2019 Q4 Form 10-Q Financial Statement

#000072085819000028 Filed on November 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q3
Revenue $48.80M $47.94M $48.26M
YoY Change 25.0% -0.67% 11.88%
Cost Of Revenue $987.0K $997.0K
YoY Change -1.0% -46.25%
Gross Profit $46.95M $47.26M
YoY Change -0.66% 14.5%
Gross Profit Margin 97.94% 97.93%
Selling, General & Admin $13.64M $13.93M $13.30M
YoY Change 8.86% 4.74% 9.56%
% of Gross Profit 29.67% 28.14%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $590.0K $550.0K $520.0K
YoY Change 5.36% 5.77% -34.18%
% of Gross Profit 1.17% 1.1%
Operating Expenses $38.31M $37.92M $35.70M
YoY Change 20.4% 6.22% 4.32%
Operating Profit $9.032M $11.56M
YoY Change -21.9% 63.8%
Interest Expense $4.090M $410.0K $2.920M
YoY Change -160.5% -85.96%
% of Operating Profit 4.54% 25.25%
Other Income/Expense, Net
YoY Change
Pretax Income $14.57M $10.02M $12.56M
YoY Change 3000.0% -20.23% 40.85%
Income Tax $3.190M $2.067M $1.927M
% Of Pretax Income 21.89% 20.63% 15.34%
Net Earnings $11.38M $7.952M $10.63M
YoY Change 8028.57% -25.22% 79.42%
Net Earnings / Revenue 23.32% 16.59% 22.03%
Basic Earnings Per Share $4.21 $5.64
Diluted Earnings Per Share $5.989M $4.20 $5.61
COMMON SHARES
Basic Shares Outstanding 1.889M shares 1.889M shares 1.887M shares
Diluted Shares Outstanding 1.895M shares 1.897M shares

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $25.95M $43.99M $36.86M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $9.776M $9.914M $10.45M
YoY Change -5.12% -5.17% 4.23%
Goodwill $4.400M $4.400M $4.400M
YoY Change 0.0% 0.0% 0.48%
Intangibles
YoY Change
Long-Term Investments $192.9M $175.2M $182.9M
YoY Change 5.58% -4.21% 2.7%
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $263.9M $266.1M $266.6M
YoY Change 8.03% -0.17% 5.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $28.30M $27.50M $27.40M
YoY Change 2.17% 0.36% -13.02%
Accrued Expenses $4.500M $4.600M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $34.10M $32.20M $27.40M
YoY Change 4.28% 17.52% -13.02%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $34.10M $32.20M $27.40M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $72.53M $70.22M $71.04M
YoY Change 5.69% -1.14% -12.37%
SHAREHOLDERS EQUITY
Retained Earnings $188.3M $192.7M $195.2M
YoY Change 7.77% -1.29% 23.81%
Common Stock $0.00 $0.00 $0.00
YoY Change -100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $191.4M $195.9M $195.5M
YoY Change
Total Liabilities & Shareholders Equity $263.9M $266.1M $266.6M
YoY Change 8.03% -0.17% 5.28%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income $11.38M $7.952M $10.63M
YoY Change 8028.57% -25.22% 79.42%
Depreciation, Depletion And Amortization $590.0K $550.0K $520.0K
YoY Change 5.36% 5.77% -34.18%
Cash From Operating Activities $10.97M $9.190M $9.230M
YoY Change 20.95% -0.43% -29.92%
INVESTING ACTIVITIES
Capital Expenditures -$470.0K -$380.0K -$40.00K
YoY Change 67.86% 850.0% -89.47%
Acquisitions
YoY Change
Other Investing Activities -$12.66M -$750.0K -$800.0K
YoY Change 103.86% -6.25% -92.14%
Cash From Investing Activities -$13.13M -$1.120M -$840.0K
YoY Change 102.31% 33.33% -92.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -15.87M -760.0K -810.0K
YoY Change -23.52% -6.17% 2.53%
NET CHANGE
Cash From Operating Activities 10.97M 9.190M 9.230M
Cash From Investing Activities -13.13M -1.120M -840.0K
Cash From Financing Activities -15.87M -760.0K -810.0K
Net Change In Cash -18.03M 7.310M 7.580M
YoY Change -0.77% -3.56% 316.48%
FREE CASH FLOW
Cash From Operating Activities $10.97M $9.190M $9.230M
Capital Expenditures -$470.0K -$380.0K -$40.00K
Free Cash Flow $11.44M $9.570M $9.270M
YoY Change 22.35% 3.24% -31.59%

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CY2019Q3 us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
0 USD
us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
0 USD
CY2018Q3 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
8000 USD
CY2018Q3 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
0 USD
us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
0 USD
CY2019Q3 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
0 USD
us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
0 USD
us-gaap Depreciation
Depreciation
1234000 USD
us-gaap Depreciation
Depreciation
1298000 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
28000 USD
CY2019Q3 us-gaap Goodwill
Goodwill
4400000 USD
CY2018Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
5.61
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
11.47
us-gaap Gain Loss On Sale Of Other Investments
GainLossOnSaleOfOtherInvestments
2000 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-12000 USD
CY2018Q3 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
755000 USD
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
2264000 USD
CY2019Q3 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
755000 USD
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
2266000 USD
CY2018Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
5.64
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
11.53
CY2019Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
4.21
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
10.63
CY2019Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
4.20
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
10.59
CY2019Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
117000 USD
CY2018Q4 us-gaap Equity Method Investments Fair Value Disclosure
EquityMethodInvestmentsFairValueDisclosure
5847000 USD
CY2019Q3 us-gaap Equity Method Investments Fair Value Disclosure
EquityMethodInvestmentsFairValueDisclosure
5629000 USD
CY2018Q4 us-gaap Equity Securities Fv Ni
EquitySecuritiesFvNi
48489000 USD
CY2019Q3 us-gaap Equity Securities Fv Ni
EquitySecuritiesFvNi
