<SEC-DOCUMENT>0000892917-11-000213.txt : 20120224
<SEC-HEADER>0000892917-11-000213.hdr.sgml : 20120224
<ACCEPTANCE-DATETIME>20111214203444
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000892917-11-000213
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20111214

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BARRETT BUSINESS SERVICES INC
		CENTRAL INDEX KEY:			0000902791
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-HELP SUPPLY SERVICES [7363]
		IRS NUMBER:				520812977
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		8100 NE PARKWAY DRIVE
		STREET 2:		SUITE 200
		CITY:			VANCOUVER
		STATE:			WA
		ZIP:			98662
		BUSINESS PHONE:		(800) 494-5669

	MAIL ADDRESS:	
		STREET 1:		8100 NE PARKWAY DRIVE
		STREET 2:		SUITE 200
		CITY:			VANCOUVER
		STATE:			WA
		ZIP:			98662
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><img height=111 src="x11121417151700.jpg" width=213></p>

<p style="margin-bottom:24.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">December 14, 2011</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><u><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">Submitted on EDGAR under &quot;CORRESP</font></u><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">&quot;&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">Mr. Robert S. Littlepage</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">Accounting Branch Chief</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">Division of Corporation Finance</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">Securities and Exchange Commission</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">100 F Street, NE</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">Washington, DC 20549-4561</font></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:12.0pt;text-indent:-1.0in;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">Subject:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Barrett Business Services, Inc.</font></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:12.0pt;text-indent:-1.0in;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">Form 10-K for the fiscal year ended December 31, 2010<br>
Filed April 1, 2011<br>
File No. 0-21886</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font color=black face=Georgia lang=EN-US style="font-size:12.0pt;">Dear Mr. Littlepage:</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">We are in receipt of Larry Spirgel's letter dated November
10, 2011, regarding the subject filing.&#160; Our responses correspond to the
numbered comments in the letter.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><b><u><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">Form 10-K for the Year Ended
December 31, 2010</font></u></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><b><u><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">Goodwill and
intangible assets, page F-9</font></u></b></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><b><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; We
note your response to comment one from our letter dated September&nbsp;26, 2011.&#160;
Your statement that your branches &#8220;have discrete (albeit limited) financial
information&#8221; which is provided to the CODM but &#8220;is not regularly reviewed by
the CODM&#8221; is not sufficient evidence to support your conclusion that branches
are components, and not your operating segments.&#160; In this regard, we note that
branch reports are produced weekly, contain significantly detailed information,
including margins, and are provided to the CODM for his review.&#160; Therefore, we
believe that all of the branches in the CODM reports constitute separate
operating segments under ASC 280.</font></b></p>


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<p style="margin:0in;margin-bottom:.0001pt;"><font face=Georgia lang=EN-US style="font-size:12.0pt;">Mr. Robert S. Littlepage</font></p>



<p style="margin:0in;margin-bottom:.0001pt;"><font face=Georgia lang=EN-US style="font-size:12.0pt;">December 14, 2011</font></p>



<p style="margin:0in;margin-bottom:24.0pt;"><font face=Georgia lang=EN-US style="font-size:12.0pt;">Page 2</font></p>





