Retirement Agreements And Other Postretirement Benefits

6 Months Ended

Jun. 30, 2013

Compensation and Retirement Disclosure [Abstract]

Retirement Agreements And Other Postretirement Benefits

Retirement Agreements and Other Postretirement Benefits

On November 17, 2003, the Company’s subsidiary, Investors Title Insurance Company, entered into employment agreements with key executives that provide for the continuation of certain employee benefits and other payments due under the agreements upon retirement totaling $6,536,000 and $6,303,000 as of June 30, 2013 and December 31, 2012, respectively.  The executive employee benefits include health insurance, dental, vision and life insurance and are unfunded.  These amounts are classified as accounts payable and accrued liabilities in the Consolidated Balance Sheets.  The following sets forth the net periodic benefits cost for the executive benefits for the periods ended June 30, 2013 and 2012:

	Three Months Ended June 30,					Six Months Ended June 30,
	2013			2012		2013			2012
Service cost – benefits earned during the year	$	3,945		$	3,154	$	7,891		$	6,308
Interest cost on the projected benefit obligation	7,103			6,967		14,206			13,934
(Accretion) amortization of unrecognized prior service cost	(379		)	2,349		(759		)	4,698
Amortization of unrecognized losses	1,574			170		3,147			340
Net periodic benefits costs	$	12,243		$	12,640	$	24,485		$	25,280