#0H@("`\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^#0H@("`\<"!S M='EL93TS1"=B;W)D97(M=&]P.C%P>"!S;VQI9"`C,#`P,#`P)SXF(S$V,#L\ M+W`^#0H@("`\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V M86QI9VX],T1B;W1T;VT^)B,Q-C`[/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$ M8F]T=&]M/@T*("`@/'`@6QE/3-$)V)O M6QE/3-$ M)V)O"!S;VQI9"`C,#`P,#`P M)SXF(S$V,#L\+W`^#0H@("`\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T M;VT^#0H@("`\<"!S='EL93TS1"=B;W)D97(M=&]P.C%P>"!S;VQI9"`C,#`P M,#`P)SXF(S$V,#L\+W`^#0H@("`\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D M/@T*("`@/"]T6QE/3-$)VUA6QE/3-$)V9O M;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA M;B<@6QE/3-$)V9O M;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA M;B<@6QE/3-$)V9O;G0M M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`- M"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@F4],T0Q M/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^ M/&9O;G0@'0M:6YD96YT.BTQ+C`P96TG/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/B8C,38P.SPO9F]N M=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H M=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/C(S+#6QE/3-$)V9O;G0M M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@ M6QE/3-$)V9O;G0M9F%M M:6QY.G1I;65S(&YE=R!R;VUA;B<@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@ M(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX] M,T1B;W1T;VT^/&9O;G0@6QE/3-$9F]N="US:7IE.C%P>#X@ M#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/B8C,38P.SPO=&0^(`T*("`@/'1D M('9A;&EG;CTS1&)O='1O;3XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX] M,T1B;W1T;VT^#0H@("`\<"!S='EL93TS1"=B;W)D97(M=&]P.C%P>"!S;VQI M9"`C,#`P,#`P)SXF(S$V,#L\+W`^#0H@("`\+W1D/B`-"B`@(#QT9"!V86QI M9VX],T1B;W1T;VT^#0H@("`\<"!S='EL93TS1"=B;W)D97(M=&]P.C%P>"!S M;VQI9"`C,#`P,#`P)SXF(S$V,#L\+W`^#0H@("`\+W1D/B`-"B`@(#QT9#XF M(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^)B,Q-C`[/"]T M9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/@T*("`@/'`@6QE/3-$)V)O6QE/3-$)V)O"!S;VQI9"`C,#`P,#`P)SXF(S$V,#L\+W`^#0H@("`\+W1D M/B`-"B`@(#QT9#XF(S$V,#L\+W1D/@T*("`@/"]T6QE/3-$)VUA3IT M:6UEF4],T0R/B0\+V9O;G0^/"]T9#X@#0H@("`\ M=&0@=F%L:6=N/3-$8F]T=&]M(&%L:6=N/3-$F4],T0Q/B8C,38P.SPO9F]N M=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA M;B<@F4] M,T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T M;VT^/&9O;G0@6QE/3-$)V9O;G0M9F%M:6QY M.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY M.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/B8C M.#(Q,CLF(S$V,#LF(S$V,#L\+V9O;G0^/"]T9#X@#0H@("`\=&0@;F]W3IT:6UEF4],T0R/B8C,38P.SPO9F]N M=#X\+W1D/@T*("`@/"]TF4Z M,7!X/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^)B,Q-C`[/"]T9#X@#0H@ M("`\=&0@=F%L:6=N/3-$8F]T=&]M/B8C,38P.SPO=&0^(`T*("`@/'1D('9A M;&EG;CTS1&)O='1O;3X-"B`@(#QP('-T>6QE/3-$)V)O6QE/3-$)V)O6QE/3-$)V)O6QE M/3-$)V)O6QE/3-$)VUA#MM87)G:6XM8F]T=&]M.C!P M>#L@=&5X="UI;F1E;G0Z-"4G/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY M.G1I;65S(&YE=R!R;VUA;B<@&-L M=7-I=F5L>2!B>2!U=&EL:7II;F<@=&AE('-E2!V86QU M871I;VYS(&%R92!O8G1A:6YE9"!F'0M M:6YD96YT.C0E)SX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/@T*("`@5&AE($-O;7!A;GD@:&%S(')E=FEE M=V5D('1H92!P2!C;VYS:61E6EE M;&0@86YD('-T2!M;VYI=&]R960@'!E8W1E9"!C:&%N9V5S('1O('5N9&5R'0M:6YD96YT.C0E)SX\9F]N="!S='EL93TS1"=F M;VYT+69A;6EL>3IT:6UEF4],T0R/D)A2!T6QE/3-$9F]N="US:7IE.C%P>#MM87)G:6XM=&]P.C$X M<'@[;6%R9VEN+6)O='1O;3HP<'@^)B,Q-C`[/"]P/@T*/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@(#PO=&%B;&4^#0H@(#PO8F]D>3X- M"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%]D9&%F,6(W.5\Y-F)F7S0V M8S=?.&%E-5\Y8S'0O:'1M M;#L@8VAA'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L M87-S/3-$'0^ M/"$M+41/0U194$4@:'1M;"!054),24,@(BTO+U&AT M;6PQ+T141"]X:'1M;#$M=')A;G-I=&EO;F%L+F1T9"(@+2T^#0H@("`\(2TM M($)E9VEN($)L;V-K(%1A9V=E9"!.;W1E(#,@+2!U5-E8W5R:71I97-!;F1#97)T M86EN5')A9&EN9T%S'0M M86QI9VXZ(&QE9G0G(&)O3IT:6UEF4],T0R/CQB/DEN=F5S=&UE;G1S(#PO8CX\+V9O;G0^ M/"]T9#X-"B`@(#PO='(^#0H@("`\+W1A8FQE/@T*("`@/'`@'0M:6YD96YT M.C0E)SX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/CQB/CQI/DEN=F5S=&UE;G1S+"!!=F%I;&%B;&4M9F]R M+5-A;&4@/"]I/CPO8CX\+V9O;G0^/"]P/@T*("`@/'`@'0M:6YD96YT.C0E M)SX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/@T*("`@5&AE(&9O;&QO=VEN9R!T86)L97,@F4Z,3)P>#MM87)G:6XM=&]P.C!P>#MM87)G:6XM8F]T=&]M.C!P>#XF M(S$V,#L\+W`^#0H@("`\=&%B;&4@8V5L;'-P86-I;F<],T0P(&-E;&QP861D M:6YG/3-$,"!W:61T:#TS1#DR)2!B;W)D97(],T0P('-T>6QE/3-$)V)O6QE/3-$)V)O"!S;VQI9"`C,#`P,#`P M)SX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0Q/CQB/D%M;W)T:7IE9#PO8CX\+V9O;G0^/&)R("\^/&9O;G0@ M6QE/3-$)V)O6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S M(&YE=R!R;VUA;B<@F5D M/&)R("\^1V%I;G,\+V(^/"]F;VYT/CPO=&0^(`T*("`@/'1D('9A;&EG;CTS M1&)O='1O;3X\9F]N="!S:7IE/3-$,3XF(S$V,#L\+V9O;G0^/"]T9#X@#0H@ M("`\=&0@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-I>F4],T0Q/B8C,38P.SPO M9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@8V]LF4],T0Q/B8C,38P M.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@8V]L3IT:6UEF4],T0Q/CQB/E9A;'5E/"]B/CPO9F]N=#X\+W1D/B`-"B`@(#QT M9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@2`M+3X-"B`@(#QT3IT:6UEF4],T0R/E4N4RX@9V]V97)N;65N="!A;F0@86=E;F-I97,\+V9O;G0^ M/"]P/@T*("`@/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/CQF;VYT M('-I>F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX] M,T1B;W1T;VT^/&9O;G0@6QE/3-$)V9O;G0M M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`- M"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT M:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`- M"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@F4],T0R M/B0\+V9O;G0^/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M(&%L:6=N M/3-$F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@ M(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@'0M:6YD96YT.BTQ M+C`P96TG/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R M;VUA;B<@F4],T0Q/B8C,38P.SPO M9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@6QE M/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE M=R!R;VUA;B<@6QE/3-$ M)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D M/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V M86QI9VX],T1B;W1T;VT^/&9O;G0@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S M(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/E!O;&ET:6-A;"!S=6)D M:79IF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`- M"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D M/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4] M,T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T M;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT M:6UEF4],T0R/C(X/"]F;VYT/CPO=&0^(`T*("`@ M/'1D(&YO=W)A<#TS1&YO=W)A<"!V86QI9VX],T1B;W1T;VT^/&9O;G0@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI M9VX],T1B;W1T;VT^/&9O;G0@F4],T0Q M/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^ M/&9O;G0@3IT:6UEF4] M,T0R/B8C,38P.SPO9F]N=#X\+W1D/@T*("`@/"]T6QE/3-$)VUA6QE M/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE M=R!R;VUA;B<@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX] M,T1B;W1T;VT^/&9O;G0@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R M;VUA;B<@6QE/3-$)V9O M;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA M;B<@3IT:6UEF4],T0R/BDF(S$V,#L\+V9O;G0^ M/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-I>F4],T0Q M/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^ M/&9O;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/@T*("`@/"]T6QE/3-$)VUAF4] M,T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T M;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX] M,T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\ M+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\ M9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/C8L,34P/"]F;VYT/CPO=&0^(`T*("`@/'1D(&YO=W)A<#TS1&YO M=W)A<"!V86QI9VX],T1B;W1T;VT^/&9O;G0@F4],T0Q/B8C M,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O M;G0@F4],T0R M/BDF(S$V,#L\+V9O;G0^/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M M/CQF;VYT('-I>F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V M86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UE MF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/@T*("`@ M/"]T6QE/3-$)VUAF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@ M(#QT9"!V86QI9VX],T1B;W1T;VT^)B,Q-C`[/"]T9#X@#0H@("`\=&0@=F%L M:6=N/3-$8F]T=&]M/B8C,38P.SPO=&0^(`T*("`@/'1D('9A;&EG;CTS1&)O M='1O;3XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O M;G0@F4],T0Q/B8C,38P.SPO M9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^)B,Q-C`[/"]T M9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/B8C,38P.SPO=&0^(`T*("`@ M/'1D('9A;&EG;CTS1&)O='1O;3XF(S$V,#L\+W1D/@T*("`@/"]T6QE/3-$)VUA6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R M;VUA;B<@6QE/3-$)V9O M;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D M/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@6QE/3-$)V9O;G0M M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@ M6QE/3-$)V9O;G0M9F%M M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S M(&YE=R!R;VUA;B<@6QE M/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE M=R!R;VUA;B<@'0M:6YD96YT.BTQ+C`P96TG/CQF;VYT('-T>6QE/3-$)V9O;G0M M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@2!B M86-K960@)B,X,C$Q.R!R97-I9&5N=&EA;#PO9F]N=#X\+W`^#0H@("`\+W1D M/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4] M,T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T M;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT M:6UEF4],T0R/C4L-#0R/"]F;VYT/CPO=&0^(`T* M("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!V86QI9VX],T1B;W1T;VT^/&9O;G0@ MF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V M86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT M9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P M.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX] M,T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/B@Q,S4\+V9O;G0^/"]T9#X@#0H@("`\=&0@;F]W M3IT:6UEF4],T0R/BDF(S$V,#L\ M+V9O;G0^/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-I M>F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B M;W1T;VT^/&9O;G0@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA M;B<@3IT:6UE MF4],T0R/DYO;BUA9V5N8WD@8F%C:V5D("8C.#(Q M,3L@8V]M;65R8VEA;#PO9F]N=#X\+W`^#0H@("`\+W1D/B`-"B`@(#QT9"!V M86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P.SPO M9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R M:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/C4L,S8Q/"]F;VYT/CPO=&0^(`T*("`@/'1D(&YO=W)A M<#TS1&YO=W)A<"!V86QI9VX],T1B;W1T;VT^/&9O;G0@F4] M,T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T M;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B M;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D M/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N M="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4] M,T0R/B8C.#(Q,CLF(S$V,#LF(S$V,#L\+V9O;G0^/"]T9#X@#0H@("`\=&0@ M;F]W3IT:6UEF4],T0R/B8C,38P M.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@ M3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V M86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F M;VYT+69A;6EL>3IT:6UEF4],T0R/C4L-C@R/"]F M;VYT/CPO=&0^(`T*("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!V86QI9VX],T1B M;W1T;VT^/&9O;G0@'0M:6YD96YT.BTQ+C`P96TG/CQF M;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA M;B<@6QE/3-$)V9O;G0M M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX] M,T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\ M+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\ M9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/C$S,3PO9F]N=#X\+W1D/B`-"B`@(#QT9"!N;W=R87`],T1N;W=R M87`@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY M.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I M;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/BDF M(S$V,#L\+V9O;G0^/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/CQF M;VYT('-I>F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI M9VX],T1B;W1T;VT^/&9O;G0@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE M=R!R;VUA;B<@6QE/3-$)V)O6QE/3-$)V)O"!S;VQI9"`C,#`P,#`P)SXF(S$V M,#L\+W`^#0H@("`\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT M9"!V86QI9VX],T1B;W1T;VT^)B,Q-C`[/"]T9#X@#0H@("`\=&0@=F%L:6=N M/3-$8F]T=&]M/@T*("`@/'`@'0M:6YD96YT.BTQ+C`P96TG/CQF;VYT M('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I M;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I M;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S M(&YE=R!R;VUA;B<@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI M9VX],T1B;W1T;VT^/&9O;G0@6QE/3-$ M)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R M;VUA;B<@6QE/3-$ M)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/DEN=F5S=&UE;G0@:6X@ M;75T=6%L(&9U;F0L(&%V86EL86)L92UF;W(M3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX] M,T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A M;6EL>3IT:6UEF4],T0R/CF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@ M(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT M:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`- M"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@F4],T0R M/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@ M86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UE MF4],T0R/B8C.#(Q,CLF(S$V,#LF(S$V,#L\+V9O M;G0^/"]T9#X@#0H@("`\=&0@;F]W3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI M9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N M=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H M=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/C6QE/3-$9F]N="US:7IE.C%P M>#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/B8C,38P.SPO=&0^(`T*("`@ M/'1D('9A;&EG;CTS1&)O='1O;3XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI M9VX],T1B;W1T;VT^#0H@("`\<"!S='EL93TS1"=B;W)D97(M=&]P.C%P>"!S M;VQI9"`C,#`P,#`P)SXF(S$V,#L\+W`^#0H@("`\+W1D/B`-"B`@(#QT9"!V M86QI9VX],T1B;W1T;VT^#0H@("`\<"!S='EL93TS1"=B;W)D97(M=&]P.C%P M>"!S;VQI9"`C,#`P,#`P)SXF(S$V,#L\+W`^#0H@("`\+W1D/B`-"B`@(#QT M9#XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^)B,Q-C`[ M/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/@T*("`@/'`@6QE/3-$)V)O6QE/3-$)V)O"!S;VQI9"`C,#`P,#`P)SXF(S$V,#L\+W`^#0H@("`\ M+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/@T*("`@/"]T3IT:6UEF4],T0R/B0\+V9O;G0^/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T M=&]M(&%L:6=N/3-$F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT M9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@6QE M/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@F4],T0Q/B8C,38P.SPO9F]N M=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA M;B<@6QE/3-$)V9O;G0M M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/B0\+V9O;G0^/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T M=&]M(&%L:6=N/3-$6QE/3-$9F]N="US:7IE.C%P>#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M M/B8C,38P.SPO=&0^(`T*("`@/'1D('9A;&EG;CTS1&)O='1O;3XF(S$V,#L\ M+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^#0H@("`\<"!S='EL93TS M1"=B;W)D97(M=&]P.C-P>"!D;W5B;&4@(S`P,#`P,"<^)B,Q-C`[/"]P/@T* M("`@/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/@T*("`@/'`@"!D;W5B;&4@ M(S`P,#`P,"<^)B,Q-C`[/"]P/@T*("`@/"]T9#X@#0H@("`\=&0@=F%L:6=N M/3-$8F]T=&]M/@T*("`@/'`@"!D;W5B;&4@(S`P M,#`P,"<^)B,Q-C`[/"]P/@T*("`@/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$ M8F]T=&]M/@T*("`@/'`@2`M+3X- M"B`@(#PO=&%B;&4^#0H@("`\<"!S='EL93TS1&9O;G0M3IT:6UEF4],T0Q/CQB/D1E8V5M8F5R)B,Q-C`[,S$L(#(P,3$\+V(^/"]F M;VYT/CPO<#X-"B`@(#PO=&0^(`T*("`@/'1D('9A;&EG;CTS1&)O='1O;3X\ M9F]N="!S:7IE/3-$,3XF(S$V,#L\+V9O;G0^/"]T9#X@#0H@("`\=&0@=F%L M:6=N/3-$8F]T=&]M(&-O;'-P86X],T0R(&%L:6=N/3-$8V5N=&5R('-T>6QE M/3-$)V)O6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@F5D/"]B/CPO9F]N=#X\8G(@+SX\9F]N="!S='EL93TS1"=F M;VYT+69A;6EL>3IT:6UEF4],T0Q/CQB/D-OF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`- M"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@8V]LF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI M9VX],T1B;W1T;VT^/&9O;G0@"!S;VQI9"`C,#`P M,#`P)SX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0Q/CQB/D=R;W-S/&)R("\^56YR96%L:7IE9#QBF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V M86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0Q/CQB/D9A:7(\+V(^/"]F;VYT/CQB6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@'0M:6YD96YT.BTQ+C`P96TG/CQF;VYT('-T M>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/B0\+V9O;G0^/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M M(&%L:6=N/3-$F4],T0R M/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^ M/&9O;G0@3IT:6UE MF4],T0R/B0\+V9O;G0^/"]T9#X@#0H@("`\=&0@ M=F%L:6=N/3-$8F]T=&]M(&%L:6=N/3-$6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R M;VUA;B<@6QE/3-$)V9O M;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/B8C.#(Q,CLF(S$V,#LF(S$V,#L\+V9O;G0^/"]T9#X@#0H@("`\ M=&0@;F]W3IT:6UEF4],T0R/B8C M,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O M;G0@3IT:6UEF4],T0R/B0\+V9O;G0^/"]T9#X@#0H@("`\=&0@=F%L M:6=N/3-$8F]T=&]M(&%L:6=N/3-$3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/@T*("`@/"]T6QE/3-$ M)VUA3IT:6UEF4],T0R/B8C,38P.SPO9F]N M=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H M=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/C8L,#DY/"]F;VYT/CPO=&0^(`T*("`@/'1D(&YO=W)A<#TS M1&YO=W)A<"!V86QI9VX],T1B;W1T;VT^/&9O;G0@F4],T0Q M/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^ M/&9O;G0@3IT:6UEF4] M,T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T M;VT^/&9O;G0@3IT M:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`- M"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S M='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R M/B8C.#(Q,CLF(S$V,#LF(S$V,#L\+V9O;G0^/"]T9#X@#0H@("`\=&0@;F]W M3IT:6UEF4],T0R/B8C,38P.SPO M9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI M9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT M+69A;6EL>3IT:6UEF4],T0R/C8L,S@W/"]F;VYT M/CPO=&0^(`T*("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!V86QI9VX],T1B;W1T M;VT^/&9O;G0@'0M:6YD M96YT.BTQ+C`P96TG/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S M(&YE=R!R;VUA;B<@3IT:6UE MF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@ M(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL M93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/C6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE M=R!R;VUA;B<@6QE/3-$ M)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R M;VUA;B<@3IT:6UEF4],T0R/B8C,38P.SPO9F]N M=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX] M,T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A M;6EL>3IT:6UEF4],T0R/B8C.#(Q,CLF(S$V,#LF M(S$V,#L\+V9O;G0^/"]T9#X@#0H@("`\=&0@;F]W3IT:6UE MF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@ M(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C M,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@86QI M9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/C6QE/3-$ M)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/E)E=F5N=64@86YD(&%S MF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`- M"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\ M+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B M;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL M>3IT:6UEF4],T0R/C$L,S`R/"]F;VYT/CPO=&0^ M(`T*("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!V86QI9VX],T1B;W1T;VT^/&9O M;G0@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT M9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B M;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/@T*("`@/"]T6QE/3-$)VUAF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX] M,T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V M86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P.SPO M9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R M:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/C8L,3$S/"]F;VYT/CPO=&0^(`T*("`@/'1D(&YO=W)A M<#TS1&YO=W)A<"!V86QI9VX],T1B;W1T;VT^/&9O;G0@F4] M,T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T M;VT^/&9O;G0@6QE/3-$)V9O;G0M9F%M M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@'0M:6YD M96YT.BTQ+C`P96TG/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S M(&YE=R!R;VUA;B<@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT M9"!V86QI9VX],T1B;W1T;VT^)B,Q-C`[/"]T9#X@#0H@("`\=&0@=F%L:6=N M/3-$8F]T=&]M/B8C,38P.SPO=&0^(`T*("`@/'1D('9A;&EG;CTS1&)O='1O M;3XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@ M'0M:6YD96YT.BTQ+C`P96TG/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UE MF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@ M(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL M93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/C$V M+#DU,SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!N;W=R87`],T1N;W=R87`@=F%L M:6=N/3-$8F]T=&]M/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S M(&YE=R!R;VUA;B<@6QE M/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE M=R!R;VUA;B<@3IT:6UEF4],T0R/B8C,38P M.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@ M3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V M86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F M;VYT+69A;6EL>3IT:6UEF4],T0R/B8C.#(Q,CLF M(S$V,#LF(S$V,#L\+V9O;G0^/"]T9#X@#0H@("`\=&0@;F]W3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D M/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4] M,T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T M;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT M:6UEF4],T0R/C$X+#$S,SPO9F]N=#X\+W1D/B`- M"B`@(#QT9"!N;W=R87`],T1N;W=R87`@=F%L:6=N/3-$8F]T=&]M/CQF;VYT M('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/DYO;BUA M9V5N8WD@8F%C:V5D("8C.#(Q,3L@F4] M,T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T M;VT^/&9O;G0@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@ M6QE/3-$)V9O;G0M9F%M M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT M:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`- M"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@F4],T0R M/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@ M86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UE MF4],T0R/B@Q-C<\+V9O;G0^/"]T9#X@#0H@("`\ M=&0@;F]W3IT:6UEF4],T0R/BDF M(S$V,#L\+V9O;G0^/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/CQF M;VYT('-I>F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI M9VX],T1B;W1T;VT^/&9O;G0@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE M=R!R;VUA;B<@3IT:6UEF4],T0R/DYO;BUA9V5N8WD@8F%C:V5D M("8C.#(Q,3L@8V]M;65R8VEA;#PO9F]N=#X\+W`^#0H@("`\+W1D/B`-"B`@ M(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C M,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@86QI M9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/C4L.#8R/"]F;VYT/CPO=&0^(`T*("`@/'1D M(&YO=W)A<#TS1&YO=W)A<"!V86QI9VX],T1B;W1T;VT^/&9O;G0@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX] M,T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI M9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N M=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H M=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/B@Q,CPO9F]N=#X\+W1D/B`-"B`@(#QT9"!N;W=R87`],T1N M;W=R87`@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B M;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL M>3IT:6UEF4],T0R/C8L,3(U/"]F;VYT/CPO=&0^ M(`T*("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!V86QI9VX],T1B;W1T;VT^/&9O M;G0@'0M:6YD96YT.BTQ+C`P96TG/CQF;VYT('-T>6QE M/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@F4],T0Q/B8C,38P M.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@ M3IT:6UEF4],T0R/B8C M,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O M;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT M9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS M1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/B8C.#(Q M,CLF(S$V,#LF(S$V,#L\+V9O;G0^/"]T9#X@#0H@("`\=&0@;F]W3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\ M+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B M;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL M>3IT:6UEF4],T0R/B@W/"]F;VYT/CPO=&0^(`T* M("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!V86QI9VX],T1B;W1T;VT^/&9O;G0@ M6QE/3-$)V9O;G0M9F%M:6QY.G1I M;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$9F]N="US:7IE.C%P>#X@#0H@("`\=&0@ M=F%L:6=N/3-$8F]T=&]M/B8C,38P.SPO=&0^(`T*("`@/'1D('9A;&EG;CTS M1&)O='1O;3XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^ M#0H@("`\<"!S='EL93TS1"=B;W)D97(M=&]P.C%P>"!S;VQI9"`C,#`P,#`P M)SXF(S$V,#L\+W`^#0H@("`\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T M;VT^#0H@("`\<"!S='EL93TS1"=B;W)D97(M=&]P.C%P>"!S;VQI9"`C,#`P M,#`P)SXF(S$V,#L\+W`^#0H@("`\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D M/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^)B,Q-C`[/"]T9#X@#0H@("`\ M=&0@=F%L:6=N/3-$8F]T=&]M/@T*("`@/'`@6QE/3-$)V)O6QE/3-$)V)O"!S M;VQI9"`C,#`P,#`P)SXF(S$V,#L\+W`^#0H@("`\+W1D/B`-"B`@(#QT9"!V M86QI9VX],T1B;W1T;VT^#0H@("`\<"!S='EL93TS1"=B;W)D97(M=&]P.C%P M>"!S;VQI9"`C,#`P,#`P)SXF(S$V,#L\+W`^#0H@("`\+W1D/B`-"B`@(#QT M9#XF(S$V,#L\+W1D/@T*("`@/"]T6QE/3-$ M)VUAF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT M9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@F4],T0Q/B8C,38P M.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@ MF4],T0R M/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^ M/&9O;G0@3IT:6UE MF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@ M(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL M93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/B@S M.30\+V9O;G0^/"]T9#X@#0H@("`\=&0@;F]W3IT:6UEF4],T0R/BDF(S$V,#L\+V9O;G0^/"]T9#X@#0H@("`\ M=&0@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-I>F4],T0Q/B8C,38P.SPO9F]N M=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@'0M:6YD96YT.BTQ+C`P96TG/CQF;VYT('-T>6QE/3-$)V9O;G0M M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA M;B<@6QE/3-$)V9O;G0M M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX] M,T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\ M+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\ M9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/C0S/"]F;VYT/CPO=&0^(`T*("`@/'1D(&YO=W)A<#TS1&YO=W)A M<"!V86QI9VX],T1B;W1T;VT^/&9O;G0@F4],T0Q/B8C,38P M.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@ MF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D M/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@6QE/3-$)V9O;G0M M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE M/3-$)V)O6QE/3-$)V)O"!S;VQI9"`C M,#`P,#`P)SXF(S$V,#L\+W`^#0H@("`\+W1D/B`-"B`@(#QT9"!V86QI9VX] M,T1B;W1T;VT^#0H@("`\<"!S='EL93TS1"=B;W)D97(M=&]P.C%P>"!S;VQI M9"`C,#`P,#`P)SXF(S$V,#L\+W`^#0H@("`\+W1D/B`-"B`@(#QT9#XF(S$V M,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^)B,Q-C`[/"]T9#X@ M#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/@T*("`@/'`@F4] M,T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T M;VT^/&9O;G0@6QE/3-$)V9O;G0M9F%M:6QY M.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY M.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/C$P M+#8T-#PO9F]N=#X\+W1D/B`-"B`@(#QT9"!N;W=R87`],T1N;W=R87`@=F%L M:6=N/3-$8F]T=&]M/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S M(&YE=R!R;VUA;B<@6QE M/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/B@S.30\+V9O;G0^/"]T9#X@#0H@("`\=&0@;F]W3IT:6UEF4],T0R/BDF(S$V,#L\+V9O M;G0^/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-I>F4] M,T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T M;VT^/&9O;G0@6QE/3-$)V9O;G0M9F%M:6QY M.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V)O6QE/3-$)V)O6QE M/3-$)V)O6QE/3-$)V)O6QE/3-$9F]N="US:7IE.C%P>#MM M87)G:6XM=&]P.C$R<'@[;6%R9VEN+6)O='1O;3HP<'@^)B,Q-C`[/"]P/@T* M("`@/'`@'0M:6YD96YT.C0E)SX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL M>3IT:6UEF4],T0R/E1H92!F;VQL;W=I;F<-"B`@ M('1A8FQE6QE/3-$9F]N="US:7IE.C$R<'@[;6%R9VEN+71O M<#HP<'@[;6%R9VEN+6)O='1O;3HP<'@^)B,Q-C`[/"]P/@T*("`@/'1A8FQE M(&-E;&QS<&%C:6YG/3-$,"!C96QL<&%D9&EN9STS1#`@=VED=&@],T0Y,B4@ M8F]R9&5R/3-$,"!S='EL93TS1"=B;W)D97(M8V]L;&%P'0M86QI9VXZ(&QE9G0G(&%L:6=N/3-$8V5N=&5R/@T*("`@/"$M+2!" M96=I;B!486)L92!(96%D("TM/@T*("`@/'1R/B`-"B`@(#QT9"!W:61T:#TS M1#8U)3XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@=VED M=&@],T0T)3XF(S$V,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@ M(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT M9"!V86QI9VX],T1B;W1T;VT@=VED=&@],T0T)3XF(S$V,#L\+W1D/B`-"B`@ M(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT M9#XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@=VED=&@] M,T0T)3XF(S$V,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT M9#XF(S$V,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V M86QI9VX],T1B;W1T;VT@=VED=&@],T0T)3XF(S$V,#L\+W1D/B`-"B`@(#QT M9#XF(S$V,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT9#XF M(S$V,#L\+W1D/@T*("`@/"]T"!S;VQI9"`C,#`P,#`P.W=I9'1H.C4S<'0G/CQF M;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@F4] M,T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T M;VT@8V]L6QE/3-$)V)O6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@F5D M/&)R("\^1V%I;G,\+V(^/"]F;VYT/CPO=&0^(`T*("`@/'1D('9A;&EG;CTS M1&)O='1O;3X\9F]N="!S:7IE/3-$,3XF(S$V,#L\+V9O;G0^/"]T9#X@#0H@ M("`\=&0@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-I>F4],T0Q/B8C,38P.SPO M9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@8V]L6QE/3-$)V)O M6QE/3-$ M)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@F5D/&)R("\^3&]S"!S;VQI9"`C,#`P,#`P)SX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL M>3IT:6UEF4],T0Q/CQB/E-E8W5R:71I97,\8G(@ M+SYW:71H($YO/&)R("\^56YR96%L:7IE9#QB"!S;VQI9"`C,#`P,#`P)SX\9F]N="!S='EL93TS1"=F;VYT M+69A;6EL>3IT:6UEF4],T0Q/CQB/D%L;#PO8CX\ M+V9O;G0^/&)R("\^/&9O;G0@3IT:6UEF4],T0R/D]N92!Y96%R(&]R(&QEF4],T0Q/B8C,38P M.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@ M6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE M=R!R;VUA;B<@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX] M,T1B;W1T;VT^/&9O;G0@6QE/3-$)V9O;G0M M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I M;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/B8C.#(Q,CLF(S$V,#LF(S$V,#L\+V9O;G0^/"]T M9#X@#0H@("`\=&0@;F]W3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B M;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B0\+V9O;G0^/"]T9#X@#0H@ M("`\=&0@=F%L:6=N/3-$8F]T=&]M(&%L:6=N/3-$3IT:6UE MF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/@T*("`@ M/"]T6QE/3-$)VUA6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S M(&YE=R!R;VUA;B<@6QE M/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@F4],T0Q/B8C,38P.SPO9F]N M=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@6QE/3-$ M)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R M;VUA;B<@6QE/3-$)V9O M;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY M.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I M;65S(&YE=R!R;VUA;B<@'0M:6YD96YT.BTQ+C`P M96TG/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA M;B<@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT M9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS M1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/C0R+#4S M,3PO9F]N=#X\+W1D/B`-"B`@(#QT9"!N;W=R87`],T1N;W=R87`@=F%L:6=N M/3-$8F]T=&]M/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE M=R!R;VUA;B<@6QE/3-$ M)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R M;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY M.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$ M)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R M;VUA;B<@6QE/3-$)V9O M;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@'0M:6YD96YT.BTQ+C`P96TG/CQF M;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S M(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/B8C M,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O M;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT M9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS M1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/C$L.#F4],T0Q/B8C,38P.SPO9F]N=#X\ M+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT M9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT M:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/@T* M("`@/"]T6QE/3-$)VUA3IT:6UEF4],T0R/B8C,38P.SPO M9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R M:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/C(W+#@U.#PO9F]N=#X\+W1D/B`-"B`@(#QT9"!N;W=R M87`],T1N;W=R87`@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-T>6QE/3-$)V9O M;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA M;B<@6QE/3-$)V9O;G0M M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX] M,T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\ M+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\ M9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/B8C.#(Q,CLF(S$V,#LF(S$V,#L\+V9O;G0^/"]T9#X@#0H@("`\ M=&0@;F]W3IT:6UEF4],T0R/B8C M,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O M;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT M9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS M1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/C(Y+#0V M-SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!N;W=R87`],T1N;W=R87`@=F%L:6=N M/3-$8F]T=&]M/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE M=R!R;VUA;B<@6QE/3-$)V)O6QE/3-$)V)O"!S;VQI9"`C,#`P,#`P)SXF(S$V M,#L\+W`^#0H@("`\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT M9"!V86QI9VX],T1B;W1T;VT^)B,Q-C`[/"]T9#X@#0H@("`\=&0@=F%L:6=N M/3-$8F]T=&]M/@T*("`@/'`@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V M86QI9VX],T1B;W1T;VT^/&9O;G0@6QE/3-$ M)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE M=R!R;VUA;B<@6QE/3-$ M)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/C0L-#DQ/"]F;VYT/CPO=&0^(`T*("`@/'1D(&YO=W)A<#TS M1&YO=W)A<"!V86QI9VX],T1B;W1T;VT^/&9O;G0@F4],T0Q M/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^ M/&9O;G0@6QE/3-$)V9O;G0M9F%M:6QY.G1I M;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R M;VUA;B<@6QE/3-$)V9O M;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/C$U.2PQ.#8\+V9O;G0^/"]T9#X@#0H@("`\=&0@;F]W3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\ M+W1D/@T*("`@/"]TF4Z,7!X M/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^)B,Q-C`[/"]T9#X@#0H@("`\ M=&0@=F%L:6=N/3-$8F]T=&]M/B8C,38P.SPO=&0^(`T*("`@/'1D('9A;&EG M;CTS1&)O='1O;3X-"B`@(#QP('-T>6QE/3-$)V)O6QE M/3-$)V)O6QE/3-$)V)O6QE/3-$ M)V)O6QE/3-$9F]N="US:7IE.C$R<'@[;6%R9VEN+71O<#HP<'@[;6%R9VEN M+6)O='1O;3HP<'@^)B,Q-C`[/"]P/@T*("`@/'1A8FQE(&-E;&QS<&%C:6YG M/3-$,"!C96QL<&%D9&EN9STS1#`@=VED=&@],T0Y,B4@8F]R9&5R/3-$,"!S M='EL93TS1"=B;W)D97(M8V]L;&%P'0M86QI9VXZ M(&QE9G0G(&%L:6=N/3-$8V5N=&5R/@T*("`@/"$M+2!"96=I;B!486)L92!( M96%D("TM/@T*("`@/'1R/B`-"B`@(#QT9"!W:61T:#TS1#8T)3XF(S$V,#L\ M+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@=VED=&@],T0T)3XF(S$V M,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\ M+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B M;W1T;VT@=VED=&@],T0T)3XF(S$V,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\ M+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D M/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@=VED=&@],T0T)3XF(S$V,#L\ M+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D M/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T M;VT@=VED=&@],T0T)3XF(S$V,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D M/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/@T* M("`@/"]T"!S;VQI9"`C,#`P,#`P.W=I9'1H.C8T<'0G/CQF;VYT('-T>6QE/3-$ M)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@F4],T0Q/B8C,38P M.