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Consolidated Statements of Income (USD $)
In Thousands, except Share data
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Revenues:        
Service and administrative fees $ 8,800 $ 8,843 $ 17,916 $ 16,817
Brokerage commissions and fees 9,208 6,404 17,075 13,134
Ceding commission 6,243 6,389 14,401 13,013
Net investment income 894 986 1,835 1,935
Net realized gains 1,132 47 1,227 49
Net earned premium 27,536 26,669 55,973 55,162
Other income 38 45 120 126
Total revenues 53,851 49,383 108,547 100,236
Expenses:        
Net losses and loss adjustment expenses 9,251 7,316 18,624 16,093
Commissions 17,323 17,850 35,840 37,199
Personnel costs 11,428 9,332 22,420 18,413
Other operating expenses 9,216 5,891 16,160 11,027
Depreciation 814 284 1,397 558
Amortization of intangibles 1,378 779 2,430 1,559
Interest expense 1,925 1,985 3,956 3,876
Total expenses 51,335 43,437 100,827 88,725
Income before income taxes and non-controlling interest 2,516 5,946 7,720 11,511
Income taxes 936 2,220 2,711 4,296
Income before non-controlling interest 1,580 3,726 5,009 7,215
Less: net (loss) income attributable to non-controlling interest 2 (46) (172) (31)
Net income $ 1,578 $ 3,772 $ 5,181 $ 7,246
Earnings per share:        
Basic $ 0.08 $ 0.24 $ 0.25 $ 0.46
Diluted $ 0.07 $ 0.22 $ 0.24 $ 0.43
Weighted average common shares outstanding:        
Basic 20,510,254 15,742,336 20,487,549 15,742,336
Diluted 21,592,418 17,040,432 21,625,817 17,040,432