XML 35 R7.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Consolidated Statements of Cash Flows (USD $)
In Thousands
6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Operating Activities    
Net income $ 5,181 $ 7,246
Adjustments to reconcile net income to net cash flows provided by operating activities:    
Change in deferred policy acquisition costs 1,996 (889)
Depreciation and amortization 3,827 2,117
Deferred income tax expense 2,739 942
Net realized (gains) losses (1,227) (49)
Stock-based compensation expense 401 72
Amortization of premiums and discounts on investments 239 147
Non-controlling interest (172) 53
Changes in operating assets and liabilities, net of the effects of acquisitions    
Accrued investment income (106) 72
Other receivables 1,435 (3,360)
Reinsurance recoverables (1,257) 11,296
Other assets 898 (2,887)
Unpaid claims (1,815) (3,136)
Unearned premiums (6,892) (11,573)
Accrued expenses and accounts payable (4,514) 2,298
Deferred revenue (1,738) 0
Net cash flows (used in) provided by operating activities (1,005) 2,349
Investing activities    
Proceeds from maturities of available-for-sale investments 5,021 6,372
Proceeds from sales of available-for-sale investments 22,520 4,299
Proceeds from maturities of short term investments 100 50
Purchases of available-for-sale investments (29,470) (10,262)
Purchases of property and equipment (5,044) (4,192)
Net (paid) for acquisitions of subsidiaries, net of cash received (40,752) (11,704)
Proceeds from notes receivable 83 425
Change in restricted cash 4,163 (5,097)
Net cash flows used in investing activities (43,379) (20,109)
Financing activities    
Payments on notes payable (42,963) (18,509)
Proceeds from notes payable 75,450 25,531
Capitalized closing costs for notes payable (2,395) 0
Payments for intial public offering costs (827) 0
Payments on redeemable preferred stock (10,690) (100)
Net proceeds from exercise of stock options 400 0
Net cash flows provided by financing activities 18,975 6,922
Net decrease in cash and cash equivalents (25,409) (10,838)
Cash and cash equivalents, beginning of period 43,389 29,940
Cash and cash equivalents, end of period $ 17,980 $ 19,102