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Schedule II | 12 Months Ended
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Dec. 31, 2014
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Condensed Financial Information of Registrant | CONDENSED FINANCIAL INFORMATION OF REGISTRANT BALANCE SHEETS AS OF DECEMBER 31, 2014 AND 2013
| 2014 |  | 2013
Assets: |  |  |
Cash and cash equivalents | $ | 7,942,481 |  |  | $ | 7,210,956 |
Investments in fixed maturities, available-for-sale | 24,358,323 |  |  | 19,202,320 |
Investments in equity securities, available-for-sale | 2,529,982 |  |  | 2,265,136 |
Short-term investments | 284,069 |  |  | 2,213,496 |
Investments in affiliated companies | 96,395,352 |  |  | 90,570,724 |
Other investments | 1,578,236 |  |  | 737,378 |
Premium and fees receivable | 56,428 |  |  | 135,669 |
Other receivables | 2,220,330 |  |  | 1,456,037 |
Income taxes recoverable | 1,876,242 |  |  | 3,230,977 |
Accrued interest and dividends | 128,221 |  |  | 103,571 |
Property, net | 2,371,078 |  |  | 2,504,969 |
Total Assets | $ | 139,740,742 |  |  | $ | 129,631,233 |
Liabilities and Stockholders’ Equity |  |  |  |  |
Liabilities: |  |  |  |  |
Accounts payable and accrued liabilities | $ | 2,074,347 |  |  | $ | 1,558,095 |
Deferred income taxes, net | 102,689 |  |  | 10,984 |
Total liabilities | 2,177,036 |  |  | 1,569,079 |
Stockholders’ Equity: |  |  |  |  |
Preferred stock (1,000,000 authorized shares; no shares issued) | — |  |  | — |
Common stock - no par value (10,000,000 authorized shares; 2,023,270 and 2,037,135 shares issued and outstanding 2014 and 2013, respectively, excluding 291,676 shares for 2014 and 2013 of common stock held by the Company’s subsidiary) | 1 |  |  | 1 |
Retained earnings | 124,707,196 |  |  | 116,714,749 |
Accumulated other comprehensive income | 12,856,509 |  |  | 11,347,404 |
Total stockholders’ equity | 137,563,706 |  |  | 128,062,154 |
Total Liabilities and Stockholders’ Equity | $ | 139,740,742 |  |  | $ | 129,631,233 |
See notes to Condensed Financial Statements. CONDENSED FINANCIAL INFORMATION OF REGISTRANT STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2014, 2013 AND 2012
|  | 2014 |  | 2013 |  | 2012
Revenues: |  |  |  |  |  |
Investment income – interest and dividends |  | $ | 482,711 |  |  | $ | 348,933 |  |  | $ | 520,511 |
Net realized gain (loss) on investments |  | 9,169 |  |  | (50,778 | ) |  | 616,001 |
Rental income |  | 772,256 |  |  | 748,764 |  |  | 736,159 |
Miscellaneous income (loss) |  | 59,569 |  |  | 68,966 |  |  | (62,253 | )
Total |  | 1,323,705 |  |  | 1,115,885 |  |  | 1,810,418 |
Operating Expenses: |  |  |  |  |  |  |  |  |
Salaries, employee benefits and payroll taxes |  | 673,729 |  |  | 576,429 |  |  | 459,248 |
Office occupancy and operations |  | 270,881 |  |  | 408,373 |  |  | 390,227 |
Business development |  | 49,059 |  |  | 45,022 |  |  | 25,909 |
Taxes – other than payroll and income |  | 200,718 |  |  | 188,314 |  |  | 240,607 |
Professional and contract labor fees |  | 192,064 |  |  | 351,093 |  |  | 245,398 |
Other expenses |  | 193,681 |  |  | 177,810 |  |  | 161,937 |
Total |  | 1,580,132 |  |  | 1,747,041 |  |  | 1,523,326 |
Equity in Net Income of Affiliated Companies |  | 9,777,925 |  |  | 15,164,894 |  |  | 10,992,815 |
Income before Income Taxes |  | 9,521,498 |  |  | 14,533,738 |  |  | 11,279,907 |
(Benefit) Provision for Income Taxes |  | (151,000 | ) |  | (263,000 | ) |  | 89,000 |
Net Income |  | 9,672,498 |  |  | 14,796,738 |  |  | 11,190,907 |
Net Income Attributable to Redeemable Noncontrolling Interest |  | (23,523 | ) |  | (88,528 | ) |  | (88,411 | )
Net Income Attributable to the Company |  | $ | 9,648,975 |  |  | $ | 14,708,210 |  |  | $ | 11,102,496 |
Basic Earnings per Common Share |  | $ | 4.75 |  |  | $ | 7.15 |  |  | $ | 5.33 |
Weighted Average Shares Outstanding – Basic |  | 2,031,760 |  |  | 2,056,169 |  |  | 2,081,703 |
Diluted Earnings per Common Share |  | $ | 4.74 |  |  | $ | 7.08 |  |  | $ | 5.24 |
Weighted Average Shares Outstanding – Diluted |  | 2,037,534 |  |  | 2,076,628 |  |  | 2,116,793 |
Cash Dividends Paid per Common Share |  | $ | 0.32 |  |  | $ | 0.32 |  |  | $ | 0.29 |
See notes to Condensed Financial Statements. CONDENSED FINANCIAL INFORMATION OF REGISTRANT STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2014, 2013 AND 2012
| 2014 |  | 2013 |  | 2012
Operating Activities |  |  |  |  |
Net income | $ | 9,672,498 |  |  | $ | 14,796,738 |  |  | $ | 11,190,907 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |
