Investments

9 Months Ended

Sep. 30, 2011

Investments [Abstract]

Investments

5.	Investments

The Company's investments in fixed maturities, preferred stock, and common stock are classified as available for sale and are carried at their fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair values of the Company's available for sale portfolio, excluding the limited partnership interest, are determined on the basis of quoted market prices where available. If quoted market prices are not available, the Company uses third party pricing services to assist in determining fair value. In many instances, these services examine the pricing of similar instruments to estimate fair value. The Company purchases bonds with the expectation of holding them to their maturity; however, changes to the portfolio are sometimes required to assure it is appropriately matched to liabilities. In addition, changes in financial market conditions and tax considerations may cause the Company to sell an investment before it matures. Corporate loans have stated maturities; however, they generally do not reach their final maturity due to borrowers refinancing. The difference between amortized cost and fair value of the Company's available for sale investments, excluding the Company's convertible bond and convertible preferred stock portfolios, net of the effect of deferred income taxes, is reflected in accumulated other comprehensive income in shareholders' equity and, accordingly, has no effect on net income other than for the credit loss component of impairments deemed to be other than temporary. The difference between amortized cost and fair value of the convertible bonds and convertible preferred stocks is included in income.

The Company's investments in other invested assets are comprised of limited liability partnership interests and a mutual fund. Partnership interests where we owned more than 3% at any time are carried at their fair value. The change in the difference between amortized cost and fair value of partnership interests of 3% ownership or greater, net of the effect of deferred income taxes, is reflected in income. The mutual fund and partnership interests of less than 3% ownership are carried at their fair value. The change in the difference between amortized cost and the fair value of the mutual fund and partnership interests of less than 3% ownership, net of the effect of deferred income taxes, is reflected in accumulated other comprehensive income in shareholders' equity and, accordingly, has no effect on net income other than for impairments deemed to be other than temporary.

The amortized cost and estimated fair value of investments were as follows as of September 30, 2011 and December 31, 2010:


(Dollars in thousands)		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value				Other than temporary impairments recognized in AOCI ₍₁₎
As of September 30, 2011
Fixed maturities:
U.S. treasury and agency obligations		$	123,210			$	8,261			$	(3	)		$	131,468			$	—
Obligations of states and political subdivisions			210,532				8,158				(75	)			218,615				—
Mortgage-backed securities			288,698				9,851				(337	)			298,212				(15	)
Asset-backed securities			100,368				2,426				(39	)			102,755				(33	)
Commercial mortgage-backed securities			34,677				38				(144	)			34,571				—
Corporate bonds and loans			559,339				14,537				(7,937	)			565,939				(134	)
Foreign corporate bonds			53,464				1,450				(132	)			54,782				—

Total fixed maturities			1,370,288				44,721				(8,667	)			1,406,342				(182	)
Common stock			154,110				7,739				(15,782	)			146,067				—
Other invested assets			14,150				3,071				(1,052	)			16,169				—

Total		$	1,538,548			$	55,531			$	(25,501	)		$	1,568,578			$	(182	)

(1)

Represents the total amount of other than temporary impairment losses relating to factors other than credit losses recognized in accumulated other comprehensive income ("AOCI").


(Dollars in thousands)		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value				Other than temporary impairments recognized in AOCI ₍₁₎
As of December 31, 2010
Fixed maturities:
U.S. treasury and agency obligations		$	192,746			$	9,948			$	(4	)		$	202,690			$	—
Obligations of states and political subdivisions			239,872				5,756				(616	)			245,012				—
Mortgage-backed securities			239,265				9,864				(49	)			249,080				(19	)
Asset-backed securities			112,626				2,548				(75	)			115,099				(41	)
Commercial mortgage-backed securities			38,963				9				(239	)			38,733				—
Corporate bonds and loans			511,754				21,594				(564	)			532,784				(134	)
Foreign corporate bonds			58,429				2,570				(5	)			60,994				—

Total fixed maturities			1,393,655				52,289				(1,552	)			1,444,392				(194	)
Common stock			120,674				25,300				(700	)			145,274				—
Preferred stock			930				1,322				—				2,252				—
Other invested assets			5,367				13				—				5,380				—

Total		$	1,520,626			$	78,924			$	(2,252	)		$	1,597,298			$	(194	)

(1)

Represents the total amount of other than temporary impairment losses relating to factors other than credit losses recognized in accumulated other comprehensive income ("AOCI").