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<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><b><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If you believe any of the branches can be
aggregated into a single operating segment under paragraph 50-11 of ASC 280-10,
please provide us your analysis and financial information for all periods
presented in your filing.&#160; In addition to your analysis of paragraph 50-11,
please provide us with an analysis that includes historical and projected
revenues, margins, and margin percentages, along with any other information you
believe would be useful for each of your operating segments to help us
understand how these operations are economically similar.&#160; Please also address
any differences in the trends these financial indicators depict (e.g. if gross
profit margin is decreasing for one operation and increasing for another).</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><b><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Similarly,
if you believe any of these operating segments are not required to be reported
separately under paragraphs 50-12 through 50-15 of ASC 280-10, please provide
us an analysis to support your position.</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">Response:</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><u><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">Form 10-K for the Year Ended
December 31, 2010</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">As of December 31, 2010 our CODM was William Sherertz, the
founder, Chairman, President and Chief Executive Officer of Barrett Business
Services, Inc. (the &#8220;Company&#8221;). &#160;Mr.&nbsp;Sherertz had been with the Company
since 1980 and took it public in 1993.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">The Company is centrally managed along functional lines (i.e.,
risk management, human resources, information systems, customer service). &#160;Centralization
of these functions provides a consistent service offering for our customers. &#160;All
branches provide the same lines of services to our customers. &#160;The consistent
service offering of our branches drives the consistent economic characteristics
among our branches. &#160;Each functional area of the Company is managed by a specific
manager focused on his or her functional area and not related to specific
branches. &#160;Operational decisions were made unilaterally by Mr.&nbsp;Sherertz and
uniformly applied to all branches. &#160;Mr.&nbsp;Sherertz was the CODM.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">We considered the role of Mike Elich, Chief Operating
Officer, as of December&nbsp;31, 2010, and whether or not the collective functions
of Mr.&nbsp;Sherertz and Mr.&nbsp;Elich represented our CODM. &#160;Mr.&nbsp;Elich had
responsibility for implementing our business plan and monitoring operations, and
took direction from the CEO. &#160;Mr.&nbsp;Sherertz made all significant operating decisions
in the organization. &#160;Mr.&nbsp;Sherertz did not run the business by committee
or share business decision making authority with others in the Company. &#160;As
such, Mr.&nbsp;Sherertz was the CODM as of and prior to December&nbsp;31, 2010.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;"><font face=Georgia lang=EN-US style="font-size:12.0pt;">Mr. Robert S. Littlepage</font></p>



<p style="margin:0in;margin-bottom:.0001pt;"><font face=Georgia lang=EN-US style="font-size:12.0pt;">December 14, 2011</font></p>



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<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">During 2010, Mr.&nbsp;Sherertz
regularly received summarized consolidated financial information to assess the performance
of the Company. &#160;We are providing under separate cover copies of reports Mr.&nbsp;Sherertz
received as of December&nbsp;31, 2010:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.25in;"><font color=windowtext face=Symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">Consolidated monthly statement of earnings</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.25in;"><font color=windowtext face=Symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">Consolidated balance sheet</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.25in;"><font color=windowtext face=Symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">Consolidated monthly statement of earnings (actual versus
forecast)</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.25in;"><font color=windowtext face=Symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">Consolidated weekly year-to-date activity report</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">The foregoing documents will be accompanied by an
application for confidential treatment as provided in Rule 83 (17 CFR &#167;200.83)
pursuant to the Freedom of Information Act.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Georgia lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Georgia lang=EN-US style="font-size:12.0pt;">As of December 31, 2010, based on the
unilateral decision making authority of Mr.&nbsp;Sherertz and how he assessed
operating performance, and as noted in our prior responses to the Staff, we continue
to believe strongly that the Company has one operating segment as defined in
ASC 280.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Georgia lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><u><font color=black face=Georgia lang=EN-US style="font-size:12.0pt;">Nine-Month Period Ended
September 30, 2011</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Georgia lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">Mr.&nbsp;Sherertz unexpectedly passed away in January 2011,
at which time Mr.&nbsp;Elich assumed the role and responsibilities of the CEO. &#160;The
Company continues to be centrally managed along functional lines. &#160;These
functional managers do not receive financial information at the branch level. &#160;The
managers of the branches have primary responsibility for the cost structure of
the branch operations. &#160;Mr.&nbsp;Elich does not share decision-making authority
with the Company&#8217;s functional or branch managers. &#160;Based on the functions
performed by Mr.&nbsp;Elich, and as noted in our prior responses, we believe he
has been the CODM of the Company throughout 2011.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">As we advised the Staff during our call on November&nbsp;29,
2011, in 2011 Mr.&nbsp;Elich continued to regularly receive the same financial information
he received when he was the COO of the Company.&#160; Those reports were previously
provided to you in conjunction with our response letter dated October&nbsp;11,
2011. &#160;During 2011, in his role as CEO, Mr.&nbsp;Elich did not regularly review
branch level financial information. &#160;We have recently reevaluated the financial
information that Mr.&nbsp;Elich receives and have discontinued providing branch
level financial information to Mr.&nbsp;Elich because he does not use it.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">We have 48 branches with total gross revenues in excess of $1.5
billion. &#160;Given the volume of data, it is not reasonable to conclude that our
CEO would have the time to regularly review 48 branch reports with this level
of activity. &#160;Moreover, none of our branches are individually significant to
the Company&#8217;s operations.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">We have also considered other financial information generated
within the Company, such as our forecasting data and the financial information provided
to the Board of </font><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">Directors. &#160;Supporting our deeply held
view that we have one operating segment, forecasting is done at a consolidated
level and the financial information provided to the Board of Directors is on an
aggregated basis. &#160;Furthermore, branch level financial information would not be
meaningful to investors and as such, we provide financial information on a
consolidated basis.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;"><font face=Georgia lang=EN-US style="font-size:12.0pt;">Mr. Robert S. Littlepage</font></p>