Equity in net earnings of subsidiaries | (9,777,925 | ) |  | (15,164,894 | ) |  | (10,992,815 | )
Depreciation | 136,369 |  |  | 136,031 |  |  | 133,334 |
Amortization, net | 210,768 |  |  | 69,969 |  |  | 51,111 |
Issuance of common stock in payment of bonuses and fees | 164,730 |  |  | 76,110 |  |  | 54,041 |
Net loss on disposals of property | 2,722 |  |  | — |  |  | — |
Net realized (gain) loss on investments | (19,231 | ) |  | 50,778 |  |  | (616,001 | )
Net loss (earnings) from other investments | 322 |  |  | (32,499 | ) |  | 91,256 |
(Benefit) provision for deferred income taxes | (40,000 | ) |  | (93,000 | ) |  | 48,000 |
(Increase) decrease in receivables | (685,052 | ) |  | (146,247 | ) |  | 368,574 |
Decrease (increase) in income taxes recoverable | 1,354,735 |  |  | (1,646,373 | ) |  | (398,445 | )
(Increase) decrease in other assets | (24,650 | ) |  | (101 | ) |  | 20,224 |
Increase (decrease) in accounts payable and accrued liabilities | 516,252 |  |  | (8,118 | ) |  | (124,799 | )
Net cash provided by (used in) operating activities | 1,511,538 |  |  | (1,961,606 | ) |  | (174,613 | )
Investing Activities |  |  |  |  |  |  |  |
Capital contribution to subsidiaries | — |  |  | — |  |  | (250,000 | )
Dividends received from subsidiaries | 5,051,664 |  |  | 9,252,919 |  |  | 5,609,489 |
Purchases of available-for-sale securities | (6,883,612 | ) |  | (10,360,919 | ) |  | (4,960,208 | )
Purchases of short-term securities | (104,207 | ) |  | (58,283 | ) |  | (3,565 | )
Purchases of and net earnings from other investments | (964,197 | ) |  | (49,485 | ) |  | (94,881 | )
Proceeds from sales and maturities of available-for-sale securities | 1,631,987 |  |  | 3,027,896 |  |  | 5,033,298 |
Proceeds from sales and maturities of short-term securities | 2,033,634 |  |  | 2,748,876 |  |  | 3,641,978 |
Proceeds from sales and distributions of other investments | 123,017 |  |  | 45,384 |  |  | 505,832 |
Proceeds from sales of other assets | — |  |  | 4,832 |  |  | 176,815 |
Purchases of property | (5,200 | ) |  | (24,820 | ) |  | (98,722 | )
Proceeds from disposals of property | — |  |  | 7,200 |  |  | — |
Net cash provided by investing activities | 883,086 |  |  | 4,593,600 |  |  | 9,560,036 |
Financing Activities |  |  |  |  |  |  |  |
Repurchases of common stock | (1,055,765 | ) |  | (4,262,260 | ) |  | (3,975,532 | )
Exercise of options | 27,100 |  |  | 75,797 |  |  | 160,557 |
Excess tax benefit | 15,999 |  |  | 9,042 |  |  | — |
Dividends paid | (650,433 | ) |  | (657,914 | ) |  | (603,334 | )
Net cash used in financing activities | (1,663,099 | ) |  | (4,835,335 | ) |  | (4,418,309 | )
Net Increase (Decrease) in Cash and Cash Equivalents | 731,525 |  |  | (2,203,341 | ) |  | 4,967,114 |
Cash and Cash Equivalents, Beginning of Period | 7,210,956 |  |  | 9,414,297 |  |  | 4,447,183 |
Cash and Cash Equivalents, End of Period | $ | 7,942,481 |  |  | $ | 7,210,956 |  |  | $ | 9,414,297 |
Supplemental Disclosures: |  |  |  |  |
Income tax payments, net | $ | 2,699,000 |  |  | $ | 5,583,000 |  |  | $ | 4,392,000 |
See notes to Condensed Financial Statements. CONDENSED FINANCIAL INFORMATION OF REGISTRANT NOTES TO THE CONDENSED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2014, 2013 AND 2012
1. | The accompanying Condensed Financial Statements should be read in conjunction with the consolidated financial statements and notes thereto of Investors Title Company and Subsidiaries.
2. | Cash dividends paid to Investors Title Company by its wholly owned subsidiaries were as follows:
Subsidiaries | 2014 |  | 2013 |  | 2012
Investors Title Insurance Company, net* | $ | 4,906,664 |  |  | $ | 9,102,919 |  |  | $ | 5,169,489 |
Investors Title Exchange Corporation | 50,000 |  |  | 50,000 |  |  | 10,000 |
Investors Title Accommodation Corporation | 10,000 |  |  | — |  |  | 30,000 |
Investors Title Management Services, Inc. | — |  |  | — |  |  | — |
Investors Capital Management Company | 40,000 |  |  | — |  |  | 50,000 |
Investors Trust Company | — |  |  | 100,000 |  |  | 350,000 |
Investors Title Commercial Agency, LLC | 45,000 |  |  | — |  |  | — |
Total | $ | 5,051,664 |  |  | $ | 9,252,919 |  |  | $ | 5,609,489 |
* Total dividends of $5,000,000, $9,196,255 and $5,254,075 paid to the Parent Company in 2014, 2013 and 2012, respectively, netted with dividends of $93,336, $93,336 and $84,586 received from the Parent Company in 2014, 2013 and 2012, respectively.

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