INCOME TAXES (Tables)

3 Months Ended

Mar. 31, 2013

INCOME TAXES [Abstract]

Reconciliation of income tax expense (benefit)

The actual income tax expense for the three months ended March 31, 2013 and 2012 differed from the "expected" income tax expense for those periods (computed by applying the United States federal corporate tax rate of 35 percent to income before income tax expense) as follows:

	Three months ended March 31,
	2013			2012
Computed "expected" income tax expense	$	7,178,137		$	9,764,400
Increases (decreases) in tax resulting from:
Tax-exempt interest income		(942,975	)		(1,155,161	)
Dividends received deduction		(194,572	)		(128,336	)
Proration of tax-exempt interest and dividends received deduction		170,632			192,525
Other, net		25,225			1,124
Income tax expense	$	6,236,447		$	8,674,552