"Net earnings per common share was $1.65 for the twelve months ended December 31, 2012, compared to net earnings of $.13 per share for the prior year as adjusted for the effect of annual stock dividends. Book value per common share was $7.36 as of December 31, 2012, compared to $6.48 as of December 31, 2011."
SNFCA earned $1.65 and yet book value only went up $0.88. Where is the rest of the money? There is no cash dividend.