The Company held a mortgage-backed security ("MBS") issued by Government National Mortgage Association ("GNMA") which represented approximately 3% and 8% of shareholders' equity as of September 30, 2011 and December 31, 2010, respectively. Excluding U.S. treasuries, agency bonds, and the MBS issued by GNMA, the Company did not hold any debt or equity investments in a single issuer that was in excess of 4% and 2% of shareholders' equity at September 30, 2011 and December 31, 2010, respectively.

The amortized cost and estimated fair value of the Company's fixed maturities portfolio classified as available for sale at September 30, 2011, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


(Dollars in thousands)		Amortized Cost				Estimated Fair Value

Due in one year or less		$	70,950			$	71,837
Due after one year through five years			650,117				671,162
Due after five years through ten years			182,007				182,367
Due after ten years through fifteen years			10,221				11,641
Due after fifteen years			33,250				33,797
Mortgaged-backed securities			288,698				298,212
Asset-backed securities			100,368				102,755
Commercial mortgage-backed securities			34,677				34,571

		$	1,370,288			$	1,406,342

The following table contains an analysis of the Company's securities with gross unrealized losses, categorized by the period that the securities were in a continuous loss position as of September 30, 2011:


		Less than 12 months								12 months or longer ₍₁₎								Total
(Dollars in thousands)		Fair Value				Gross Unrealized Losses				Fair Value				Gross Unrealized Losses				Fair Value				Gross Unrealized Losses
Fixed maturities:
U.S. treasury and agency obligations		$	2,244			$	(3	)		$	—			$	—			$	2,244			$	(3	)
Obligations of states and political subdivisions			1,792				(9	)			6,845				(66	)			8,637				(75	)
Mortgage-backed securities			27,856				(319	)			521				(18	)			28,377				(337	)
Asset-backed securities			2,009				(6	)			707				(33	)			2,716				(39	)
Commercial mortgage-backed securities			20,731				(69	)			10,071				(75	)			30,802				(144	)
Corporate bonds and loans			221,625				(7,919	)			830				(18	)			222,455				(7,937	)
Foreign corporate bonds			7,488				(132	)			—				—				7,488				(132	)

Total fixed maturities			283,745				(8,457	)			18,974				(210	)			302,719				(8,667	)
Common stock			125,505				(15,423	)			932				(359	)			126,437				(15,782	)
Other invested assets			8,948				(1,052	)			—				—				8,948				(1,052	)

Total		$	418,198			$	(24,932	)		$	19,906			$	(569	)		$	438,104			$	(25,501	)

(1)

Fixed maturities in a gross unrealized loss position for twelve months or longer are primarily comprised of non-credit losses on investment grade securities where management does not intend to sell, and it is more likely than not that the Company will not be forced to sell the security before recovery. The Company has analyzed these securities and has determined that they are not impaired.

The following table contains an analysis of the Company's securities with gross unrealized losses, categorized by the period that the securities were in a continuous loss position as of December 31, 2010:


		Less than 12 months								12 months or longer ₍₁₎								Total
(Dollars in thousands)		Fair Value				Gross Unrealized Losses				Fair Value				Gross Unrealized Losses				Fair Value				Gross Unrealized Losses
Fixed maturities:
U.S. treasury and agency obligations		$	1,015			$	(4	)		$	—			$	—			$	1,015			$	(4	)
Obligations of states and political subdivisions			38,601				(553	)			1,651				(63	)			40,252				(616	)
Mortgage-backed securities			2,298				(29	)			561				(20	)			2,859				(49	)
Asset-backed securities			7,021				(17	)			880				(58	)			7,901				(75	)
Commercial mortgage-backed securities			32,889				(239	)			—				—				32,889				(239	)
Corporate bonds and loans			35,063				(559	)			1,014				(5	)			36,077				(564	)
Foreign corporate bonds			1,990				(5	)			—				—				1,990				(5	)

Total fixed maturities			118,877				(1,406	)			4,106				(146	)			122,983				(1,552	)
Common stock			12,580				(700	)			—				—				12,580				(700	)

Total		$	131,457			$	(2,106	)		$	4,106			$	(146	)		$	135,563			$	(2,252	)

(1)

Fixed maturities in a gross unrealized loss position for twelve months or longer are primarily comprised of non-credit losses on investment grade securities where management does not intend to sell, and it is more likely than not that the Company will not be forced to sell the security before recovery. The Company has analyzed these securities and has determined that they are not impaired.

