XML 37 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Cash Flow (Unaudited) (USD $)
In Thousands, unless otherwise specified
9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Cash flow from operating activities:    
Net earnings $ 12,464 $ 18,204
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Realized gains on sale of investments (5,732) (11,311)
Depreciation expense 2,345 2,033
Stock based compensation expense 1,946 1,712
Amortization of deferred acquisition costs, net (1,011) (3,414)
Amortization of investment premium 2,890 3,054
Deferred income taxes 4,056 (916)
Change in operating assets and liabilities:    
Accrued investment income 359 506
Premiums receivable (4,240) (3,096)
Reinsurance recoverable 13,033 12,917
Ceded unearned premiums (5,749) 2,043
Funds held 5,740 7,184
Unpaid losses and loss adjustment expenses 675 16,751
Unearned premiums 11,575 12,102
Ceded premiums payable 3,586 1,193
Other liabilities 547 (2,500)
Other assets, net (4,997) (4,653)
Net cash provided by operating activities 37,487 51,809
Cash flow from investing activities:    
Purchases of fixed maturities (99,733) (309,591)
Purchase of other investments (3,444)   
Proceeds from sales and maturities of fixed maturities 153,191 242,959
Purchases of equity securities (1,397) (2,500)
Proceeds from sale of equity securities    656
(Increase) decrease in short term investments (78,020) 21,601
Consideration paid for acquired companies, net (10,964)   
Purchases of fixed assets (1,361) (2,714)
Net cash used in investing activities (41,728) (49,589)
Cash flow from financing activities:    
Shares repurchased to cover employment taxes (204) (289)
Proceeds from exercised stock options 85 465
Purchases of common stock pursuant to the Stock Repurchase Plan (7,232) (2,504)
Net cash used in financing activities (7,351) (2,328)
Net (decrease) in cash and cash equivalents (11,592) (108)
Cash and cash equivalents at beginning of period 43,481 38,307
Cash and cash equivalents at end of period 31,889 38,199
Supplemental disclosure of cash flow:    
Income taxes paid (including $731 and $0 from VIE) 784 95
Interest paid $ 1,206 $ 1,102