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@8V]L6QE/3-$ M)V)O6QE M/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@F5D/&)R("\^1V%I M;G,\+V(^/"]F;VYT/CPO=&0^(`T*("`@/'1D('9A;&EG;CTS1&)O='1O;3X\ M9F]N="!S:7IE/3-$,3XF(S$V,#L\+V9O;G0^/"]T9#X@#0H@("`\=&0@=F%L M:6=N/3-$8F]T=&]M/CQF;VYT('-I>F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D M/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@8V]L6QE/3-$)V)O6QE/3-$)V9O;G0M9F%M M:6QY.G1I;65S(&YE=R!R;VUA;B<@F5D/&)R("\^3&]S3IT:6UEF4],T0Q/CQB/E-E8W5R:71I97,\8G(@+SYW:71H($YO M/&)R("\^56YR96%L:7IE9#QB"!S;VQI9"`C,#`P,#`P)SX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT M:6UEF4],T0Q/CQB/D%L;#PO8CX\+V9O;G0^/&)R M("\^/&9O;G0@3IT:6UEF4],T0R/D]N M92!Y96%R(&]R(&QEF4],T0Q/B8C,38P.SPO9F]N=#X\ M+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@ MF4],T0Q M/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^ M/&9O;G0@6QE/3-$)V9O;G0M9F%M:6QY.G1I M;65S(&YE=R!R;VUA;B<@F4],T0R M/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^ M/&9O;G0@3IT:6UE MF4],T0R/B0\+V9O;G0^/"]T9#X@#0H@("`\=&0@ M=F%L:6=N/3-$8F]T=&]M(&%L:6=N/3-$3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI M9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B0\+V9O;G0^/"]T M9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M(&%L:6=N/3-$3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D M/@T*("`@/"]T6QE/3-$)VUA6QE/3-$)V9O;G0M9F%M:6QY M.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@F4],T0Q/B8C,38P M.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@ MF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D M/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V M86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UE MF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/@T*("`@ M/"]T6QE/3-$)VUA6QE/3-$ M)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R M;VUA;B<@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B M;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX] M,T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\ M+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\ M9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/B8C.#(Q,CLF(S$V,#LF(S$V,#L\+V9O;G0^/"]T9#X@#0H@("`\ M=&0@;F]W3IT:6UEF4],T0R/B8C M,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O M;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT M9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS M1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/C0S+#8X M-CPO9F]N=#X\+W1D/B`-"B`@(#QT9"!N;W=R87`],T1N;W=R87`@=F%L:6=N M/3-$8F]T=&]M/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE M=R!R;VUA;B<@3IT:6UEF4],T0R/D%F=&5R('1E;B!Y96%R3IT:6UEF4] M,T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T M;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT M:6UEF4],T0R/CF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V M86QI9VX],T1B;W1T;VT^/&9O;G0@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S M(&YE=R!R;VUA;B<@6QE M/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE M=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@ M6QE/3-$)V9O;G0M9F%M M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@'0M:6YD96YT.BTQ+C`P96TG/CQF;VYT('-T>6QE/3-$ M)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@F4],T0Q/B8C,38P.SPO9F]N M=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P M.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@ M3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V M86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F M;VYT+69A;6EL>3IT:6UEF4],T0R/C(L,38X/"]F M;VYT/CPO=&0^(`T*("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!V86QI9VX],T1B M;W1T;VT^/&9O;G0@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D M/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@6QE/3-$)V9O;G0M M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@ M6QE/3-$)V9O;G0M9F%M M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$9F]N="US:7IE.C%P>#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T M=&]M/B8C,38P.SPO=&0^(`T*("`@/'1D('9A;&EG;CTS1&)O='1O;3XF(S$V M,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^#0H@("`\<"!S='EL M93TS1"=B;W)D97(M=&]P.C%P>"!S;VQI9"`C,#`P,#`P)SXF(S$V,#L\+W`^ M#0H@("`\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^#0H@("`\<"!S M='EL93TS1"=B;W)D97(M=&]P.C%P>"!S;VQI9"`C,#`P,#`P)SXF(S$V,#L\ M+W`^#0H@("`\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V M86QI9VX],T1B;W1T;VT^)B,Q-C`[/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$ M8F]T=&]M/@T*("`@/'`@6QE/3-$)V)O M6QE/3-$ M)V)O"!S;VQI9"`C,#`P,#`P M)SXF(S$V,#L\+W`^#0H@("`\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T M;VT^#0H@("`\<"!S='EL93TS1"=B;W)D97(M=&]P.C%P>"!S;VQI9"`C,#`P M,#`P)SXF(S$V,#L\+W`^#0H@("`\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D M/@T*("`@/"]T3IT:6UEF4],T0R/B0\+V9O;G0^/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$ M8F]T=&]M(&%L:6=N/3-$F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@ M(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UE MF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@ M(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B0\ M+V9O;G0^/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M(&%L:6=N/3-$ M6QE/3-$)V9O M;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA M;B<@3IT:6UEF4],T0R/C$V-2PR.#$\+V9O;G0^/"]T M9#X@#0H@("`\=&0@;F]W3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/@T*("`@/"]TF4Z,7!X/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T M;VT^)B,Q-C`[/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/B8C,38P M.SPO=&0^(`T*("`@/'1D('9A;&EG;CTS1&)O='1O;3X-"B`@(#QP('-T>6QE M/3-$)V)O6QE/3-$)V)O6QE/3-$ M)V)O6QE/3-$)V)O6QE/3-$)VUA#MM87)G:6XM8F]T=&]M.C!P>#L@=&5X="UI;F1E;G0Z-"4G/CQF;VYT('-T M>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@&5D(&UA='5R:71Y('-E8W5R:71I97,@=VET:"!GF5D M(&=A:6YS(&%N9`T*("`@;&]SF5D(&QO6QE/3-$9F]N="US:7IE.C$R<'@[;6%R9VEN+71O<#HP M<'@[;6%R9VEN+6)O='1O;3HP<'@^)B,Q-C`[/"]P/@T*("`@/'1A8FQE(&-E M;&QS<&%C:6YG/3-$,"!C96QL<&%D9&EN9STS1#`@=VED=&@],T0X-"4@8F]R M9&5R/3-$,"!S='EL93TS1"=B;W)D97(M8V]L;&%P'0M86QI9VXZ(&QE9G0G(&%L:6=N/3-$8V5N=&5R/@T*("`@/"$M+2!"96=I M;B!486)L92!(96%D("TM/@T*("`@/'1R/B`-"B`@(#QT9"!W:61T:#TS1#F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V M86QI9VX],T1B;W1T;VT@8V]LF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT M9"!V86QI9VX],T1B;W1T;VT@8V]LF4],T0Q/B8C,38P.SPO9F]N=#X\ M+W1D/@T*("`@/"]T"!S;VQI9"`C,#`P,#`P.W=I9'1H.C$Q<'0G/CQF;VYT('-T M>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@"!S;VQI9"`C,#`P M,#`P)SX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0Q/CQB/DQEF4],T0Q/B8C,38P.SPO9F]N M=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0Q/CQB/D=R96%T97(\ M8G(@+SYT:&%N(#$R/&)R("\^;6]N=&AS/"]B/CPO9F]N=#X\+W1D/B`-"B`@ M(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@'0M:6YD96YT.BTQ+C`P96TG/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY M.G1I;65S(&YE=R!R;VUA;B<@3IT M:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`- M"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S M='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R M/C$\+V9O;G0^/"]T9#X@#0H@("`\=&0@;F]W3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT M9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P M.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX] M,T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/C4\+V9O;G0^/"]T9#X@#0H@("`\=&0@;F]W3IT:6UEF4],T0R/B8C,38P.SPO9F]N M=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX] M,T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A M;6EL>3IT:6UEF4],T0R/C$S-SPO9F]N=#X\+W1D M/B`-"B`@(#QT9"!N;W=R87`],T1N;W=R87`@=F%L:6=N/3-$8F]T=&]M/CQF M;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/D1E M8V5M8F5R)B,Q-C`[,S$L(#(P,3$\+V9O;G0^/"]P/@T*("`@/"]T9#X@#0H@ M("`\=&0@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-I>F4],T0Q/B8C,38P.SPO M9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B M;W1T;VT^/&9O;G0@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@ M(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT M:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/@T* M("`@/"]TF5D(&QO0T*("`@ MF5D(&QO#MM87)G:6XM8F]T=&]M.C!P>#X\ M9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0Q/CQB/D=R;W-S(%5N6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R M;VUA;B<@6QE/3-$)V)O6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V)O6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V)O6QE/3-$)V9O;G0M M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@F5D/&)R("\^3&]S2`M+3X-"B`@(#QT3IT:6UEF4],T0R/DQEF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX] M,T1B;W1T;VT^/&9O;G0@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`- M"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT M:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`- M"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@F4],T0R M/B0\+V9O;G0^/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M(&%L:6=N M/3-$3IT:6UEF4],T0R/BDF(S$V,#L\ M+V9O;G0^/"]T9#X-"B`@(#PO='(^(`T*("`@/'1R/B`-"B`@(#QT9"!V86QI M9VX],T1T;W`^#0H@("`\<"!S='EL93TS1"=M87)G:6XM;&5F=#HQ+C`P96T[ M('1E>'0M:6YD96YT.BTQ+C`P96TG/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT M:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`- M"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S M='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R M/C$\+V9O;G0^/"]T9#X@#0H@("`\=&0@;F]W3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT M9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P M.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX] M,T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/C$Y,3PO9F]N=#X\+W1D/B`-"B`@(#QT9"!N;W=R M87`],T1N;W=R87`@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-T>6QE/3-$)V9O M;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA M;B<@6QE/3-$)V9O;G0M M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@ M6QE/3-$)V)O6QE/3-$)V)O"!S;VQI M9"`C,#`P,#`P)SXF(S$V,#L\+W`^#0H@("`\+W1D/B`-"B`@(#QT9"!V86QI M9VX],T1B;W1T;VT^#0H@("`\<"!S='EL93TS1"=B;W)D97(M=&]P.C%P>"!S M;VQI9"`C,#`P,#`P)SXF(S$V,#L\+W`^#0H@("`\+W1D/B`-"B`@(#QT9#XF M(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^)B,Q-C`[/"]T M9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/@T*("`@/'`@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B M;W1T;VT^/&9O;G0@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@ M(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UE MF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@ M(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B0\ M+V9O;G0^/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M(&%L:6=N/3-$ M6QE/3-$)V)O6QE/3-$)V)O6QE/3-$)V)OF4Z,3)P>#MM87)G:6XM=&]P.C!P>#MM87)G:6XM8F]T=&]M.C!P>#XF(S$V M,#L\+W`^#0H@("`\=&%B;&4@8V5L;'-P86-I;F<],T0P(&-E;&QP861D:6YG M/3-$,"!W:61T:#TS1#@T)2!B;W)D97(],T0P('-T>6QE/3-$)V)O6QE/3-$;6%R9VEN M+71O<#HP<'@[;6%R9VEN+6)O='1O;3HP<'@^/&9O;G0@3IT:6UEF4],T0Q/CQB M/F%T($1E8V5M8F5R)B,Q-C`[,S$L(#(P,3$Z/"]B/CPO9F]N=#X\+W`^#0H@ M("`\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0Q/CQB/DYU;6)EF4],T0Q/B8C,38P.SPO9F]N M=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0Q/CQB/D9A:7(\8G(@ M+SY686QU93PO8CX\+V9O;G0^/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T M=&]M/CQF;VYT('-I>F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT M9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0Q/CQB/D=R;W-S/&)R("\^56YR96%L:7IE9#QB MF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/@T*("`@ M/"]T6QE/3-$)VUA6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I M;65S(&YE=R!R;VUA;B<@6QE M/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE M=R!R;VUA;B<@3IT:6UEF4],T0R/C(L-S8P/"]F;VYT M/CPO=&0^(`T*("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!V86QI9VX],T1B;W1T M;VT^/&9O;G0@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`- M"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/D=R96%T97(@=&AA;B`Q,"4\+V9O;G0^/"]P/@T* M("`@/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-I>F4] M,T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T M;VT^/&9O;G0@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT M9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UE MF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@ M(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C M,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@86QI M9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/B@Q,3`\+V9O;G0^/"]T9#X@#0H@("`\=&0@ M;F]W3IT:6UEF4],T0R/BDF(S$V M,#L\+V9O;G0^/"]T9#X-"B`@(#PO='(^(`T*("`@/'1R('-T>6QE/3-$9F]N M="US:7IE.C%P>#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/B8C,38P.SPO M=&0^(`T*("`@/'1D('9A;&EG;CTS1&)O='1O;3XF(S$V,#L\+W1D/B`-"B`@ M(#QT9"!V86QI9VX],T1B;W1T;VT^#0H@("`\<"!S='EL93TS1"=B;W)D97(M M=&]P.C%P>"!S;VQI9"`C,#`P,#`P)SXF(S$V,#L\+W`^#0H@("`\+W1D/B`- M"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^#0H@("`\<"!S='EL93TS1"=B;W)D M97(M=&]P.C%P>"!S;VQI9"`C,#`P,#`P)SXF(S$V,#L\+W`^#0H@("`\+W1D M/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T M;VT^)B,Q-C`[/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/@T*("`@ M/'`@6QE/3-$)V)O6QE/3-$)V)O6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S M(&YE=R!R;VUA;B<@6QE/3-$ M)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R M;VUA;B<@3IT:6UEF4],T0R/C(L.34Q/"]F;VYT/CPO M=&0^(`T*("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!V86QI9VX],T1B;W1T;VT^ M/&9O;G0@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@ M(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S M(&YE=R!R;VUA;B<@6QE/3-$)V)O6QE/3-$)V)O6QE/3-$)V)O6QE/3-$)VUA6QE/3-$9F]N="US:7IE.C$R<'@[;6%R9VEN+71O<#HP M<'@[;6%R9VEN+6)O='1O;3HP<'@^)B,Q-C`[/"]P/@T*("`@/'1A8FQE(&-E M;&QS<&%C:6YG/3-$,"!C96QL<&%D9&EN9STS1#`@=VED=&@],T0Q,#`E(&)O M6QE/3-$)V)O6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE M=R!R;VUA;B<@6QE/3-$)V)O6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@ MF5D/&)R("\^3&]S"!S;VQI9"`C,#`P,#`P)SX\9F]N="!S='EL93TS1"=F M;VYT+69A;6EL>3IT:6UEF4],T0Q/CQB/E-E=F5R M:71Y)B,Q-C`[;V8F(S$V,#M'F4],T0Q M/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^ M/&9O;G0@6QE/3-$;6%R9VEN+71O<#HP<'@[;6%R9VEN+6)O M='1O;3HP<'@^/&9O;G0@6QE/3-$;6%R9VEN+71O<#HP<'@[;6%R9VEN+6)O='1O;3HP M<'@^/&9O;G0@F5D($QO3IT:6UEF4],T0Q/@T*("`@/&(^870@36%R8V@F(S$V,#LS,2P@ M,C`Q,CH\+V(^/"]F;VYT/CPO<#X-"B`@(#PO=&0^(`T*("`@/'1D('9A;&EG M;CTS1&)O='1O;3X\9F]N="!S:7IE/3-$,3XF(S$V,#L\+V9O;G0^/"]T9#X@ M#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-I>F4],T0Q/B8C,38P M.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@ M"!S;VQI9"`C,#`P,#`P)SX\9F]N="!S='EL93TS M1"=F;VYT+69A;6EL>3IT:6UEF4],T0Q/CQB/DQE MF4],T0Q M/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@ M8V]LF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V M86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0Q/CQB/D=R96%T97(\8G(@+SYT:&%N/"]B/CPO9F]N M=#X\8G(@+SX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0Q/CQB/C$P)3PO8CX\+V9O;G0^/"]T9#X@#0H@("`\ M=&0@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-I>F4],T0Q/B8C,38P.SPO9F]N M=#X\+W1D/@T*("`@/"]T6QE/3-$)VUAF4],T0Q/B8C,38P M.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^)B,Q-C`[ M/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/B8C,38P.SPO=&0^(`T* M("`@/'1D('9A;&EG;CTS1&)O='1O;3XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V M86QI9VX],T1B;W1T;VT^/&9O;G0@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX] M,T1B;W1T;VT^)B,Q-C`[/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M M/B8C,38P.SPO=&0^(`T*("`@/'1D('9A;&EG;CTS1&)O='1O;3XF(S$V,#L\ M+W1D/@T*("`@/"]T6QE/3-$)VUAF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B M;W1T;VT^/&9O;G0@6QE/3-$)V9O;G0M9F%M M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S M(&YE=R!R;VUA;B<@6QE M/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/B8C.#(Q,CLF(S$V,#LF(S$V,#L\+V9O;G0^/"]T9#X@ M#0H@("`\=&0@;F]W3IT:6UEF4] M,T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T M;VT^/&9O;G0@3IT M:6UEF4],T0R/B0\+V9O;G0^/"]T9#X@#0H@("`\ M=&0@=F%L:6=N/3-$8F]T=&]M(&%L:6=N/3-$F4],T0Q M/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^ M/&9O;G0@6QE/3-$)V9O;G0M9F%M:6QY.G1I M;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R M;VUA;B<@6QE/3-$)V9O M;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/B8C.#(Q,CLF(S$V,#LF(S$V,#L\+V9O;G0^/"]T9#X@#0H@("`\ M=&0@;F]W3IT:6UEF4],T0R/B8C M,38P.SPO9F]N=#X\+W1D/@T*("`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`@(#PO=&0^(`T*("`@/'1D('9A;&EG M;CTS1&)O='1O;3X\9F]N="!S:7IE/3-$,3XF(S$V,#L\+V9O;G0^/"]T9#X@ M#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-T>6QE/3-$)V9O;G0M M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@ M3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\ M+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B M;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL M>3IT:6UEF4],T0R/B@U/"]F;VYT/CPO=&0^(`T* M("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!V86QI9VX],T1B;W1T;VT^/&9O;G0@ M6QE/3-$)V9O;G0M9F%M:6QY.G1I M;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/BDF(S$V,#L\+V9O;G0^/"]T9#X@#0H@("`\ M=&0@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-I>F4],T0Q/B8C,38P.SPO9F]N M=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@ M(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@'0M:6YD96YT.BTQ+C`P96TG/CQF M;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/B8C M,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@86QI M9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/B8C.#(Q,CLF(S$V,#LF(S$V,#L\+V9O;G0^ M/"]T9#X@#0H@("`\=&0@;F]W3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX] M,T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\ M+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\ M9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/B8C.#(Q,CLF(S$V,#LF(S$V,#L\+V9O;G0^/"]T9#X@#0H@("`\ M=&0@;F]W3IT:6UEF4],T0R/B8C M,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O M;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT M9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS M1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/B8C.#(Q M,CLF(S$V,#LF(S$V,#L\+V9O;G0^/"]T9#X@#0H@("`\=&0@;F]W3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\ M+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B M;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL M>3IT:6UEF4],T0R/B8C.#(Q,CLF(S$V,#LF(S$V M,#L\+V9O;G0^/"]T9#X@#0H@("`\=&0@;F]W3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT M9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P M.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX] M,T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/B8C.#(Q,CLF(S$V,#LF(S$V,#L\+V9O;G0^/"]T M9#X@#0H@("`\=&0@;F]W3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/@T*("`@/"]T6QE/3-$)VUA3IT:6UEF4] M,T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T M;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT M:6UEF4],T0R/C,L-#@Q/"]F;VYT/CPO=&0^(`T* M("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!V86QI9VX],T1B;W1T;VT^/&9O;G0@ MF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V M86QI9VX],T1B;W1T;VT^/&9O;G0@6QE M/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE M=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R M;VUA;B<@6QE/3-$)V9O M;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY M.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I M;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@F4Z,7!X/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^)B,Q M-C`[/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/B8C,38P.SPO=&0^ M(`T*("`@/'1D('9A;&EG;CTS1&)O='1O;3X-"B`@(#QP('-T>6QE/3-$)V)O M6QE/3-$ M)V)O"!S;VQI9"`C,#`P,#`P M)SXF(S$V,#L\+W`^#0H@("`\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T M;VT^#0H@("`\<"!S='EL93TS1"=B;W)D97(M=&]P.C%P>"!S;VQI9"`C,#`P M,#`P)SXF(S$V,#L\+W`^#0H@("`\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D M/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^)B,Q-C`[/"]T9#X@#0H@("`\ M=&0@=F%L:6=N/3-$8F]T=&]M/@T*("`@/'`@6QE/3-$)V)O6QE/3-$)V)O"!S M;VQI9"`C,#`P,#`P)SXF(S$V,#L\+W`^#0H@("`\+W1D/B`-"B`@(#QT9"!V M86QI9VX],T1B;W1T;VT^#0H@("`\<"!S='EL93TS1"=B;W)D97(M=&]P.C%P M>"!S;VQI9"`C,#`P,#`P)SXF(S$V,#L\+W`^#0H@("`\+W1D/B`-"B`@(#QT M9#XF(S$V,#L\+W1D/@T*("`@/"]T6QE/3-$ M)VUA3IT:6UEF4],T0R/B0\+V9O;G0^/"]T M9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M(&%L:6=N/3-$6QE/3-$)V9O;G0M9F%M:6QY M.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/B@Q-3@\+V9O;G0^/"]T9#X@#0H@("`\=&0@ M;F]W3IT:6UEF4],T0R/BDF(S$V M,#L\+V9O;G0^/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/CQF;VYT M('-I>F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX] M,T1B;W1T;VT^/&9O;G0@6QE/3-$)V9O;G0M M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M M:6QY.G1I;65S(&YE=R!R;VUA;B<@F4],T0R M/B8C.#(Q,CLF(S$V,#LF(S$V,#L\+V9O;G0^/"]T9#X@#0H@("`\=&0@;F]W M3IT:6UEF4],T0R/B8C,38P.SPO M9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B0\+V9O;G0^/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$ M8F]T=&]M(&%L:6=N/3-$6QE/3-$)V)O6QE/3-$)V)O6QE M/3-$)V)O6QE/3-$)V)O6QE/3-$ M)V)OF4Z,3)P>#MM87)G:6XM=&]P.C!P>#MM87)G:6XM8F]T M=&]M.C!P>#XF(S$V,#L\+W`^#0H@("`\=&%B;&4@8V5L;'-P86-I;F<],T0P M(&-E;&QP861D:6YG/3-$,"!W:61T:#TS1#$P,"4@8F]R9&5R/3-$,"!S='EL M93TS1"=B;W)D97(M8V]L;&%P'0M86QI9VXZ(&QE M9G0G(&%L:6=N/3-$8V5N=&5R/@T*("`@/"$M+2!"96=I;B!486)L92!(96%D M("TM/@T*("`@/'1R/B`-"B`@(#QT9"!W:61T:#TS1#8U)3XF(S$V,#L\+W1D M/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@=VED=&@],T0T)3XF(S$V,#L\ M+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D M/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T M;VT@=VED=&@],T0T)3XF(S$V,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D M/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`- M"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@=VED=&@],T0T)3XF(S$V,#L\+W1D M/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`- M"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@ M=VED=&@],T0T)3XF(S$V,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`- M"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@ M(#QT9"!V86QI9VX],T1B;W1T;VT@=VED=&@],T0T)3XF(S$V,#L\+W1D/B`- M"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@ M(#QT9#XF(S$V,#L\+W1D/@T*("`@/"]TF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B M;W1T;VT@8V]LF5D/&)R("\^ M3&]SF4],T0Q/B8C M,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@8V]L MF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`- M"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@8V]L6QE/3-$)V)O6QE/3-$)V9O;G0M9F%M:6QY.G1I M;65S(&YE=R!R;VUA;B<@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/@T*("`@/"]TF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT M9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@#MM87)G:6XM8F]T=&]M.C!P>#X\9F]N M="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4] M,T0Q/CQB/DQE;F=T:"!O9CPO8CX\+V9O;G0^/"]P/@T*("`@/'`@#MM87)G:6XM8F]T=&]M.C!P>#X\9F]N="!S='EL M93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0Q/CQB M/D=R;W-S(%5N6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V M86QI9VX],T1B;W1T;VT^/&9O;G0@"!S;VQI9"`C,#`P,#`P)SX\9F]N="!S M='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0Q M/CQB/DQEF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B M;W1T;VT@8V]L6QE/3-$)V)O6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@ MF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B M;W1T;VT@8V]L6QE/3-$)V)O6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@ M2`M+3X-"B`@ M(#QT3IT:6UE MF4],T0R/DQEF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V M86QI9VX],T1B;W1T;VT^)B,Q-C`[/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$ M8F]T=&]M/B8C,38P.SPO=&0^(`T*("`@/'1D('9A;&EG;CTS1&)O='1O;3XF M(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@F4],T0Q/B8C,38P.SPO9F]N=#X\ M+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^)B,Q-C`[/"]T9#X@#0H@ M("`\=&0@=F%L:6=N/3-$8F]T=&]M/B8C,38P.SPO=&0^(`T*("`@/'1D('9A M;&EG;CTS1&)O='1O;3XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B M;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/E1H3IT M:6UEF4],T0R/B0\+V9O;G0^/"]T9#X@#0H@("`\ M=&0@=F%L:6=N/3-$8F]T=&]M(&%L:6=N/3-$6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE M=R!R;VUA;B<@6QE/3-$ M)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/B8C.#(Q,CLF(S$V,#LF(S$V,#L\+V9O;G0^/"]T9#X@#0H@ M("`\=&0@;F]W3IT:6UEF4],T0R M/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^ M/&9O;G0@3IT:6UE MF4],T0R/B0\+V9O;G0^/"]T9#X@#0H@("`\=&0@ M=F%L:6=N/3-$8F]T=&]M(&%L:6=N/3-$F4],T0Q/B8C M,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O M;G0@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S M(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA M;B<@6QE/3-$)V9O;G0M M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4] M,T0R/B8C.#(Q,CLF(S$V,#LF(S$V,#L\+V9O;G0^/"]T9#X@#0H@("`\=&0@ M;F]W3IT:6UEF4],T0R/B8C,38P M.SPO9F]N=#X\+W1D/@T*("`@/"]T6QE/3-$ M)VUA6QE/3-$ M)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R M;VUA;B<@3IT:6UEF4],T0R/B8C,38P.SPO M9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI M9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT M+69A;6EL>3IT:6UEF4],T0R/B@Q-S0\+V9O;G0^ M/"]T9#X@#0H@("`\=&0@;F]W3IT:6UEF4],T0R/BDF(S$V,#L\+V9O;G0^/"]T9#X@#0H@("`\=&0@=F%L:6=N M/3-$8F]T=&]M/CQF;VYT('-I>F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`- M"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI M9VX],T1B;W1T;VT^/&9O;G0@6QE/3-$ M)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R M;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/DYI M;F4@;6]N=&AS/"]F;VYT/CPO<#X-"B`@(#PO=&0^(`T*("`@/'1D('9A;&EG M;CTS1&)O='1O;3X\9F]N="!S:7IE/3-$,3XF(S$V,#L\+V9O;G0^/"]T9#X@ M#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-T>6QE/3-$)V9O;G0M M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@ MF4],T0Q/B8C M,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O M;G0@F4],T0R M/BDF(S$V,#L\+V9O;G0^/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M M/CQF;VYT('-I>F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V M86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/BDF(S$V,#L\+V9O;G0^/"]T9#X@#0H@("`\ M=&0@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-I>F4],T0Q/B8C,38P.SPO9F]N M=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@ M(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@'0M:6YD96YT.BTQ+C`P96TG/CQF M;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/B8C M,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@86QI M9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/C$V.3PO9F]N=#X\+W1D/B`-"B`@(#QT9"!N M;W=R87`],T1N;W=R87`@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-T>6QE/3-$ M)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R M;VUA;B<@6QE/3-$)V9O M;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/BDF(S$V,#L\+V9O;G0^/"]T9#X@#0H@("`\=&0@=F%L:6=N M/3-$8F]T=&]M/CQF;VYT('-I>F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`- M"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@6QE/3-$)V9O;G0M9F%M:6QY M.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4] M,T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T M;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT M:6UEF4],T0R/B8C.#(Q,CLF(S$V,#LF(S$V,#L\ M+V9O;G0^/"]T9#X@#0H@("`\=&0@;F]W3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V M86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P.SPO M9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R M:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/B8C.#(Q,CLF(S$V,#LF(S$V,#L\+V9O;G0^/"]T9#X@ M#0H@("`\=&0@;F]W3IT:6UEF4] M,T0R/B8C,38P.SPO9F]N=#X\+W1D/@T*("`@/"]T6QE/3-$)VUAF4],T0R M/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@ M86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UE MF4],T0R/C(L.34Q/"]F;VYT/CPO=&0^(`T*("`@ M/'1D(&YO=W)A<#TS1&YO=W)A<"!V86QI9VX],T1B;W1T;VT^/&9O;G0@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI M9VX],T1B;W1T;VT^/&9O;G0@6QE/3-$ M)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R M;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA M;B<@6QE/3-$)V9O;G0M M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY M.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V)O6QE/3-$)V)O"!S;VQI9"`C,#`P,#`P)SXF(S$V,#L\+W`^#0H@ M("`\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX] M,T1B;W1T;VT^)B,Q-C`[/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M M/@T*("`@/'`@6QE/3-$)V)O6QE/3-$)V)O"!S;VQI9"`C,#`P,#`P)SXF M(S$V,#L\+W`^#0H@("`\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/@T*("`@ M/"]T6QE/3-$)VUA3IT:6UEF4],T0R/B0\+V9O;G0^/"]T9#X@#0H@("`\=&0@=F%L:6=N M/3-$8F]T=&]M(&%L:6=N/3-$6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@ M6QE/3-$)V9O;G0M9F%M M:6QY.G1I;65S(&YE=R!R;VUA;B<@F4],T0R M/B@S.30\+V9O;G0^/"]T9#X@#0H@("`\=&0@;F]W3IT:6UE MF4],T0R/BDF(S$V,#L\+V9O;G0^/"]T9#X@#0H@ M("`\=&0@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-I>F4],T0Q/B8C,38P.SPO M9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R M;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA M;B<@3IT:6UEF4],T0R/B@R,C$\+V9O;G0^/"]T9#X@ M#0H@("`\=&0@;F]W3IT:6UEF4] M,T0R/BDF(S$V,#L\+V9O;G0^/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T M=&]M/CQF;VYT('-I>F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`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`[/"]P/@T*("`@/'1A8FQE M(&-E;&QS<&%C:6YG/3-$,"!C96QL<&%D9&EN9STS1#`@=VED=&@],T0W-B4@ M8F]R9&5R/3-$,"!S='EL93TS1"=B;W)D97(M8V]L;&%P'0M86QI9VXZ(&QE9G0G(&%L:6=N/3-$8V5N=&5R/@T*("`@/"$M+2!" M96=I;B!486)L92!(96%D("TM/@T*("`@/'1R/B`-"B`@(#QT9"!W:61T:#TS M1#@R)3XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@=VED M=&@],T0U)3XF(S$V,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@ M(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT M9"!V86QI9VX],T1B;W1T;VT@=VED=&@],T0U)3XF(S$V,#L\+W1D/B`-"B`@ M(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT M9#XF(S$V,#L\+W1D/@T*("`@/"]TF4],T0Q/B8C M,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@8V]L M6QE/3-$)V)O6QE/3-$)V9O M;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX] M,T1B;W1T;VT^/&9O;G0@"!S;VQI9"`C,#`P,#`P M)SX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0Q/CQB/C(P,3$\+V(^/"]F;VYT/CPO=&0^(`T*("`@/'1D('9A M;&EG;CTS1&)O='1O;3X\9F]N="!S:7IE/3-$,3XF(S$V,#L\+V9O;G0^/"]T M9#X-"B`@(#PO='(^#0H@("`\(2TM($5N9"!486)L92!(96%D("TM/@T*("`@ M/"$M+2!"96=I;B!486)L92!";V1Y("TM/@T*("`@/'1R(&)G8V]L;W(],T0C M8V-E969F/B`-"B`@(#QT9"!V86QI9VX],T1T;W`^#0H@("`\<"!S='EL93TS M1"=M87)G:6XM;&5F=#HQ+C`P96T[('1E>'0M:6YD96YT.BTQ+C`P96TG/CQF M;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S M(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/C$L-S8P/"]F M;VYT/CPO=&0^(`T*("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!V86QI9VX],T1B M;W1T;VT^/&9O;G0@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D M/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D M/@T*("`@/"]T6QE/3-$)VUAF4],T0Q/B8C,38P.SPO M9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P M.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@ M3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V M86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F M;VYT+69A;6EL>3IT:6UEF4],T0R/C$U,3PO9F]N M=#X\+W1D/B`-"B`@(#QT9"!N;W=R87`],T1N;W=R87`@=F%L:6=N/3-$8F]T M=&]M/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA M;B<@3IT:6UE MF4],T0R/D-AF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT M9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B M;W1T;VT^/&9O;G0@'0M:6YD96YT.BTQ+C`P96TG/CQF;VYT('-T M>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@ M(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@6QE/3-$)V9O;G0M9F%M:6QY.G1I M;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S M(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/B8C,38P M.SPO9F]N=#X\+W1D/@T*("`@/"]T6QE/3-$ M)VUA6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I M;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UE MF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@ M(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL M93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/B@Q M-C4\+V9O;G0^/"]T9#X@#0H@("`\=&0@;F]W3IT:6UEF4],T0R/BDF(S$V,#L\+V9O;G0^/"]T9#X-"B`@(#PO M='(^(`T*("`@/'1R('-T>6QE/3-$9F]N="US:7IE.C%P>#X@#0H@("`\=&0@ M=F%L:6=N/3-$8F]T=&]M/B8C,38P.SPO=&0^(`T*("`@/'1D('9A;&EG;CTS M1&)O='1O;3XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^ M#0H@("`\<"!S='EL93TS1"=B;W)D97(M=&]P.C%P>"!S;VQI9"`C,#`P,#`P M)SXF(S$V,#L\+W`^#0H@("`\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T M;VT^#0H@("`\<"!S='EL93TS1"=B;W)D97(M=&]P.C%P>"!S;VQI9"`C,#`P M,#`P)SXF(S$V,#L\+W`^#0H@("`\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D M/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^)B,Q-C`[/"]T9#X@#0H@("`\ M=&0@=F%L:6=N/3-$8F]T=&]M/@T*("`@/'`@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`- M"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT M:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`- M"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@F4],T0R M/B0\+V9O;G0^/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M(&%L:6=N M/3-$6QE/3-$ M)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V)O6QE/3-$)V)O6QE/3-$9F]N="US:7IE.C%P>#MM87)G:6XM=&]P M.C$R<'@[;6%R9VEN+6)O='1O;3HP<'@^)B,Q-C`[/"]P/@T*("`@/'`@'0M M:6YD96YT.C0E)SX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/E1H92!C;VUP;VYE;G1S(&]F#0H@("!N970@ M6QE/3-$9F]N="US:7IE.C$R M<'@[;6%R9VEN+71O<#HP<'@[;6%R9VEN+6)O='1O;3HP<'@^)B,Q-C`[/"]P M/@T*("`@/'1A8FQE(&-E;&QS<&%C:6YG/3-$,"!C96QL<&%D9&EN9STS1#`@ M=VED=&@],T0W-B4@8F]R9&5R/3-$,"!S='EL93TS1"=B;W)D97(M8V]L;&%P M'0M86QI9VXZ(&QE9G0G(&%L:6=N/3-$8V5N=&5R M/@T*("`@/"$M+2!"96=I;B!486)L92!(96%D("TM/@T*("`@/'1R/B`-"B`@ M(#QT9"!W:61T:#TS1#@R)3XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX] M,T1B;W1T;VT@=VED=&@],T0W)3XF(S$V,#L\+W1D/B`-"B`@(#QT9#XF(S$V M,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\ M+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@=VED=&@],T0W)3XF(S$V M,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\ M+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/@T*("`@/"]TF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX] M,T1B;W1T;VT@8V]L6QE/3-$)V)O6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@ M(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UE MF4],T0Q/CQB/C(P,3$\+V(^/"]F;VYT/CPO=&0^ M(`T*("`@/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!S:7IE/3-$,3XF(S$V M,#L\+V9O;G0^/"]T9#X-"B`@(#PO='(^#0H@("`\(2TM($5N9"!486)L92!( M96%D("TM/@T*("`@/"$M+2!"96=I;B!486)L92!";V1Y("TM/@T*("`@/'1R M(&)G8V]L;W(],T0C8V-E969F/B`-"B`@(#QT9"!V86QI9VX],T1T;W`^#0H@ M("`\<"!S='EL93TS1"=M87)G:6XM;&5F=#HQ+C`P96T[('1E>'0M:6YD96YT M.BTQ+C`P96TG/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE M=R!R;VUA;B<@F4],T0Q/B8C,38P M.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@ M6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE M=R!R;VUA;B<@3IT:6UEF4],T0R/B8C,38P.SPO M9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B0\+V9O;G0^/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$ M8F]T=&]M(&%L:6=N/3-$'0M:6YD96YT.BTQ+C`P M96TG/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA M;B<@6QE M/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE M=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@ M6QE/3-$)V9O;G0M9F%M M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT M:6UEF4],T0R/BDF(S$V,#L\+V9O;G0^/"]T9#X- M"B`@(#PO='(^(`T*("`@/'1R(&)G8V]L;W(],T0C8V-E969F/B`-"B`@(#QT M9"!V86QI9VX],T1T;W`^#0H@("`\<"!S='EL93TS1"=M87)G:6XM;&5F=#HQ M+C`P96T[('1E>'0M:6YD96YT.BTQ+C`P96TG/CQF;VYT('-T>6QE/3-$)V9O M;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@F4],T0R M/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@ M86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UE MF4],T0R/B@Q/"]F;VYT/CPO=&0^(`T*("`@/'1D M(&YO=W)A<#TS1&YO=W)A<"!V86QI9VX],T1B;W1T;VT^/&9O;G0@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE M=R!R;VUA;B<@6QE/3-$ M)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V)O6QE/3-$)V)O6QE/3-$)V9O;G0M9F%M:6QY M.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/C(V M/"]F;VYT/CPO=&0^(`T*("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!V86QI9VX] M,T1B;W1T;VT^/&9O;G0@F4],T0Q/B8C,38P.SPO9F]N=#X\ M+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@ M6QE/3-$)V)O6QE/3-$)V)O2!B86-K960@8V]M;65R8VEA;"!#34]S(&%T(&)O M=&@@36%R8V@F(S$V,#LS,2P@,C`Q,B!A;F0@1&5C96UB97(F(S$V,#LS,2P@ M,C`Q,2X@/"]F;VYT/CPO<#X-"B`@(#QP('-T>6QE/3-$)VUA#MM87)G:6XM8F]T=&]M.C!P>#L@=&5X="UI;F1E;G0Z-"4G/CQF;VYT M('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@2!);7!A:7)M96YT M(#PO:3X\+V(^/"]F;VYT/CPO<#X-"B`@(#QP('-T>6QE/3-$)VUA2!C;VUP87)I M;F<@82!S96-U28C.