| Investments |
Fixed Maturity and Equity Securities Available for Sale Securities by Asset Class The following table provides amortized cost and fair value of securities by asset class at September 30, 2014. | | | | | | | | | | | | | | | | | | Amortized Cost | | Gross Unrealized | | Fair Value | | Gains | | Losses | | U.S. Treasury securities and obligations of
U.S. Government | $ | 163,424 |
| | $ | 8,379 |
| | $ | 368 |
| | $ | 171,435 |
| Federal agencies 1 | 19,765 |
| | 2,458 |
| | — |
| | 22,223 |
| Federal agency issued | | | | | | | | residential mortgage-backed securities 1 | 46,736 |
| | 4,823 |
| | 2 |
| | 51,557 |
| Subtotal | 229,925 |
| | 15,660 |
| | 370 |
| | 245,215 |
| Corporate obligations: | | | | | | | | Industrial | 529,296 |
| | 32,223 |
| | 2,374 |
| | 559,145 |
| Energy | 225,524 |
| | 16,083 |
| | 2,210 |
| | 239,397 |
| Communications and technology | 227,580 |
| | 16,362 |
| | 513 |
| | 243,429 |
| Financial | 275,575 |
| | 19,010 |
| | 842 |
| | 293,743 |
| Consumer | 512,689 |
| | 27,705 |
| | 2,093 |
| | 538,301 |
| Public utilities | 238,974 |
| | 26,376 |
| | 320 |
| | 265,030 |
| Subtotal | 2,009,638 |
| | 137,759 |
| | 8,352 |
| | 2,139,045 |
| Corporate private-labeled residential
mortgage-backed securities | 95,565 |
| | 5,008 |
| | 144 |
| | 100,429 |
| Municipal securities | 135,118 |
| | 19,064 |
| | 4 |
| | 154,178 |
| Other | 92,918 |
| | 6,246 |
| | 2,818 |
| | 96,346 |
| Redeemable preferred stocks | 17,481 |
| | 170 |
| | 948 |
| | 16,703 |
| Fixed maturity securities | 2,580,645 |
| | 183,907 |
| | 12,636 |
| | 2,751,916 |
| Equity securities | 23,666 |
| | 1,837 |
| | 777 |
| | 24,726 |
| Total | $ | 2,604,311 |
| | $ | 185,744 |
| | $ | 13,413 |
| | $ | 2,776,642 |
|
| | 1 | Federal agency securities are not backed by the full faith and credit of the U.S. Government. |
The following table provides amortized cost and fair value of securities by asset class at December 31, 2013. | | | | | | | | | | | | | | | | | | Amortized Cost | | Gross Unrealized | | Fair Value | | Gains | | Losses | | U.S. Treasury securities and obligations of U.S. Government | $ | 134,198 |
| | $ | 6,653 |
| | $ | 1,831 |
| | $ | 139,020 |
| Federal agencies 1 | 19,756 |
| | 2,312 |
| | — |
| | 22,068 |
| Federal agency issued | | | | | | | | residential mortgage-backed securities 1 | 56,738 |
| | 5,392 |
| | 2 |
| | 62,128 |
| Subtotal | 210,692 |
| | 14,357 |
| | 1,833 |
| | 223,216 |
| Corporate obligations: | | | | | | | | Industrial | 515,395 |
| | 27,051 |
| | 7,667 |
| | 534,779 |
| Energy | 211,115 |
| | 15,462 |
| | 3,832 |
| | 222,745 |
| Communications and technology | 222,277 |
| | 12,938 |
| | 1,672 |
| | 233,543 |
| Financial | 266,693 |
| | 18,824 |
| | 2,040 |
| | 283,477 |
| Consumer | 473,627 |
| | 25,936 |
| | 5,807 |
| | 493,756 |
| Public utilities | 228,551 |
| | 24,780 |
| | 954 |
| | 252,377 |
| Subtotal | 1,917,658 |
| | 124,991 |
| | 21,972 |
| | 2,020,677 |
| Corporate private-labeled residential
mortgage-backed securities | 114,219 |
| | 3,179 |
| | 916 |
| | 116,482 |
| Municipal securities | 138,136 |
| | 9,488 |
| | 5 |
| | 147,619 |
| Other | 97,769 |
| | 4,422 |
| | 4,317 |
| | 97,874 |
| Redeemable preferred stocks | 15,144 |
| | — |
| | 2,392 |
| | 12,752 |
| Fixed maturity securities | 2,493,618 |
| | 156,437 |
| | 31,435 |
| | 2,618,620 |
| Equity securities | 23,691 |
| | 1,871 |
| | 2,446 |
| | 23,116 |
| Total | $ | 2,517,309 |
| | $ | 158,308 |
| | $ | 33,881 |
| | $ | 2,641,736 |
|
| | 1 | Federal agency securities are not backed by the full faith and credit of the U.S. Government. |
