XML 18 R8.htm IDEA: XBRL DOCUMENT v3.4.0.3
Consolidated Statements Of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Operating Activities    
Net income $ 1,804,461 $ 1,726,124
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 342,590 220,321
Amortization, net 196,875 182,230
Amortization related to postretirement benefits obligation 2,235 1,976
Share-based compensation expense related to stock options 35,053 32,600
Net gain on the disposals of property (3,701) (18,891)
Net realized gain on investments (149,830) (14,803)
Net loss (earnings) from other investments 24,263 (246,105)
Provision for claims 15,959 786,612
Provision for deferred income taxes 1,689,000 296,000
Changes in assets and liabilities:    
Decrease in receivables 1,452,570 304,994
Decrease (increase) in other assets 4,032,198 (664,709)
Increase in current income taxes recoverable (1,036,309) 0
Decrease in accounts payable and accrued liabilities (6,275,393) (2,810,752)
(Increase) decrease in current income taxes payable (210,355) 195,069
Payments of claims, net of recoveries (406,959) (400,612)
Net cash provided by (used in) operating activities 1,512,657 (409,946)
Investing Activities    
Purchases of available-for-sale securities (3,583,240) (241,882)
Purchases of short-term investments (1,974,677) (2,184,144)
Purchases of other investments (473,174) (346,693)
Proceeds from sales and maturities of available-for-sale securities 4,130,767 3,056,743
Proceeds from sales and maturities of short-term investments 1,320,014 360,807
Proceeds from sales and distributions of other investments 1,741,134 1,304,877
Proceeds from sales of other assets 6,545 6,000
Purchases of property (701,184) (610,926)
Proceeds from the sale of property 8,501 26,000
Net cash provided by investing activities 474,686 1,370,782
Financing Activities    
Repurchases of common stock (1,626,668) (1,069,185)
Exercises of stock options and SARs (200) 54,988
Excess tax benefits related to exercise of stock options and SARs 32,292 26,875
Dividends paid (309,104) (160,957)
Net cash used in financing activities (1,903,680) (1,148,279)
Net Increase (Decrease) in Cash and Cash Equivalents 83,663 (187,443)
Cash and Cash Equivalents, Beginning of Period 21,790,068 15,826,515
Cash and Cash Equivalents, End of Period 21,873,731 15,639,072
Cash Paid During the Year for:    
Income tax payments, net 1,926,400 125,000
Non cash net unrealized gain on investments, net of deferred tax benefit of $(369,394) and $(100,529) for 2016 and 2015, respectively $ (699,846) $ (178,433)