#(Q-SMS(&%M;W)T:7IE9"!C;W-T('1O#0H@("!T M:&4@<')E'!E8W1E9"!C87-H M(&9L;W=S(&1I'0M:6YD96YT.C0E)SX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT M:6UEF4],T0R/E1H90T*("`@9&5T97)M:6YA=&EO M;B!O9B!W:&5T:&5R('5N2!M;VYI=&]R2!A;&P@879A:6QA8FQE(&5V:61E;F-E('1O M(&5S=&EM871E('1H92!P;W1E;G1I86P@9F]R(&EM<&%I2!B969O'0M:6YD96YT.C0E)SX\9F]N="!S='EL93TS M1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/E1H90T* M("`@:7-S=65R+7-P96-I9FEC(&9A8W1O2!I6UE;G1S M(&]F('!R:6YC:7!A;"!A;F0@:6YT97)E2!O9B!R96-O=F5R:6YG('!R M:6YC:7!A;"!A;F0@:6YT97)EF4Z,7!X.VUA#MM87)G:6XM8F]T=&]M.C!P>#XF(S$V,#L\+W`^#0H@("`\<"!S='EL M93TS1"=M87)G:6XM=&]P.C!P>#MM87)G:6XM8F]T=&]M.C!P>#L@=&5X="UI M;F1E;G0Z-"4G/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE M=R!R;VUA;B<@2!H87,@6QE/3-$9F]N="US:7IE.C$R<'@[;6%R9VEN+71O<#HP<'@[;6%R M9VEN+6)O='1O;3HP<'@^)B,Q-C`[/"]P/@T*("`@/'1A8FQE(&-E;&QS<&%C M:6YG/3-$,"!C96QL<&%D9&EN9STS1#`@=VED=&@],T0Y,B4@8F]R9&5R/3-$ M,"!S='EL93TS1"=B;W)D97(M8V]L;&%P'0M86QI M9VXZ(&QE9G0G(&%L:6=N/3-$8V5N=&5R/@T*("`@/"$M+2!"96=I;B!486)L M92!(96%D("TM/@T*("`@/'1R/B`-"B`@(#QT9"!W:61T:#TS1#F4],T0Q/B8C,38P.SPO9F]N=#X\ M+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@8V]L6QE/3-$)V)O6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE M=R!R;VUA;B<@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX] M,T1B;W1T;VT^/&9O;G0@"!S;VQI9"`C,#`P,#`P M)SX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0Q/CQB/C(P,3(\+V(^/"]F;VYT/CPO=&0^(`T*("`@/'1D('9A M;&EG;CTS1&)O='1O;3X\9F]N="!S:7IE/3-$,3XF(S$V,#L\+V9O;G0^/"]T M9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-I>F4],T0Q/B8C M,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@8V]L MF4],T0Q/B8C,38P.SPO M9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@"!S;VQI9"`C,#`P,#`P)SX\9F]N="!S='EL93TS1"=F M;VYT+69A;6EL>3IT:6UEF4],T0Q/CQB/DYU;6)E MF4],T0Q/B8C,38P.SPO M9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@"!S;VQI9"`C,#`P,#`P)SX\9F]N="!S='EL93TS1"=F M;VYT+69A;6EL>3IT:6UEF4],T0Q/CQB/D]45$D\ M+V(^/"]F;VYT/CPO=&0^(`T*("`@/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N M="!S:7IE/3-$,3XF(S$V,#L\+V9O;G0^/"]T9#X@#0H@("`\=&0@=F%L:6=N M/3-$8F]T=&]M/CQF;VYT('-I>F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`- M"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@8V]LF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`- M"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@8V]L2`M+3X-"B`@(#QT3IT:6UEF4],T0R/D-O;&QA=&5R86QI>F5D(&UOF4],T0Q/B8C,38P M.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^)B,Q-C`[ M/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/B8C,38P.SPO=&0^(`T* M("`@/'1D('9A;&EG;CTS1&)O='1O;3XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V M86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/DYO M;BUA9V5N8WD@8F%C:V5D("8C.#(Q,3L@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B M;W1T;VT^/&9O;G0@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@ M(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/BDF(S$V,#L\+V9O;G0^/"]T9#X@#0H@("`\ M=&0@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-I>F4],T0Q/B8C,38P.SPO9F]N M=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@F4] M,T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T M;VT^/&9O;G0@6QE/3-$)V9O;G0M9F%M:6QY M.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/DYO;BUA9V5N8WD@8F%C:V5D("8C.#(Q,3L@8V]M;65R M8VEA;#PO9F]N=#X\+W`^#0H@("`\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B M;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D M/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N M="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4] M,T0R/B8C.#(Q,CLF(S$V,#LF(S$V,#L\+V9O;G0^/"]T9#X@#0H@("`\=&0@ M;F]W3IT:6UEF4],T0R/B8C,38P M.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@ M6QE/3-$)V9O;G0M9F%M:6QY.G1I M;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R M;VUA;B<@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!N;W=R87`],T1N M;W=R87`@=F%L:6=N/3-$8F]T=&]M(&%L:6=N/3-$F4] M,T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!N;W=R87`],T1N;W=R M87`@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY M.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/B8C.#(Q,CLF(S$V,#LF(S$V,#L\+V9O;G0^ M/"]T9#X@#0H@("`\=&0@;F]W3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/@T*("`@/"]T6QE/3-$)V)O6QE/3-$)V)O"!S;VQI M9"`C,#`P,#`P)SXF(S$V,#L\+W`^#0H@("`\+W1D/B`-"B`@(#QT9"!V86QI M9VX],T1B;W1T;VT^#0H@("`\<"!S='EL93TS1"=B;W)D97(M=&]P.C%P>"!S M;VQI9"`C,#`P,#`P)SXF(S$V,#L\+W`^#0H@("`\+W1D/B`-"B`@(#QT9#XF M(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^)B,Q-C`[/"]T M9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/@T*("`@/'`@6QE/3-$)V)O6QE/3-$)V)O6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R M;VUA;B<@6QE/3-$)V9O M;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@ M6QE/3-$)V9O;G0M9F%M M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT M:6UEF4],T0R/BDF(S$V,#L\+V9O;G0^/"]T9#X@ M#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-I>F4],T0Q/B8C,38P M.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@ MF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX] M,T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/BDF(S$V,#L\+V9O;G0^/"]T9#X-"B`@(#PO='(^(`T* M("`@/'1R(&)G8V]L;W(],T0C8V-E969F/B`-"B`@(#QT9"!V86QI9VX],T1T M;W`^#0H@("`\<"!S='EL93TS1"=M87)G:6XM;&5F=#HQ+C`P96T[('1E>'0M M:6YD96YT.BTQ+C`P96TG/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I M;65S(&YE=R!R;VUA;B<@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V M86QI9VX],T1B;W1T;VT^/&9O;G0@F4] M,T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T M;VT^)B,Q-C`[/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/B8C,38P M.SPO=&0^(`T*("`@/'1D('9A;&EG;CTS1&)O='1O;3XF(S$V,#L\+W1D/B`- M"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@F4],T0R M/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@ M86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UE MF4],T0R/B8C.#(Q,CLF(S$V,#LF(S$V,#L\+V9O M;G0^/"]T9#X@#0H@("`\=&0@;F]W3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/@T*("`@/"]T"!S;VQI9"`C M,#`P,#`P)SXF(S$V,#L\+W`^#0H@("`\+W1D/B`-"B`@(#QT9"!V86QI9VX] M,T1B;W1T;VT^#0H@("`\<"!S='EL93TS1"=B;W)D97(M=&]P.C%P>"!S;VQI M9"`C,#`P,#`P)SXF(S$V,#L\+W`^#0H@("`\+W1D/B`-"B`@(#QT9#XF(S$V M,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^)B,Q-C`[/"]T9#X@ M#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/B8C,38P.SPO=&0^(`T*("`@/'1D M('9A;&EG;CTS1&)O='1O;3XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX] M,T1B;W1T;VT^)B,Q-C`[/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M M/B8C,38P.SPO=&0^(`T*("`@/'1D('9A;&EG;CTS1&)O='1O;3X-"B`@(#QP M('-T>6QE/3-$)V)O6QE/3-$)V)O3IT:6UEF4],T0R/DYE="!/5%1)(')E8V]G;FEZ960@:6X@;F5T(&QOF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V M86QI9VX],T1B;W1T;VT^)B,Q-C`[/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$ M8F]T=&]M/B8C,38P.SPO=&0^(`T*("`@/'1D('9A;&EG;CTS1&)O='1O;3XF M(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B0\+V9O;G0^/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$ M8F]T=&]M(&%L:6=N/3-$6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R M;VUA;B<@3IT:6UEF4],T0R/B@W-SPO9F]N=#X\+W1D M/B`-"B`@(#QT9"!N;W=R87`],T1N;W=R87`@=F%L:6=N/3-$8F]T=&]M/CQF M;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@F4Z,7!X/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T M;VT^)B,Q-C`[/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/B8C,38P M.SPO=&0^(`T*("`@/'1D('9A;&EG;CTS1&)O='1O;3XF(S$V,#L\+W1D/B`- M"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^)B,Q-C`[/"]T9#X@#0H@("`\=&0@ M=F%L:6=N/3-$8F]T=&]M/B8C,38P.SPO=&0^(`T*("`@/'1D('9A;&EG;CTS M1&)O='1O;3XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^ M#0H@("`\<"!S='EL93TS1"=B;W)D97(M=&]P.C-P>"!D;W5B;&4@(S`P,#`P M,"<^)B,Q-C`[/"]P/@T*("`@/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T M=&]M/@T*("`@/'`@6QE/3-$)V)O6QE/3-$9F]N="US:7IE.C$R<'@[;6%R9VEN+71O<#HP M<'@[;6%R9VEN+6)O='1O;3HP<'@^)B,Q-C`[/"]P/@T*("`@/'1A8FQE(&-E M;&QS<&%C:6YG/3-$,"!C96QL<&%D9&EN9STS1#`@=VED=&@],T0W-B4@8F]R M9&5R/3-$,"!S='EL93TS1"=B;W)D97(M8V]L;&%P'0M86QI9VXZ(&QE9G0G(&%L:6=N/3-$8V5N=&5R/@T*("`@/"$M+2!"96=I M;B!486)L92!(96%D("TM/@T*("`@/'1R/B`-"B`@(#QT9"!W:61T:#TS1#@P M)3XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@=VED=&@] M,T0U)3XF(S$V,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT M9#XF(S$V,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V M86QI9VX],T1B;W1T;VT@=VED=&@],T0U)3XF(S$V,#L\+W1D/B`-"B`@(#QT M9#XF(S$V,#L\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT9#XF M(S$V,#L\+W1D/@T*("`@/"]TF4],T0Q/B8C,38P M.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@8V]L3IT:6UEF4],T0Q/CQB/DUAF4] M,T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T M;VT^/&9O;G0@"!S;VQI9"`C,#`P,#`P)SX\9F]N M="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4] M,T0Q/CQB/C(P,3(\+V(^/"]F;VYT/CPO=&0^(`T*("`@/'1D('9A;&EG;CTS M1&)O='1O;3X\9F]N="!S:7IE/3-$,3XF(S$V,#L\+V9O;G0^/"]T9#X@#0H@ M("`\=&0@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-I>F4],T0Q/B8C,38P.SPO M9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@8V]L2`M+3X-"B`@(#QT M3IT:6UEF4],T0R/D)E9VEN;FEN9R!B86QA;F-E/"]F;VYT/CPO M<#X-"B`@(#PO=&0^(`T*("`@/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!S M:7IE/3-$,3XF(S$V,#L\+V9O;G0^/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$ M8F]T=&]M/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R M;VUA;B<@3IT:6UEF4],T0R/B@S+#0R-3PO9F]N=#X\ M+W1D/B`-"B`@(#QT9"!N;W=R87`],T1N;W=R87`@=F%L:6=N/3-$8F]T=&]M M/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@ M3IT:6UEF4],T0R/B0\+V9O;G0^/"]T9#X@ M#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M(&%L:6=N/3-$3IT M:6UEF4],T0R/BDF(S$V,#L\+V9O;G0^/"]T9#X- M"B`@(#PO='(^(`T*("`@/'1R/B`-"B`@(#QT9"!V86QI9VX],T1T;W`^#0H@ M("`\<"!S='EL93TS1"=M87)G:6XM;&5F=#HQ+C`P96T[('1E>'0M:6YD96YT M.BTQ+C`P96TG/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE M=R!R;VUA;B<@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI M9VX],T1B;W1T;VT^)B,Q-C`[/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T M=&]M/B8C,38P.SPO=&0^(`T*("`@/'1D('9A;&EG;CTS1&)O='1O;3XF(S$V M,#L\+W1D/@T*("`@/"]T6QE/3-$)VUAF4],T0Q M/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^ M/&9O;G0@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT M:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`- M"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S M='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R M/B@W-SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!N;W=R87`],T1N;W=R87`@=F%L M:6=N/3-$8F]T=&]M/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S M(&YE=R!R;VUA;B<@6QE/3-$)VUAF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`- M"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI M9VX],T1B;W1T;VT^/&9O;G0@6QE/3-$9F]N="US:7IE.C%P M>#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/B8C,38P.SPO=&0^(`T*("`@ M/'1D('9A;&EG;CTS1&)O='1O;3XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI M9VX],T1B;W1T;VT^#0H@("`\<"!S='EL93TS1"=B;W)D97(M=&]P.C%P>"!S M;VQI9"`C,#`P,#`P)SXF(S$V,#L\+W`^#0H@("`\+W1D/B`-"B`@(#QT9"!V M86QI9VX],T1B;W1T;VT^#0H@("`\<"!S='EL93TS1"=B;W)D97(M=&]P.C%P M>"!S;VQI9"`C,#`P,#`P)SXF(S$V,#L\+W`^#0H@("`\+W1D/B`-"B`@(#QT M9#XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^)B,Q-C`[ M/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/@T*("`@/'`@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX] M,T1B;W1T;VT^/&9O;G0@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA M;B<@3IT:6UEF4],T0R/B8C,38P.SPO9F]N M=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H M=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/B@W-SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!N;W=R87`],T1N M;W=R87`@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)VUA3IT:6UEF4],T0R/B8C M,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@86QI M9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/B8C.#(Q,CLF(S$V,#LF(S$V,#L\+V9O;G0^ M/"]T9#X@#0H@("`\=&0@;F]W3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX] M,T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\ M+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\ M9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/C$Y,CPO9F]N=#X\+W1D/B`-"B`@(#QT9"!N;W=R87`],T1N;W=R M87`@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY M.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V)O M6QE/3-$ M)V)O6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA M;B<@3IT:6UEF4],T0R/B@S+#0R-CPO9F]N=#X\+W1D M/B`-"B`@(#QT9"!N;W=R87`],T1N;W=R87`@=F%L:6=N/3-$8F]T=&]M/CQF M;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/B0\+V9O;G0^/"]T9#X@#0H@ M("`\=&0@=F%L:6=N/3-$8F]T=&]M(&%L:6=N/3-$3IT:6UE MF4],T0R/BDF(S$V,#L\+V9O;G0^/"]T9#X-"B`@ M(#PO='(^(`T*("`@/'1R('-T>6QE/3-$9F]N="US:7IE.C%P>#X@#0H@("`\ M=&0@=F%L:6=N/3-$8F]T=&]M/B8C,38P.SPO=&0^(`T*("`@/'1D('9A;&EG M;CTS1&)O='1O;3XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T M;VT^#0H@("`\<"!S='EL93TS1"=B;W)D97(M=&]P.C-P>"!D;W5B;&4@(S`P M,#`P,"<^)B,Q-C`[/"]P/@T*("`@/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$ M8F]T=&]M/@T*("`@/'`@2`M+3X-"B`@(#PO=&%B;&4^#0H@("`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`^#0H\'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA M'1";&]C:RTM/@T*("`@/'1A8FQE('-T M>6QE/3-$)V)O3IT:6UEF4],T0R/CQB/C0N/"]B M/CPO9F]N=#X\+W1D/B`-"B`@(#QT9"!A;&EG;CTS1&QE9G0@=F%L:6=N/3-$ M=&]P/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA M;B<@'0M:6YD96YT M.C0E)SX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/E1H92!F;VQL;W=I;F<@=&%B;&4@F4Z M,3)P>#MM87)G:6XM=&]P.C!P>#MM87)G:6XM8F]T=&]M.C!P>#XF(S$V,#L\ M+W`^#0H@("`\=&%B;&4@8V5L;'-P86-I;F<],T0P(&-E;&QP861D:6YG/3-$ M,"!W:61T:#TS1#6QE/3-$)V)OF4],T0Q/B8C M,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O M;G0@"!S;VQI9"`C,#`P,#`P)SX\9F]N="!S='EL M93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0Q/CQB M/E1HF4],T0Q/B8C,38P M.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@ M"!S;VQI9"`C,#`P,#`P)SX\9F]N="!S='EL93TS M1"=F;VYT+69A;6EL>3IT:6UEF4],T0Q/CQB/C(P M,3(\+V(^/"]F;VYT/CPO=&0^(`T*("`@/'1D('9A;&EG;CTS1&)O='1O;3X\ M9F]N="!S:7IE/3-$,3XF(S$V,#L\+V9O;G0^/"]T9#X@#0H@("`\=&0@=F%L M:6=N/3-$8F]T=&]M/CQF;VYT('-I>F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D M/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@8V]L2`M+3X-"B`@(#QT3IT:6UEF4],T0R/DYE="!L;W-S/"]F;VYT/CPO<#X-"B`@(#PO=&0^(`T*("`@ M/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!S:7IE/3-$,3XF(S$V,#L\+V9O M;G0^/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-T>6QE M/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/B@X+#(P-SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!N;W=R M87`],T1N;W=R87`@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-T>6QE/3-$)V9O M;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/B0\+V9O;G0^/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$ M8F]T=&]M(&%L:6=N/3-$3IT:6UEF4],T0R/BDF(S$V,#L\+V9O;G0^/"]T9#X-"B`@(#PO='(^(`T*("`@/'1R M('-T>6QE/3-$9F]N="US:7IE.C%P>#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T M=&]M/B8C,38P.SPO=&0^(`T*("`@/'1D('9A;&EG;CTS1&)O='1O;3XF(S$V M,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^#0H@("`\<"!S='EL M93TS1"=B;W)D97(M=&]P.C-P>"!D;W5B;&4@(S`P,#`P,"<^)B,Q-C`[/"]P M/@T*("`@/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/@T*("`@/'`@ M"!D;W5B M;&4@(S`P,#`P,"<^)B,Q-C`[/"]P/@T*("`@/"]T9#X@#0H@("`\=&0@=F%L M:6=N/3-$8F]T=&]M/@T*("`@/'`@3IT:6UEF4],T0R/E=E:6=H=&5D(&%V97)A M9V4@8V]M;6]N(&)AF4],T0R M/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@ M86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UE MF4],T0R/C0P+#@T,SPO9F]N=#X\+W1D/B`-"B`@ M(#QT9"!N;W=R87`],T1N;W=R87`@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-T M>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S M(&YE=R!R;VUA;B<@6QE M/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@'0M:6YD96YT.BTQ+C`P96TG/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M M:6QY.G1I;65S(&YE=R!R;VUA;B<@F4],T0Q/B8C,38P.SPO9F]N=#X\ M+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT M9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@6QE/3-$9F]N="US M:7IE.C%P>#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/B8C,38P.SPO=&0^ M(`T*("`@/'1D('9A;&EG;CTS1&)O='1O;3XF(S$V,#L\+W1D/B`-"B`@(#QT M9"!V86QI9VX],T1B;W1T;VT^#0H@("`\<"!S='EL93TS1"=B;W)D97(M=&]P M.C%P>"!S;VQI9"`C,#`P,#`P)SXF(S$V,#L\+W`^#0H@("`\+W1D/B`-"B`@ M(#QT9"!V86QI9VX],T1B;W1T;VT^#0H@("`\<"!S='EL93TS1"=B;W)D97(M M=&]P.C%P>"!S;VQI9"`C,#`P,#`P)SXF(S$V,#L\+W`^#0H@("`\+W1D/B`- M"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^ M)B,Q-C`[/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/@T*("`@/'`@ M'0M:6YD96YT.BTQ+C`P M96TG/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA M;B<@6QE/3-$)V9O;G0M9F%M M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@F4],T0Q/B8C M,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O M;G0@3IT:6UEF4] M,T0R/B8C,38P.SPO9F]N=#X\+W1D/@T*("`@/"]TF4Z,7!X/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^ M)B,Q-C`[/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/B8C,38P.SPO M=&0^(`T*("`@/'1D('9A;&EG;CTS1&)O='1O;3X-"B`@(#QP('-T>6QE/3-$ M)V)O6QE M/3-$)V)O"!S;VQI9"`C,#`P M,#`P)SXF(S$V,#L\+W`^#0H@("`\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B M;W1T;VT^#0H@("`\<"!S='EL93TS1"=B;W)D97(M=&]P.C%P>"!S;VQI9"`C M,#`P,#`P)SXF(S$V,#L\+W`^#0H@("`\+W1D/B`-"B`@(#QT9#XF(S$V,#L\ M+W1D/@T*("`@/"]T6QE/3-$)VUAF4] M,T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T M;VT^/&9O;G0@6QE/3-$)V9O;G0M9F%M:6QY M.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4] M,T0R/BDF(S$V,#L\+V9O;G0^/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T M=&]M/CQF;VYT('-I>F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT M9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@6QE M/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/BDF(S$V,#L\+V9O;G0^/"]T9#X-"B`@(#PO M='(^(`T*("`@/'1R('-T>6QE/3-$9F]N="US:7IE.C%P>#X@#0H@("`\=&0@ M=F%L:6=N/3-$8F]T=&]M/B8C,38P.SPO=&0^(`T*("`@/'1D('9A;&EG;CTS M1&)O='1O;3XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^ M#0H@("`\<"!S='EL93TS1"=B;W)D97(M=&]P.C-P>"!D;W5B;&4@(S`P,#`P M,"<^)B,Q-C`[/"]P/@T*("`@/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T M=&]M/@T*("`@/'`@2`M+3X-"B`@(#PO=&%B;&4^#0H@("`\<"!S='EL93TS M1"=M87)G:6XM=&]P.C$R<'@[;6%R9VEN+6)O='1O;3HP<'@[('1E>'0M:6YD M96YT.C0E)SX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/D9O6QE M/3-$9F]N="US:7IE.C$X<'@[;6%R9VEN+71O<#HP<'@[;6%R9VEN+6)O='1O M;3HP<'@^)B,Q-C`[/"]P/@T*/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\ M+W1R/@T*("`@(#PO=&%B;&4^#0H@(#PO8F]D>3X-"CPO:'1M;#X-"@T*+2TM M+2TM/5].97AT4&%R=%]D9&%F,6(W.5\Y-F)F7S0V8S=?.&%E-5\Y8S'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R M'0^/"$M+41/0U194$4@ M:'1M;"!054),24,@(BTO+U&AT;6PQ+T141"]X:'1M M;#$M=')A;G-I=&EO;F%L+F1T9"(@+2T^#0H@("`\(2TM($)E9VEN($)L;V-K M(%1A9V=E9"!.;W1E(#4@+2!U$1I'0M86QI9VXZ(&QE9G0G(&)O3IT:6UEF4],T0R/CQB/DEN8V]M M92!487AE6QE/3-$)VUA&5S(&-O;G-IF4Z,3)P>#MM87)G:6XM=&]P.C!P>#MM87)G:6XM M8F]T=&]M.C!P>#XF(S$V,#L\+W`^#0H@("`\=&%B;&4@8V5L;'-P86-I;F<] M,T0P(&-E;&QP861D:6YG/3-$,"!W:61T:#TS1#6QE/3-$)V)OF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V M86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0Q/CQB/E1HF4],T0Q/B8C,38P.SPO9F]N M=#X\+W1D/@T*("`@/"]TF4],T0Q/B8C,38P.SPO M9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@8V]L6QE/3-$ M)V)O6QE M/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/@T*("`@/"]T6QE/3-$)VUA'0M:6YD M96YT.BTQ+C`P96TG/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S M(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/B0\+V9O;G0^/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M M(&%L:6=N/3-$F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D M/B`-"B`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`^#0H@("`\+W1D/B`- M"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@'0M:6YD96YT.BTQ+C`P96TG/CQF;VYT('-T>6QE M/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D M/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N M="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4] M,T0R/CF4],T0Q/B8C,38P.SPO M9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/D1E9F5R6QE/3-$ M)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R M;VUA;B<@6QE/3-$)V9O;G0M M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@ M6QE/3-$)V9O;G0M9F%M M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V)O6QE/3-$)V)O6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE M=R!R;VUA;B<@6QE/3-$ M)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI M9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N M=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H M=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/B@S,#(\+V9O;G0^/"]T9#X@#0H@("`\=&0@;F]W3IT:6UEF4],T0R/BDF(S$V,#L\+V9O;G0^ M/"]T9#X-"B`@(#PO='(^(`T*("`@/'1R('-T>6QE/3-$9F]N="US:7IE.C%P M>#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/B8C,38P.SPO=&0^(`T*("`@ M/'1D('9A;&EG;CTS1&)O='1O;3XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI M9VX],T1B;W1T;VT^#0H@("`\<"!S='EL93TS1"=B;W)D97(M=&]P.C%P>"!S M;VQI9"`C,#`P,#`P)SXF(S$V,#L\+W`^#0H@("`\+W1D/B`-"B`@(#QT9"!V M86QI9VX],T1B;W1T;VT^#0H@("`\<"!S='EL93TS1"=B;W)D97(M=&]P.C%P M>"!S;VQI9"`C,#`P,#`P)SXF(S$V,#L\+W`^#0H@("`\+W1D/B`-"B`@(#QT M9#XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^)B,Q-C`[ M/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/@T*("`@/'`@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX] M,T1B;W1T;VT^/&9O;G0@6QE/3-$)V9O;G0M M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B M;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B0\+V9O;G0^/"]T9#X@#0H@ M("`\=&0@=F%L:6=N/3-$8F]T=&]M(&%L:6=N/3-$6QE/3-$)V)O6QE/3-$)V)O M&5S(&1I9F9E2!A<'!L>6EN9R!T:&4@&5S(&%S(&$@6QE/3-$)V)OF4],T0Q/B8C,38P M.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@ M"!S;VQI9"`C,#`P,#`P)SX\9F]N="!S='EL93TS M1"=F;VYT+69A;6EL>3IT:6UEF4],T0Q/CQB/E1H MF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/@T*("`@/"]TF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V M86QI9VX],T1B;W1T;VT@8V]L6QE/3-$)V)O6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S M(&YE=R!R;VUA;B<@F4],T0Q/B8C,38P M.SPO9F]N=#X\+W1D/@T*("`@/"]T6QE/3-$)VUAF4],T0Q/B8C,38P.SPO9F]N=#X\ M+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@ M6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@ M3IT M:6UEF4],T0R/B@V-CD\+V9O;G0^/"]T9#X@#0H@ M("`\=&0@;F]W3IT:6UEF4],T0R M/BDF(S$V,#L\+V9O;G0^/"]T9#X-"B`@(#PO='(^(`T*("`@/'1R/B`-"B`@ M(#QT9"!V86QI9VX],T1T;W`^#0H@("`\<"!S='EL93TS1"=M87)G:6XM;&5F M=#HQ+C`P96T[('1E>'0M:6YD96YT.BTQ+C`P96TG/CQF;VYT('-T>6QE/3-$ M)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`- M"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^)B,Q-C`[/"]T9#X@#0H@("`\=&0@ M=F%L:6=N/3-$8F]T=&]M/B8C,38P.SPO=&0^(`T*("`@/'1D('9A;&EG;CTS M1&)O='1O;3XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^ M/&9O;G0@F4],T0R M/E1A>"UE>&5M<'0@:6YV97-T;65N="!I;F-O;64\+V9O;G0^/"]P/@T*("`@ M/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-I>F4],T0Q M/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^ M/&9O;G0@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT M:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`- M"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S M='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R M/B@T/"]F;VYT/CPO=&0^(`T*("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!V86QI M9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/D-H86YG92!I;B!T:&4@8F5G:6YN:6YG(&]F('1H92!P M97)I;V0@8F%L86YC92!O9B!T:&4@=F%L=6%T:6]N(&%L;&]W86YC92!F;W(@ M9&5F97)R960@=&%X(&%S&5S/"]F;VYT/CPO<#X-"B`@(#PO=&0^(`T*("`@/'1D('9A M;&EG;CTS1&)O='1O;3X\9F]N="!S:7IE/3-$,3XF(S$V,#L\+V9O;G0^/"]T M9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-T>6QE/3-$)V9O M;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA M;B<@3IT:6UEF4],T0R/B8C,38P.SPO9F]N M=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX] M,T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A M;6EL>3IT:6UEF4],T0R/C4U-CPO9F]N=#X\+W1D M/B`-"B`@(#QT9"!N;W=R87`],T1N;W=R87`@=F%L:6=N/3-$8F]T=&]M/CQF M;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/E)EF4] M,T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T M;VT^/&9O;G0@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY M.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@'0M:6YD96YT.BTQ M+C`P96TG/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R M;VUA;B<@&5S+"!N970@;V8@9F5D M97)A;"!I;F-O;64@=&%X(&)E;F5F:70@86YD('9A;'5A=&EO;B!A;&QO=V%N M8V4\+V9O;G0^/"]P/@T*("`@/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T M=&]M/CQF;VYT('-I>F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT M9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S M(&YE=R!R;VUA;B<@6QE M/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE M=R!R;VUA;B<@6QE/3-$ M)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$ M)VUA3IT:6UEF4],T0R/B8C,38P.SPO9F]N M=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H M=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/C8\+V9O;G0^/"]T9#X@#0H@("`\=&0@;F]W3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D M/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4] M,T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T M;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT M:6UEF4],T0R/B@Q.3PO9F]N=#X\+W1D/B`-"B`@ M(#QT9"!N;W=R87`],T1N;W=R87`@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-T M>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@F4Z,7!X/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^)B,Q M-C`[/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/B8C,38P.SPO=&0^ M(`T*("`@/'1D('9A;&EG;CTS1&)O='1O;3X-"B`@(#QP('-T>6QE/3-$)V)O M6QE/3-$ M)V)O"!S;VQI9"`C,#`P,#`P M)SXF(S$V,#L\+W`^#0H@("`\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T M;VT^#0H@("`\<"!S='EL93TS1"=B;W)D97(M=&]P.C%P>"!S;VQI9"`C,#`P M,#`P)SXF(S$V,#L\+W`^#0H@("`\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D M/@T*("`@/"]T3IT:6UEF4],T0R/B0\+V9O;G0^/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$ M8F]T=&]M(&%L:6=N/3-$6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I M;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/B@S,#(\ M+V9O;G0^/"]T9#X@#0H@("`\=&0@;F]W3IT:6UEF4],T0R/BDF(S$V,#L\+V9O;G0^/"]T9#X-"B`@(#PO='(^ M(`T*("`@/'1R('-T>6QE/3-$9F]N="US:7IE.C%P>#X@#0H@("`\=&0@=F%L M:6=N/3-$8F]T=&]M/B8C,38P.SPO=&0^(`T*("`@/'1D('9A;&EG;CTS1&)O M='1O;3XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^#0H@ M("`\<"!S='EL93TS1"=B;W)D97(M=&]P.C-P>"!D;W5B;&4@(S`P,#`P,"<^ M)B,Q-C`[/"]P/@T*("`@/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M M/@T*("`@/'`@"!D;W5B;&4@(S`P,#`P,"<^)B,Q-C`[/"]P/@T*("`@/"]T9#X@#0H@ M("`\=&0@=F%L:6=N/3-$8F]T=&]M/@T*("`@/'`@2`M+3X-"B`@(#PO=&%B;&4^(`T*("`@/'`@F4Z,7!X.VUA#MM87)G:6XM8F]T=&]M.C!P M>#XF(S$V,#L\+W`^#0H@("`\<"!S='EL93TS1"=M87)G:6XM=&]P.C!P>#MM M87)G:6XM8F]T=&]M.C!P>#L@=&5X="UI;F1E;G0Z-"4G/CQF;VYT('-T>6QE M/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@2!T:&%N(&YO="!T;R!B92!R96%L:7IE M9"X@5&AE(&-H86YG92!I;B!T:&4@=&]T86P@=F%L=6%T:6]N#0H@("!A;&QO M=V%N8V4@9F]R('1H92!T:')E92!M;VYT:',@96YD960@36%R8V@F(S$V,#LS M,2P@,C`Q,B!W87,@86X@:6YC'0M:6YD96YT M.C0E)SX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/DEN(&%S"!A28C.#(Q-SMS M(&YE="!D969EF%B:6QI='D@;V8@:71S(&1E9F5R"!A28C.#(Q-SMS(&]U=&QO;VL@9F]R(&9U='5R92!P"!V86QU871I;VX@ M86QL;W=A;F-E(&%T($UAF5D+B!);B!T:&4@ M979E;G0@=&AE(&1E9F5R"!V86QU871I;VX-"B`@(&%L;&]W86YC M92!I7!E.B!T97AT+VAT M;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@ M("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$ M)W1E>'0O:'1M;#L@8VAA6QE/3-$)V)O3IT:6UEF4],T0R/CQB/C8N/"]B/CPO9F]N=#X\+W1D/B`-"B`@(#QT M9"!A;&EG;CTS1&QE9G0@=F%L:6=N/3-$=&]P/CQF;VYT('-T>6QE/3-$)V9O M;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)VUA2!F;V-U'0M:6YD96YT.C0E)SX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UE MF4],T0R/E1H92!F;VQL;W=I;F<@=&%B;&4@<')E M6QE M/3-$9F]N="US:7IE.C$R<'@[;6%R9VEN+71O<#HP<'@[;6%R9VEN+6)O='1O M;3HP<'@^)B,Q-C`[/"]P/@T*("`@/'1A8FQE(&-E;&QS<&%C:6YG/3-$,"!C M96QL<&%D9&EN9STS1#`@=VED=&@],T0W-B4@8F]R9&5R/3-$,"!S='EL93TS M1"=B;W)D97(M8V]L;&%P'0M86QI9VXZ(&QE9G0G M(&%L:6=N/3-$8V5N=&5R/@T*("`@/"$M+2!"96=I;B!486)L92!(96%D("TM M/@T*("`@/'1R/B`-"B`@(#QT9"!W:61T:#TS1#F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`- M"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@8V]L3IT:6UEF4],T0Q/CQB/DUAF4],T0Q/B8C,38P.SPO9F]N M=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0Q/CQB/C(P,3(\+V(^ M/"]F;VYT/CPO=&0^(`T*("`@/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!S M:7IE/3-$,3XF(S$V,#L\+V9O;G0^/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$ M8F]T=&]M/CQF;VYT('-I>F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@ M(#QT9"!V86QI9VX],T1B;W1T;VT@8V]L2`M+3X-"B`@(#QT3IT:6UEF4] M,T0R/E)E=F5N=65S.CPO9F]N=#X\+W`^#0H@("`\+W1D/B`-"B`@(#QT9"!V M86QI9VX],T1B;W1T;VT^/&9O;G0@'0M:6YD96YT.BTQ+C`P96TG/CQF;VYT('-T>6QE/3-$)V9O;G0M M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S M(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/C4U+#0S-#PO M9F]N=#X\+W1D/B`-"B`@(#QT9"!N;W=R87`],T1N;W=R87`@=F%L:6=N/3-$ M8F]T=&]M/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R M;VUA;B<@6QE/3-$)V9O M;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/C4R+#6QE/3-$)V9O;G0M9F%M M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/E)E86P@ M97-T871E(&%N9"!C;W)P;W)A=&4\+V9O;G0^/"]P/@T*("`@/"]T9#X@#0H@ M("`\=&0@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-I>F4],T0Q/B8C,38P.SPO M9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@6QE/3-$ M)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R M;VUA;B<@6QE/3-$)V9O M;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/@T*("`@/"]T6QE/3-$)V)O6QE/3-$)V)O"!S;VQI M9"`C,#`P,#`P)SXF(S$V,#L\+W`^#0H@("`\+W1D/B`-"B`@(#QT9"!V86QI M9VX],T1B;W1T;VT^#0H@("`\<"!S='EL93TS1"=B;W)D97(M=&]P.C%P>"!S M;VQI9"`C,#`P,#`P)SXF(S$V,#L\+W`^#0H@("`\+W1D/B`-"B`@(#QT9#XF M(S$V,#L\+W1D/@T*("`@/"]T6QE/3-$)VUAF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT M9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@6QE M/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@F4],T0Q/B8C,38P.SPO9F]N M=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA M;B<@6QE/3-$9F]N="US:7IE M.C%P>#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/B8C,38P.SPO=&0^(`T* M("`@/'1D('9A;&EG;CTS1&)O='1O;3XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V M86QI9VX],T1B;W1T;VT^#0H@("`\<"!S='EL93TS1"=B;W)D97(M=&]P.C-P M>"!D;W5B;&4@(S`P,#`P,"<^)B,Q-C`[/"]P/@T*("`@/"]T9#X@#0H@("`\ M=&0@=F%L:6=N/3-$8F]T=&]M/@T*("`@/'`@3IT:6UEF4],T0R/DQOF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D M/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^)B,Q-C`[/"]T9#X@#0H@("`\ M=&0@=F%L:6=N/3-$8F]T=&]M/B8C,38P.SPO=&0^(`T*("`@/'1D('9A;&EG M;CTS1&)O='1O;3XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T M;VT^/&9O;G0@3IT:6UEF4],T0R/DEN3IT:6UEF4],T0R/B0\+V9O;G0^/"]T9#X@#0H@("`\=&0@=F%L M:6=N/3-$8F]T=&]M(&%L:6=N/3-$3IT:6UEF4],T0R/BDF(S$V,#L\+V9O;G0^/"]T9#X@#0H@("`\=&0@=F%L M:6=N/3-$8F]T=&]M/CQF;VYT('-I>F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D M/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY M.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)VUA6QE M/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE M=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE M=R!R;VUA;B<@6QE/3-$ M)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V)O6QE/3-$)V)O3IT:6UEF4],T0R/D-O;G-O;&ED M871E9"!T;W1A;#PO9F]N=#X\+W`^#0H@("`\+W1D/B`-"B`@(#QT9"!V86QI M9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B0\+V9O;G0^/"]T M9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M(&%L:6=N/3-$3IT:6UEF4],T0R/BDF(S$V,#L\+V9O;G0^/"]T M9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-I>F4],T0Q/B8C M,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O M;G0@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S M(&YE=R!R;VUA;B<@6QE/3-$ M)V)O6QE/3-$)V)OF4Z,3)P>#MM87)G M:6XM=&]P.C!P>#MM87)G:6XM8F]T=&]M.C!P>#XF(S$V,#L\+W`^#0H@("`\ M=&%B;&4@8V5L;'-P86-I;F<],T0P(&-E;&QP861D:6YG/3-$,"!W:61T:#TS M1#6QE/3-$)V)OF4],T0Q/B8C,38P.SPO9F]N M=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0Q/CQB/DUAF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D M/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0Q/CQB/D1E8V5M8F5R)B,Q-C`[ M,S$L/"]B/CPO9F]N=#X\8G(@+SX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL M>3IT:6UEF4],T0Q/CQB/C(P,3$\+V(^/"]F;VYT M/CPO=&0^(`T*("`@/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!S:7IE/3-$ M,3XF(S$V,#L\+V9O;G0^/"]T9#X-"B`@(#PO='(^#0H@("`\(2TM($5N9"!4 M86)L92!(96%D("TM/@T*("`@/"$M+2!"96=I;B!486)L92!";V1Y("TM/@T* M("`@/'1R(&)G8V]L;W(],T0C8V-E969F/B`-"B`@(#QT9"!V86QI9VX],T1T M;W`^#0H@("`\<"!S='EL93TS1"=M87)G:6XM;&5F=#HQ+C`P96T[('1E>'0M M:6YD96YT.BTQ+C`P96TG/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I M;65S(&YE=R!R;VUA;B<@'0M:6YD96YT.BTQ+C`P M96TG/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA M;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/C(U,BPW,S8\+V9O;G0^/"]T9#X@#0H@("`\=&0@ M;F]W3IT:6UEF4],T0R/B8C,38P M.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@ M3IT:6UEF4],T0R/B0\+V9O;G0^/"]T9#X@#0H@("`\=&0@=F%L:6=N M/3-$8F]T=&]M(&%L:6=N/3-$'0M:6YD M96YT.BTQ+C`P96TG/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S M(&YE=R!R;VUA;B<@3IT M:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`- M"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S M='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R M/C$U+#0X-#PO9F]N=#X\+W1D/B`-"B`@(#QT9"!N;W=R87`],T1N;W=R87`@ M=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I M;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S M(&YE=R!R;VUA;B<@6QE/3-$ M9F]N="US:7IE.C%P>#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/B8C,38P M.SPO=&0^(`T*("`@/'1D('9A;&EG;CTS1&)O='1O;3XF(S$V,#L\+W1D/B`- M"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^#0H@("`\<"!S='EL93TS1"=B;W)D M97(M=&]P.C%P>"!S;VQI9"`C,#`P,#`P)SXF(S$V,#L\+W`^#0H@("`\+W1D M/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^#0H@("`\<"!S='EL93TS1"=B M;W)D97(M=&]P.C%P>"!S;VQI9"`C,#`P,#`P)SXF(S$V,#L\+W`^#0H@("`\ M+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B M;W1T;VT^)B,Q-C`[/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/@T* M("`@/'`@'0M:6YD96YT M.BTQ+C`P96TG/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE M=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R M;VUA;B<@3IT:6UEF4],T0R/C(V."PR,C`\+V9O;G0^ M/"]T9#X@#0H@("`\=&0@;F]W3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX] M,T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B0\+V9O;G0^/"]T9#X@ M#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M(&%L:6=N/3-$6QE/3-$9F]N="US:7IE.C%P>#X@#0H@ M("`\=&0@=F%L:6=N/3-$8F]T=&]M/B8C,38P.SPO=&0^(`T*("`@/'1D('9A M;&EG;CTS1&)O='1O;3XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B M;W1T;VT^#0H@("`\<"!S='EL93TS1"=B;W)D97(M=&]P.C-P>"!D;W5B;&4@ M(S`P,#`P,"<^)B,Q-C`[/"]P/@T*("`@/"]T9#X@#0H@("`\=&0@=F%L:6=N M/3-$8F]T=&]M/@T*("`@/'`@2`M+3X-"B`@(#PO=&%B;&4^(`T*("`@/'`@ MF4Z,7!X.VUA#MM87)G:6XM M8F]T=&]M.C!P>#XF(S$V,#L\+W`^#0H\'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA M'1";&]C:RTM/@T*("`@/'1A8FQE('-T>6QE/3-$)V)O M3IT:6UEF4],T0R/CQB/C6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@#MM87)G:6XM8F]T=&]M.C!P>#L@=&5X="UI M;F1E;G0Z-"4G/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE M=R!R;VUA;B<@28C,38P.S$L(#(P,3(@86YD+"!T:&5R969O M&EM871E;'D@)#`N-2!M:6QL:6]N('1O("0P+C<@ M;6EL;&EO;B!O=F5R('1H92!F:7)S="!S:7@@;6]N=&AS(&]F(#(P,3(L(&-O M;G-I28C.#(Q-SMS(&EN2!W:71H M(&EN=&5R;F%T:6]N86P@6QE/3-$)VUA#MM87)G:6XM8F]T=&]M.C!P M>#L@=&5X="UI;F1E;G0Z-"4G/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY M.G1I;65S(&YE=R!R;VUA;B<@28C.#(Q-SMS(&9I;F%N8VEA;"!P;W-I=&EO;B!O'0M:6YD96YT.C0E M)SX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/@T*("`@26X@4V5P=&5M8F5R)B,Q-C`[,C`Q,2P@=&AE($9! M4T(@:7-S=65D($%352`R,#$Q+3`X+"8C,38P.SQI/DEN=&%N9VEB;&5S("8C M.#(Q,CL@1V]O9'=I;&P@86YD($]T:&5R("A4;W!I8R`S-3`I/"]I/BPF(S$V M,#MW:&EC:"!A;&QO=W,@8V]M<&%N:65S('1O('=A:79E(&-O;7!A3X-"CPO M:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%]D9&%F,6(W.5\Y-F)F7S0V8S=? M.&%E-5\Y8S'0O:'1M;#L@ M8VAA&UL;G,Z;STS1")U'1087)T7V1D868Q8C XML 14 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
Investments
3 Months Ended
Mar. 31, 2012
Investments [Abstract]  
Investments
3. Investments