55785000 USD
CY2018Q4 us-gaap Equity Securities Fv Ni Cost
EquitySecuritiesFvNiCost
31255000 USD
CY2019Q3 us-gaap Equity Securities Fv Ni Cost
EquitySecuritiesFvNiCost
32332000 USD
CY2018Q4 us-gaap Finite Lived Customer Relationships Gross
FiniteLivedCustomerRelationshipsGross
6416000 USD
CY2019Q3 us-gaap Finite Lived Customer Relationships Gross
FiniteLivedCustomerRelationshipsGross
6416000 USD
CY2018Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1952000 USD
CY2019Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
2330000 USD
CY2019Q3 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
3745000 USD
CY2019Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
126000 USD
CY2019Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
525000 USD
CY2019Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
525000 USD
CY2019Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
562000 USD
CY2019Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
569000 USD
CY2018Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
8382000 USD
CY2019Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
8382000 USD
CY2018Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
6430000 USD
CY2019Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
6052000 USD
CY2018Q4 us-gaap Finite Lived Noncompete Agreements Gross
FiniteLivedNoncompeteAgreementsGross
1406000 USD
CY2019Q3 us-gaap Finite Lived Noncompete Agreements Gross
FiniteLivedNoncompeteAgreementsGross
1406000 USD
CY2018Q4 us-gaap Finite Lived Trade Names Gross
FiniteLivedTradeNamesGross
560000 USD
CY2019Q3 us-gaap Finite Lived Trade Names Gross
FiniteLivedTradeNamesGross
560000 USD
CY2018Q3 us-gaap Gain Loss On Investments
GainLossOnInvestments
188000 USD
us-gaap Gain Loss On Investments
GainLossOnInvestments
629000 USD
CY2019Q3 us-gaap Gain Loss On Investments
GainLossOnInvestments
423000 USD
us-gaap Gain Loss On Investments
GainLossOnInvestments
1199000 USD
us-gaap Gain Loss On Sale Of Other Investments
GainLossOnSaleOfOtherInvestments
4000 USD
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 USD
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 USD
CY2018 us-gaap Impaired Assets To Be Disposed Of By Method Other Than Sale Amount Of Impairment Loss
ImpairedAssetsToBeDisposedOfByMethodOtherThanSaleAmountOfImpairmentLoss
0 USD
us-gaap Impaired Assets To Be Disposed Of By Method Other Than Sale Amount Of Impairment Loss
ImpairedAssetsToBeDisposedOfByMethodOtherThanSaleAmountOfImpairmentLoss
0 USD
us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
0 USD
us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
0 USD
CY2018Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
12560000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
26599000 USD
CY2019Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
10019000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
25252000 USD
CY2018Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
12560000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
26599000 USD
CY2019Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
10019000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
25252000 USD
CY2018Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1927000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4873000 USD
CY2019Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2067000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5174000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
5477000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
9150000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-128000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-205000 USD
us-gaap Increase Decrease In Accounts Receivable And Other Operating Assets
IncreaseDecreaseInAccountsReceivableAndOtherOperatingAssets
0 USD
us-gaap Increase Decrease In Accounts Receivable And Other Operating Assets
IncreaseDecreaseInAccountsReceivableAndOtherOperatingAssets
4619000 USD
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
0 USD
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-4839000 USD
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
0 USD
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
4622000 USD
us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
2190000 USD
us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
0 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
69000 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-360000 USD
us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
2557000 USD
us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
502000 USD
CY2018Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
10000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
10000 shares
CY2019Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
6000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
8000 shares
CY2018Q3 us-gaap Insurance Commissions
InsuranceCommissions
18490000 USD
us-gaap Insurance Commissions
InsuranceCommissions
48942000 USD
CY2019Q3 us-gaap Insurance Commissions
InsuranceCommissions
19928000 USD
us-gaap Insurance Commissions
InsuranceCommissions
51261000 USD
CY2018Q4 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
10780000 USD
CY2019Q3 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
10401000 USD
CY2018Q3 us-gaap Investment Income Interest And Dividend
InvestmentIncomeInterestAndDividend
1138000 USD
us-gaap Investment Income Interest And Dividend
InvestmentIncomeInterestAndDividend
3381000 USD
CY2019Q3 us-gaap Investment Income Interest And Dividend
InvestmentIncomeInterestAndDividend
1156000 USD
us-gaap Investment Income Interest And Dividend
InvestmentIncomeInterestAndDividend
3605000 USD
CY2018Q4 us-gaap Investments
Investments
182669000 USD
us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims1
3610000 USD
