NOTE 14. INCOME FROM INVESTMENTS

Net Investment Income for the years ended December 31, 2012, 2011 and 2010 was:



DOLLARS IN MILLIONS	2012		2011		2010
Investment Income:
Interest and Dividends on Fixed Maturities	$	246.1	$	246.6	$	243.8
Dividends on Equity Securities	25.7		25.2		16.0
Short-term Investments	0.2		0.1		0.3
Loans to Policyholders	18.9		17.7		16.5
Real Estate	27.4		26.0		27.1
Equity Method Limited Liability Investments	9.3		9.6		48.8
Other	0.1		0.3		—
Total Investment Income	327.7		325.5		352.5
Investment Expenses:
Real Estate	26.1		25.9		25.7
Other Investment Expenses	5.7		1.6		1.1
Total Investment Expenses	31.8		27.5		26.8
Net Investment Income	$	295.9	$	298.0	$	325.7

Other Receivables includes accrued investment income of $72.4 million and $76.1 million at December 31, 2012 and 2011, respectively.

The components of Net Realized Gains on Sales of Investments for the years ended December 31, 2012, 2011 and 2010 were:



DOLLARS IN MILLIONS	2012			2011			2010
Fixed Maturities:
Gains on Sales	$	56.9		$	14.2		$	21.5
Losses on Sales	(0.1		)	(0.1		)	(0.1		)
Equity Securities:
Gains on Sales	8.3			34.0			11.7
Losses on Sales	(0.2		)	(13.5		)	—
Former Investee – Intermec:
Gains on Sales	—			—			0.8
Real Estate:
Gains on Sales	0.2			0.1			8.2
Other Investments:
Gains on Sales	—			—			0.1
Losses on Sales	—			(0.1		)	(0.1		)
Trading Securities Net Gains (Losses)	0.3			(0.9		)	0.5
Net Realized Gains on Sales of Investments	$	65.4		$	33.7		$	42.6

During the second and third quarters of 2010, Trinity sold a total of 1.5 million shares of Intermec common stock. As a result of these sales, the Company’s approximate voting percentage in Intermec was reduced to 18% at September 30, 2010. As a result of this change in ownership and other qualitative factors, the Company determined that its investment in the common stock of Intermec no longer qualified for the equity method of accounting. Accordingly, Equity in Net Loss of Former Investee for the year ended December 31, 2010 relates to the Company’s proportionate share of results that Intermec reported for a portion of the year. During the fourth quarter of 2010, Trinity sold an additional 0.3 million shares of Intermec common stock. Net Realized Gains on Sales of Investments includes gains of $5.4 million arising from the sales of Intermec common stock for the year ended December 31, 2010, of which $0.8 million has been reported as net realized gains on sales of investee and $4.6 million has been included in net realized gains on sales of equity securities. In 2011, the Company disposed of its remaining

NOTE 14. INCOME FROM INVESTMENTS (Continued)

holdings of 10.9 million shares of Intermec common stock, of which 3.6 million shares were sold in open market transactions at a gain of $8.3 million and 7.3 million shares were contributed to Company’s pension plan at a loss of $7.0 million. See Note 17, “Pension Benefits,” to the Consolidated Financial Statements.

The components of Net Impairment Losses Recognized in Earnings reported in the Consolidated Statements of Income for the years ended December 31, 2012, 2011 and 2010 were:



DOLLARS IN MILLIONS	2012			2011			2010
Fixed Maturities	$	(1.9	)	$	(2.2	)	$	(14.4	)
Equity Securities	(1.9		)	(1.9		)	(2.1		)
Real Estate	(3.1		)	(7.2		)	—
Net Impairment Losses Recognized in Earnings	$	(6.9	)	$	(11.3	)	$	(16.5	)