Investments, Available-for-Sale

The following tables summarize the Company’s investment securities (in thousands).

 

                                 

March 31, 2012

  Amortized
Cost
    Gross
Unrealized
Gains
    Gross
Unrealized
Losses
    Fair
Value
 

U.S. government and agencies

  $ 24,181     $ 1,289     $ —       $ 25,470  

State

    5,418       237       —         5,655  

Political subdivisions

    753       28       —         781  

Revenue and assessment

    22,469       1,470       (5     23,934  

Corporate bonds

    67,740       6,150       (11     73,879  

Collateralized mortgage obligations:

                               

Agency backed

    15,435       1,089       —         16,524  

Non-agency backed – residential

    5,442       154       (135     5,461  

Non-agency backed – commercial

    5,361       321       —         5,682  

Redeemable preferred stocks

    1,676       131       (7     1,800  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total fixed maturities, available-for-sale

    148,475       10,869       (158     159,186  

Investment in mutual fund, available-for-sale

    7,501       411       —         7,912  
   

 

 

   

 

 

   

 

 

   

 

 

 
    $ 155,976     $ 11,280     $ (158   $ 167,098  
   

 

 

   

 

 

   

 

 

   

 

 

 

 

                                 

December 31, 2011

  Amortized
Cost
    Gross
Unrealized
Gains
    Gross
Unrealized
Losses
    Fair
Value
 

U.S. government and agencies

  $ 24,178     $ 1,350     $ —       $ 25,528  

State

    6,099       288       —         6,387  

Political subdivisions

    754       27       —         781  

Revenue and assessment

    24,130       1,302       —         25,432  

Corporate bonds

    71,392       6,113       (208     77,297  

Collateralized mortgage obligations:

                               

Agency backed

    16,953       1,180       —         18,133  

Non-agency backed – residential

    5,530       66       (167     5,429  

Non-agency backed – commercial

    5,862       275       (12     6,125  

Redeemable preferred stock

    176       —         (7     169  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total fixed maturities, available-for-sale

    155,074       10,601       (394     165,281  

Investment in mutual fund, available-for-sale

    7,501       43       —         7,544  
   

 

 

   

 

 

   

 

 

   

 

 

 
    $ 162,575     $ 10,644     $ (394   $ 172,825  
   

 

 

   

 

 

   

 

 

   

 

 

 

 

The following tables set forth the scheduled maturities of the Company’s fixed maturity securities based on their fair values (in thousands). Actual maturities may differ from contractual maturities because certain securities may be called or prepaid by the issuers.

 

                                 

March 31, 2012

  Securities
with
Unrealized
Gains
    Securities
with
Unrealized
Losses
    Securities
with No
Unrealized
Gains or
Losses
    All
Fixed
Maturity
Securities
 

One year or less

  $ 21,975     $ —       $ —       $ 21,975  

After one through five years

    52,837       1,010       —         53,847  

After five through ten years

    42,531       —         —         42,531  

After ten years

    9,494       1,872       —         11,366  

No single maturity date

    27,858       1,609       —         29,467  
   

 

 

   

 

 

   

 

 

   

 

 

 
    $ 154,695     $ 4,491     $ —       $ 159,186  
   

 

 

   

 

 

   

 

 

   

 

 

 

 

                                 

December 31, 2011

  Securities
with
Unrealized
Gains
    Securities
with
Unrealized
Losses
    Securities
with No
Unrealized
Gains or
Losses
    All
Fixed
Maturity
Securities
 

One year or less

  $ 15,801     $ 2,506     $ 955     $ 19,262  

After one through five years

    61,511       —         —         61,511  

After five through ten years

    42,997       689       —         43,686  

After ten years

    7,860       3,106       —         10,966  

No single maturity date

    26,623       2,168       1,065       29,856  
   

 

 

   

 

 

   

 

 

   

 

 

 
    $ 154,792     $ 8,469     $ 2,020     $ 165,281  
   

 

 

   

 

 

   

 

 

   

 

 

 

The following table reflects the number of fixed maturity securities with gross unrealized gains and losses. Gross unrealized losses are further segregated by the length of time that individual securities have been in a continuous unrealized loss position.

 

                         
    Gross Unrealized Losses     Gross
Unrealized
Gains
 

At:

  Less than
or equal to
12 months
    Greater
than 12
months
   

March 31, 2012

    1       5       137  

December 31, 2011

    7       4       139  

The following tables reflect the fair value and gross unrealized losses of those fixed maturity securities in a continuous unrealized loss position for greater than 12 months. Gross unrealized losses are further segregated by the percentage of amortized cost (in thousands, except number of securities).

 

                         

Gross Unrealized Losses

at March 31, 2012:

  Number
of
Securities
    Fair
Value
    Gross
Unrealized
Losses
 

Less than or equal to 10%

    4     $ 3,290     $ (45

Greater than 10%

    1       191       (108
   

 

 

   

 

 

   

 

 

 
      5     $ 3,481     $ (153
   

 

 

   

 

 

   

 

 

 

 

                         

Gross Unrealized Losses

at December 31, 2011:

  Number
of
Securities
    Fair
Value
    Gross
Unrealized
Losses
 

Less than or equal to 10%

    3     $ 2,760     $ (92

Greater than 10%

    1       191       (110
   

 

 

   

 

 

   

 

 

 
      4     $ 2,951     $ (202
   

 

 

   

 

 

   

 

 

 

 

The following tables set forth the amount of gross unrealized losses by current severity (as compared to amortized cost) and length of time that individual securities have been in a continuous unrealized loss position (in thousands).

 

                                         
     Fair Value of
Securities with
Gross
Unrealized
Losses
    Gross
Unrealized
Losses
    Severity of Gross Unrealized Losses  
       

Length of

Gross Unrealized Losses

at March 31, 2012:

      Less
than 5%
    5% to
10%
    Greater
than

10%
 

Less than or equal to:

                                       

Three months

  $ —       $ —       $ —       $ —       $ —    

Six months

    —         —         —         —         —    

Nine months

    1,010       (5     (5     —         —    

Twelve months

    —         —         —         —         —    

Greater than twelve months

    3,481       (153     (45     —         (108
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 4,491     $ (158   $ (50   $ —       $ (108
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

                                         
     Fair Value of
Securities with
Gross
Unrealized
Losses
    Gross
Unrealized
Losses
    Severity of Gross Unrealized Losses  
       

Length of

Gross Unrealized Losses

at December 31, 2011:

      Less
than 5%
    5% to
10%
    Greater
than 10%
 

Less than or equal to:

                                       

Three months

  $ 2,506     $ —       $ —       $ —       $ —    

Six months

    1,945       (174     —         (174     —    

Nine months

    898       (11     (11     —         —    

Twelve months

    169       (7     (7     —         —    

Greater than twelve months

    2,951       (202     (45     (47     (110
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 8,469     $ (394   $ (63   $ (221   $ (110
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Restrictions

At March 31, 2012, fixed maturities and cash equivalents with a fair value of $5.9 million (amortized cost of $5.3 million) were on deposit with various insurance departments as a requirement of doing business in those states. Fixed maturities and cash equivalents with a fair value of $9.0 million (amortized cost of $8.9 million) were on deposit with another insurance company as collateral for an assumed reinsurance contract.

Investment Income and Net Realized Gains and Losses

The major categories of investment income follow (in thousands).

 

                 
    Three Months Ended
March 31,
 
    2012     2011  

Fixed maturities, available-for-sale

  $ 1,760     $ 1,975  

Investment in mutual fund, available-for-sale

    137       151  

Cash and cash equivalents

    —         1  

Other

    29       29  

Investment expenses

    (156     (165
   

 

 

   

 

 

 
    $ 1,770     $ 1,991  
   

 

 

   

 

 

 

 

The components of net realized gains (losses) on investments, available-for-sale at fair value follow (in thousands).

 

                 
    Three Months Ended
March 31,
 
    2012     2011  

Gains

  $ 27     $ —    

Losses

    —         (1

Other-than-temporary impairment

    (1     (77
   

 

 

   

 

 

 
    $ 26     $ (78
   

 

 

   

 

 

 

Realized gains and losses on sales and redemptions are computed based on specific identification. The non-credit related portion of other-than-temporary impairment (“OTTI”) is included in other comprehensive income (loss). The amounts of non-credit OTTI for securities still owned was $1.0 million for non-agency backed residential collateralized mortgage obligations (“CMOs”) and $0.2 million for non-agency backed commercial CMOs at both March 31, 2012 and December 31, 2011.

Other-Than-Temporary Impairment

In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 320-10, the Company separates OTTI into the following two components: (i) the amount related to credit losses, which is recognized in the consolidated statement of operations and (ii) the amount related to all other factors, which is recorded in other comprehensive income (loss). The credit-related portion of an OTTI is measured by comparing a security’s amortized cost to the present value of its current expected cash flows discounted at its effective yield prior to the impairment charge.

The determination of whether unrealized losses are “other-than-temporary” requires judgment based on subjective, as well as objective factors. The Company routinely monitors its investment portfolio for changes in fair value that might indicate potential impairments and performs detailed reviews on such securities. Changes in fair value are evaluated to determine the extent to which such changes are attributable to (i) fundamental factors specific to the issuer or (ii) market-related factors such as interest rates or sector declines.

Securities with declines attributable to issuer-specific fundamentals are reviewed to identify all available evidence to estimate the potential for impairment. Resources used include historical financial data included in filings with the SEC for corporate bonds and performance data regarding the underlying loans for CMOs. Securities with declines attributable solely to market or sector declines where the Company does not intend to sell the security and it is more likely than not that the Company will not be required to sell the security before the full recovery of its amortized cost basis are not deemed to be other-than-temporarily impaired.

The issuer-specific factors considered in reaching the conclusion that securities with declines are not other-than-temporary include (i) the extent and duration of the decline in fair value, including the duration of any significant decline in value, (ii) whether the security is current as to payments of principal and interest, (iii) a valuation of any underlying collateral, (iv) current and future conditions and trends for both the business and its industry, (v) changes in cash flow assumptions for CMOs and (vi) rating agency actions. Based on these factors, the Company makes a determination as to the probability of recovering principal and interest on the security.

 

The number and amount of securities for which the Company has recognized OTTI charges in net loss are presented in the following table (in thousands, except for the number of securities).

 

                                 
    Three Months Ended March 31,  
    2012     2011  
    Number of
Securities
    OTTI     Number of
Securities
    OTTI  

Collateralized mortgage obligations:

                               

Non-agency backed – residential

    1     $ (1     3     $ (77

Non-agency backed – commercial

    —         —         —         —    
   

 

 

   

 

 

   

 

 

   

 

 

 
      1       (1     3       (77

Portion of loss recognized in accumulated other comprehensive income (loss)

            —                 —    
           

 

 

           

 

 

 

Net OTTI recognized in net loss

          $ (1           $ (77
           

 

 

           

 

 

 

The following is a progression of the credit-related portion of OTTI on investments owned at March 31, 2012 and 2011 (in thousands).

 

                 
    Three Months Ended
March 31,
 
    2012     2011  

Beginning balance

  $ (3,425   $ (3,590

Additional credit impairments on:

               

Previously impaired securities

    (1     (77

Securities without previous impairments

    —         —    
   

 

 

   

 

 

 
      (1     (77

Reductions for securities sold (realized)

    —         192  
   

 

 

   

 

 

 
    $ (3,426   $ (3,475
   

 

 

   

 

 

 

On a quarterly basis, the Company reviews cash flow estimates for certain non-agency backed CMOs of lesser credit quality following the guidance of FASB ASC 325-40, Investments – Other – Benefits Interests in Securitized Financial Assets (“FASB ASC 325-40”). Accordingly, when changes in estimated cash flows occur due to actual or estimated prepayment or credit loss experience, and the present value of the revised cash flows is less than the present value previously estimated, OTTI is deemed to have occurred. For non-agency backed CMOs not subject to FASB ASC 325-40, the Company reviews quarterly projected cash flow analyses and recognizes OTTI when it determines that a loss is probable. The Company has recognized OTTI related to certain non-agency backed CMOs as the underlying cash flows have been adversely impacted due to a reduction in prepayments from mortgage refinancing and an increase in actual and projected delinquencies in the underlying mortgages.

The Company’s review of non-agency backed CMOs included an analysis of available information such as collateral quality, anticipated cash flows, credit enhancements, default rates, loss severities, the securities’ relative position in their respective capital structures, and credit ratings from statistical rating agencies. The Company reviews quarterly projected cash flow analyses for each security utilizing current assumptions regarding (i) actual and anticipated delinquencies, (ii) delinquency transition-to-default rates and (iii) loss severities. Based on its quarterly reviews, the Company determined that there had not been an adverse change in projected cash flows, except in the case of those securities for which OTTI charges have been recorded. The Company believes that the unrealized losses on the remaining non-agency backed securities for which OTTI charges have not been recorded are not necessarily predictive of the ultimate performance of the underlying collateral. The Company does not intend to sell these securities and it is more likely than not that the Company will not be required to sell these securities before the recovery of their amortized cost basis.

The Company believes that the remaining securities having unrealized losses at March 31, 2012 were not other-than-temporarily impaired. The Company also does not intend to sell any of these securities and it is more likely than not that the Company will not be required to sell any of these securities before the recovery of their amortized cost basis.

 

XML 15 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2012
Dec. 31, 2011
ASSETS    
Investments, available-for-sale at fair value (amortized cost of $155,976 and $162,575, respectively) $ 167,098 $ 172,825
Cash and cash equivalents 26,079 23,751
Premiums and fees receivable, net of allowance of $357 and $364 54,320 41,313
Other assets 7,164 8,005
Property and equipment, net 4,916 3,315
Deferred acquisition costs 3,843 3,243
Identifiable intangible assets 4,800 4,800
TOTAL ASSETS 268,220 257,252
LIABILITIES AND STOCKHOLDERS' EQUITY    
Loss and loss adjustment expense reserves 71,070 69,436
Unearned premiums and fees 66,700 50,464
Debentures payable 41,240 41,240
Other liabilities 13,526 13,383
Total liabilities 192,536 174,523
Stockholders' equity:    
Preferred stock, $.01 par value, 10,000 shares authorized      
Common stock, $.01 par value, 75,000 shares authorized; 40,923 and 40,928 shares issued and outstanding, respectively 409 409
Additional paid-in capital 456,346 456,056
Accumulated other comprehensive income 11,122 10,250
Accumulated deficit (392,193) (383,986)
Total stockholders' equity 75,684 82,729
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 268,220 $ 257,252
XML 16 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
General
3 Months Ended
Mar. 31, 2012
General [Abstract]  
General
1. General

The consolidated financial statements of First Acceptance Corporation (the “Company”) included herein have been prepared without audit pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been omitted. In the opinion of management, the consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair statement of the interim periods. Certain reclassifications have been made to the prior year’s consolidated financial statements to conform with the current year presentation.

The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year. These consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in its Transition Report on Form 10-K for the transition period from July 1, 2011 to December 31, 2011.

 

XML 17 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.1.0.1 * */ var moreDialog = null; var Show = { Default:'raw', more:function( obj ){ var bClosed = false; if( moreDialog != null ) { try { bClosed = moreDialog.closed; } catch(e) { //Per article at http://support.microsoft.com/kb/244375 there is a problem with the WebBrowser control // that somtimes causes it to throw when checking the closed property on a child window that has been //closed. So if the exception occurs we assume the window is closed and move on from there. bClosed = true; } if( !bClosed ){ moreDialog.close(); } } obj = obj.parentNode.getElementsByTagName( 'pre' )[0]; var hasHtmlTag = false; var objHtml = ''; var raw = ''; //Check for raw HTML var nodes = obj.getElementsByTagName( '*' ); if( nodes.length ){ objHtml = obj.innerHTML; }else{ if( obj.innerText ){ raw = obj.innerText; }else{ raw = obj.textContent; } var matches = raw.match( /<\/?[a-zA-Z]{1}\w*[^>]*>/g ); if( matches && matches.length ){ objHtml = raw; //If there is an html node it will be 1st or 2nd, // but we can check a little further. var n = Math.min( 5, matches.length ); for( var i = 0; i < n; i++ ){ var el = matches[ i ].toString().toLowerCase(); if( el.indexOf( '= 0 ){ hasHtmlTag = true; break; } } } } if( objHtml.length ){ var html = ''; if( hasHtmlTag ){ html = objHtml; }else{ html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ objHtml + "\n"+''+ "\n"+''; } moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write( html ); moreDialog.document.close(); if( !hasHtmlTag ){ moreDialog.document.body.style.margin = '0.5em'; } } else { //default view logic var lines = raw.split( "\n" ); var longest = 0; if( lines.length > 0 ){ for( var p = 0; p < lines.length; p++ ){ longest = Math.max( longest, lines[p].length ); } } //Decide on the default view this.Default = longest < 120 ? 'raw' : 'formatted'; //Build formatted view var text = raw.split( "\n\n" ) >= raw.split( "\r\n\r\n" ) ? raw.split( "\n\n" ) : raw.split( "\r\n\r\n" ) ; var formatted = ''; if( text.length > 0 ){ if( text.length == 1 ){ text = raw.split( "\n" ) >= raw.split( "\r\n" ) ? raw.split( "\n" ) : raw.split( "\r\n" ) ; formatted = "

"+ text.join( "

\n" ) +"

"; }else{ for( var p = 0; p < text.length; p++ ){ formatted += "

" + text[p] + "

\n"; } } }else{ formatted = '

' + raw + '

'; } html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+'
'+ "\n"+' formatted: '+ ( this.Default == 'raw' ? 'as Filed' : 'with Text Wrapped' ) +''+ "\n"+'
'+ "\n"+' '+ "\n"+'
'+ "\n"+' '+ "\n"+'
'+ "\n"+''+ "\n"+''; moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write(html); moreDialog.document.close(); this.toggle( moreDialog ); } moreDialog.document.title = 'Report Preview Details'; }, toggle:function( win, domLink ){ var domId = this.Default; var doc = win.document; var domEl = doc.getElementById( domId ); domEl.style.display = 'block'; this.Default = domId == 'raw' ? 'formatted' : 'raw'; if( domLink ){ domLink.innerHTML = this.Default == 'raw' ? 'with Text Wrapped' : 'as Filed'; } var domElOpposite = doc.getElementById( this.Default ); domElOpposite.style.display = 'none'; }, LastAR : null, showAR : function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }, toggleNext : function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }, hideAR : function(){ Show.LastAR.style.display = 'none'; } }
XML 18 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Fair Value
3 Months Ended
Mar. 31, 2012
Fair Value [Abstract]  
Fair Value
2. Fair Value

Fair value is the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are generally based upon observable and unobservable inputs. Observable inputs are based on market data from independent sources, while unobservable inputs reflect the Company’s view of market assumptions in the absence of observable market information. All assets and liabilities that are carried at fair value are classified and disclosed in one of the following categories:

 

     

Level 1 -

  Quoted prices in active markets for identical assets or liabilities.
   

Level 2 -

  Quoted market prices for similar assets or liabilities in active markets; quoted prices by independent pricing services for identical or similar assets or liabilities in markets that are not active; and valuations, using models or other valuation techniques, that use observable market data. All significant inputs are observable, or derived from observable information in the marketplace, or are supported by observable levels at which transactions are executed in the market place.
   

Level 3 -

  Instruments that use non-binding broker quotes or model driven valuations that do not have observable market data.

The Company categorizes methods used in its identifiable intangible assets impairment tests as Level 3. To determine the fair value of acquired trademarks and trade names, the Company uses the relief-from-royalty method, which requires the Company to estimate the future revenue for the related brands, the appropriate royalty rate and the weighted average cost of capital.

Fair Value of Financial Instruments

The carrying values and fair values of certain of the Company’s financial instruments were as follows (in thousands).

 

                                 
    March 31, 2012     December 31, 2011  
    Carrying
Value
    Fair
Value
    Carrying
Value
    Fair
Value
 

Assets:

                               

Investments, available-for-sale

  $ 167,098     $ 167,098     $ 172,825     $ 172,825  

Liabilities:

                               

Debentures payable

    41,240       15,218       41,240       14,868  

 

The fair values as presented represent the Company’s best estimates and may not be substantiated by comparisons to independent markets. The fair value of the debentures payable was based on current market rates offered for debt with similar risks and maturities. Carrying values of certain financial instruments, such as cash and cash equivalents and premiums and fees receivable, approximate fair value due to the short-term nature of the instruments and are not required to be disclosed. Therefore, the aggregate of the fair values presented in the preceding table do not purport to represent the Company’s underlying value.

The Company holds available-for-sale investments, which are carried at fair value. The following tables present the fair-value measurements for each major category of assets that are measured on a recurring basis (in thousands).

 

                                 
    Total     Fair Value Measurements Using  

March 31, 2012

    Quoted Prices
in Active
Markets for
Identical
Assets

(Level 1)
    Significant
Other
Observable
Inputs

(Level 2)
    Significant
Unobservable
Inputs

(Level 3)
 

Fixed maturities, available-for-sale:

                               

U.S. government and agencies

  $ 25,470     $ 25,470     $ —       $ —    

State

    5,655       —         5,655       —    

Political subdivisions

    781       —         781       —    

Revenue and assessment

    23,934       —         23,934       —    

Corporate bonds

    73,879       —         73,879       —    

Collateralized mortgage obligations:

                               

Agency backed

    16,524       —         16,524       —    

Non-agency backed – residential

    5,461       —         5,461       —    

Non-agency backed – commercial

    5,682       —         5,682       —    

Redeemable preferred stocks

    1,800       1,800       —         —    
   

 

 

   

 

 

   

 

 

   

 

 

 

Total fixed maturities, available-for-sale

    159,186       27,270       131,916       —    

Investment in mutual fund, available-for-sale

    7,912       7,912       —         —    
   

 

 

   

 

 

   

 

 

   

 

 

 

Total investments, available-for-sale

    167,098       35,182       131,916       —    

Cash and cash equivalents

    26,079       26,079       —         —    
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 193,177     $ 61,261     $ 131,916     $ —    
   

 

 

   

 

 

   

 

 

   

 

 

 

 

                                 
    Total     Fair Value Measurements Using  

December 31, 2011

    Quoted Prices
in Active
Markets for
Identical
Assets

(Level 1)
    Significant
Other
Observable
Inputs

(Level 2)
    Significant
Unobservable
Inputs

(Level 3)
 

Fixed maturities, available-for-sale:

                               

U.S. government and agencies

  $ 25,528     $ 25,528     $ —       $ —    

State

    6,387       —         6,387       —    

Political subdivisions

    781       —         781       —    

Revenue and assessment

    25,432       —         25,432       —    

Corporate bonds

    77,297       —         77,297       —    

Collateralized mortgage obligations:

                               

Agency backed

    18,133       —         18,133       —    

Non-agency backed – residential

    5,429       —         5,429       —    

Non-agency backed – commercial

    6,125       —         6,125       —    

Redeemable preferred stock

    169       169       —         —    
   

 

 

   

 

 

   

 

 

   

 

 

 

Total fixed maturities, available-for-sale

    165,281       25,697       139,584       —    

Investment in mutual fund, available-for-sale

    7,544       7,544       —         —    
   

 

 

   

 

 

   

 

 

   

 

 

 

Total investments, available-for-sale

    172,825       33,241       139,584       —    

Cash and cash equivalents

    23,751       23,751       —         —    
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 196,576     $ 56,992     $ 139,584     $ —    
   

 

 

   

 

 

   

 

 

   

 

 

 

The fair values of the Company’s investments are determined by management after taking into consideration available sources of data. All of the portfolio valuations classified as Level 1 or Level 2 in the above tables are priced exclusively by utilizing the services of independent pricing sources using observable market data. The Level 2 classified security valuations are obtained from a single independent pricing service. There were no transfers between Level 1 and Level 2 for the three months ended March 31, 2012 and 2011. The Company’s policy is to recognize transfers between levels at the end of the reporting period. The Company has not made any adjustments to the prices obtained from the independent pricing sources.

The Company has reviewed the pricing techniques and methodologies of the independent pricing service for Level 2 investments and believes that its policies adequately consider market activity, either based on specific transactions for the security valued or based on modeling of securities with similar credit quality, duration, yield and structure that were recently traded. The Company monitored security-specific valuation trends and has made inquiries with the pricing service about material changes or the absence of expected changes to understand the underlying factors and inputs and to validate the reasonableness of the pricing.

Based on the above categorization, there were no Level 3 classified security valuations at March 31, 2012 and 2011 and December 31, 2011 and 2010, nor any transfers into or out of Level 3 during these periods.

 

XML 19 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Balance Sheets (Parenthetical) (USD $)
In Thousands, except Per Share data, unless otherwise specified
Mar. 31, 2012
Dec. 31, 2011
Consolidated Balance Sheets [Abstract]    
Amortized cost of investments $ 155,976 $ 162,575
Allowance for premiums and fees receivable $ 357 $ 364
Preferred stock, par value $ 0.01 $ 0.01
Preferred stock, shares authorized 10,000 10,000
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized 75,000 75,000
Common stock, shares issued 40,923 40,928
Common stock, shares outstanding 40,923 40,928
XML 20 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information
3 Months Ended
Mar. 31, 2012
May 07, 2012
Document and Entity Information [Abstract]    
Entity Registrant Name FIRST ACCEPTANCE CORP /DE/  
Entity Central Index Key 0001017907  
Document Type 10-Q  
Document Period End Date Mar. 31, 2012  
Amendment Flag false  
Document Fiscal Year Focus 2012  
Document Fiscal Period Focus Q1  
Current Fiscal Year End Date --12-31  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   40,923,344
XML 21 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Operations (Unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Revenues:    
Premiums earned $ 45,419 $ 43,444
Commission and fee income 8,252 7,443
Investment income 1,770 1,991
Net realized gains (losses) on investments, available-for-sale 26 (78)
Total revenues 55,467 52,800
Costs and expenses:    
Losses and loss adjustment expenses 38,864 31,586
Insurance operating expenses 22,762 20,963
Other operating expenses 266 306
Stock-based compensation 295 549
Depreciation and amortization 429 338
Interest expense 979 968
Total costs and expenses 63,595 54,710
Loss before income taxes (8,128) (1,910)
Provision (benefit) for income taxes 79 (302)
Net loss (8,207) (1,608)
Net loss per share:    
Basic and diluted $ (0.20) $ (0.03)
Number of shares used to calculate net loss per share:    
Basic and diluted 40,843 48,192
Reconciliation of net loss to comprehensive loss:    
Net loss (8,207) (1,608)
Net unrealized change in investments 872 (379)
Comprehensive loss (7,335) (1,987)
Detail of net realized gains (losses) on investments, available-for-sale:    
Net realized gains (losses) on sales and redemptions 27 (1)
Other-than-temporary impairment ("OTTI") charges      
Non-credit portion included in comprehensive loss      
OTTI charges reclassified from other comprehensive loss (1) (77)
OTTI charges recognized in net loss (1) (77)
Net realized gains (losses) on investments, available-for-sale $ 26 $ (78)
XML 22 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
Recent Accounting Pronouncements
3 Months Ended
Mar. 31, 2012
Recent Accounting Pronouncements [Abstract]  
Recent Accounting Pronouncements
7. Recent Accounting Pronouncements

In October 2010, the FASB issued ASU No. 2010-26, Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts (a consensus of the FASB Emerging Issues Task Force) (Topic 944), which clarifies what costs should be deferred by insurance companies when issuing or renewing insurance contracts. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning on or after December 15, 2011. The Company adopted this standard on a prospective basis on January 1, 2012 and, therefore, will recognize estimated additional expense of approximately $0.5 million to $0.7 million over the first six months of 2012, consistent with the Company’s insurance policy terms and estimated deferred acquisition costs amortization period.

In May 2011, the FASB issued ASU No. 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs, which amends certain measurement and disclosure requirements related to fair value measurements to improve consistency with international reporting standards. The Company adopted the provisions of this guidance in the quarter ended March 31, 2012. The adoption of this guidance did not have an impact on the Company’s financial position or results of operations.

In June 2011, the FASB issued ASU No. 2011-05, Presentation of Comprehensive Income, which requires a company to present components of net income and other comprehensive income in one continuous statement or in two separate, but consecutive statements. There are no changes to the components that are recognized in net income or other comprehensive income under current GAAP. The Company adopted the provisions of this guidance in the quarter ended March 31, 2012. The adoption of this guidance did not have an impact on the Company’s financial position or results of operations.

In September 2011, the FASB issued ASU 2011-08, Intangibles — Goodwill and Other (Topic 350), which allows companies to waive comparing the fair value of a reporting unit to its carrying amount in assessing the recoverability of goodwill if, based on qualitative factors, it is more likely than not that the fair value of a reporting unit is greater than its carrying amount. The Company adopted the provisions of this guidance in the quarter ended March 31, 2012. The adoption of this guidance did not have an impact on the Company’s financial position or results of operations.

XML 23 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Segment Information
3 Months Ended
Mar. 31, 2012
Segment Information [Abstract]  
Segment Information
6. Segment Information

The Company operates in two business segments with its primary focus being the selling, servicing and underwriting of non-standard personal automobile insurance. The real estate and corporate segment consists of the activities related to the disposition of foreclosed real estate held for sale, interest expense associated with all debt and other general corporate overhead expenses.

The following table presents selected financial data by business segment (in thousands).

