Retirement Agreements And Other Postretirement Benefits

3 Months Ended

Mar. 31, 2013

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 $6,447,000 and $6,303,000 as of March 31, 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 March 31, 2013 and 2012:

		For the Three
		Months Ended
		March 31,
		2013			2012
Service cost – benefits earned during the year	$	3,946		$	3,154
Interest cost on the projected benefit obligation		7,103			6,967
(Accretion) amortization of unrecognized prior service cost		(380	)		2,349
Amortization of unrecognized losses		1,573			170
Net periodic benefits costs	$	12,242		$	12,640