Financial Information of Registrant (Parent Company)

6 Months Ended

Dec. 31, 2011

Financial Information of Registrant (Parent Company) [Abstract]

FINANCIAL INFORMATION OF REGISTRANT (PARENT COMPANY)

FIRST ACCEPTANCE CORPORATION 10-K

FIRST ACCEPTANCE CORPORATION AND SUBSIDIARIES

SCHEDULE I. FINANCIAL INFORMATION OF REGISTRANT (PARENT COMPANY)

(in thousands)

	December 31, 2011		June 30, 2011
Balance Sheets
Assets:
Investment in subsidiaries, at equity in net assets	$	112,512	$	150,034
Investments, available-for-sale at fair value		3,518		—
Cash and cash equivalents		8,445		11,674
Other assets		3,472		3,350
	$	127,947	$	165,058
Liabilities:
Debentures payable	$	41,240	$	41,240
Other liabilities		3,978		1,590
Stockholders’ equity		82,729		122,228
	$	127,947	$	165,058

	Six Months Ended December 31,			Year Ended June 30,
	2011			2011			2010			2009
Statements of Operations
Investment income	$	65		$	116		$	119		$	124
Equity in income (loss) of subsidiaries, net of tax		(24,048	)		(49,926	)		13,813			(58,650	)
Expenses		(2,428	)		(6,005	)		(7,206	)		(7,492	)
Income (loss) before income taxes		(26,411	)		(55,815	)		6,726			(66,018	)
Provision (benefit) for income taxes		3,026			965			(314	)		2,282
Net income (loss)	$	(29,437	)	$	(56,780	)	$	7,040		$	(68,300	)
	Six Months Ended December 31,			Year Ended June 30,
	2011			2011			2010			2009
Statements of Cash Flows
Cash flows from operating activities:
Net income (loss)	$	(29,437	)	$	(56,780	)	$	7,040		$	(68,300	)
Equity in income (loss) of subsidiaries, net of tax		24,048			49,926			(13,813	)		58,650
Stock-based compensation		171			998			1,048			2,053
Deferred income taxes		2			(98	)		—			8,927
Other		8			(108	)		(2	)		—
Change in assets and liabilities		2,262			1,069			4,488			(5,044	)
Net cash used in operating activities		(2,946	)		(4,993	)		(1,239	)		(3,714	)
Cash flows from investing activities:
Dividends from subsidiary		10,684			7,079			7,670			10,975
Improvements to foreclosed real estate		(2	)		(2	)		(22	)		(138	)
Investment in subsidiary		—			—			—			(2,685	)
Net cash provided by investing activities		10,682			7,077			7,648			8,152
Cash flows from financing activities:
Payments on borrowings		—			—			—			(3,913	)
Purchases of treasury stock		(10,988	)		—			—			—
Net proceeds from issuance of common stock		23			56			67			68
Net cash provided by (used in) financing activities		(10,965	)		56			67			(3,845	)
Net change in cash and cash equivalents		(3,229	)		2,140			6,476			593
Cash and cash equivalents, beginning of period		11,674			9,534			3,058			2,465
Cash and cash equivalents, end of period	$	8,445		$	11,674		$	9,534		$	3,058