Retirement Agreements And Other Postretirement Benefits

9 Months Ended

Sep. 30, 2012

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 $6,163,000 and $5,740,000 as of September 30, 2012 and December 31, 2011, 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 table sets forth the net periodic benefits cost for the executive benefits for the periods ended September 30, 2012 and 2011:

		For the Three						For the Nine
		Months Ended						Months Ended
		September 30,						September 30,
		2012			2011			2012		2011
Service cost – benefits earned during the year	$	3,155	$		1,778		$	9,463	$	14,627
Interest cost on the projected benefit obligation		6,966			3,077			20,900		18,455
Amortization of unrecognized prior service cost		2,349			(415	)		7,047		9,779
Amortization of unrecognized losses (gains)		171			(1,525	)		511		(239	)
Net periodic benefits costs	$	12,641		$	2,915		$	37,921	$	42,622