 

                 
    Three Months Ended
March 31,
 
    2012     2011  

Revenues:

               

Insurance

  $ 55,434     $ 52,771  

Real estate and corporate

    33       29  
   

 

 

   

 

 

 

Consolidated total

  $ 55,467     $ 52,800  
   

 

 

   

 

 

 

Loss before income taxes:

               

Insurance

  $ (6,622   $ (115

Real estate and corporate

    (1,506     (1,795
   

 

 

   

 

 

 

Consolidated total

  $ (8,128   $ (1,910
   

 

 

   

 

 

 

 

                 
    March 31,
2012
    December 31,
2011
 

Total assets:

               

Insurance

  $ 252,736     $ 241,815  

Real estate and corporate

    15,484       15,437  
   

 

 

   

 

 

 

Consolidated total

  $ 268,220     $ 257,252  
   

 

 

   

 

 

 

 

ZIP 24 0001193125-12-214961-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001193125-12-214961-xbrl.zip M4$L#!!0````(`$2`IT"-:2'5:U@``&<'!P`0`!P`9F%C+3(P,3(P,S,Q+GAM M;%54"0`#/RJH3S\JJ$]U>`L``00E#@``!#D!``#L76USV[:R_GYG[G_`U;GM MM#.618IZM9V<<62[=9O$KJW<]GSJ0"0DH:%(%21MJ[_^[@(D1=%ZX9ML)_&7 MQ"(![+.+Q>X"6(`G_WZ8V>2."8^[SIN:?JC5"'-,U^+.Y$TM\.K4,SFO_?OM M?__7R?_4Z^2/=S?OR4_,88+ZS"+WW)_*9Q^H^$P&[GPA^&3JDQ\&/Y+1@MS< MD#/7<9AMLP6IUZ-&WE$/ZKJ.:JUYJ(?O'D;")H#'\=[4IKX_/VHT[N_O#_'Q MH2LFC::F&0WN>#YU3%93)8]L[GS>4AQ?CX!>5/SA4?E[0Y;6^_U^0[Z-BHZI M&1<<U>&>VVKJW6WX58FH`HAX0NE\28AZ M(UDX?($4]+JFUY0T+XUEI62!;N--3+J*C%4N4\9AY.W+L&O%B'Q./K M1`D-ZXT_/KR_-:=L1NLQ'NAC0DY0Q$>>?'7#QD2*_,A?S-F;FL=G52.-2(\&KN.S!Y_<,M,']0VUR`R?9,$(F*K;`4"6!P^6OMK0:,:7JWKW5/&LMJ MV$ACV=Z<">Y:LF7)N/\6B=:U=EU6"Y]AG67)1@AZ&WY#AT'VC/@-Z/AR^,^8 MB3KT'/CU.K"0'_\OU*GK4OW^!.%#`_4G[0"`*OPSL+1A%^#P.VDLGTH85J*` MZJ/H64X>]02/3]=)*SSJNWC4B_&X3@^UY]!#K9@>KK,#SS2.,ML!L-"?'!Y; M9VFWRB>0$XO?`1#U@ZA2'X,91AFNB)["\QFC7B#8V]") M'D$C)XWH(8EJ-]96EXV>,<>=<6=#L]*S'GE3*IBWJ=U'+9PTEN!5D55&;V5S M$:/;24D'&;>Q*JVPA1U"6&DA])/G-FB#D_:3\.;,-0/YYM(9NV)&XWXZ`7]_ M="Y5X89-N.<+Z.N/=,9(V,$WZ)HW6<>+RYO;(3D=#,ZOAZFML=4@RN5<22M(+R6AB./ MZ)-N;F-+:4&HOE%%+N"9EXG4;RD2CUIYQ,Y2![)3P7_7T8E;B:F$^NS.9JYS MZ[OF9V58K@(?+3%.V%8(K@]]B<5,#IH%,ZS+CQ!L:GG!F7UID[7:_V\F(;X5RM6"S";/3;'>S"G,CV`'UIJ>.A?^= M_QWP.Z@%>GOJ#Z@0"U#M_Z-VP,K*M=G1P"4ED68B6R7.3")M&MVV7@[GM6`S M'LP\J'3E3YFX82:#:M`GWD=66D';+:.IK0#<3J\29)E$U](-W2B([-2VW7LD M"&I[Y@8C?QS8IZ;I!B#J+:V4%:;1[JZ.GF(P]LM))N$;G5;5G,AWIY['_-)R M[NHI>(FV\Y/,)!!P>^TL)*^%"_,V?W$-%'R0"([Q.7KN"L9JJZ]W4@-B,[$* M0&73%$-O%P)UQL8,8GSKVK6YN3@UH9C'<:J$#J7\4.RU5HW'=G*5`,LFKV9A M8)<.Q((3#@-+Z1T(]/S!M`,,&']R7>N>VW9I',^4\'QN$:LP/!&;-=G,'J?>?7)@INJ`55@Z MUPM6/D+I=+KAT-E"I#B&3))K:ZW0?>_`$`GV%V@-IA_!R!46+A$RZXR-0):! M8%?WS!JZGQR`Y(']M/`E%/2XQ:E8#$50?@K7TINM584NA^=).,L88>^/,QD> M15I=Q=J#T6YV'@=@"0H%J6>;&1M&S\A,O4JV^\WV!C-3B&C&1956NVED(0J# M5@4O-'#K??U'P1L'`?NAB!#=QE)W!-Q96X]5&W):UK)N327%ZF M<`LFM2;X]A`WX/*1K13H6N'L':A:V3P-_*DK<+4HER3#U=.T>FI:*OS;3K(2 M<(^E5SVXQ()P)8MD+2VU1)9JOR#M;+ZE&.TG&X`9:%8'L=C0*PYQ#X-.K@MO MZM&,2KV'X58=K$O/"RJ1E-SJV0Y)T2H')ZN$$$ZO-)PLVV&5BBBU%U826(7" MV@#LU++DH@VUKRFW+IT!G7.?VHGJI:UYNV.T4EM).XE6!C&;T6]WM'8IB*89 MS`(;[9P,L'%O7K`IS)CY';N$N<>,O7<]7-ZY&@_I0^GH6M>;J465?`#V@SU; MD*[)?<]JL-\PGW*8A)_#5!P4VTLT=<;&W.2E9]%UH]_4^ZN#?C?5RC!F$FD= M)GG]7J<$1JG04]>VF/!PW;N"Y;1VI[>ZU_&81F$$V78^FMUF/P>"Q%3QU+&J ME\B:5===)"N"5W2E-@N\SM\,/'X=_7EV?WYP.+Z\^IM,]HG6S<[F*!H,[ M6EI4F\QR=3%+RLP.P][2^^E9S4ZRU36T*K"%2"$,. M,>C]OIX'PT]@^-%A7CG+4IFRSW9EKB0QK"52$$4.6=2[O7PP;M@= M)>0<,C3T=BHJR@<9S0[XMD"@<[N:8_XXA%+A3E@%(ZK9[2PM[&9"1:'DD%13 MZW>,'%!DG+X'B70Z,8CU)(H`R*,Q6A8`R>0B4^XGX0Q;'F/$N0N4DZGS897R M4NFGJ7!'K&8.9G@\I`_,^\`=5X"[ MB^0.+:^VHF9Z'Y@_=:TJP\EZ3V^FN_[)T+\HH>6)?O5^2B^>56C07*B&H7J6 MUHI'AF@MF<)(\HC:T)IYL@=#=,(^!K,1Q)EC626Q25-*E)MVB7J)!95B./;!Q2:A;^"BI_>;%7"Q MDA&U9L_ADR,8M7'_]6?7E@FY\5I#XC21X!Z\.H.?SD0=!ER[45)H`:Z[:H'V M!?3YA)'+'J=\PU-(8TWSE?5NO6L8JT'G%FJE0.4+,'K=(J`20J8V@_$7BSI] M5*/0#'@5TU9B)5'E$E8Q5%)SAU/J#-EL[@HJ%I>S.>4"HRP5WR>BKO@@(T1Q MWN8CJ-FDNBVA<*^HMDJU,E37.%UVG4MGVS:RBH=!?,3".<@FEH9N%&65-\#Z MZ1;*5-E]!(HNA,''?&E$[4)EK#2L?0XAS45(.P;\PL14IY- MU>[S2&E7HL#@]/;G/R_>7_V>3A18611-K(CB`JEI"H9_5Q%D;%T?WDRW,JA5 MK1MG@[I^2;[RO8KU9(H"*;$7L1N('`GH$*DW5;:PJO7U>F?-U&4=I1)P\CB) M5B\['+4?"#H$HCMCZO]+)W7H;7EROKP--Z+$Z)R4*P.;9_>BUVL7Q9I85TQ5 M0[.+6]'X7_K\Y0WSF+BK0"7UCO%H-S\_CCTQDJ,+>IU'._S%V%C?A5F.DA:4 M?]/H;-&='4=<2R+---_J[%&(3[2H1YTGO M:ND5`(:?>#7/M7#Q\D'KW>*3A^%97.O4]/E=-6%VO:EW6^G]@8S$JX2<1\:/ M$N@*X+VF"QFT#EUYV85@&:\'*^0&V^G3>-F)5XHYCY"-KEX)9N&:C%ER+_(# M]<,28%[F87LR!]:VO:OQ'GN@I[56E]\K@?5$?.;HM4ZKG[ZMJFH^TVH`%*P` MAQA;<\E(H5F'ELHEV$FR`GRYS$^G/#R0<;)KI%-0<_-J;65S+=2,U#/8]\R8 M<^7YZYD\TIX1YYF?:EH5B&_B47DU?N\ZDR$3LS,V\N48E7%"E4YI537RT*X6 M&4)*QL4`K[]?4NW-ID/B\@[#2!^7 MS4&]6M1YC@GU4ZMKU:+.>X6HMFLI4.MF$?(>KSJ-;L;?OIC:TKI&,9SRZS5L MPAWRSL9CR$,ZF3"+?'1]EEK$OA(3ZH2KLH/X)B*U1`NAE0<$Y,^K<3A,P!#A MM0G25)UQS[1=O,]]"'PJ4AE&P-OO;?\8KW6_&@S_?WKV_')!: MO='XW1@T&F?#,_+'S\,/[XE^J)&AH(X7GGMN-,X_ULB:[[D,;QH/V):.E<,_ MZWZBYJ'E6S40P/<3_UA>4A\"V2@KG=3)OB2U!@9>MG_@>.L0JEL5-.^OKA!N'('[[U"%H2P@JX:O"HSV799#>J&%1#"3#Q&[MSY=$\`C2C M`@99'?`>=>8/Q^'/D>O[[NQ(@R>JD[F#'_HX:GU7CJOA5-K?^&8U,HX&)305 MC4KBCLD%?C&+G,:?S"(#5^!^H]SL^0%F$^1[.IL?_PO/2!^'GS:(G^C'/Q+N MX+V80`$F'@RLR)3>,#),!#9$Y>/S>Q M%PP`?8\:*P)US!Y&"1*"K MZ422/Y"O=O>R8&.;F2!ZVR8T7FGWR`]8E!0/GR7*_@AZ9C+/ MHV(AMX8I&5,NED2BKN*8J<)GDG?UN1GOD`Q"D8LXU<$,.WC)\(Q:+%(&D`B0 M6#`JHG[4N\=>!D:A/A3"?E5?O)/B4=_]D,UA=\5^ZI`\'M[SG4-7;^Y_[$H` M.(`!;6"K8>K&YP:D_!.RCN1,\,HHQ_7CGN)2@2TI;!!SV$/KVP3)C1AA#W/0 M$Y1N2&(<@,J@Y`X1CY=%V3P8Y;:%K4%TB^-"<@/U_@H<]5F;N&M2UD1VLC0/ M*A]Y!Z'DV.3P>QDBA=]BP2\77J`NZ%K]UYBE93P4"HZ,H0O(+X$=`M$[VK%^ M0#`^1;%`2,TP=7GYT@C?YE`@V?78Q4=Z;ZD_J$_:.G52ZA,33+:5]ID-Q,!,E;V4ZU^0V'?LT7%OIAMQ$U:?TJ MHC_)SYWDAWN13X6XQ)]2G]PO#33F/8`:!W-7A1F8'8:>@4(T@^O=!(SFG')+ M>F8<(V.&OM^.;P+`L`>B$M1'>R&YEL6HLO0CYM\KYRX^0V,0*?D<0AV*YAN` M(,7P>V@RAD!C?T@2V!,OE7M;1E(C^6U:"=P=8:Z`'$P8R`5.X@%WYH$/('DDA MBL-0TU>QFA*I?!,GG"8C7^5)72>.%,8N?J-#WH.GOEP&S1\5\7F=8"A!_8R13MJZ;[2OO>_6,;O&Z$5V M3DEI:<*N'*0MMB M,>P"-;>1/XE#9\I:+O$&'O/"%4V;LW$=S5Y=N`MY\:=BX"`T5X+)MKV5^C"E MQ02>&7[26*UUXE=IH*R\S2]>+X36Y1KD"$R>%4*@\[EPP;-@U8BBP!\2,!2X M#R\_4%93W8``9LB3Z^2FRF$,4]$S@NPAFT1WZ0 M7M$-/%2A'XNM&S=?)]')26VG57(6;62L_\2%7N%^XW`+!:)/&;)5UNPR+N^D M#47*U(063I\_$+G-1?ZESB(6]0+ZJIO[0(4Y?;2_U]SFQEY(^/SU]<7F[=9G MZXYO<40VGU<+HH1.^4"0!CZ3X>>W.2:?N3+7`??:&]_, M@-O[WB,93:!+79B]_LLT&1N/TSDP+V8I-^X1=N],KU M*]=?--=[W)3'1`:'46OCUU1QP2S%V[1BG+]OX5"CO"GP/V"T'G;VKJ_UJEM7KK_,6=09&T%;\CSRG"YDRMC+-F+/$WQ4Z+-; M^D&SI7T!+ONUAXM&9>V#IOXZD?J*>_AU#'_M/:RW#GJ=+V$,9]S>VIXB3AY' M'Q*B2@I=S0E=GS&^#NWN+-RU^:759^$F,VZI.F02WM'!\"J8\.^-Z;4!XNB6D?#H@)!PW/&8B?`V#6C`5S=?1.>-`,?G"')TF:O*E!^D4I,3 MJ\@%_'-]PLDUG4P$FR#UZ/QQ0C>62A$>,,+O:C!YY$.E-(='.>:!D%=_`,'=VA,X\MAZ M+.F7>R-,\IS&U+7QLI='VRH@F<2VBSKXL/$<>*CG\0EO*<18S+'XZ[*P9'_E M+#YJ-*-`8$;_@C_#HR,+>8Y#'0>)#\J%]>0HH8G+A6#H\-?,^'UDQFLE,^/; M+R<9^A7N*]QRBSA??B*:<.]?1%+:T/6I+1G8L**>@:\$+U]JC^#MNL^=&Q@> MQ?N0=,F?O#!]\T6D\N49F^EIVGJ'OT.ZQ])>';6->>'I9?E3(?_/WM4MMXTK MZ5?!49U4>:H@6R1%2K(WI\IQ)C,YE62RL3.[>[5%D9#$#45H`%*.Y^D7`$G] M699MV10)J&]<(DT20'_=C>X&T-W,<*QY^V/SW!'+P7Q5J1_4OXNML<)V4MG, MR>K-S\M$)ZNW/Y;9(%9OYOLP=X#]XDVX"T*K[Y_D9Z6M7VH3X6-FJ.MHD6!C M%5M53&/MQB))P!H#J900S; M^C]$/\EJ?&_;=MCSAML1L%^A@2_!J(T9M8Y[4_*T]G1.6*(R_JB@_Y@D092; MX0U69_L.N>X-I;:+NSU8V`9@`5A-@%VL-=JK5'@>/0!Q0-S8PP"5F2>JSH6A M=DAC]F&YV'-U.-\"`!^M-@/H0;8!8#-E6\>PR5P,->!D0 M/EHU!M"#<`/"A@JW&0&6*YDG("5,].9O>5Z`LG0L*T;2H>A>7K`43@G`SG$8 M]?&.ND)GS*U*K5W*$P%W:.@'/TC8=BU(:)D,,+Z6VL`/0@W(&RH M@!3+6!6*$1RI;2)$)">R9"K<@=SW8W6,PP/IK/(`> M9!L`-E.V=8RW[+9=`CJ=$A:`Z7(`]>;U;0UX'``^6O4&T(-L`\!FRK89:^+? M2$C(5&4!G#$R(DS6$.`I#7[`KKZJH\VXWX&$1``P`*PKP/I/8@#]T4*_TWY9 M;4Y^5J9Y?MB&J67_SGV#J4A,K:I%;<]*O=[.7N;,`9H%.@(=F]0LT+%B.E88 M!:\LY[JJ4X1&3\B\#GYDQ6Z&.\!6W]/`Y`"(]SW'W,,V)"\V&6'+L?#``B$V M&&+#749MJL5\7!3PE56.IUF:24,F2T(P7@XO%#VA]6"A#P`&@'4%6/]I#:`_ M6N@A"*Y=L`SH"'0$.II'1WV#X-'"H83X=QVA,Z^'.X.^!M8&0+QG1QP76[`? MV&2$(?YM/,2&>XO:Q+^O?#Y12>8#^8/\E46B8])X`4.EXE5<#W<@TR,@#`CK MB[#^DQA`?[300[1;NZ@8T!'H"'0TCX[:1KL-=1+_6;-Q80T<;/5Z&A@1@.SS MVOD?#.]1N;[PA_[7>TFRK&K\H'$'EP=K+ZYP(YYU"T>\< ME&H,!22.^