The Company regularly performs various analytical valuation procedures with respect to its investments, including reviewing each fixed maturity security in an unrealized loss position to assess whether the security is a candidate for credit loss. Specifically, the Company considers credit rating, market price, and issuer specific financial information, among other factors, to assess the likelihood of collection of all principal and interest as contractually due. Securities for which the Company determines that a credit loss is likely are subjected to further analysis through discounted cash flow testing to estimate the credit loss to be recognized in earnings, if any. The specific methodologies and significant assumptions used by asset class are discussed below. Upon identification of such securities and periodically thereafter, a detailed review is performed to determine whether the decline is considered other than temporary. This review includes an analysis of several factors, including but not limited to, the credit ratings and cash flows of the securities and the magnitude and length of time that the fair value of such securities is below cost.

For fixed maturities, the factors considered in reaching the conclusion that a decline below cost is other than temporary include, among others, whether:

(1)

the issuer is in financial distress;

(2)

the investment is secured;

(3)

a significant credit rating action occurred;

(4)

scheduled interest payments were delayed or missed;

(5)

changes in laws or regulations have affected an issuer or industry;

(6)

the investment has an unrealized loss and was identified by the Company's investment manager as an investment to be sold before recovery or maturity; and

(7)

the investment failed cash flow projection testing to determine if anticipated principal and interest payments will be realized.

According to accounting guidance, for debt securities in an unrealized loss position, the Company is required to assess whether the Company has the intent to sell the debt security or more likely than not will be required to sell the debt security before the anticipated recovery. If either of these conditions is met, the Company must recognize an other than temporary impairment with the entire unrealized loss being recorded through earnings. For debt securities in an unrealized loss position not meeting these conditions, the Company assesses whether the impairment of a security is other than temporary. If the impairment is deemed to be other than temporary, the Company must separate the other than temporary impairment into two components: the amount representing the credit loss and the amount related to all other factors, such as changes in interest rates. The credit loss represents the portion of the amortized book value in excess of the net present value of the projected future cash flows discounted at the effective interest rate implicit in the debt security prior to impairment. The credit loss component of the other than temporary impairment is recorded through earnings, whereas the amount relating to factors other than credit losses are recorded in other comprehensive income, net of taxes.

For equity securities, management carefully reviews all securities with unrealized losses and further focuses on securities that have either:

(1)

persisted for more than twelve consecutive months or

(2)

the value of the investment has been 20% or more below cost for six continuous months or more to determine if the security should be impaired.

The amount of any write-down, including those that are deemed to be other than temporary, is included in earnings as a realized loss in the period in which the impairment arose.

The following is a description, by asset type, of the methodology and significant inputs that the Company used to measure the amount of credit loss recognized in earnings, if any:

U.S. treasury and agency obligations – As of September 30, 2011, gross unrealized losses related to U.S. treasury and agency obligations were $0.003 million. All unrealized losses have been in an unrealized loss position for less than twelve months. All of these securities are rated AA+. The Company's investment manager's analysis for this sector includes on-site visits and meetings with officials in addition to the standard rigorous analysis that determines the financial condition of the issuer.

Obligations of states and political subdivisions – As of September 30, 2011, gross unrealized losses related to obligations of states and political subdivisions were $0.075 million. Of this amount, $0.066 million has been in an unrealized loss position for twelve months or greater. These securities are rated A- or higher. The Company's investment manager's analysis for this sector includes on-site visits and meetings with officials in addition to the standard rigorous analysis that determines the financial condition of the issuer.