CY2019Q3 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred But Not Reported Ibnr Claims Amount
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredButNotReportedIBNRClaimsAmount
28218000 USD
us-gaap Labor And Related Expense
LaborAndRelatedExpense
33234000 USD
CY2019Q3 us-gaap Investments
Investments
175225000 USD
CY2017Q4 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures Fair Value Disclosure
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVenturesFairValueDisclosure
5439000 USD
CY2018Q4 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures Fair Value Disclosure
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVenturesFairValueDisclosure
6589000 USD
CY2019Q3 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures Fair Value Disclosure
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVenturesFairValueDisclosure
7060000 USD
CY2018Q3 us-gaap Labor And Related Expense
LaborAndRelatedExpense
11096000 USD
CY2019Q3 us-gaap Labor And Related Expense
LaborAndRelatedExpense
11576000 USD
us-gaap Labor And Related Expense
LaborAndRelatedExpense
34871000 USD
CY2019Q3 us-gaap Lease Cost
LeaseCost
342000 USD
us-gaap Lease Cost
LeaseCost
1047000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
5145000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
1029000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
585000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
893000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1122000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1208000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
308000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
523000 USD
CY2018Q4 us-gaap Liabilities
Liabilities
68629000 USD
CY2019Q3 us-gaap Liabilities
Liabilities
70224000 USD
CY2018Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
244268000 USD
CY2019Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
266114000 USD
CY2017Q4 us-gaap Liability For Title Claims And Claims Adjustment Expense
LiabilityForTitleClaimsAndClaimsAdjustmentExpense
34801000 USD
CY2018Q4 us-gaap Liability For Title Claims And Claims Adjustment Expense
LiabilityForTitleClaimsAndClaimsAdjustmentExpense
31729000 USD
CY2019Q3 us-gaap Liability For Title Claims And Claims Adjustment Expense
LiabilityForTitleClaimsAndClaimsAdjustmentExpense
31805000 USD
CY2018Q4 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred But Not Reported Ibnr Claims Amount
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredButNotReportedIBNRClaimsAmount
28722000 USD
CY2018 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims1
-332000 USD
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
-52000 USD
CY2018Q4 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Reported Claims Amount
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseReportedClaimsAmount
3007000 USD
CY2019Q3 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Reported Claims Amount
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseReportedClaimsAmount
3587000 USD
CY2018Q3 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
-52000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-2346000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-2277000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
3677000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
17622000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
15317000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
9953000 USD
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
10634000 USD
us-gaap Net Income Loss
NetIncomeLoss
21757000 USD
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
7952000 USD
us-gaap Net Income Loss
NetIncomeLoss
20078000 USD
CY2018Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-1000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-31000 USD
CY2019Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
0 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
0 USD
CY2018Q3 us-gaap Noninterest Income Other
NoninterestIncomeOther
829000 USD
us-gaap Noninterest Income Other
NoninterestIncomeOther
2279000 USD
CY2019Q3 us-gaap Noninterest Income Other
NoninterestIncomeOther
708000 USD
us-gaap Noninterest Income Other
NoninterestIncomeOther
2044000 USD
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2019Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
312000 USD
us-gaap Operating Lease Cost
OperatingLeaseCost
944000 USD
CY2018Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
0 USD
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
4622000 USD
CY2019Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1045000 USD
CY2019Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
3577000 USD
CY2018Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
0 USD
CY2019Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
4619000 USD
CY2019Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.042
CY2019Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y1M2D
CY2018Q4 us-gaap Other Assets
OtherAssets
1459000 USD
CY2019Q3 us-gaap Other Assets
OtherAssets
1496000 USD
CY2018Q3 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
-618000 USD
us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
-2536000 USD
CY2019Q3 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
431000 USD
us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
2847000 USD
CY2018Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-487000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-1999000 USD
CY2019Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
341000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
2246000 USD
CY2018Q3 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
-131000 USD
us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
-537000 USD