N9'X;E]6T4II.WK8']IH5R*JK;ZW0-9,6E&2?G MY8_"*U70G"/IKB[F[4#XJ82U[I'F'1$#*(CS._'#3>)L\9>+OGF=-_OQ:/D! M]XGO'_@AZ.Z1=W>OX-$A[?U7^RP2BD-HH41:OL(2OEW\7E<:&VJGT'8/A/"> M;W5;BQ>'\LIE\+R`=B^1S4VG<:?-\A!U+Y2^.O>ZL[V]X`U"ORL3"R.Y:U MB\K-#`M7HYGJ%(/_S&A*PN5@OK(H(&HOUY"A,_F$,)\N@S2:D]6;GWWV@PAI M&5&V>ONCJKL2Y/JMO'G).2FVAVT'NWQP[]$L"*V^?_*)S$F,K%]JD^)C9JAK MT70T$CP@NK^"[1_IA*RQRA]#3MA<>2:K#)3,LAIXQ09>:1"O?$]H3* MALBICSF>Z/5O$*N,*B__**78-0P:JU'O9?W5',*_>^G MUZ=H3.>$)2JID#Q:H>H#1<34(Q5U+]#:+G9M./$)P`*PF@"K_Y8*0/S8$-]E MC.A3X>&<<"X7 M?A!L0-E2X#^J*56:S?*%)VU^U6]`"&>L",<(CE2W$V*3@C1$(%W=M*"MD M,,#Z:SR`'F0;`#93MG6,M^RV70(ZG1(6@.E2.?=[V+)=#7@<`#Y:]0;0@VP# MP&;*MAEKXM](2,A490&<,3(BC`E[AJH3?S[RN<3E5\^D#_(7UDD M.B:-%S!4*E[%=7#/A5D,$`:$M458_TD,H#]:Z"':K5U4#.@(=`0ZFD=';:/= MACJ)_ZS9N+`&'G9[G@9&!"#[S`1<'AX,H/R4>[C7Y-0G2C$C"]H^$=:KJ>WDU)Q3$/N?1*"*RHC;Z M1.8D1A:BK/AIRU-`\F5_2.<$*5+G'9ZQ*!`OD9]!G/%(/'LG.YZE41S]+;LJ M7^*$S:.B.Y+$,Z+HK-Z5SY2]%1\05W0HGU?#$#C](&DQ!$G5HC?YV)==YB20 M9ZOO5D'J:]H.1(H(1_)[XO/;NU#WD?5C'CS5OY)*$J9G_`181P-27I+ M2+*@C5P<+HDS$H22`TTGC(A>"SZ9<"0;"-%GGP63):\[%D9VQ[+5Z^*'E8]K M&VO,!$;!'8HX2BEB)*#C1/#8LD>*"&6O8MD3,>A4]4,T7:+-B,1;CG!&6$3# MM?;01("=T%00.I3EU.^0'_Y?5O*C:%;Q"\NQ6Z.E_,<.*$_18R&0NF13=6"3 M!(S,(W(KQE:.5W$N"29)])<48`G6E*03&M*8CJ.E2._@),442^E9$7/QL2&) M(_$O0>.)@"Q*"[3EEP42?PD>EH)42GBXD'X^ M(X$0AR#G$/FL%(.2-==$1+[`EF].:2CZ(T5O5#XG>W(K&A&T$S3U&0H8":,4 MB:[%J@=AEBL=C.XB$H=J5#QE69!FC.3#4C(D&%>,6@Q&]$K(PSK["4F)4LI6 M)+B]&,5"E,6;@L(YW218DE?5R*/DKRQBBYZN8E=B(-15)KE;Z,[(CU$P\9.Q M1(\5RHR31#PEADU^BG93T9'R$<'\F<"5\52V*Y]6E_&=_/Q(4)>RO$M1,LL* M5%.E4J-0EOO-9<_G-)&:+"%\P3-%'YLK(N]*OE@J_$`,:4Q9]'>!>;JF)',N M=Q[5R.FCVE#^4.-_+]AF.B3LWK-6^6P'BZ:94EI+)2TG1HFN1%V0N^R88-9B M+N*DT(//45%K3N#%*AK];6CL,(G^XRSC[;'OS\X_"/O@3RF*[R,>Q)0+J>$W M`L1W,0U^_$L\65H\ZH:P>\9C0=8O5+!6NUW^_QT1+3_X1-G4\BPO_YB\)\/T M,@D_*XTB6?-7(43IW?5"[,4_KPB3NOY&2*P@VR7G).7+;BYZ*?63Y+MO9/2V M]6\_:5MM">;_BF^WG?QWZU^%\?;^CZN;__GZ*YJDTQA]_?[NT\WMZZYQ2 M-CZ[^7;V4W[+DB\7/]OIRING81JV-FW$731S4!M53;&-[J2YK;9F90>R].:, MD_/R1R';RE`_1W+QHH7R9]^V.BT4D#B>^:%L=G'-9WY07M]&83IYV[(ZG3>; MX8O[:RC%PT*!K"VGE%$CU?C+@C+BQ:'\X9PJL1@N1.^Q4-%J%^ZM];R\/RN( MH\=[]J";\D0GQ*M>B2]&)G]$&T/$Z'+M!,:U+_A0]3]:C/0!`CP^11U@<`LC M3O@Q,;U5NCUW27@V%6TK._E1CVO5UCE1_@W-N)A=^"_[S0WV^N30>>;9N]^_$#S=5ZL-:Q"M1?F[T8T4- M/>G]`S\$W3WR[NZU+:$=V=[3L;4^23Q@ES]] M(JAO$4U8H5)3)G)NV%!F3R3G*]'P4I9)%_\(=U!MR-#9Z[1V17GZ3!.JCD5- M\V#^C5'.5['\G@@_/RZ!+^_^)MP!#@`U%Z!/XBD""-6!D(Q]'$1)J@!+;1`_ M<3%KFU6]:7EO6_#2Z3C=]]/K4S2F<\*2?#5+C%Y5AHN(J2?JZMZ?8W>Q!0EO M#036PG8?*J:8AZO^&^H`\6>J:!=W>QT-@-TKXE&SR7&=^BFD%:IZWS[N6GT- M&!@`WONP/F34-QA>L#F.%GH7>ZX.^>!VV1[Z!$"^TCA*H\"/$<^&832/N-P2 M!>9)M3S>,N5#DW&6%+DT@N`+QG1T[J]Y5_`7@KC'/B@:-#FA(SPB%7E,TH MD^?DAC0)(0Y2,7=[/=SKPO1D,L+8<@%@@P$^L>IWB<$`J3#DX>!^3P<74<>H MQY4\_Y82EN\"1_*@QM@?R_P@HGOYZ?3SAML@!\L[M-]+,&H8M=:C/JA?Y52E MZ"[EGOH[-/2#'\4YM.9J-.VG;,O%7:?^L!`8915&=3NPU=YD@&&-^6BAMSSL MVKI'?)MJAWRA2=M?M4700M*L"\2(3&N7I)&QE1(:P^7"1.E"7GV#`;9<'708 MP+MWV+JX3OV-A(1,5<:G&2,CPE1J_)0&/V"+7.6A?@\J2QH- ML`,6B<'PGM2?IP+")%6JYWY'A_VM.\,DJ\W)S^I64]+,*N-`1Z`CT-$\.AXT M8EV92WA#4S]&H^BGW+?LIT6]$KRL]:@*N'`_AEQW59L@W3[N]NI?C0,KLSJ( M.[@/Y_1-1OC$5H7[+)7_VCZ"%2UNSWY>%"MT MW49A.WK8&]IL6RHFH M;J^3-9`I$6>^?^"'H+M'WMU=QMVCP]FP2W>JQ4)MW`LZ72B:G'O=V=X&M;5X<2A_O"GZ(QG1.6J+V% MJCJ=3-,3$5,/OM<=+[6[V.KI$"X%8)][4M:!2C`&X@J[!8\-<=O%KA8EKO<* M>M1LN%N&FT" M(%]I'*51X,>(9\,PFD=&T=]!>@"[8)0/],O=W7X5RT MCE&1;V1.DHSD"S!R`93+]1BP0ZI?BW$@9F\PPA9V.CJ<]P:`P1H!Z)^]3--U M=!!N,T(E5Y3-*/-3@H8T"2%&4K6M+::N@0[<#0CO'>FU+`<`-A?@$[M3_RJ= M@4>>&P-PKX?M@0[!3AU#(E?R?%Q*6+Y%',E3'&-_3!`=BN[YJ5RG.6^X$7*P MPZ/[O02CAE%K/>J#.E:5U<:]7*V+VW"-IOV4;7EXX(+5;3+"V(($4B8##"'? MHX7>ZF/+T4%[5^AP56:'?*%)VU^U1=!"TJP+Q`B/9%N1'X.-4BV7N]B%56F3 M`?8@=(9+5YN1G=:L)8F8]-J`CT!'H:!X= M#QJMKLQ3O*&I'Z-1]%-N6?;3C$5I1#A&_MR/8NE`MD>4M;D?0PZ\J@T0U\6= M'B2:,1GB#O8Z.J2D`(3W=1*=0?T2#&YBE6ZBBVU(*U.1-?(QF1.>JM3^48*F M69I)XR1+0C!(#L_J/>S"9&4RP%T==B8#NK!4`=`_6W-WZS=#(9IM8-0+Z`AT M!#J:1\=7CF;OAU7#YO.ZZ_I8GHU=V.1J(K(=[&EAH0&P$/\%7.6V3AOWM=^N MK+U/Y0@C**29W-=\4./KE=H%2@(E@9)'1\E-E;RX7B_@O:TX]UDJ_[7>TFRK M&K\H%NB4KV@OKW,BG'<*1;]S4)N+??);G6V?6E_ZZ[YYV:1V,R%H1..8WD;) M6'5&C9HC3E+Q#Y9.4"H>X<&$A%F\ME$)T9'ZWQ6=SOSD;A'S[EWP]4U-=^)C M0?G2T.?B/S21KT8,C7SQ9RYKO'-T$LF[-.-^$O)?3M%EH-8@5UJ<^G?F%H?B/'\O!4";/Z,Q\X=D/[V2/ M%`4BSC/"^"FZ/\\_@-D*-]CK[+`5PL>Y08$@^A_'?.8'`IJWK4Y+7<_\,"RO M;Z,PG;QM#>PW+93+E+J]+F6!S(TYX^2\_%$PD!+4^V8_C55^H/O$]P_\$'3WR+N[R]9_=#@;;LK.6;)0&_=B MD!>*)N>N,]O;O[(6+P[EC\\^"R;+P3H61G:G.`D\7*C`1N[Z$#.!U)2)G-;N M.8'KRNV)Y'TEFEXOIAYUBZ$S>?KU]\31GR5NWCU[F]B[N*[J-^0>`*@ MN`O%3U36Z`(8&PTC^D*?*(_"9@1T&XGN91SOP*$$[.7M?)"^S>HG/Q=NSNJ] M):LM9\^<.,&TB);FAHHR3 MTE))20*&RB%8O6MCUX&COP8C#/,80`_0'QOTVNAU?2,K8*,``(#!$`'H7UVV+>QH4530C%C*%RHNDW%,EJ-HK7T:%L```,-@I`_TSM+3S,!A3&?:&-HON)?S.S+0$=@8Y` M1_/H^**X]7[(-&SZKGOSJ.5VL3?08?BP=@6X@HL%B._6T0-L M];4/_^KN6IF:;@DH"90$2II*R4V5O+A^3C*U^R-8T>*0/2M'OLR>]=2$1_@ M(]#1/#J^*#J]'S(-F[YKWR#J=G%OH,,.44#V>>WW<=>#Y6?S<+5QQX;E&O-P MM;S_;^])>QO'E?PKQ&`>D`:7M\6M`R;7-:ECRB ME'3VUV]54:>O)'8<47(![^A8$ED7JXID':>=_D7C0]^:OH%J:]D;IB13DBG9 M5DK.J^3\[^V*6I6J6)6K6J4I_%C8JG+%EM7FV=3TW$V4&(6^'S[H8"QL`:Q( MC7SEQ4;$\#!(L#B-"$=BA.GWQ26A,2+)"SB(,55MD,&0D/2I M7L.1^&W^-?M`R`@`22*8$@R:&D=J+&-X.G@D*'P5C&$.@`*Q@9]D+(`"^EX/ M$^F789G(>R4&2@7P7$CA`2%TD(3)PIQB%AKX)`R.Q*+5G2UG3LG$UE!Q[.+$ MW8ICY[TM*XY=N%-DBL'=Y4L;'4"]Y29F!P5;SNHMT$(ZM\"E5&0G_VW/R^E$ MX4/^[_HYY;]!@;(RREM0>)O5_)H%^7J]5RO(=Q7_LHZTKH095>2W3IG]71ET M%650EM"P5,]0_0T^6O%G7*GXU>N+*4PYV5_=4Z^^4>!F5PJK(2=%KU_^J9T, M>N8&;A\J=/TA(V]24"PM0+KDBLH5Y;<5ML[$[S3AY)F9NR$@''G78N;VCIN0 M1;Y5K$=-INB)F)GLQHRNJD92 M1TC91.'=U^*U6'K?A5=9D]"HN6LUPJ]TG?7<2RR`*8*Y:#K"RZ9W; M3$5X)B''"H&5TS"*Z6,O-+$X`,``_L0`CJ8CU`]/S>+296&!PCN^7W/A?NW< MG1L@!M?5^[7GG<@_;UF^7,$NNPL1Q06(>/J.:H5:60MP#WYYWAW#Q?&KW3'( M6*PX<^.[AY?0\0L9'/HSNW@8E?^J-AYIT^EU(]CS&7RA,CO^$]TBYH2[%\LU MAP'PE4R^S\AO5;%K"MV@BC@4O>X_W+4*[=A,\TG)ZS.W[D2/XT[_DA-XVL?7 M@Y/Z;]G>M?,>YK?*61*;G5V+,L<"M)FYE\S>%K/WH->MOY#6EG:H\5FD[2S7 MP71D.KI$Q[4JY.6'*YOQBNT0AQR^%7/KWN(>=TX:4:&"^?I2G_&T_NJZ^^XS MMK4V`5.2*>D:)9]YM_?2\+^2[N&0,9]#QAA<#AEK:\C8ZMP8CAKCJ+'6L(>C MQESA!$>-^1PUYO(ICC-'K_6?Y3BIR;;"J.XCNG[GG+MTMI"O!PX4W^>H,38[ M'#7&S.6HL;UE[T&O5[]WL>\W@.V,TF$Z,AU=HN-:%<)18_7:(4YX>WWFUKW% M[7D:)9]YM[<^:DPLHE!1/A^>K"'W M-%+/#G7983DZ`B8M26=4C#7AX@G5G2#1^$E4:00!G6OJ,73 M@33""ZF:I6YYA22ZW6[[H8%GFT;%GCJ3N`:@\O@ M-A7H,6*.VND_MK,QS)2- MF'+Z#S'7=;++C'"HW^0:7F2O;3]WG3Q_YC'VWJ:H_.*X'7RS2QZG0EL8:P<_ M8JQ;@_5&V\WGJ>_C7:GONTFD5+EEM[M*>U,4ZP[RL:A?]'O],A5>1@\.ZV*. M,\>9X\QQYCASG#G^^@W$7_W$86OW[10]OH?S#K M]Y;U[3A8O7M0_CV[HRSTK.^8]Y;3F# MF]+MEAF\*8-/^+2US?QMOD?"K-]8=W<;6==>*8CTY'IR'1T!2'7 MZ/BFUX2G.[LF#&/I+UKM5ARAU)UC=-(YX2YA+>3K0>^T$4XW\_6E06GUAY0R M6_EXA#G.IR+-/Q5I:]<3IB13DBG)E'0,(^3N02GK ML^Y!S^V@LN!ZI0.U`&&L$O8_%)>6HZ4"7W(FT@U.,&0KMU M*N;/[.NT3MQ0J`%,X@9#CC)F1<,AP2N)[G4L'2G^T3Y,YP^"#WOE)[?QM8\OZ=AR%-Q3ZWMEE M`P2;V;NINW)>.W?96V'V,GOWU"-AUN\MZW=X#LH-=5HG[_W.Y6G])RNLT';G MJO2[_=KYR\[*#AGL0%0-\W>7_.7-1JOYV^LUHM+SVD/.IM>';6=7"*8CTY'I MR'1T!2'7Z/BF]W;<-:>!:3H7G1.^J&LA7P^.+SF>N8U\/>/NT6UD:[]?_R$U M\Y7//MIX]M'6G@],2:8D4Y(IZ1A&SE%RWKCE?V_7&Z=4+KG<',=B3164*TG0I``0?B"(.Y#2,8HU%L;W0Q.GSX^SY._&@(O@J$$,U"XV.[9#W,M)A M8H0.3!+)P%/X6$;QE&:5\!\1(1R1PE]@4,)G&.I@+`:)T0%6\M2!B">A44`< M&2MS)#YO@=/E47?"0V$:O>11TKY":XAS5";+H)`&-%5/^B8O$MJY;^FP04 MZ6=;-[U)"^ENHD"B_@*>><"_<1BA7(%`Z`)M;=$>`8O#!W%@Q3(Q@*]Y]P). MEGS_&OJ`G9^YVP;LHK]E&[#GMA%[XY<:`.ZZ3>O+3A5V=%CQ:L,61<7/ZBTB M3F5."US^""F$-?\;G*EJDY]%$[].J>Z4OOLH+36W$T)OKC9^[SGA>\XLM!7; MK7THZC_O]'>$O)?:1]P.P=4^-.#V/^6#N;)*&G;RWNN MN#%NV#4>LRX[;V4=QLG&K-]VH]\:P-PF^FA?\1Z']=9NA;?/(=',77=U4W,\ MK]*.4OV8J2!K3,VZ:XY9.F M>C/..*8MZ[\F.#_GZY\V\O7RLNE'"XTW?FT-%&=*.A5R+Q91J"R9#T]&X#^- MU++(W:4AK:\?N8L1V&%`8=]I#'F@8A%E@ZL0'!GY@=(?]+5)#V.#:BH\RLC$D20R?#:2!_\5W9\K3(^T)C7#AOR2^ M?B3N)LH&F83!H0?C:(PUP;I_0S'#BH+P;3@2X?JMM#C(CK3ZW0]?[^YN\C][ M']X)C74//3\9PI@ZL&,1B)&:J,#H>Y75HZ.PEG<$E)#3,+%!,&78<'`J1VB4 MEY5,-+'V?1$^!##^@S3BYUZI,"*^B]_+L0J\1R"(]YTJ&!I+".D3]D6M0Z(V MUE(BF$"/"H!E%%F\"(3T/ M]!E5P:1JFI]U`']D(G4%3T&`L?SG;0Q\E-'0@+J!_ZM(TN>KVX\525KZW74X MS-=LY?.KV^O*U\?][F&OVQ%`:/C(UO(T6*<4RXW:U:.#.*3G-A0,)XH?PE+< MV2_B0)<*2\LKH(T.?4VU M3],BJ2*FJ)JYV4R$AZ<1C-3Q^]3-%83`Z7:#T9I!0S8JJD M22+4J(^V1FJ$=).9&GK,C_3//Q@Q5XLU#HD&B`Q`8A#Q^ZR(JP8-!R-$62J< MAR!0/8(1\,:(H38D#O`KZ`I\6XU&\!;B\JB5#_!&&E1-RM*22O8FL`#4ABKB M#4Q;9GB&"O3N%)9.1O6'B2+&)4$>])C:/#1M)=E?9I1*BR$KQVO$7\EP3#0I MS&$R^,M2L8.E;A\4B!3\?YC]FDF6E9!L(45A`NM2^8_8I%OC<^)(J:XJ"@\L M*QV2_@<6!&-%57]+$9@`<`QF`O8AA#^0$Q*9B%B1^*;,F$2>0!48DASDJ\F M)MH`C4$VX8O,L@G0X++BS8TTX#-.L<-Y;G^]ML(?1K@D8?9!&`PK@FRK9\-( MA'6DQF#CR`S!YX"RBOQ'_-,/)5@%'`M]I2/Q/%J"G<$5"NA;J5HB+JAB(E6Q MD<,0>1C&)&L!$=B@4L!W,AU/*(#-0W,0PO>^_DXSP2JA3VEAEP=]0+\4GPQ4 MIHSRD7.3D(\^4*,PA6J4P(=HRNX5.$BIF9BS*J#+M)4*G&&HU-0.#G,M48P@ MJ"G/U=#=U9+9A(6%D"H$="-`O",K>F`>O$DF-_`(A-*@#2$^F)7"DE)L^98F ME?T%!RC5CR@!PR3*;14^2D>NZMM..E0&7ODC\LE@LTP>71"7!B#DT^^K&C(S MBA6)T87O`%H2>#^3C],TF[?&(8?)3$">TZP905KEP,SX=V_=(>!T'/"^';I82J?9B8.'KL6*M0F:&P M8[E#9$O0ISO=3#-8Q_&^C!42&_TSN_F2MAG"D?B8V7^`Q:C"?2POVJG\CE(R MYY=8^EH7+AS(`6B]F%9FNDIQMN443Z?+N;99KD7CTUJ"!/>P2!F")O7J@8"E MA8H,M>Y'F2$36=E5D$=NG5N2#;C_(>AZQ#)>^E`\O:4[.8 M)HX+("M0-29?KX3.X+01WHTO6AN(G%[4KF2T_4TOJI_P[J07[<-"JSF=[$M2O8D*1_0HS?$L#FCV&7"\ZIP85AGF%/KJGAF%,H^9,!>/QUB\VA M]O4SE5,(=\?>X]JYVS[FUKYD6Y`6^MI[JIJ>9;CAU[F#$I]7, M7CZMWGOF\K'U&X8"_5F46*#,K6K-".EYR32QF>!/EG!8))13)]O[&472>&W0 M_.,7%G@6^+T2^*:?-[;QHST\:W&'^(Y_M(>RL=4Y7$VN^A>5UERL^NA9T05V MOUODC=0>.L;G9TZ()QU^RF9]36IGS2EL=G[F M;F&S"RYL5A>X&^VGW])G;5^]GW+E+8*7JF\1%H,SWM,)7_81WI\+7"K]O'\JG$"X!.HX#Z6,!]:=\-U>61-,.;HX[)_W39P&Q MIP>1#>;LZ66W"9QMXD71U=#6?I=^UAJHW,4D#+BVDXO'Z_5BO?;TN3%)^']B M5Y8P,:4.&Z7R\8Z+_:9(.Q.YQ)>&[69O\^_17-5;<^V4PB3&]AFDRLJVFQ48 MAUZRZ="@.LI[,KF=>-E[&F^\<,NLWK1)RV6\`>]GW;YS/RG1DW[_% MU[LG_;/:]68+W7X7.'O>B)",5IO$MB87,"4Y3:.\SK\&0HJ_$QG%*O*QL+[1 MIE/I2(^W9.K!"$^:B1CYX8-0!H:4<=K#WE-1+#%+>J$\__4?7XT(1X2CKXS! MXD8V6@8F]'7\6&Y8#S..$SW$8#],__A\=?M17-U>B^/^Z>%)E\*?-?'FII00 MDF\;>Q_$5ZJ>5/[EHPK42,-K-QA*"A\9S.;.;@(QN?NS#F!"+7UQ!>"EUW]V MFH-LI'[WPQPP^9/>AW='XLKS0.@`!_^Q(QXF*A#>1`9C19-EI!H6Y`.2>`"! M&"9*Q"$11WHQ$$0`,8OW9Y&:R4=$$W]/Z48%I-2/F8HT$%IU*-D%20=O&WP5 M%DFBLN0:Y)RI3JT-<0(>RV#)A[,BNB.'I&-3<>#+H5)3&"X.Q43>*XL&P'4D M/@.$*]@?A""3R>`OY<7X849)0CME[5)I*T1R%H7X=1D/0%OZCP9(C/CGR?K& M0DH\`&(-%0PPU8$B=&.0O@[P0@UU8XY^#-!CWLHQ4UNX[&+MZ=G>G.D8(#1Q!.*31#@111)K7_\?K074%,!P M:4PRG=D3UTB-)2E.HL"!+KF<)?DMD[HBP1WXI/Q-\?!1Q)$,++5`-`\K#*!! MXI-I'5<1C\E2%5CY6IF:-4,FB$%*WY(N@\7/J'IV9QMD(]7-.DT4-3%A*B]\-$`\%)5<'($5J=7->0,@-W:%CE MZ@#H!*B:'%K0`=DY-PFGP@C6U(!,0>,A_Q97U#,!R6F0`2-D9'\-E`>62$:P MZ`GY&8JJE>;4?@'/R`0)L'>T+E/?8%[/Y@NTBN@P5-;^:##_`>EP4+H^?EXE M)$H$AO`:5(%*^/H[ZF8RD?AY3J=LX`<-HUC$`*V_$PJ"7#GZ0(UP5$M/+P0Q M>$R1T)$U!ZAXB?I>:&+K@KFK@M>+4B$Q)0J`(.`OBV(&'ZW*XGV`142X(IVI M,.8A,N0P5M-9&)'4Y`&H5;9+WX0K>8\O6.+O4`163;).$N:D@%!_J214-MOE MM.7>Q0OSEO_E?6(.QU+.?BEYVS?!)S6(KX(A\.R[HBW,KX!Y_%C$UL'#:^LF MW4425;MUJS]IXP'+P2S=@21^]$/O^[_!)-E&B7Z`[=)X#-A_"6'!'QYFSVU6 MTZHW,BA_E1$*G?E31;>@?8II@)@!2O\W-?K7G_X#Y*=WB.+UOX#"X;']]T__ MEF[:/GV]OON?/W\5DWCJBS__^?'WFVOQT^'[]_]U?/W^_:>[3^*___WNC]]% M[Z@K[G+[(OWW[W_]\I/X:1+'LU_>OW]X>#AZ.#X*H_'[NV_O?^!8/?PX_>=A M7/KR:!@/?UJ=RK6(](DX%$^B/)_V18[-!DGDI13T^4SU^4SV-%NZUTW3P]=> M_:8O@QZJ'`UG1V@T^7:7.7Z:S7=R1#(]R-?-4P=J91`6SZVWA@?+B_V.K@;P M3!#3Q-,`KCQF>.8APME;EWI(!4[%Y!C$$^O$@-Y,8ID5=T#-YI'2'6H_01\H MJ[&&MEX8HDVE?D/N%>7/">NAC"67=IC7'%S:H5'@;A0YT_!$;X=*.Q1E';+Z M#5Q]8<^+`'#U!:Z^L/PZ9Q^J+WQI1KW;3=&K_8;_HM/O-B*DESG[TD#\SEGW MH@F_G(U&4ZZ8C7'K-_G'4P[ M$XF8CKQ[F=^]%&:?-S"\@6$.\P:C=TS(=FY5179-)__B,(*Z6VO/:+YJZ M1_U&%/=FQKZ8L=WZW3.^0&SGM1=3DI._R^L<\W8Q.CNF:$C8CF,TI,)HR">[ MZW66A76O]@,(U:$>ICDYE(]8@:`UL=A<`*P;HL/[`%!IY3UB`G7,&M" M*2H*$X%-'&F;4F=/%TR,*10V-5='=F)J/_@0)OZPE"J'68:'V5G$D?B:IBC& MH9@E0`A,P9.S613^H(0T_U&<'ATOA_WDZ'05[)0H!Y`0,3:B>15WS)&RZ4XE MJ@[SO,'G\J:@C_JA(D\;S`/7'E;*Q@DPB_T'INIEJ7?9"8XE;OIJBAJ.JL.A MR?+*,3GK*1]P67#^Q7;!^47^TLHTF==-0+H)@-SJ3OY8DNK4KARDTU(.TCJL M.0W)3\-:3QU+0[)<`Z;^@)>?!FVEJ7,K`0F4\[TFW7XPL'4_WI%2TA;;F+"% ME6@TV8I4EQ5I2]PM]O53BDXXI8A3BO8JI:C`Q>86%7]SDI%;TE)_K@LG&7&2 MT?)C@WU(,OJLAEBRA3LE;O51*['>87S+SOJ+7=L"5XY+\Z;8U7TMTOQP1>;X MOG'\32_Y=Z;7/JF1PB*?+55LSH1M-5_>F?5[R_I6!P.T,P2-Z>A`++Y3>S[6 MH[7K46;]WK+^37<+.SO4NXUEK/A(CX_T^$B/=?U M\W?;>'8^K6.IK@!2?\-U5EF[4UF7]5ND?<_`:>=A$=.1#]U:IBS/+VO7E6P* M=V<*C[OUEY)@6]A&'C524=G:F[/QIF&"_<)O^KX9B\(BE"VRK7&HS'#W"OJHQC4N=DC%%]OCT'U@#@>H%I-U+*[-+0RW+#797;DM&+:6/ M.YM2>[EE2FW?G1S5AH&[T:%3PW/U.*5V4_KNH[34G]G)*;6<4KO&/JVKK M#C:<*NL#Q,'#'#R\XRN.]6*^L]@\$/-#]4--9UBJ$2M63F'HU$X[+O2;HNS. M/7;]`7LM-,KNL+?Q(<:N*JWKB0S&*BLI.\#-$I93S0Y[;;57,9"^##R5_0JP M)[;NK,2S8'J$>Y)A&IU,1\S2&!4;>L.3>$X=A_EAM%6*A#)M8%@][G;]P+:E M7W]#E9`]C;#C_O6U&%G"IDL_+:<2Y&_?TR6'/MD+M-UURNZBG* MU:Z<$W>H.0`X<54_C-RU-`*!>A$L\>]8R7%$(7-WX_UK&T(+&^.@?84]:L0* M:[]Y6(9_O6XO3=H^.< M1Y'RLSMV'"8),N(4XQ,-BL`D4^DG&^*1":6416JB`@,03;>(P`IKX:1JGL31-^;,,KS") M_3#\3EIRE,1)1)FJ(QUG."$\%4FIHK=,Q#:Q(40)M",6U2?GF,I'Y*@<_I50 M!UA0:QGX:<]J/2K3?*B`5%,=*)-:FS4&9\5Z?7*M5M;IC:6YNE=!O/C9*F,% M,&4H=9FALP,@UC5WZU[74/IU&W;?*E(+WQ1Q+!BW MOF_W6:EO]S.0Y_;=?IK==N98^^Z4>:`N8/E.K99[&L*56R*WNGAGRBN`KHJQV*/^!!N(MG,6:0#L$929EV"5@KS.`8@7_!OLOHKNM4<. M!*B.!("-'B(=VS!60CH(@\/,@T!K8'"%"9D`FB$8-?1287'(W*RBSB83%UOK M6Q1/2,'+&HV;S`)(=")@3F7F??&A-M:26P<(:RS@6B1_OIAEHD"7H[HVTE<= M@`=L$SP2ZL<,W'&%1B7T-(U+A$'C,U0#&Z]AO??DN/[L8">-:[,9V^^?U;\O,?/?5IUXM51O.1-J?M0:_Z/3Z%TW0X,S9%]OFRU[]I]W[;IO;>DC+E'2JJLTB!J45PTEMEO,9 M;!=;)K6=N),EUC!P-_)%.<7E]3/+LLPUSCRJB2U+:Y^LX<3KI1IRSI,;%\1W M5*S,EHWA2V&^%.9+8=[4/QE8CODQC6B=PYQ](6=/>IT+!^Z%^5JXG9K+F3O# MWFGGY()3-UO.X>,F!-"W^N"YG9>93$>^%.9+X5W[HF<7G7Z__KO#]MGHVCE[ M>MZ!/60#.-MJV]S6JTRFI%.7PF(1A MKCP/FX7`3']&80#_]*BRN[D*AM?4]L+?!O"J\I1<$]466Q>!KT_0>J/"I6$KQWVSSH$M<8Q2B3"RMK7(=;KOIHKI'WE8;<4JA5N M>P;K"OK:DAR@Q%?R6PT8+("UZL&`!Y**@2MXE%<#)T!_G2HD$7R%$!M8JN8[ MM@GRU#MQ%9-VQ,-$>Q/A^9(:D6#?