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Consolidated Statements of Income (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Revenues:        
Service and administrative fees $ 9,394 $ 8,800 $ 18,734 $ 17,916
Brokerage commissions and fees 9,364 9,208 18,884 17,075
Ceding commission 7,210 6,243 14,274 14,401
Net investment income 732 894 1,475 1,835
Net realized gains on the sale of investments 13 1,132 10 1,227
Net earned premium 31,905 27,536 63,877 55,973
Other income 48 38 120 120
Total revenues 58,666 53,851 117,374 108,547
Expenses:        
Net losses and loss adjustment expenses 9,576 9,251 20,842 18,624
Commissions 19,892 17,323 39,931 35,840
Personnel costs 12,367 11,428 23,759 22,420
Other operating expenses 6,937 9,298 13,676 16,512
Depreciation 975 814 1,713 1,397
Amortization of intangibles 1,166 1,378 2,648 2,430
Interest expense 1,590 1,925 3,242 3,956
Total expenses 52,503 51,417 105,811 101,179
Income before income taxes and non-controlling interest 6,163 2,434 11,563 7,368
Income taxes 2,146 907 4,065 2,588
Income before non-controlling interest 4,017 1,527 7,498 4,780
Less: net income (loss) attributable to non-controlling interest 15 2 33 (172)
Net Income $ 4,002 $ 1,525 $ 7,465 $ 4,952
Earnings per share:        
Basic $ 0.20 $ 0.07 $ 0.38 $ 0.24
Diluted $ 0.19 $ 0.07 $ 0.36 $ 0.23
Weighted average common shares outstanding:        
Basic 19,705,276 20,510,254 19,792,763 20,487,549
Diluted 20,632,233 21,592,418 20,686,812 21,625,817