<p style="margin:0in;margin-bottom:.0001pt;"><font face=Georgia lang=EN-US style="font-size:12.0pt;">December 14, 2011</font></p>



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<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Georgia lang=EN-US style="font-size:12.0pt;">We strongly believe that the
Company has one operating segment as defined in ASC&nbsp;280.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><u><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">Consideration of Aggregation Criteria</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">As noted above, we have concluded that we have a single
operating segment. &#160;However, were we to conclude that we have multiple
operating segments, we have concluded that they would meet the aggregation
criteria in ASC 280-10-50-11.&#160; Our branch operations provide the same services
at all locations and share similar economic characteristics.&#160; Our branches
generate consistent gross margins by service line; 2-4% gross margin for Professional
Employment Organization (PEO) services and 13-16% gross margin for staffing
services.&#160; Gross margin on a branch-by-branch basis is consistent when each
branch&#8217;s specific revenue mix is taken into consideration.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">Additionally,
since each branch is an operating segment, it appears that at a minimum, each
branch would be a separate reporting unit pursuant to ASC 350-20-35-33.&#160; Please
revise or advise.</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;text-decoration:none;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><u><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">Consideration of ASC 350-20-35</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">As noted above, we have concluded that we have a single
operating segment.&#160; As noted in paragraph 34 of this subtopic, a component of
an operating segment is a reporting unit if discrete financial information is
available and the segment management regularly reviews the operating results of
that component.&#160; Paragraph 35 further clarifies that two or more components
should be deemed a single reporting unit if all of the components have similar
economic characteristics.&#160; Pursuant to paragraph&nbsp;34, in our business, our
branches are our components.&#160; Our branch operations provide the same services,
delivered on a consistent basis to a common type or class of customers, at all
locations and share similar economic characteristics. &#160;Our branches generate consistent
gross margins by service line: &#160;2-4% gross margin for PEO services and 13-16%
gross margin for staffing services.&#160; Gross margin on a branch-by-branch basis
is consistent when each branch&#8217;s specific revenue mix is taken into
consideration.&#160; As previously noted, many of the branch functions are
centralized for efficiency purposes and to provide a consistent platform of
service to our customers, which further causes the economic characteristics of
our branches to be similar. &#160;We continue to conclude that we have a single reporting
unit for purposes of measurement of potential goodwill impairment.</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;"><font face=Georgia lang=EN-US style="font-size:12.0pt;">Mr. Robert S. Littlepage</font></p>



<p style="margin:0in;margin-bottom:.0001pt;"><font face=Georgia lang=EN-US style="font-size:12.0pt;">December 14, 2011</font></p>



<p style="margin:0in;margin-bottom:24.0pt;"><font face=Georgia lang=EN-US style="font-size:12.0pt;">Page 5</font></p>