Contractual Maturities The following table provides the distribution of maturities for fixed maturity securities available for sale at September 30, 2014. Expected maturities may differ from these contractual maturities since borrowers may have the right to call or prepay obligations. | | | | | | | | | | | | Amortized Cost | | Fair Value | Due in one year or less | $ | 130,310 |
| | $ | 132,753 |
| Due after one year through five years | 744,106 |
| | 813,075 |
| Due after five years through ten years | 1,043,438 |
| | 1,081,193 |
| Due after ten years | 439,637 |
| | 488,244 |
| Securities with variable principal payments | 205,673 |
| | 219,948 |
| Redeemable preferred stocks | 17,481 |
| | 16,703 |
| Total | $ | 2,580,645 |
| | $ | 2,751,916 |
|
No material derivative financial instruments were held during the first nine months of 2014 or 2013. Unrealized Losses on Investments At the end of each quarter, all securities are reviewed to determine whether impairments exist and whether other-than-temporary impairments should be recorded. This quarterly process includes an assessment of the credit quality of each investment in the entire securities portfolio. Additional reporting and review procedures are conducted for those securities where fair value is less than 90% of amortized cost. The Company prepares a formal review document no less often than quarterly of all investments where fair value is less than 80% of amortized cost for six months or more and selected investments that have changed significantly from a previous period and that have a decline in fair value greater than 10% of amortized cost. For additional information on the Company's process and considerations, as well as related accounting when other-than-temporary impairments are identified, please refer to Note 4 - Investments of the Company's 2013 Form 10-K. The following table provides information regarding fixed maturity and equity security investments available for sale with unrealized losses by length of time at September 30, 2014. | | | | | | | | | | | | | | | | | | | | | | | | | | Less Than 12 Months | | 12 Months or Longer | | Total | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | U.S. Treasury securities and
obligations of U.S. Government | $ | 10,549 |
| | $ | 55 |
| | $ | 9,762 |
| | $ | 313 |
| | $ | 20,311 |
| | $ | 368 |
| Federal agency issued residential mortgage-backed securities 1 | 67 |
| | 2 |
| | 287 |
| | — |
| | 354 |
| | 2 |
| Subtotal | 10,616 |
| | 57 |
| | 10,049 |
| | 313 |
| | 20,665 |
| | 370 |
| Corporate obligations: | | | | | | | | | | | | Industrial | 26,336 |
| | 99 |
| | 49,956 |
| | 2,275 |
| | 76,292 |
| | 2,374 |
| Energy | 25,432 |
| | 867 |
| | 37,074 |
| | 1,343 |
| | 62,506 |
| | 2,210 |
| Communications and technology | 11,985 |
| | 157 |
| | 14,643 |
| | 356 |
| | 26,628 |
| | 513 |
| Financial | 5,000 |
| | 1 |
| | 16,081 |
| | 841 |
| | 21,081 |
| | 842 |
| Consumer | 43,604 |
| | 491 |
| | 39,686 |
| | 1,602 |
| | 83,290 |
| | 2,093 |
| Public utilities | 6,473 |
| | 13 |
| | 6,689 |
| | 307 |
| | 13,162 |
| | 320 |
| Subtotal | 118,830 |
| | 1,628 |
| | 164,129 |
| | 6,724 |
| | 282,959 |
| | 8,352 |
| Corporate private-labeled residential
mortgage-backed securities | 4,581 |
| | 144 |
| | — |
| | — |
| | 4,581 |
| | 144 |
| Municipal securities | 3,030 |
| | 4 |
| | — |
| | — |
| | 3,030 |
| | 4 |
| Other | 6,662 |
| | 181 |
| | 38,132 |
| | 2,637 |
| | 44,794 |
| | 2,818 |
| Redeemable preferred stocks | 1,470 |
| | 42 |
| | 9,220 |
| | 906 |
| | 10,690 |
| | 948 |
| Fixed maturity securities | 145,189 |
| | 2,056 |
| | 221,530 |
| | 10,580 |
| | 366,719 |
| | 12,636 |
| Equity securities | — |
| | — |
| | 11,508 |
| | 777 |
| | 11,508 |
| | 777 |
| Total | $ | 145,189 |
| | $ | 2,056 |
| | $ | 233,038 |
| | $ | 11,357 |
| | $ | 378,227 |
| | $ | 13,413 |