%NQ40G`735KRKA&#QZ)N M.?7ND8']2`5$)8N4B#+HRR^GT-MRY^,$]E)IKPDU&MF&*$@S(L,(M+CTQ:.2 MD>FD?8!B%>EIWE<#"6E+;ALU]_H`=55`D-BF&2/L3[)XY]T[[91Z?615XN4P MG-$>;P*0Y07L'MB3)>DMARQEX#C^#"D]D]%@:MF@R0B(441INQS;GP-89 MXP"$#H]_]91D`O635;]9P72B`7:NF<&4/^@U_Q&['YWFW8_B$/_.FT%1S762 M@Y&.#&XY?F0-H6`H\">Y:8K`5+"G0N$1*% M.:TU;\5&3M$4IXV,++_<+0`/B_X/^9CV#GO.@N\==D_*"QX4X-`J06#)E3?1 MZI[("M07GZ6.Q']*/U'B#R71*:%:\=1^)O=3Q#?;/"GKD$4D^>?1[9'X[>KJ M3WKYYO.W6[.X:"7.;<"H1;&$M3"=FV)83!&5IR@U"Q@A@/<$8.EK0D5/0?;N M52$U(`BV/P*NQ$"F$AMECE>^5LRJ]40]?>Y!5M)N8K3""CU`G6H(^;]A0>&2 M7=O*S,Y"HZ=M#JKC#?60^NA,)+4S0GQ`^ZQK0E14^2^:)T1Y"R.8P#:00/#= ME6<"`(3Z/Y)`O4RJ3TM2_:=M@9"WT+JN=&FS'746Y3&5,M``J6F@1E5I.P7Z M*0Q(O&!$;.655B8HVDDL;0:'K>("*QAH0W20A`EIYMB*.O`H;>AAU$SB+1J8 M@,2VRU!>0MHZ?]L*)ZP("?\-PK157=X)L`0C]5^2M'92E4WMG4IPP\1KP*:> M(,)+0$D"D+B4-UT7A#J^QNMB^W5QJX#J53]@]2JQ"^.B4]V$:FLW0-V--;BN MX/UFU.I_$+^%X9`L/4KU5Q*/U/$Z/NV6':]BS%298Q,24_*I0"0?I+Y/W:PH M:T%34MGH(9046<.Z)*6>O[B(>SG#$NS%\^_ MO'^M3?8S#T,^AV$`L``00E#@``!#D!``#M7=MRXS82?=^J_0=&>4D>9%EV9K(S%6]*OLUJ MRXY=LKV5MQ1,MB3L4(`"D+:5KT\#)"11!&^R;$+9?;),HL'3YS1N#5#ZZ>>7 M6>@]@9"4LY-._^"PXP'S>4#9Y*03RRZ1/J6=G__Y][_]]$VWZ_UZ.KKRO@`# M02((O&<:3?6U:R*^>F=\OA!T,HV\[\Z^]QX7WFCDG7/&(`QAX76[II)3(M&6 MLZ2VHX-^>B^D[.LCWO,0$Y,GG6D4S3_W>L_/SP>OHM%)?TLM?T5 M]TFD6:K$Y1664/]U3;&NNM3M'W6/^P=B&W49TG))07;R;`D2R0@5KV:R*.P)R M2P2Z.X6(HA9-4%D-\Q"W!7D78<^@E)`WXYNYZB>0_BK:RHUVQ=_Z4\Z(G%Z& M_+D)LIR-!9B]8=1O`O8`2F,>.TIO"0@_GR%)/*2![HM32\\6>\LFJ;M9[F=N MAJICXR)+1(I5]UYC(A]U%X;CP820.79E_7X/PDB:*XJS?O>PG_9DWZ:7?QM( MN88E)(\0ZN&]`3H0@CA$LN[D@(=^#'@D84K"!+"F^*/1!9'XCP38WX M,:-_?E1(2_1D/$NZJRY%C8W]6/!9EK7T0;P:)A_Q_0)(6/S&D1G1(@%SCO^0\(8+'+4M'-(F9J(4Y&. M7!+I5L",QC.)\&]PL!`C\`$=P"B3OT!D4:?*P"%9JJ"F>AR[I(<&6MB=9NXZ MQ'0&5TKK#R[1>BLX3C>BQ2V.G7K:B5`4R4^N*3$.8Q! M"`AN<4+C+P8^`I94X3KCTAKS508.J5$%-=7CHTMZ#!G.3B<4.\7$)PRX%2A'UU2Z(J21QH635XS=]N"ML`IZ5E(J!YK MTP_!?V,9J:[HXF4.3(+IJG"6%),P6BQM2YQZ9;VMA)]%+A.#.W(K#=)_["9( M3BK[2D2^27`DWI_.12F_]WS"BN\N)'!$>96O>? MPR,&1RS@YAF">_[`_+6D`!:4-*!$+.X%AI&E1;VV0I?4W(4_9L%\Z)+J>AI= MWMWGB[BF3!ZAX=JI[,0:0NP)[B+N?YWR$(%*-8K@L&(U0>)4IN2,SV:B-`P[E3^XPL.L&KF<\-6 M@&U=8$$YIU@OP&AX=RJWL9IS7J)?.&1&E,4XQUF-D*F::[C39XJ2D;`L-)E8)J62?;'-;#*&5;20V,6XE7"M%6>U?U_?$A-^.DD?6 MR=*0R5BHE4/:L-BD()RJ"KM+>Q5R0_..4C]6FG72H@[%107=IK<(M:'6J2S, M(-250W`W)0+TVRTJG820-1ELRK::ANUHU\<)HY]0AFG.8"_!I0BL+!C,N M(OI'YHV3S)FSDM)NJU0*W4BSHZ,C.SN!IJ==Q>TG5\)M"7)P#>W5R8O_H=ER M"9WF8'9QBJ+;5H[".%J4G5C=;T5/*\:U*>3[B6TT="KIL?0LC;4T!@L7RI:2 MKLIJ@6HD*,Y_M-&,+#MP)?N0I:5;T:(&_DPV<"6;T<.IK$#1KN@#$T!"^@<$ M_^*A/B2]3+*M7CP;""KQUCG^RR:W("@/2K1\NT>Y'@AOY[F)J>JE_EOO$^;? MFDVW"8_K;Q.J.CQ=B7O;A,BY@GO`C^A3T;'-)L;_ MG]=8!\"&Y%?TP4X=U\FLV=86;&K]YOL"U&?[BVJU+?=,M=I^&3V=2A39$R2V M,ZP%!?=,K2(WC#A.98+T6'P_)>P>9G,NB%@,9W-"A1J$DK7HVCKF5H4>9R,< M]R9,C=-#9LXD(5W+-_)QU22KOF7@G9Z[9Z'S3JR82'0J\;4VV4.X-^,58'MG M7U%^SY2O\,8H5IPS:V/QJL/U%\Y\]#F95A1G+4O*[IE4)9Z8E_UWE:HKV&O$ M(1^'EW-(_@[9QDM\JV]VL&X^-K#>(V4:^V:T*D[)M=&D\BZH7D%M:*L_FZ_% MCD"">+)O$FQ5SQX)_@HOC?2[2@76;*;U7R-N8+M'BC7TS*A4G"!THX%F=^W3 MMV+L4(LM#KP7NNOV-'0*.O^VMD[5*?5"+<\F6*)KZ9 MH"W.G;71*:'7/D"@=Y>O292BQ;%RGOJFVW,8RIMQ,]EW4^^^!<1NO#:AXE0F M+Q?LZ&P0*RJ@\!OT:MCLF\+5'AGUBK-?K33T%#B&VWJ4ZDE4O3&J<0U[*FUM M_XS0-9)F?X&96!D%'UQ[O$BO0[:!JQ ML6;WAGRL/27'R-$F(ZJPMXYI:U(R)UL;T5+Z0N0.B;$=M%Y1<[Q)31[6UMQ@ M"U>Y9^P.]#&`AOSDK-^0H]RS;BZ<2BM6;YI M**T])T?1AWPHJ>+>.JZMR;F#2?+B_+8_:6.KX`VILCTNQ]C'3<92JY+?K6E, MG-KF8]'`]WFL3O5/<+QE^-&';?JLJLK>D-"J1^?(_7&3W*0&;U6%9X6__`TG M_.=/4$L#!!0````(`$2`IT#GNE\Y"Q\``)R.`0`4`!P`9F%C+3(P,3(P,S,Q M7VQA8BYX;6Q55`D``S\JJ$\_*JA/=7@+``$$)0X```0Y`0``[3UK;R,WDM\/ MN/_`FUU@;4`>CS.;Y":79*'Q(^M;9^RS/7N[6!P"NIN2>&EU*^R6;>VO/SZ: M_5"3_5`_B@,;.,3''N4OOG3C__Z+]__V\D)^MO'^QOT$PD)PPGQT0M-5O*[GS'[%9U' MFQVCRU6"CLZ/T=,.W=^CBR@,21"0'3HYT4@^XIC#1J'"]M7;L_2W@(:_/O'? M$*GIR\O+V]?GUCP-F++TZ_>O7M_JAN^42V_>XUIJ?7+>]WV M[/1O/]\\>"NRQBCF40&."._OPX<.I_)4WC>EWL82_B3RP;T25 M$`9BD41,XY.]_O!F@;U?+B)ONR9A,@_]RS"AR>XZ7$1L+9?4_"E.&/:2\M!Q M*#XR9U^]>Z_6Q^_:HSG-Z!,$S%F92,P\W1/_V,!SVN+4B[CH;)*30`VK`E^P M:-V=O21J#_-+\!3L\U-BAI$XVC*/'#CD"C]7"!Q0J#P2GGQ^Z+0^5WZ]2_S."9)O#\;Z8#9&DV[E.I)%0O'W*+S,FDSM7Q;?(IB\[(%<1>\`!>2#>EM&$DMC& M8`T`T+)M9*&TA*VMP99S`T65Y7,=/I,X$8HOGB&LH4^XWCN).3S""5I@RM`S M#K8$'>%UQ!+Z3V[]>5&S#]]^(_7F[\^^^6KV];=?SQ#G;T.\ MA#Z38'<\O>1T'89YE?,^$!R\,GE:Q`NY(<" M^$SLVQH#DBC@Q.J.D37=KF/.Y6VR(NR>>(03RI5"_(G8]JXF(!A!:L=*48+J M(:!$IPU5E=6F@>2*6Q`2A%..FD;OO_Z6V47OO_FCY-+ M5G\F)1@JP,T0AP0T!_7@\KWX(MH^)8MM,/>\:,M%OH9;V\Y^*#8@<[$?\R7S M\3!48.9D'W*K)EDFH=PD0YL:H9[>UAR148T/:80S5"_K<&(N25%^'7KK?I]X1^]"LH5`"3;C7`O>,Z3#BEE)M3:A?C\GKYZ@5;$9WR4Q3Y M+S2P#44[4!AQZ<)646C:P$&)3GO:JG=(/E?&=$&%V8QHA@?*L.K#24Z\@I5; M##K*X)%&,,Z=5D*8([,T=5!#[14X;!"#/7@!-FC!,L^/MX_S&P0:LE`;JC!# M,KIK'/DIQ(T-.W+3R<,-EU`:J!NVT']((N_7513X7#,(PS?9-83_M`>'D:FN M[!6EKBTLE%QVHZ^R_FZNYQ^O;ZX?KR\?T/S3!7IXO#W_RY]O;RXN[Q_^@"[_ MZ_/UX]\GE^B^/.7@V>&-GT9="%?2I.VN(G8>8"I]B^D'_W^WZL+]\G5#PICH M<^@YCK3/Q'X5K_+AWT"JFZSE8?\PY0VH/PV:?^+-T)RK`O:P3`*,)0HPEZ MT%ZY9AN%=C^-89<1Z[V)S^)'\%IBFV1%T!,.)-)X M1?@)W,<)>0MG*OSG-J01>]@^18R?M,4+E0ORQ`=ZR\CMBWBN\CGDS,=10`6A M/F\84Y]RGA_9UAJ>V19NAO=4C/`JWD#N97[^4(;T$OZ"AV6 MJ_`@;P=S7=^6T)N1"6WT$P\UK"!NKV9/!/3)V")4#LA3\YQ+[RNH*#736&@! MZBX>8#2GDZ#.KF+WG,/=W,'N.8`[NT>+`'^0\3G)[KO)!;(GV:E/=YXDC#YM M$WG!R,VY.\R$Z\8%5R\_\*H8"4EXW3L>8TNPQP8VHO=>&.PW`WQ68";%%&:? M!JW$HND,_?[MNS-^YDD?FL[0V;O9NW?O^.D?B\,0WB:KB(F'8A"O"#KS]*!X M^JMBY3J.MU7"H18_E\I;]I"($Y:D[XZP!S'(K=BW`[L@(DVLV:7&!NF&(-53 MURQ;F5@!"\_!?*3RQ.&1\")(#$JZ$,>!)!)7Y$L2$\\SA=5J9*I`+LB3C16[ M'.U#N"$_9JJ:Y<:US:2Z.L%@)<;MJ88S7-'9"3E@9,63[@K;"#.7#:_E)4J.ZM2.R4":^ M5@Y44V=DH$A.N_5/C5;)]&N_#>6E=>^40:5(NLWMU+9LET`<6?X&-FIEH-#> M&4&HT-1.&@HG#7B1:,W#GES2W"X>\:MM@+IB`9*M MPY@M"5HW%&!2=PB9U>6;8T&1C+;RBGCX!,;1,=!MM4-9L^,KTC M@:X$F\M'TI?R23,_].J?!;Z;-GBA> MO5P'RV[?AW0%*QTSA>*"O"2A MMRM@!,R@P55,7FK.*/RU+6&VO!JBBSN66'#!& M1R*G&HF/5:ZBVFJ7DXM`%]9$V_0J3;!R;:\)./W1O.'T!GT4KSN"0Q^]:UVS M+&T$=NYN.&_#^+IZ#=UTPO&1A&1!D_A&ZA]1[T(E,6QR9+6`@Q&GU@P5Y:P1 M"$H`6Q)F.(;$J;&=)N<$<(L=2KN&FR$%J;S7*:P3SC-NVVW%VT65`G0_HRCG MM"GS;A<$4-4CNK)8KB'1%AJNDD0W"HW9<$EM/ER(HA(]F=((TN2VN;]MEJ>R M%1P/G\[V6OL$;I4C(%QJB3>X->H:3^^":R9=N^'L+2=UQ36185@6VF&3060* M&<(CUX.!*&-@5"EM+AE9XD2$<`CK499_XC:DBEQ*(A23(!"L MY0XV(:Q5+]Q,I+!]X8W%_YC_IX(^EWSC91RO!/+7-*1BIQ6/H[/!>HLX(;'T M:09;GR"?,N(E6<>Z&3H2R;+)*UYO1-E=?FS%3-]#>YE/4J;1%4?:&/%1B*,P M)`$GS>>SG]!8)O4-LZS$*,&OXH`LT_)Z.$1/NO=@A\3PJB$HNA_%TVZZH-Z^ M]]%&M$:M\OUVQUYF6D78)"0@FU44\B\D,WS*Q,PIM^KQ6U2W,OG4Q%$VU-D@ M\K[#*#S9&[ATK*(%D6/+.Q&YC6>()-Y!'E6CEI;QLVTTM*WA]-JYGF2MF(;H3GP8H$I MB]7-"!*%KK@Y];*BW@IAIM*,9SJ':Q*MJ/A?.(XCCTHU_T*35:Z'\KL:T0E' MW*3Z`6]71*EC3Z9C%D_+/N*8&ZK16HR>G)]T^"VF;5M@N++?[5G;K_+=#`E9 MU+LM=>9(U),G`23?DV@HD(K=!W.1`:L7D2D_17BM?"&+O'(C2>@'==$[7T?< M@/JG2>NU@H`J[]K(1+FVJ[4Y7&'7!I(,J?1S"*6P"S``A5W[T#]#_*^`9*P4 MP6?H4Q2F6Y"!LTEKO1(^;$G]9E-I!5;!U43L7K'68A/`NJQ5,DR%2V4K;3-! M%%WM0B:X7K=ZT+MZW)V[C.ET">/)\X@?]\(M/Z7=9I%N'\DB8FE,WJ/P;OU,PXCQ0Z'60)SM,A;U3.)G MDJPBOSFL9U(*P*ZIIA[DO7NNJ;H'O"B;ED5SW"A*.4J M4/&V.1DHIT,/5_K\4Z$O1F/-=-H#2>6,*_N$857VBNW0=4+$Y1^WV66UO$CY MR34/,!L"_."W78=3;S&T"$X;?@KCR!FE.>P"S?_49WNED2N=.T:F5&Z)`[<@CF?.+PDG[;K)\)N%Y74L@W[17J* M`TK.#J.SJM(EG`R,4]F/M[&*F?-PX,GD:BALUOJC2^=`W&HT*,6#AZ-Q=[?"FCLOAV^IW]<-Y:YH.>N5P\VI8@^W.H,PW\.0J$ M:LE?\S\0;\M4,CXFGUM<;$6H,C^`T,AO2`0_7GR*@YP'1R[1G;MUS3)_@YJ-R<@4_?C_PD\LB'-6*8[:[7&TR9D'4E MXX7PPKG69UR=B2G)N:@[7`R!'?!L/=S@5([2_5&#GIR'(M]\2#Q)./J31.-' M-.L`';VY?7R\?G.LLU'`')K'95_D]`A1AA_E':1/76;EJ.AYQ=8H*)DO1+_< MB7>747@=UA7-4\'2_(20MBZ>9QZCGMWQ$W%T>'JTTSZ(/@>_]<4WR MC+0X0S']-?-@[`D1EBQJ5*+4WI'`QL7WN)`X.,?HQ"7T/*NB$`L/!N=`YB)Y MC'3\,2F]HWZ,AA'X\;L%RDL[T7"6,MJ.W"=8+MQ)^*KFG\V[%2=1ICLKQ]\+ M4=\417VK1=T-Q08_>"J=D1BG-+L1'[:LUQ_.TAG8@17`S<]9TP790)U('-Y'W):41[L7+K)1$6&45UAB`(W[,J<0M M(V)K#"-%]:07A<;<$DI&ZJAQ-_E\-ZHM*>9A?`;@/JL:?W[)#X%B<*=3[W#- M(^EH.=87%;9P357CPX&JNG*"M"TG+:?ZG.HU[0']_G4,5'SUIL:@_G4[069Y M@O%Z=Z4R-]13@SR%J:0:G-2AW'>L)\T*RK5*3"Z(^K]P<#K'&YK@H,$;T@4! M6.[0CBSNI1-M"0V88;03A57WIGX5._U1OS?M&@$ZTBB.96!4=N1.T8R13:=* M_)TJ/RA2T%\1(@(6"'T6EHPIMJ$+-$2ATL[,Y95+6X-.7,JT(UWVU:91B+6F MD4CK2Z!!.1Z8@J=]V2QQ)"I#"D_BF!PU5T#MRY(HR">UZT#9-*H,_8ML;TLPQID(B3DBA'+?[+7+2I M475/1$%#>VFF@W"Y8J9T8+S>8FF!R!WCI36QYIS[-376^?J6X"`9U`?CTF+Q M9,S+#SG.+`E[BA7J7.3$1`]HZGT.19PG\?>T;BM-;85UP[L-6BH M#*%K(:YW>"=C7QZCN??;EC*2!1==1>RAS7O63AA@A/8`)HO2V@$<2DP[DUB] M[>!4K;",EEIT?94VNI@.P%Z*082BISC83XLG3PSSA)6;IC M9),.P#STSW$0Q+>+[BII&-Q`RFK(@2FIL2$0@RFXX8BO"$R.KR%`U`U=..)( M:-S*1,NQSU`!OQPDV8,8'D>3_%74*&?-WPK;BRA'5%OU6X5SQ(:Q,51KN>P# M.6.OF`DSG")4M)J\R/0I7Y\`[HQ#B3?9(#EHZB!UQNX8<$:F%WNN\(IZ4OII M#8>ZAK%HC056)71DUJ0@6J*`5A>=R'3D?F48VC/=P7=9=%3:IX_3JQ:3CP%: MFXPP82ZZ-WM[E]QW9_9S8[KOONSBCS?Y+AUV70[GLG3J4F6"2037-5WB M)@J7CX2M+\A3(OTQ\I#4Z+CLA@*J$E=W-LL%N=K#P]7EZDJCW6"/0O04,1:] MC)8GN4XJ!^`D1R'\?0+)2<*Q((%F5OA;>P)N9##8[5-`ES*H5;A-I<=0_0Q_ MQ3+9[+IH/O36WNZ;"_W,!/?-@R8K-XT6,MH%#IL%PYD#3AU31I[`"8L'<]*D MBHQ7E[]MZ3,.9*H:^79@/Y+6,D3=4`"5%SZ`S5*]X0[P8`6(.]-H7JQ9N7"Y M;,4N+S^0'.?T98K[LW:NF9$?"EAF:3%O9`AY!ZI6_&5/I'IX])!@EG3GPSOQ&C5]`'>[2+=+;H/S;X@TLB]H[`51O&7DD;PF'SF9 MOUH&6\H[P[]0W2(9(^`+KE>@]?@:!\(]Q>H8.K<\8,@_B)528-7.]4? M-9YJMU5);_:FD_HK3)DTEW)]%#=9#@TP,%+:BI&B]-4"0$E5"Z(JRTG`(`DT MN93T([>P!\:.;((FAAKVMGH0=X2A;B>J:^^2*#0HUL+2`MPZQB)\R@0;61C_ M=9C>]OR,V:]$5OD51^YDEU_[B),X80FFX2/#OG#>RAC8]B?1\;J#2MXQ[O"5 M4WV,TQ=<8I`Q^3'DX[!F-!]=3\"Q*IR7HD-Y6LV[1*K/PJTS.I*N7=4O2CM. M@^^/W3O"%EA,Q[,RBDT)J-LC`-A*LFZ?D^S, MMB(KP>/7+B9M'0A83KE&-O:RR%G;`^:-:Z#)E')-%//@,##)>@^GUT4#J\). MN,L.TWA5:00*7Y MVC-5JM/7#`96M*\M:=5:>`H278>+B*V!BO?UICX#=6\7V6>N80NQ-W=#5NHV M#UM;5Z2B0?D:1`%R]QB5^BE+)<<>HQMU??R)O,Q5?G#.T!V+0O[1(VG!ZN3O M))G[T28AOF5(#L0%54:Y!^/EHLH'(((KL7PPL8;W19Y8T3D*5,8!4'-Y..8* MN$38%,=F9Q1QA&A'^%`HE):MK7>QCAJ6A$=>Q@+'UV&Q#0T]N@GL813#H9V^ MQ,>0PZ&K?PR!<]+"(,,1;'#;U:WYN;B,4>CYIE9NJ'M`N1Q`5!09<6Q`=%]3 MR9$1^1752#@>D?G*STUXKAB]=`G04)<6D85),L0S_HL7;.5='1;J,56H(5]< M)8`BM3.4K'""?*F#GSCV1!9#>4%KDJPB7SQ,70M(>6=(%@OBJ1>=BRRX-=;Q M;X@/$D&4_Q&_+:IB]6]J:RL?^G0VQ%T,8Q$[CQCC7(A7MPTGD&XH8&RK0]@L MFE1=X*$LJ>XT=E8BD,<;6/;J)3(EU2?TESG'Y`ML5P%>VB4V)M[;9?1\RD&4 ML/(/^S)J0#>M]%CY$:)1^;'SNK>-FGGV.B^C'S.D2&`]>$;/MWQ]<.3MAIMZA0UN MQHO<[$^T^&V(^6 M/SW-QD9]YKL&8?^)5\A1BAU)](CC[[L&HO4Z"A\2?OB4@3;Q[3;AQ[=0'!D' M6Q"U?8"MCA:<[RV5&H@!UDTC]N$6D>P*R;YF*L`J1H7N>JZI*QH0=L[WFF7$ M!M,J>TBA5HV1M_(R*37IORX,Z`9;"!(WTLA[3OL]65)QH@R33W@]@(E@Q@HU M\6;NRC-?;M-_ZDWX!IO['#D2V'O;A>K`H:S-*_Y=W'\%U*"&LQBM?.Z;CY6& M0]B2%J0#&I;IP3$]-L@^!EH;XBPZRLHH((9>%Q4>S:LB:S;JFI(IRZ]` M?/01\]\\PNU30AQY^J)"4#,&6T4\&UI#1CM;B:]&.E>:3KZ4:NFH7SV%!#O1 M0M.Y+^R#;LMNTR21WH]AQ3G>.K;&57N\I`Y.0 MA`L%J"!I6_WK;\%OD2!$2I1!,'VR+0/0[OYV\;'87;S]Q_/2M1XQ]PBC[XZ& MQZ='%J8VO7Y^$_ST"&5C66\Y*OQW3&^#*4`I`@AG_CKU?X MW9%'EBL7)Y\M.)Z].YHA&Q@1^Q]IQ[N9)/0QJ-'^N,>-6,Q[;7OUU\A MPG]%;H`;$I#KMR\)8_J(/5](V&M(Q$;/?1Z[DO&/9X+^6ZH?"-J9`/L2]0=MH4]VC8+P"#I?,(9A5]MO(L2 M;1LL)G;%L031O3%$@[7 M%0_;QW/V>.)@`NO+<"A^$<0/!Z?#>$WZ#CY*Z9C"L`4RR_].R*;I"%N M)P/!KQO8EU>]N,7)"N8#Z@_L!7&=I/>,LV438<5$,!GEC#N8OSOZZ?CT_,@* M/"")K43O;'DXI)!'0(@CB+ERT5PBY<+_31)S@?1,SC]ID'/"`*PPA`$/SB5L M.A5:76AGDMPK6,CD_Z,&^4?4W^$Y$413_P8M9>*7-S-)^G(.,N$/M0G_`CB! M3>\85K?G?^-UI?1+[/?]4-S4)A6HN M,B!^T68(5\3%_`+(F3->;0:%5B:)7\I`*OFA#A.([9(MEXS>^\S^&I[SO-O` M%RX7X2*JGH^4GDCD6IJ+0XZ)#(57%2B\/2FZ%_;TD+Q'KO!`W"\P;NP0*?3=UUFS,=PD ME/H"^\1N[/-4#;2WFPLD'SE\;F>W*^'0!QR:"JYJD#:)NT#>XLIE3_O0EAM# M[=PJ.)0:N[P*FK3IXQI:`RNE"GZ_`%DQESCA74K/WR,7WV`Z`((*+BVHH$T5C7=C*E3!%44%QC.B9N)0M M09J#91]\=4`J)F/898@?'WX/R".P#9/TR+]`G*]A0QU?LI70K=FOFT#7)#[& M_+QOF$\X7I)@Z8$(;F$/P\45%`@!%-^[P;*I>5N';J*\C>H8WA_[!F_(;"0: M"98;_^TF7?J$TX0SVZ/YZ`CO-\)P'$]%*;#NJ3%#5O)LXJFF.@7W5 M-V`O8W(G<)JPUR,;F(XVCQ?,DUKDM@[=!'<;U3&\/_<-WC$`0.<$5I%(/J#+ M'YYM-Q#>QX^,.4_$=24@U^O63:CKT1X#_DN[@/N8:X6[+]P$0GW_?$OSO^"*$[SP_,*4P\G&Q,X``;(]==I7X7"[#FN+FUJ M:BI%C=J3[43=AMW9!DA##3]3C#B%W4QV9KS");>6LJ5)""L923#KG:_K7P$% MZN^#!^`09E8?.Y?X`20;<'S[A)TI^TSMW"T`-/2(0Q!?3SDHO&1NV'=`DU2F M#7X3S>J=1RWT6.2D6N5WV6AB&OIE#A(\6W:AZ=[SJX$T&D,I?"W[UG2?#AJ= M![IX`M@5W#K[_E=]V_=/$N)#[JNNJZ2M])WPZB(J)3N!LG>NM5Q@7^6U8ZE) M]T$LTYP@V+*O3#^"(\XMN^,Z M@+MM!\O`%9O^<)<(7`,+"TP]\HBCA%"1GGJ#_=O9%#W+E*#I"`9H1%.6DAB3 MT[ZIQQWV$:'8^8`X)73NY21SB6?$)K*=69U.W5>".EPDN+?L)--]C"H+J=;^ MVP14950G*+;L-M-]FMIV&-GACL6\D]5VCA+T6W9ME=&OBM5_B1CJ0M1[_`U) M0'6#B&KK^XVA?O@SPOJ@T;FC)>,^^0,[(C:C4:ANH:=)=Z*UF4I#>V6>$8-W M72/794_"Z$``ERQX\&>!&]<9\12QD3+]V'4DH_1E5R;3.-*>Z<^F\PDF[%L> MRM4)O1A9J:$MSK;JCB9I1UV>,N=LY]U6`"J-7+)/QK,91Y=7MF^J6$>Z7=*UL;"GJUQ?_28XN/N!Y[ M7E`/Z*2ET2`G3&0`E\N:]0O@ZAHB4@%IKQ[2&M2RNB&`=[EN2,MXO[`+IZHN MP*;[YDSEO`0:*/%AQ/=HJ34*=PVE2WUW(<\8AI@539\ MN8DN4]LBX^RBHTAPF@3?OXB3T!GP(0R?O<%^$O\CM:R8[Z&%6A%N*HI": MM%47(:PDMJ^IZA\1H2(&XI9NU%(O(5C1KJL85I#;UU3V1!R*;4QWL8XAGQ/:&/X>UUG+2EVGS6Z-/QW6@-#M($]9YM3T%"HGILG*Q7S,T# M4:BR'9MTUJ4"M34ZRU^OS]1ALMA;W\&.J1=P<=2/S^)TG@A!LHM5-38"Q&U, M'";+O770PJOC.H!5-30&K"H&LNSSSB#57JR%'>8\"L]B^*B6"/<%MD.,8@E4 MA%;4Z6@$]$T8ZF!F>%OU?X!BFT0`42<.-MIX*6>C^(^BM3&@*[GH;3[YF/H8 M@/&KK;O4PAA$2Y3W-G>[4C1-#D8&(:O@X5#YW)J/P%FNS16([8*)=]8"V)=D M]UCO\8QQG'NY[A.A(;>)&8"8-D>)XKX_87_!'+7OZD6_O>/'\A>514_3VU/9 MQ'8;VW.EYDE:&J$E$KJS)/:>K4&ATS]1ZJH;C.S_'<>O0.V!\M5UVV&2T9<$ M`"K\J=5-.XYD->'J8$>#W:=%EN$$2VQ8="Z)&_C2.+BM/72!O$U#JU`N,=#; MO/7_8/%$.G9&0`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`EM3O,Q1K9/'B/G:C5; MNPS2@6HPE8CEKCD:\]772A:&A)WMKL_JB+3>)21D+S-ZX@`&,AN#77A3)O8E MU"8NWA#$E.T_31S^*\W5NL/+)JWKT;.):2.?*)=,)'*+;)MC\;O<05Z[I[9W MFU_(1J6I62J!]+7&B#P/4;:1JVCXK6A*%?]]+5ORI[.E%VK[LGZ:MJO#:'ZC MIR?WSR^M<_6NKMNZN>Z,2R\TM43`H32K4Y\5;;\5+5&(H.4R,YW1$&"38]A" M7.+H9TY>\8.(ZAJMM3N;>RILPF5:V*8SY[N*:D1%EB;9@RE7&'O9>RFRZ\\F MO37&LS54[*QP40/VVBZ0T^&)04RQHO:6^)%.S/$$>0?8\D=Y18V=QC%+;?9@ MM.VR.BTH4,TIXS/%86WA@G74FC`J^YJ%>T/FVBZLT^')8K.@6"Q"^1&E26>S MU*,I=VV7[.F,?M3?A.UUL6GR+K,)ESTM^U,A@L@;M.$(ZKWPZ5J$BCWAV;46H80_H"1!,VVZ[4TYFE!P1H M8^R$E:<^(3]F&+9FJU@\X7L8KNO=SIHI43OC&JQ>[0C@0,6&]-]6E