Mortgage-backed securities – As of September 30, 2011, gross unrealized losses related to mortgage-backed securities were $0.337 million. Of this amount, $0.018 million has been in an unrealized loss position for twelve months or greater. All of the securities in an unrealized loss position for twelve months or greater are rated AA+. The Company's investment manager models each mortgage-backed security to project principal losses under downside, base, and upside scenarios for the economy and home prices. The primary assumption that drives the security and loan level modeling is the Home Price Index ("HPI") projection. The Company's investment manager first projects HPI at the national level, then at the Metropolitan Statistical Area ("MSA") level based on the historical relationship between the individual MSA HPI and the national HPI, using inputs from its macroeconomic team, mortgage portfolio management team, and structured analyst team. The model utilizes loan level data and borrower characteristics including FICO score, geographic location, original and content loan size, loan age, mortgage rate and type (fixed rate / interest-only / adjustable rate mortgage), issuer / originator, residential type (owner occupied / investor property), dwelling type (single family / multi-family), loan purpose, level of documentation, and delinquency status as inputs.

Asset-backed securities ("ABS") – As of September 30, 2011, gross unrealized losses related to asset-backed securities were $0.039 million. Of this amount, $0.033 million has been in an unrealized loss position for twelve months or greater. These securities are rated A- or higher. The weighted average credit enhancement for the Company's asset-backed portfolio is 34.9. The Company's investment manager analyzes every ABS transaction on a stand-alone basis. This analysis involves a thorough review of the collateral, prepayment, and structural risk in each transaction. Additionally, their analysis includes an in-depth credit analysis of the originator and servicer of the collateral. The Company's investment manager projects an expected loss for a deal given a set of assumptions specific to the asset type. These assumptions are used to calculate at what level of losses that the deal will incur a dollar of loss. The major assumptions used to calculate this ratio are loss severities, recovery lags, and no advances on principal and interest.

Commercial mortgage-backed securities ("CMBS") – As of September 30, 2011, gross unrealized losses related to CMBS were $0.144 million. Of this amount, $0.075 million has been in an unrealized loss position for twelve months or greater. All of the securities in an unrealized loss position for twelve months or greater are rated AAA. The weighted average credit enhancement for the Company's CMBS portfolio is 27.2. This represents the percentage of pool losses that can occur before a mortgage-backed security will incur its first dollar of principle losses. For the Company's CMBS portfolio, a loan level analysis is utilized where every underlying CMBS loan is re-underwritten based on the Company's investment manager's internally generated set of assumptions that reflect their expectation for the future path of the economy. In the analysis, the focus is centered on stressing the significant variables that influence commercial loan defaults and collateral losses in CMBS deals. These variables include: (1) occupancies are projected to drop; (2) capitalization rates vary by property type and are forecasted to return to more normalized levels as the capital markets repair and capital begins to flow again; and (3) property value was stressed by using projected property performance and projected capitalization rates. Term risk is triggered if projected debt service coverage rate falls below 1x. Balloon risk is triggered if a property's projected performance does not satisfy new, tighter mortgage standards.

Corporate bonds and loans – As of September 30, 2011, gross unrealized losses related to corporate bonds and loans were $7.937 million. Of this amount, $0.018 million has been in an unrealized loss position for twelve months or greater. All of the securities in an unrealized loss position for twelve months or greater are rated below investment grade. The Company's investment manager's analysis for this sector includes maintaining detailed financial models that include a projection of each issuer's future financial performance, including prospective debt servicing capabilities, capital structure composition, and the value of the collateral. The analysis incorporates the macroeconomic environment, industry conditions in which the issuer operates, issuer's current competitive position, vulnerability to changes in the competitive environment, regulatory environment, issuer liquidity, issuer commitment to bondholders, issuer creditworthiness, and asset protection. Part of the process also includes running downside scenarios to evaluate the expected likelihood of default as well as potential losses in the event of default.

Foreign bonds – As of September 30, 2011, gross unrealized losses related to foreign bonds were $0.132 million. All unrealized losses have been in an unrealized loss position for less than twelve months. These securities are rated A- or higher. The Company's investment manager maintains financial models for the Company's bond issuers. These models include a projection of each issuer's future financial performance including prospective debt servicing capabilities and capital structure composition. The analysis incorporates the macroeconomic environment, industry conditions in which the issuer operates, issuer's current competitive position, vulnerability to changes in the competitive environment, regulatory environment, issuer liquidity, issuer commitment to bondholders, issuer creditworthiness, and asset protection.

