Retirement Agreements And Other Postretirement Benefits

9 Months Ended

Sep. 30, 2011

Retirement Agreements And Other Postretirement Benefits [Abstract]

Retirement Agreements And Other Postretirement Benefits

Note 5 – 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 $5,517,000 and $5,134,000 as of September 30, 2011 and December 31, 2010, 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 September 30, 2011 and 2010:

For the Three Months Ended September 30, For the Nine Months Ended September 30,

	2011	2010	2011	2010
Service cost – benefits earned during the year	$      1,778	$      6,425	$    14,627	$  19,274
Interest cost on the projected benefit obligation	3,077	7,688	18,455	23,066
Amortization of unrecognized prior service cost	(415)	5,097	9,779	15,291
Amortization of unrecognized (gains) losses	(1,525)	645	(239)	1,929
Net periodic benefits costs	$      2,915	$  19,855	$    42,622	$ 59,560