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Shareholders' Equity
 12 Months Ended
Dec. 31, 2020
Shareholders' Equity [Abstract]  
Shareholders' Equity
Note F - Shareholders' Equity

The Company's Class A and Class B Common Stock has a stated value of approximately $0.04 per share.  The Company paid a total of $5,692, or $0.40 per share, in dividends during 2020, $5,857, or $0.40 per share, during 2019 and $16,835, or $1.12 per share, during 2018.

On August 31, 2017, the Company's Board of Directors authorized the reinstatement of its share repurchase program for up to 2,464,209 shares of the Company's Class A or Class B Common Stock.  No duration has been placed on the Company's share repurchase program, and the Company reserves the right to amend, suspend or discontinue it at any time.  The share repurchase program does not commit the Company to repurchase any shares of its common stock.

During the year ended December 31, 2020, the Company paid $1,782 to repurchase 126,764 shares of Class B Common Stock at an average share price of $14.07 under the share repurchase program.  No share repurchases have been made by the Company since March 20, 2020.

Accumulated Other Comprehensive Income (Loss)

A reconciliation of the components of accumulated other comprehensive income (loss) at December 31, 2020 and 2019 is as follows:

  
2020
    
2019
  
Investments:
            
Total unrealized gain before federal income tax expense (benefit)
  
$
26,259
    
$
12,491
  
Deferred tax benefit (liability) (1)
    
(4,255
)
    
(2,628
)
Net unrealized gains on investments
    
22,004
      
9,863
  
                 
Foreign exchange adjustment:
                
Total unrealized losses
    
(310
)
    
(625
)
Deferred tax benefit
    
65
      
131
  
Net unrealized losses on foreign exchange adjustment
    
(245
)
    
(494
)
                 
Accumulated other comprehensive income
  
$
21,759
    
$
9,369
  

(1)
Includes the $1,264 valuation allowance benefit recorded in other comprehensive income.  See Note E - Income Taxes for additional information.

Details of changes in net unrealized gains (losses) on investments for the years ended December 31, 2020, 2019 and 2018 are as follows:

  
2020
    
2019
    
2018
  
Investments:
                  
Pre-tax holding gains (losses) on fixed income securities arising during period
  
$
10,501
    
$
19,182
    
$
(12,253
)
Less: applicable federal income tax expense (benefit) (1)
    
941
      
4,028
      
(2,573
)
     
9,560
      
15,154
      
(9,680
)
                         
Pre-tax gains (losses) on fixed income securities included in net income (loss) during period (1)
    
(3,267
)
    
(1,161
)
    
(3,560
)
Less: applicable federal income tax expense (benefit)
    
(686
)
    
(244
)
    
(748
)
     
(2,581
)
    
(917
)
    
(2,812
)
                         
Change in unrealized gains (losses) on investments
  
$
12,141
    
$
16,071
    
$
(6,868
)

(1)
Includes the $1,264 valuation allowance benefit recorded in other comprehensive income.  See Note E - Income Taxes for additional information.