Common stocks – As of September 30, 2011, gross unrealized losses related to common stock were $15.782 million. Of this amount, $0.359 million has been in an unrealized loss position for twelve months or greater. To determine if an other than temporary impairment of an equity security has occurred, the Company considers, among other things, the severity and duration of the decline in fair value of the equity security. The Company also examines other factors to determine if the equity security could recover its value in a reasonable period of time.

Other Investments – As of September 30, 2011, gross unrealized losses related to other investments were $1.052 million. All unrealized losses have been in an unrealized loss position for less than twelve months.

The Company recorded the following other than temporary impairments ("OTTI") on its investment portfolio for the quarters and nine months ended September 30, 2011 and 2010:


(Dollars in thousands)		Quarters Ended September 30,								Nine Months Ended September 30,
		2011				2010				2011				2010
Fixed maturities:
OTTI losses, gross		$	1,002			$	15			$	1,002			$	121
Portion of loss recognized in other comprehensive income (pre-tax)			—				—				—				(43	)

Net impairment losses on fixed maturities recognized in earnings			1,002				15				1,002				78
Common stock			822				—				2,728				346

Total		$	1,824			$	15			$	3,730			$	424

The following table is an analysis of the credit losses recognized in earnings on debt securities held by the Company for the quarters and nine months ended September 30, 2011 and 2010 for which a portion of the OTTI loss was recognized in other comprehensive income.


(Dollars in thousands)		Quarters Ended September 30,								Nine Months Ended September 30,
		2011				2010				2011				2010

Balance at beginning of period		$	86			$	113			$	115			$	50
Additions where no OTTI was previously recorded			—				—				—				47
Additions where an OTTI was previously recorded			—				15				—				31
Reductions for securities for which the company intends to sell or more likely than not will be required to sell before recovery			—				—				—				—
Reductions reflecting increases in expected cash flows to be collected			—				—				—				—
Reductions for securities sold during the period			—				—				(29	)			—

Balance at end of period		$	86			$	128			$	86			$	128

Accumulated Other Comprehensive Income

Accumulated other comprehensive income as of September 30, 2011 and December 31, 2010 was as follows:


(Dollars in thousands)		September 30, 2011				December 31, 2010

Net unrealized gains (losses) from:
Fixed maturities		$	36,054			$	50,737
Preferred stock			—				1,322
Common stock			(8,043	)			24,600
Mutual Fund			(1,052	)			—
Partnerships < 3% owned			3,071				13
Deferred federal income taxes			(6,530	)			(19,461	)


Accumulated other comprehensive income		$	23,500			$	57,211

Net Realized Investment Gains

The components of net realized investment gains for the quarters and nine months ended September 30, 2011 and 2010 were as follows:


		Quarters Ended September 30,								Nine Months Ended September 30,
(Dollars in thousands)		2011				2010				2011				2010

Fixed maturities		$	562			$	846			$	11,178			$	16,225
Convertibles			—				—				—				3
Common stock			726				972				8,947				5,391
Preferred stock			—				—				1,546				—

Total		$	1,288			$	1,818			$	21,671			$	21,619

The proceeds from sales of available-for-sale securities resulting in net realized investment gains for the nine months ended September 30, 2011 and 2010 were as follows:


		Nine Months Ended September 30,
(Dollars in thousands)		2011				2010

Fixed maturities		$	604,606			$	560,306
Equity securities			78,491				30,442

Net Investment Income

The sources of net investment income for the quarters and nine months ended September 30, 2011 and 2010 were as follows:


		Quarters Ended September 30,								Nine Months Ended September 30,
(Dollars in thousands)		2011				2010				2011				2010

Fixed maturities		$	13,153			$	14,885			$	42,031			$	45,597
Preferred and common stocks			914				613				2,645				1,419
Cash and cash equivalents			10				32				56				141
Other invested assets			—				—				—				4

Total investment income			14,077				15,530				44,732				47,161
Investment expense			(1,197	)			(1,441	)			(3,508	)			(4,552	)

Net investment income		$	12,880			$	14,089			$	41,224			$	42,609

The Company's total investment return on an after-tax basis for the quarters and nine months ended September 30, 2011 and 2010 were as follows:


		Quarters Ended September 30,								Nine Months Ended September 30,
(Dollars in thousands)		2011				2010				2011				2010