|
| | 1 | Federal agency securities are not backed by the full faith and credit of the U.S. Government. |
The following table provides information regarding fixed maturity and equity security investments available for sale with unrealized losses by length of time at December 31, 2013. | | | | | | | | | | | | | | | | | | | | | | | | | | Less Than 12 Months | | 12 Months or Longer | | Total | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | U.S. Treasury securities and
obligations of U.S. Government | $ | 44,951 |
| | $ | 1,795 |
| | $ | 749 |
| | $ | 36 |
| | $ | 45,700 |
| | $ | 1,831 |
| Federal agency issued residential mortgage-backed securities 1 | 37 |
| | — |
| | 288 |
| | 2 |
| | 325 |
| | 2 |
| Subtotal | 44,988 |
| | 1,795 |
| | 1,037 |
| | 38 |
| | 46,025 |
| | 1,833 |
| Corporate obligations: | | | | | | | | | | | | Industrial | 146,454 |
| | 5,718 |
| | 22,071 |
| | 1,949 |
| | 168,525 |
| | 7,667 |
| Energy | 70,015 |
| | 3,366 |
| | 5,518 |
| | 466 |
| | 75,533 |
| | 3,832 |
| Communications and technology | 43,477 |
| | 1,672 |
| | — |
| | — |
| | 43,477 |
| | 1,672 |
| Financial | 25,300 |
| | 866 |
| | 4,680 |
| | 1,174 |
| | 29,980 |
| | 2,040 |
| Consumer | 136,745 |
| | 5,807 |
| | — |
| | — |
| | 136,745 |
| | 5,807 |
| Public utilities | 17,476 |
| | 575 |
| | 3,617 |
| | 379 |
| | 21,093 |
| | 954 |
| Subtotal | 439,467 |
| | 18,004 |
| | 35,886 |
| | 3,968 |
| | 475,353 |
| | 21,972 |
| Corporate private-labeled residential
mortgage-backed securities | 33,179 |
| | 916 |
| | — |
| | — |
| | 33,179 |
| | 916 |
| Municipal securities | 2,044 |
| | 5 |
| | — |
| | — |
| | 2,044 |
| | 5 |
| Other | 16,691 |
| | 726 |
| | 39,900 |
| | 3,591 |
| | 56,591 |
| | 4,317 |
| Redeemable preferred stocks | 12,752 |
| | 2,392 |
| | — |
| | — |
| | 12,752 |
| | 2,392 |
| Fixed maturity securities | 549,121 |
| | 23,838 |
| | 76,823 |
| | 7,597 |
| | 625,944 |
| | 31,435 |
| Equity securities | 9,731 |
| | 2,404 |
| | 131 |
| | 42 |
| | 9,862 |
| | 2,446 |
| Total | $ | 558,852 |
| | $ | 26,242 |
| | $ | 76,954 |
| | $ | 7,639 |
| | $ | 635,806 |
| | $ | 33,881 |
|
| | 1 | Federal agency securities are not backed by the full faith and credit of the U.S. Government. |
The Company also considers as part of its monitoring and evaluation process the length of time the fair value of a security is below amortized cost. At September 30, 2014, the Company had 125 positions in its investment portfolio of fixed maturity and equity securities with unrealized losses. Included in this total, 57 security positions were below cost for less than one year; 58 security positions were below cost for one year or more and less than three years; and ten security positions were below cost for three years or more. At December 31, 2013, the Company had 195 positions in its investment portfolio of fixed maturity and equity securities with unrealized losses. Included in this total, 173 security positions were below cost for less than one year; twelve security positions were below cost for one year or more and less than three years; and ten security positions were below cost for three years or more. The securities having unrealized losses for three years or more include mortgage-backed securities, where discounted future cash flow calculations are the primary determinant of impairment; asset-backed securities, which continue to perform as expected but are not actively traded and market values are discounted significantly due to illiquidity; and variable-rate securities, where interest rates and spreads to indices are significant factors in market pricing. The following table provides the distribution of maturities for fixed maturity securities available for sale with unrealized losses at September 30, 2014 and December 31, 2013. Expected maturities may differ from these contractual maturities since borrowers may have the right to call or prepay obligations. | | | | | | | | | | | | | | | | | | September 30, 2014 | | December 31, 2013 | | Fair Value | | Gross Unrealized Losses | | Fair Value | | Gross Unrealized Losses | Fixed maturity securities available for sale: | | | | | | | | Due in one year or less | $ | 5,292 |
