"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."
Where are you getting cash is listed as $7.65 per share?
I think the question should be, what are they going to do with the cash. Much like Apple...having a ton of cash, but not using it to grow your business is not as important as you would think. Often the insiders figure out a way to scoop cash for themselves in bonuses or whatever. I would ask why not a large dividend or acquisition with that much cash on hand.