Business Combination (Tables)

3 Months Ended

Mar. 31, 2016

Pro Forma Statement of Income Three Months Ended March 31, 2015	Company Historical			Titan Agencies Historical		Pro Forma Adjustments				Pro Forma Combined
Revenues:
Premiums earned	$	62,615		$	-	$	-			$	62,615
Commission and fee income		11,348			8,125		-				19,473
Investment income		1,145			-		-				1,145
Net realized losses on investments, available-for-sale		(3	)		-		-				(3	)
		75,105			8,125		-				83,230
Costs and expenses:
Losses and loss adjustment expenses		47,934			-		-				47,934
Insurance operating expenses		25,084			7,259		-				32,343
Other operating expenses		323			-		-				323
Litigation settlement		110			-		-				110
Stock-based compensation		19			-		-				19
Depreciation		407			-		25		(a)		432
Amortization of identifiable intangibles assets		-			-		228		(b)		228
Interest expense		424			-		592		(c)		1,016
		74,301			7,259		845				82,405
Income before income taxes		804			866		(845	)			825
Provision for income taxes		318			346		(338	)	(d)		326
Net income	$	486		$	520	$	(507	)		$	499
Net income per share:
Basic	$	0.01								$	0.01
Diluted	$	0.01								$	0.01
Number of shares used to calculate net income per share:
Basic		41,016									41,016
Diluted		41,304									41,304

Pro forma adjustments

The following adjustments have been reflected in the unaudited pro forma combined financial information.

(a)	Depreciation expense related to acquired tangible asset

(b)	Amortization expense related to acquired identifiable intangible asset

(c)	Interest expense related to acquisition financing

(d)	Calculated income tax effect of pro forma adjustments at the estimated combined federal and state statutory rate of 40%