| | $ | 1 |
| | $ | — |
| | $ | — |
| Due after one year through five years | 16,116 |
| | 580 |
| | 29,812 |
| | 268 |
| Due after five years through ten years | 264,400 |
| | 7,325 |
| | 417,859 |
| | 20,118 |
| Due after ten years | 64,995 |
| | 3,633 |
| | 132,018 |
| | 7,740 |
| Total | 350,803 |
| | 11,539 |
| | 579,689 |
| | 28,126 |
| Securities with variable principal payments | 5,226 |
| | 149 |
| | 33,503 |
| | 917 |
| Redeemable preferred stocks | 10,690 |
| | 948 |
| | 12,752 |
| | 2,392 |
| Total | $ | 366,719 |
| | $ | 12,636 |
| | $ | 625,944 |
| | $ | 31,435 |
|
The following table provides a reconciliation of credit losses recognized in earnings on fixed maturity securities held by the Company for which a portion of the other-than-temporary loss was recognized in other comprehensive income (loss). | | | | | | | | | | | | | | | | | | Quarter Ended | | Nine Months Ended | | September 30 | | September 30 | | 2014 | | 2013 | | 2014 | | 2013 | Credit losses on securities held at beginning of the period
in accumulated other comprehensive income | $ | 16,634 |
| | $ | 15,611 |
| | $ | 16,375 |
| | $ | 15,260 |
| Additions for credit losses not previously recognized in
other-than-temporary impairment | 20 |
| | — |
| | 24 |
| | 27 |
| Additions for increases in the credit loss for which an other-
than-temporary impairment was previously recognized
when there was no intent to sell the security before
recovery of its amortized cost basis | 312 |
| | 95 |
| | 577 |
| | 428 |
| Reductions for securities sold during the period | — |
| | — |
| | — |
| | — |
| Reductions for securities previously recognized in other
comprehensive income (loss) because of intent to sell the
security before recovery of its amortized cost basis | — |
| | — |
| | — |
| | — |
| Reductions for increases in cash flows expected to be
collected that are recognized over the remaining
life of the security | (4 | ) | | (5 | ) | | (14 | ) | | (14 | ) | Credit losses on securities held at the end of the period
in accumulated other comprehensive income | $ | 16,962 |
| | $ | 15,701 |
| | $ | 16,962 |
| | $ | 15,701 |
|
Realized Gains (Losses) The following table provides detail concerning realized investment gains and losses for the third quarters and nine months ended September 30, 2014 and 2013. | | | | | | | | | | | | | | | | | | Quarter Ended | | Nine Months Ended | | September 30 | | September 30 | | 2014 | | 2013 | | 2014 | | 2013 | Gross gains resulting from: | | | | | | | | Sales of investment securities | $ | 61 |
| | $ | — |
| | $ | 672 |
| | $ | 118 |
| Investment securities called and other | 179 |
| | 2,276 |
| | 1,841 |
| | 4,791 |
| Real estate | 495 |
| | — |
| | 834 |
| | 20 |
| Total gross gains | 735 |
| | 2,276 |
| | 3,347 |
| | 4,929 |
| Gross losses resulting from: | | | | | | | | Sales of investment securities | (15 | ) | | — |
| | (15 | ) | | — |
| Investment securities called and other | (46 | ) | | (164 | ) | | (357 | ) | | (524 | ) | Sale of real estate and joint venture | (60 | ) | | — |
| | (60 | ) | | (89 | ) | Mortgage loans | (266 | ) | | (8 | ) | | (356 | ) | | (44 | ) | Total gross losses | (387 | ) | | (172 | ) | | (788 | ) | | (657 | ) | Change in allowance for potential future losses on
mortgage loans | 630 |