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<p style="margin:0in;margin-bottom:.0001pt;"><b><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><u><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">Fair Value of Financial
Instruments and Concentration of Credit Risk, page F-17</font></u></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><b><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160; We
note your response to comment two from our letter dated September&nbsp;26,
2011, including statements from your proposed disclosure that &#8220;&#8230;the Company
utilizes the services of an independent third party.&#160; The third party&#8217;s fair
value assessment is based upon observable market prices in less active markets
or quoted market prices for securities with similar credit characteristics and
rates traded in an active market.&#8221;&#160; As previously requested, please describe
the particular valuation methodology to which you apply the Level 2 inputs to
determine the fair value of municipal and corporate bonds and variable rate
demand notes.&#160; Since you disclose that you use brokers or pricing services to
assist you in determining fair values, consider explaining the extent to which,
and how, the information is obtained and used in developing the fair value
measurements in the consolidated financial statements.&#160; The nature and form of
this information may vary depending on the facts and circumstances, but may
include the following:</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font color=windowtext face=Symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">The nature and amount of assets you valued using broker quotes
or prices you obtained from pricing services;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font color=windowtext face=Symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">The number of quotes or prices you generally obtained per
instrument, and if you obtained multiple quotes or prices, how you determined
the ultimate value you used in your financial statements;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font color=windowtext face=Symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">Whether, and if so, how and why, you adjusted quotes or prices
you obtained from brokers and pricing services;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font color=windowtext face=Symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">The extent to which the brokers or pricing services are
gathering observable market information as opposed to using unobservable inputs
and/or proprietary models in making valuation judgments and determinations;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font color=windowtext face=Symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">Whether the broker quotes are binding or non-binding; and</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font color=windowtext face=Symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">The procedures you performed to validate the prices you
obtained to ensure the fair value determination is </font></b>
<B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=windowtext face=Georgia>consistent with ASC 820, Fair Value Measurement, and to ensure that you properly classified your assets in the fair value hierarchy.</FONT></B></p>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Georgia>Mr. Robert S. Littlepage</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Georgia>December 14, 2011</FONT></P>

<P style="MARGIN: 0in 0in 24pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Georgia>Page 6</FONT></P></DIV>




<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt 0.5in"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=windowtext face=Georgia>Please provide us your proposed disclosure.</FONT></B></P>

<P style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=windowtext face=Georgia>Response:&nbsp; </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=windowtext face=Georgia>As previously noted, our Level 2 financial investments include municipal bonds, corporate bonds, and variable rate demand notes.&nbsp; As directed by the Company&#8217;s investment policy, we invest in instruments that have short maturities or will be maturing quickly.&nbsp; As of December 31, 2010, our average remaining time to maturity was approximately 12 months.&nbsp; Furthermore, we make investments in highly rated instruments.&nbsp; Short-term instruments (maturity of less than one year) must be obligations of issuers rated A2/P2 or better by two National Recognized Statistical Rating Organizations.&nbsp; Long-term instruments (maturities of greater than one year) must be obligations of issuers rated BBB-/Baa3 or better by two National Recognized Statistical Rating Organizations.&nbsp; </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=windowtext face=Georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=windowtext face=Georgia>By purchasing investments with a short period of maturity, the price which we pay for our investments typically varies less than 500 basis points from the stated par value.&nbsp; We have experienced no defaults on the municipal or corporate bonds held in our investment portfolio.&nbsp; Lastly, many of our investments are in small increments of $100,000 or less to further reduce the risk of market loss with respect to any particular bond issuer.&nbsp; As a matter of policy, no more than 5% of our investment portfolio is permitted to be invested in any one issuer (excluding U.S. Treasury obligations and Federal Agency obligations including Government Sponsored Enterprises).</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=windowtext face=Georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=windowtext face=Georgia>For Level 2 financial investments, our investment advisors provide us with monthly account statements documenting the value of each investment held with each of our investment brokers (currently, Wells Capital Management, Wells Fargo Securities, and Charles Schwab). Our investment advisors assist us in evaluating the fair value of the securities held by evaluating the types of securities in our investment portfolio to determine their proper classification in the fair value hierarchy based on trading activity and the observability of market inputs. Our Level 2 instruments are valued by our investment brokers using a proprietary pricing model that includes a variety of inputs, including quoted prices for similar assets in active markets, quoted prices for identical or similar assets in markets that are not active, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks and default rates that are observable at commonly quoted intervals. As we are ultimately responsible for the determination of the fair value of these instruments, we perform quarterly analyses of our investment portfolio. &nbsp;Our review consists of the following:</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=windowtext face=Georgia></FONT>&nbsp;</P>

