Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2013

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data (Unaudited)

21. Quarterly Financial Data (Unaudited)

The following table represents unaudited quarterly financial data for the years ended December 31, 2013 and 2012.

	Three Months Ended
	March 31		June 30		September 30		December 31
	(In thousands, except per share amounts)
2013
Premiums earned	$	79,709	$	81,983	$	81,596	$	86,695
Net investment income		6,670		6,649		6,947		6,763
Net realized gains (losses) on investments		24		(1,291)		(654)		710
Total revenues		86,512		87,511		88,003		94,309
Income before income taxes		11,080		10,647		12,447		25,030
Net income		8,851		7,644		9,699		17,443
Net income available to common shareholders		8,836		7,618		9,673		17,364
Earnings per share:
Basic		0.48		0.42		0.53		0.94
Diluted		0.47		0.41		0.52		0.92
Comprehensive income		8,306		3,584		8,654		15,819
Cash dividends declared per common share	$	0.08	$	0.08	$	0.08	$	0.08
2012
Premiums earned	$	69,790	$	69,733	$	72,425	$	78,741
Net investment income		6,914		6,605		6,801		6,698
Net realized gains on investments		1,791		137		985		66
Total revenues		78,654		76,637		80,374		85,583
Income before income taxes		11,433		4,033		9,003		12,674
Net income		9,561		3,445		7,121		9,226
Net income available to common shareholders		9,556		3,443		7,116		9,216
Earnings per share:
Basic		0.53		0.19		0.39		0.51
Diluted		0.52		0.19		0.38		0.50
Comprehensive income		9,508		3,948		8,570		8,091

Effective December 31, 2013, Amerisafe determined that to better reflect the collectability of accounts receivable balances, the Company decreased the allowance for doubtful accounts based on an analysis of historical write-offs. This change in estimate was accounted for prospectively during the three months ended December 31, 2013, and lowered underwriting and certain other operating costs by $1.7 million, increased income tax expense $0.6 million for a net income statement impact of $1.1 million or approximately $0.06 per share.

On November 14, 2013, American Interstate Insurance Company and Silver Oak Casualty, Inc. re-domesticated from Louisiana to Nebraska. As a result of the re-domestication, underwriting and certain other operating costs were reduced by $1.5 million to reflect the change in retaliatory premium taxes. This increase in pre-tax net income increased income tax expense $0.5 million, for a net income statement impact of $1.0 million in the three months ended December 31, 2013, or approximately $0.05 per share.