| | (85 | ) | | 926 |
| | (47 | ) | Amortization of DAC and VOBA | 3 |
| | (63 | ) | | (55 | ) | | (91 | ) | Net realized investment gains, excluding other-than-
temporary impairment losses | 981 |
| | 1,956 |
| | 3,430 |
| | 4,134 |
| | | | | | | | | Net impairment losses recognized in earnings: | | | | | | | | Other-than-temporary impairment losses on fixed
maturity and equity securities | (765 | ) | | (116 | ) | | (1,221 | ) | | (575 | ) | Portion of loss recognized in other comprehensive
income (loss) | 433 |
| | 21 |
| | 620 |
| | 120 |
| Net other-than-temporary impairment losses
recognized in earnings | (332 | ) | | (95 | ) | | (601 | ) | | (455 | ) | Net realized investment gains | $ | 649 |
| | $ | 1,861 |
| | $ | 2,829 |
| | $ | 3,679 |
|
Proceeds From Sales of Investment Securities The table below details proceeds from the sale of fixed maturity and equity securities, excluding maturities and calls, for the third quarters and nine months ended September 30, 2014 and 2013. | | | | | | | | | | | | | | | | | | Quarter Ended | | Nine Months Ended | | September 30 | | September 30 | | 2014 | | 2013 | | 2014 | | 2013 | Proceeds | $ | 9,492 |
| | $ | — |
| | $ | 22,135 |
| | $ | 9,130 |
|
Mortgage Loans The Company invests in commercial mortgage loans that are secured by commercial real estate and are stated at cost, adjusted for amortization of premium and accrual of discount, less an allowance for potential future losses. This allowance is maintained at a level believed by management to be adequate to absorb estimated credit losses and was $2.3 million at September 30, 2014 and $3.3 million at December 31, 2013. The Company had 16% of its total investments in commercial mortgage loans at September 30, 2014, down from 18% at December 31, 2013. In addition to the subject collateral underlying the mortgage, the Company typically requires some amount of recourse from borrowers as another potential source of repayment. The recourse requirement is determined as part of the underwriting requirements of each loan. The average loan to value ratio for the overall portfolio was 46% at September 30, 2014, compared to 47% at December 31, 2013. These ratios are based upon the current balance of loans relative to the appraisal of value at the time the loan was originated or acquired. The following table identifies the gross mortgage loan principal outstanding and the allowance for potential future losses at September 30, 2014 and December 31, 2013. | | | | | | | | | | September 30
2014 | | December 31
2013 | Principal outstanding | $ | 572,811 |
| | $ | 632,507 |
| Allowance for potential future losses | (2,325 | ) | | (3,251 | ) | Carrying value | $ | 570,486 |
| | $ | 629,256 |
|
The following table summarizes the amount of mortgage loans held by the Company at September 30, 2014 and December 31, 2013, segregated by year of origination. Purchased loans are shown in the year acquired by the Company, although the individual loans may have been initially originated in prior years. | | | | | | | | | | | | | | | | September 30
2014 | | % of Total | | December 31
2013 | | % of Total | Prior to 2005 | $ | 31,473 |
| | 5 | % | | $ | 41,324 |
| | 6 | % | 2005 | 25,035 |
| | 4 | % | | 28,111 |
| | 4 | % | 2006 | 19,629 |
| | 3 | % | | 24,744 |
| | 4 | % | 2007 | 20,471 |
| | 4 | % | | 27,009 |
| | 4 | % | 2008 | 23,422 |
| | 4 | % | | 28,051 |
| | 4 | % | 2009 | 22,808 |
| | 4 | % | | 37,723 |
| | 6 | % | 2010 | 56,579 |
| | 10 | % | | 61,236 |
| | 10 | % | 2011 | 94,203 |
| | 16 | % | | 118,459 |
| | 19 | % | 2012 | 165,565 |
| | 30 | % | | 184,749 |
| | 29 | % | 2013 | 78,744 |
| | 14 | % | | 81,101 |
| | 14 | % | 2014 | 34,882 |
| | 6 | % | | — |
| | — | % | Total | $ | 572,811 |
