Accumulated Other Comprehensive Income (Tables)

12 Months Ended

Dec. 31, 2017

A reconciliation of the components of accumulated other comprehensive income at December 31 is as follows:

	2017			2016
Investments:
Total unrealized gain before federal income taxes	$	71,848		$	52,386
Deferred tax liability		(25,148	)		(18,335	)
Net unrealized gains on investments		46,700			34,051

Foreign exchange adjustment:
Total unrealized losses		(475	)		(1,278	)
Deferred tax benefit		166			447
Net unrealized losses on foreign exchange adjustment		(309	)		(831	)

Accumulated other comprehensive income	$	46,391		$	33,220

Details of changes in net unrealized gains on investments for the years ended December 31 are as follows:

	2017		2016			2015
Investments:
Pre-tax holding gains (losses) on debt and
equity securities arising during period	$	26,677	$	13,259		$	(19,445	)
Less: applicable federal income taxes		9,337		4,641			(6,806	)
		17,340		8,618			(12,639	)

Pre-tax gains on debt and equity securities
included in net income during period		7,217		20,755			426
Less: applicable federal income taxes		2,526		7,264			149
		4,691		13,491			277

Change in unrealized gains on investments	$	12,649	$	(4,873	)	$	(12,916	)

Reconciliation of accumulated other comprehensive income and retained earnings for the years ended December 31 are as follows:

	2017			2016			2015

Beginning accumulated other comprehensive income	$	33,220		$	37,858		$	52,230
Change in foreign exchange adjustment		522			235			(1,456	)
Change in unrealized net gains on investments		12,649			(4,873	)		(12,916	)
Ending accumulated other comprehensive income	$	46,391		$	33,220		$	37,858


		2017			2016			2015

Beginning retained earnings	$	316,195		$	303,053		$	294,773
Net income		18,323			28,945			23,283
Dividends		(16,302	)		(15,803	)		(15,003	)
Repurchase of common shares		(1,516	)		-			-
Ending retained earnings	$	316,700		$	316,195		$	303,053