Equity investees

12 Months Ended

Dec. 31, 2012

NOTE 9

Equity investees. Certain summarized aggregate financial information for equity investees (in which the Company typically owns 20% through 50% of the equity) follows:


	2012		2011		2010
	($000 omitted)

For the year:
Revenues		66,145		70,896		73,450
Net earnings		11,037		4,326		6,976

At December 31:
Total assets		52,500		57,972		31,767
Notes payable		23,681		23,533		1,119
Stockholders’ equity		12,758		12,524		16,027

Net premium revenues from policies issued by equity investees were approximately $6.0 million, $6.4 million and $6.9 million in 2012, 2011 and 2010, respectively. Earnings related to equity investees were $4.3 million, $1.7 million and $2.4 million in 2012, 2011 and 2010, respectively. These amounts are included in title insurance – direct operations in the consolidated statements of operations and comprehensive earnings (loss).

Goodwill related to equity investees was $9.1 million and $12.1 million at December 31, 2012 and 2011, respectively, and these balances are included in investments in investees in the consolidated balance sheets. Equity investments, including the related goodwill balances, are reviewed for impairment annually and upon the occurrence of an event indicating an impairment may have occurred.

- Definition

The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.

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