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<p style="margin:0in;margin-bottom:.0001pt;"><font face=Georgia lang=EN-US style="font-size:12.0pt;">Mr. Robert S. Littlepage</font></p>



<p style="margin:0in;margin-bottom:.0001pt;"><font face=Georgia lang=EN-US style="font-size:12.0pt;">December 14, 2011</font></p>



<p style="margin:0in;margin-bottom:24.0pt;"><font face=Georgia lang=EN-US style="font-size:12.0pt;">Page 7</font></p>





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<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.25in;"><font color=windowtext face=Symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">Review all of our investment securities for significant
unrealized gains or losses.&#160; We define significant to be in excess of 5% of cost
basis. &#160;When we identify significant unrealized gains or losses, we inquire as
to the reasons with our investment advisor.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.25in;"><font color=windowtext face=Symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">Host a conference call with our investment advisors to inquire about
unusual valuation trends within our portfolio and to discuss trends within the
investment community in general.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.25in;"><font color=windowtext face=Symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">While not performed on a quarterly basis, our investment
committee (a subset of our board of directors) hosts periodic meetings to
review our portfolio and to make changes to our investment policy.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">As of December 31, 2010, we did
not record any of our investments at a fair value different from the stated
amounts provided by our investment brokers.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;text-decoration:none;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><u><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">For future filings, as
applicable, we propose adding the following disclosure to our fair value
measurements disclosure in our financial statements:</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;text-decoration:none;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">In determining the fair value of
our financial assets, the Company predominately uses the market approach.&#160; In
determining the fair value of all its municipal bonds, corporate bonds, and
variable rate demand notes classified as Level 2, the Company utilizes the non-binding
quotes provided by our three investment brokers.&#160; We receive one non-binding
broker quote for each financial asset as of the balance sheet date.&#160; To value
the Level 2 assets, our investment brokers use proprietary multi-dimensional
pricing models that include a variety of inputs, including quoted prices for identical
or similar assets in active markets, quoted prices for identical or similar
assets in markets that are not active, interest rates and yield curves
observable at commonly quoted intervals, volatilities, prepayment speeds, loss
severities, credit risks and default rates that are observable at commonly
quoted intervals. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><u><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">For future filings, as
applicable, we propose adding the following disclosure to our management&#8217;s
discussion and analysis disclosure:</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">Our investment policy strictly
defines the types and quantities of investments that can be made by our
investment brokers.&#160; The general parameters of our investment policy are as
follows:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.25in;"><font color=windowtext face=Symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">We make investments in highly rated instruments to reduce our
investment risk.&#160; Short-term instruments (maturity of less than one year) must
be obligations of issuers rated A2/P2 or better by two National Recognized
Statistical Rating Organizations.&#160; Long-term instruments (maturities of greater
than one year) must be obligations of issuers rated BBB-/Baa3 or better by two
National Recognized Statistical Rating Organizations. </font></p>


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<p style="margin:0in;margin-bottom:.0001pt;"><font face=Georgia lang=EN-US style="font-size:12.0pt;">Mr. Robert S. Littlepage</font></p>



<p style="margin:0in;margin-bottom:.0001pt;"><font face=Georgia lang=EN-US style="font-size:12.0pt;">December 14, 2011</font></p>



<p style="margin:0in;margin-bottom:24.0pt;"><font face=Georgia lang=EN-US style="font-size:12.0pt;">Page 8</font></p>





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<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.25in;"><font color=windowtext face=Symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">No more than 5% of our investment portfolio is invested in any
one issuer (excluding U.S. Treasury obligations and Federal Agency obligations
including Government Sponsored Enterprises).</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">To monitor our overall
investment risk and to assess the fair values of assets within our investment
portfolio, we review our investment portfolio on a quarterly basis for
significant unrealized gains or losses.&#160; We define significant to be in excess
of 5% of cost basis. &#160;When we identify significant unrealized gains or losses,
we inquire as to the reasons with our investment advisor.&#160; </font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;text-indent:0in;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">* *
* * * * *</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font color=windowtext face=Georgia lang=EN-US style="font-size:12.0pt;">Please feel free to call me at 360-828-0700 if you have
any questions regarding the information contained in this letter.</font></p>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