| | 100 | % | | $ | 632,507 |
| | 100 | % |
The following table identifies mortgage loans by geographic location at September 30, 2014 and December 31, 2013. | | | | | | | | | | | | | | | | September 30
2014 | | % of Total | | December 31
2013 | | % of Total | Pacific | $ | 162,401 |
| | 29 | % | | $ | 181,690 |
| | 29 | % | West north central | 81,991 |
| | 14 | % | | 91,687 |
| | 14 | % | West south central | 93,435 |
| | 16 | % | | 101,019 |
| | 16 | % | Mountain | 69,412 |
| | 12 | % | | 78,116 |
| | 12 | % | South Atlantic | 63,610 |
| | 11 | % | | 66,686 |
| | 11 | % | Middle Atlantic | 22,241 |
| | 4 | % | | 31,495 |
| | 5 | % | East north central | 54,838 |
| | 10 | % | | 57,395 |
| | 9 | % | East south central | 24,883 |
| | 4 | % | | 24,419 |
| | 4 | % | Total | $ | 572,811 |
| | 100 | % | | $ | 632,507 |
| | 100 | % |
The following table identifies the concentration of mortgage loans by state greater than 5% of total at September 30, 2014 and December 31, 2013. | | | | | | | | | | | | | | | | September 30
2014 | | % of Total | | December 31
2013 | | % of Total | California | $ | 136,276 |
| | 24 | % | | $ | 149,065 |
| | 24 | % | Texas | 89,186 |
| | 16 | % | | 95,205 |
| | 15 | % | Minnesota | 58,470 |
| | 10 | % | | 64,464 |
| | 10 | % | Florida | 28,821 |
| | 5 | % | | 34,334 |
| | 5 | % | All others | 260,058 |
| | 45 | % | | 289,439 |
| | 46 | % | Total | $ | 572,811 |
| | 100 | % | | $ | 632,507 |
| | 100 | % |
The following table identifies mortgage loans by property type at September 30, 2014 and December 31, 2013. The Other category consists principally of apartments and retail properties. | | | | | | | | | | | | | | | | September 30
2014 | | % of Total | | December 31
2013 | | % of Total | Industrial | $ | 303,812 |
| | 53 | % | | $ | 328,478 |
| | 52 | % | Office | 166,054 |
| | 29 | % | | 184,529 |
| | 29 | % | Medical | 29,687 |
| | 5 | % | | 39,531 |
| | 6 | % | Other | 73,258 |
| | 13 | % | | 79,969 |
| | 13 | % | Total | $ | 572,811 |
| | 100 | % | | $ | 632,507 |
| | 100 | % |
The table below identifies mortgage loans by maturity at September 30, 2014 and December 31, 2013. | | | | | | | | | | | | | | | | September 30
2014 | | % of Total | | December 31
2013 | | % of Total | Due in one year or less | $ | 30,036 |
| | 5 | % | | $ | 22,464 |
| | 4 | % | Due after one year through five years | 139,024 |
| | 24 | % | | 169,146 |
| | 27 | % | Due after five years through ten years | 189,693 |
| | 33 | % | | 244,667 |
| | 38 | % | Due after ten years | 214,058 |
| | 38 | % | | 196,230 |
| | 31 | % | Total | $ | 572,811 |
| | 100 | % | | $ | 632,507 |
| | 100 | % |
The Company may refinance commercial mortgage loans prior to contractual maturity as a means of originating new loans that meet the Company's underwriting and pricing parameters. The Company refinanced four loans with an outstanding balance of $7.8 million during the quarter ended September 30, 2014 and four loans with an outstanding balance of $5.5 million during the quarter ended September 30, 2013. The Company refinanced nine loans with outstanding balances of $14.4 million during the nine months ended September 30, 2014 and nine loans with outstanding balances of $13.3 million during the nine months ended September 30, 2013. In the normal course of business, the Company generally commits to fund commercial mortgage loans up to 120 days in advance. These commitments typically have fixed expiration dates. A small percentage of commitments expire due to the borrower's failure to deliver the requirements of the commitment by the expiration date. In these cases, the Company retains the commitment fee. For additional information, please see Note 15 - Commitments. |