Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Income Taxes [Abstract]

Provision for income tax

	2012		2011			2010
Current	$	3,614,390	$	(1,269,775	)	$	757,400
Deferred		1,151,250		(5,922,491	)		(2,380,430	)
Federal tax (benefit) provision	$	4,765,640	$	(7,192,266	)	$	(1,623,030	)

Reconciliation of federal income tax rate

	2012			2011			2010
Income (loss) before income taxes	$	27,858,260		$	(6,739,313	)	$	9,844,149
Computed “expected” taxes (benefit)		9,750,391			(2,358,760	)		3,445,452
Tax-exempt interest		(5,824,281	)		(6,038,463	)		(6,183,795	)
Proration		869,551			905,326			923,071
Other, net		(30,021	)		299,631			192,242
Federal income tax (benefit) provision	$	4,765,640		$	(7,192,266	)	$	(1,623,030	)

Schedule of deferred tax assets and deferred tax liabilities

	2012			2011
Deferred tax assets:
Unearned premium	$	17,613,415		$	16,113,291
Loss reserves		7,275,091			7,339,644
Net operating loss carryforward		1,942,128			4,473,462
Net operating loss carryforward - Le Mars		1,797,194			2,191,532
Alternative minimum tax credit carryforward		7,964,853			4,294,879
Other		1,413,285			634,885
Total gross deferred assets		38,005,966			35,047,693
Less valuation allowance		(440,778	)		(440,778	)
Net deferred tax assets		37,565,188			34,606,915
Deferred tax liabilities:
Deferred policy acquisition costs		14,042,594			12,750,631
Net unrealized gains		14,212,465			11,711,531
Other		3,042,593			225,033
Total gross deferred tax liabilities		31,297,652			24,687,195
Net deferred tax asset	$	6,267,536		$	9,919,720