Investment in equity method investees

12 Months Ended

Dec. 31, 2012

Equity Method Investments And Joint Ventures Abstract

Equity Method Investments Disclosure Text Block

Note16 - Investments in equity investees

During the year ended December 31, 2012, the Corporation recorded pre-tax earnings of $73.5 million, before intra-entity eliminations, from its equity investments, compared to $33.7 million and $23.6 million for 2011 and 2010, respectively.The carrying value of the Corporation's equity method investments was $246.8 million and $ 313.2million as of December 31, 2012 and 2011, respectively.

The following table presents aggregated summarized financial information of the Corporation's equity method investees.

Years ended December 31,			2012		2011		2010
(in thousands)
Operating results:
	Total revenues	$	756,100	$	651,786	$	448,734
	Total expenses		532,720		539,202		288,132
	Income tax (benefit) expense		(36,914)		(16,656)		9,726
Net income		$	260,294	$	129,240	$	150,876
At December 31,					2012		2011
(in thousands)
Balance Sheet:
	Total assets			$	4,711,406	$	4,353,599
	Total liabilities			$	3,920,910	$	3,419,809

Summarized financial information for these investees may be presented on a lag, due to the unavailability of information for the investees, at the respective balance sheet dates.