Net investment income		$	11,106			$	12,039			$	35,749			$	36,109


Net realized investment gains			594				1,272				15,559				16,066
Net equity in net income (loss) of partnership			—				—				53				(29	)
Net unrealized investment gains (losses)			(29,139	)			18,358				(33,711	)			13,797

Net investment gains (losses)			(28,545	)			19,630				(18,099	)			29,834


Total investment return		$	(17,439	)		$	31,669			$	17,650			$	65,943


Total investment return % ₍₁₎			(1.0	%)			1.9	%			1.0	%			3.9	%


Average investment portfolio ₍₂₎		$	1,698,039			$	1,686,638			$	1,689,333			$	1,696,376

(1)

Not annualized.

(2)

Average of total cash and invested assets, net of receivable/payable for securities, as of the beginning and ending of the period.

Insurance Enhanced Municipal Bonds

As of September 30, 2011, the Company held insurance enhanced municipal bonds of approximately $89.3 million, which represented approximately 5.4% of the Company's total cash and invested assets. These securities had an average rating of "AA." Approximately $36.3 million of these bonds are pre-refunded with U.S. treasury securities, of which $25.1 million are backed by financial guarantors, meaning that funds have been set aside in escrow to satisfy the future interest and principal obligations of the bond. Of the remaining $53.0 million of insurance enhanced municipal bonds, $21.2 million would have carried a lower credit rating had they not been insured. The following table provides a breakdown of the ratings for these municipal bonds with and without insurance.


(Dollars in thousands)		Ratings with				Ratings without
Rating		Insurance				Insurance

AA		$	11,075			$	812
A			10,115				19,353
BBB			—				1,025

Total		$	21,190			$	21,190

A summary of the Company's insurance enhanced municipal bonds that are backed by financial guarantors, including the pre-refunded bonds that are escrowed in U.S. government obligations, as of September 30, 2011, is as follows:


(Dollars in thousands) Financial Guarantor		Total				Pre-refunded Securities				Government Guaranteed Securities				Exposure Net of Pre-refunded & Government Guaranteed Securities

Ambac Financial Group		$	7,017			$	3,015			$	—			$	4,002
Financial Guaranty Insurance Company			1,231				1,231				—				—
Assured Guaranty Insurance Group			34,354				11,958				—				22,396
Municipal Bond Insurance Association			30,983				8,315				—				22,668
Federal Housing Association			513				—				513				—
Government National Housing Association			2,962				620				2,342				—
Permanent School Fund Guaranty			1,151				—				1,151				—

Total backed by financial guarantors			78,211				25,139				4,006				49,066
Other credit enhanced municipal bonds			11,111				11,111				—				—

Total		$	89,322			$	36,250			$	4,006			$	49,066

In addition to the $89.3 million of insurance enhanced municipal bonds, the Company also held insurance enhanced asset-backed and credit securities with a market value of approximately $31.0 million, which represented approximately 1.9% of the Company's total cash and invested assets. The financial guarantors of the Company's $31.0 million of insurance enhanced asset-backed and credit securities include Financial Guaranty Insurance Company ($0.7 million), Municipal Bond Insurance Association ($12.5 million), Ambac ($2.5 million), Assured Guaranty Insurance Group ($10.1 million), and Other ($5.2 million).

The Company had no direct investments in the entities that have provided financial guarantees or other credit support to any security held by the Company at September 30, 2011.

Bonds Held on Deposit

Certain cash balances, cash equivalents, and bonds available for sale were deposited with various governmental authorities in accordance with statutory requirements or were held in trust pursuant to intercompany reinsurance agreements. The estimated fair values of cash, cash equivalents, and bonds available for sale and on deposit or held in trust were as follows as of September 30, 2011 and December 31, 2010:


		Estimated Fair Value
(Dollars in thousands)		September 30, 2011				December 31, 2010

On deposit with governmental authorities		$	44,164			$	43,656
Intercompany trusts held for the benefit of U.S. policyholders			541,668				609,242
Held in trust pursuant to third party requirements			98,122				68,900
Held in trust pursuant to U.S. regulatory requirements for the benefit of U.S. policyholders			6,055				5,871

Total		$	690,009			$	727,669