P3S%:4VJVV7 M.^J,VM27Y5X[89.5I0F76=VC;^'<%+^SN-^Y23F(P>G9ONTLW9 M[>R:T?D4\^4E?O##K5KHAU+N>9MU[]B<4L,*()C)JB8= M0!4^T,V]Q`NGGW[$%'/!2#QE(OT+7M-"J M_J1AJ:V+)\V//;C/_85GF2M$^,::DIMGSHKSC&AL1:TUV%5*:D:3:@91-]F,86?$/^*PT)>)5IAVXFYCPB=CMIW.`PG2]YI$0R;=QE5ZCRRZM9:G^RKNU"JFNNM MZ*W$H/2`W[>U0MWCN5C1QW3&^'*CRD3.MEX5;2ON9>6[Z2B3$9%QAU8.W8)%6[*C#1&_-3>1-4G]DVRP0[\C.)YQ1^-7& M50?+GXNF%XU@94-8A3%TU/!*B;E8(#J/7FCFG/$+!N#80H;*>ER-NK>0R'># MGZH@$,>6B(@QS;:K?[MB>#I`7D8_O@_ M4$L#!!0````(`$2`IT#3\7_9Q04``'\E```0`!P`9F%C+3(P,3(P,S,Q+GAS M9%54"0`#/RJH3S\JJ$]U>`L``00E#@``!#D!``#M6E%OVS80?A^P_\#IJ04F MRX[;#@GL%HW3%`'2)$C2K6\%39UMHA*ID53L_/L=*:<>Z]>_OK+X/??)]\ M.;V])!]!@*(&0C+G9N9DGZCZ1D8R>51\.C/DQ>@E&3^2VUMR)H6`*()'XOL% MR"G5:"M%AG;4Z>5CFLT@I@0]$GKHS8Q)3H)@/I]WYOV.5-/@J-OM!5\^7=XY M/2]3/%F,5<17U*VD,.@'7&A#!8-"/^+B6XNZ'1ZC@TOX-?W*22:4[6$#$<0@S+E4 M\1E,:!J9H?=W2B,^X1!ZA!JC^#@UL**0BHI*F;G0+">NYN%UD`T6JK@2S&," M>E59`^M,Y4-0C%H?>WZWYY>1">0_C3?G.S0JL'8!*OFH!8JSI=UVH]P`5PXA M`RJ$--3@*G;W5I(D7$QD?HL"2]6)DA'H%9Y*E-N7O1?A! M&&X>+Q!9Q6X^C_!PZ+5J+'THO`AAP@5WWG:[Q">%=?62BI!D4*2"-0CJ`'7L M%!^N:_'672<*-&(YRTL4Y-:Y2IME.<%^=HQ&+(VV3)A+"RY^"$6G-++"NQF` MT1DGJZ)6$K`$D3O,$^0LC*30,N*AJW(Y#LF`#@SLPL`-51CV#`Q'?S;0L3K> MSLT>Y)`7*\`O#V0UD+7,I[Z>7"?V=8XNY,]-PU@K24=M')6`1$Y("4E>?!8T M#3GJ')C:A:D1U;/S2,XW$%4.M?+4WYTGBT@,3YDO"'C5V`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`L``00E#@``!#D!``!02P$"'@,4````"`!$@*=`J^FJX"0*```=:P`` M%``8```````!````I(&U6```9F%C+3(P,3(P,S,Q7V-A;"YX;6Q55`4``S\J MJ$]U>`L``00E#@``!#D!``!02P$"'@,4````"`!$@*=`Y[I?.0L?``"`L``00E#@``!#D!``!02P$"'@,4````"`!$@*=`"2V(IZT0``#9[@`` M%``8```````!````I(&`@@``9F%C+3(P,3(P,S,Q7W!R92YX;6Q55`4``S\J MJ$]U>`L``00E#@``!#D!``!02P$"'@,4````"`!$@*=`T_%_V<4%``!_)0`` M$``8```````!````I(%[DP``9F%C+3(P,3(P,S,Q+GAS9%54!0`#/RJH3W5X C"P`!!"4.```$.0$``%!+!08`````!0`%`+H!``"*F0`````` ` end XML 25 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Cash flows from operating activities:    
Net loss $ (8,207) $ (1,608)
Adjustments to reconcile net loss to cash provided by (used in) operating activities:    
Depreciation and amortization 429 338
Stock-based compensation 295 549
Other-than-temporary impairment on investment securities 1 77
Net realized (gains) losses on sales and redemptions of investments (27) 1
Other 69 48
Change in:    
Premiums and fees receivable (13,000) (9,885)
Loss and loss adjustment expense reserves 1,634 (866)
Unearned premiums and fees 16,236 11,498
Other 396 (141)
Net cash provided by (used in) operating activities (2,174) 11
Cash flows from investing activities:    
Purchases of investments, available-for-sale (1,500) (1,371)
Maturities and redemptions of investments, available-for-sale 8,042 6,493
Capital expenditures (2,028) (116)
Other   (2)
Net cash provided by investing activities 4,514 5,004
Cash flows from financing activities:    
Payments on borrowings (12) (20)
Net cash used in financing activities (12) (20)
Net change in cash and cash equivalents 2,328 4,995
Cash and cash equivalents, beginning of period 23,751 29,078
Cash and cash equivalents, end of period $ 26,079 $ 34,073

XML 26 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
Income Taxes
3 Months Ended
Mar. 31, 2012
Income Taxes [Abstract]  
Income Taxes
5. Income Taxes

The provision (benefit) for income taxes consisted of the following (in thousands).

 

                 
    Three Months Ended
March 31,
 
    2012     2011  

Federal:

               

Current

  $ —       $ —    

Deferred

    —         —    
   

 

 

   

 

 

 
      —         —    

State:

               

Current

    78       (204

Deferred

    1       (98
   

 

 

   

 

 

 
      79       (302
   

 

 

   

 

 

 
    $ 79     $ (302
   

 

 

   

 

 

 

The provision (benefit) for income taxes differs from the amounts computed by applying the statutory federal corporate tax rate of 35% to loss before income taxes as a result of the following (in thousands).

 

                 
    Three Months Ended
March 31,
 
    2012     2011  

Benefit for income taxes at statutory rate

  $ (2,845   $ (669

Tax effect of:

               

Tax-exempt investment income

    (1     (4

Change in the beginning of the period balance of the valuation allowance for deferred tax assets allocated to federal income taxes

    2,827       556  

Restricted stock

    13       136  

State income taxes, net of federal income tax benefit and valuation allowance

    79       (302

Other

    6       (19
   

 

 

   

 

 

 
    $ 79     $ (302
   

 

 

   

 

 

 

 

The Company had a valuation allowance of $29.9 million and $27.2 million at March 31, 2012 and December 31, 2011, respectively, to reduce deferred tax assets to the amount that is more likely than not to be realized. The change in the total valuation allowance for the three months ended March 31, 2012 was an increase of $2.7 million. For the three months ended March 31, 2012, the change in the valuation allowance included reductions of $0.3 million related to the unrealized change in investments included in other comprehensive income (loss) and increases of $0.2 million related to deferred state income taxes.

In assessing the realization of deferred tax assets, management considered whether it was more likely than not that some portion or all of the deferred tax assets will not be realized. The Company is required to assess whether a valuation allowance should be established against the Company’s net deferred tax assets based on the consideration of all available evidence using a more likely than not standard. In making such judgments, significant weight is given to evidence that can be objectively verified. In assessing the Company’s ability to support the realizability of its deferred tax assets, management considered both positive and negative evidence. The Company placed greater weight on historical results than on the Company’s outlook for future profitability and established a deferred tax valuation allowance at March 31, 2012 and December 31, 2011. The deferred tax valuation allowance may be adjusted in future periods if management determines that it is more likely than not that some portion or all of the deferred tax assets will be realized. In the event the deferred tax valuation allowance is adjusted, the Company would record an income tax benefit for the adjustment.

 

XML 27 FilingSummary.xml IDEA: XBRL DOCUMENT 2.4.0.6 Html 7 85 1 false 0 0 false 3 false false R1.htm 00 - Document - Document and Entity Information Sheet http://firstacceptancecorp.com/role/DocumentAndEntityInformation Document and Entity Information true false R2.htm 01 - Statement - Consolidated Balance Sheets Sheet http://firstacceptancecorp.com/role/BalanceSheets Consolidated Balance Sheets false false R3.htm 011 - Statement - Consolidated Balance Sheets (Parenthetical) Sheet http://firstacceptancecorp.com/role/BalanceSheetsParenthetical Consolidated Balance Sheets (Parenthetical) false false R4.htm 02 - Statement - Consolidated Statements of Operations (Unaudited) Sheet http://firstacceptancecorp.com/role/StatementsOfOperations Consolidated Statements of Operations (Unaudited) false false R5.htm 03 - Statement - Consolidated Statements of Cash Flows (Unaudited) Sheet http://firstacceptancecorp.com/role/StatementsOfCashFlows Consolidated Statements of Cash Flows (Unaudited) false false R6.htm 06001 - Disclosure - General Sheet http://firstacceptancecorp.com/role/General General false false R7.htm 06002 - Disclosure - Fair Value Sheet http://firstacceptancecorp.com/role/FairValue Fair Value false false R8.htm 06003 - Disclosure - Investments Sheet http://firstacceptancecorp.com/role/Investments Investments false false R9.htm 06004 - Disclosure - Net Loss Per Share Sheet http://firstacceptancecorp.com/role/NetLossPerShare Net Loss Per Share false false R10.htm 06005 - Disclosure - Income Taxes Sheet http://firstacceptancecorp.com/role/IncomeTaxes Income Taxes false false R11.htm 06006 - Disclosure - Segment Information Sheet http://firstacceptancecorp.com/role/SegmentInformation Segment Information false false R12.htm 06007 - Disclosure - Recent Accounting Pronouncements Sheet http://firstacceptancecorp.com/role/RecentAccountingPronouncements Recent Accounting Pronouncements false false All Reports Book All Reports Process Flow-Through: 01 - Statement - Consolidated Balance Sheets Process Flow-Through: Removing column 'Mar. 31, 2011' Process Flow-Through: Removing column 'Dec. 31, 2010' Process Flow-Through: 011 - Statement - Consolidated Balance Sheets (Parenthetical) Process Flow-Through: 02 - Statement - Consolidated Statements of Operations (Unaudited) Process Flow-Through: 03 - Statement - Consolidated Statements of Cash Flows (Unaudited) fac-20120331.xml fac-20120331.xsd fac-20120331_cal.xml fac-20120331_lab.xml fac-20120331_pre.xml true true