CY2019Q3 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
90000 USD
us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
601000 USD
CY2018Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
-618000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
-2536000 USD
CY2019Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
431000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
2847000 USD
CY2018Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-487000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-1999000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
-537000 USD
CY2019Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
341000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
2246000 USD
CY2018Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
-131000 USD
CY2019Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
90000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
601000 USD
CY2018Q3 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
2910000 USD
us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
8440000 USD
CY2019Q3 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
3079000 USD
us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
8821000 USD
CY2018Q3 us-gaap Other Income
OtherIncome
157000 USD
us-gaap Other Income
OtherIncome
387000 USD
CY2019Q3 us-gaap Other Income
OtherIncome
145000 USD
us-gaap Other Income
OtherIncome
550000 USD
CY2018Q4 us-gaap Other Investments
OtherInvestments
12436000 USD
CY2019Q3 us-gaap Other Investments
OtherInvestments
12689000 USD
CY2018Q4 us-gaap Other Short Term Investments
OtherShortTermInvestments
32787000 USD
CY2019Q3 us-gaap Other Short Term Investments
OtherShortTermInvestments
21714000 USD
us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNetAvailableforsaleSecurities
0 USD
us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNetAvailableforsaleSecurities
0 USD
CY2018 us-gaap Payments For Losses And Loss Adjustment Expense
PaymentsForLossesAndLossAdjustmentExpense
2740000 USD
us-gaap Payments For Losses And Loss Adjustment Expense
PaymentsForLossesAndLossAdjustmentExpense
3534000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
29000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
11000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
2264000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
2266000 USD
us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
0 USD
us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
1235000 USD
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
2484000 USD
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
3921000 USD
us-gaap Payments To Acquire Other Investments
PaymentsToAcquireOtherInvestments
730000 USD
us-gaap Payments To Acquire Other Investments
PaymentsToAcquireOtherInvestments
1456000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1580000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1020000 USD
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
44403000 USD
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
89519000 USD
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
52000 USD
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
0 USD
CY2018Q3 us-gaap Policyholder Benefits And Claims Incurred Net
PolicyholderBenefitsAndClaimsIncurredNet
997000 USD
us-gaap Policyholder Benefits And Claims Incurred Net
PolicyholderBenefitsAndClaimsIncurredNet
155000 USD
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WeightedAverageNumberOfDilutedSharesOutstanding
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WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Schedule Of Liability For Unpaid Claims And Claims Adjustment Expense
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Activity in the reserve for claims for the nine-month period ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2019</font><font style="font-family:inherit;font-size:10pt;"> and the year ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> are summarized as follows:</font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:65%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;(in thousands)</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">September&#160;30, 2019</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2018</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Balance, beginning of period</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">31,729</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">34,801</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Provision (benefit), charged to operations</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">3,610</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(332</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:2px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Payments of claims, net of recoveries</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:2px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">(3,534</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">)</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:2px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(2,740</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:justify;padding-left:24px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Balance, end of period</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">31,805</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">31,729</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates and Assumptions</font><font style="font-family:inherit;font-size:10pt;"> &#8211; The preparation of the Company&#8217;s Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities, at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions used.</font></div></div>

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