Quarterly Operating Results (Unaudited)

12 Months Ended

Dec. 31, 2012

Quarterly Operating Results (Unaudited)

NOTE 14 Quarterly Operating Results (Unaudited)

Quarterly operating results for 2012 and 2011 were as follows:

(in thousands, except per share data)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
2012
Total revenues	$	302,486	$	290,916	$	303,800	$	302,830
Total expenses	$	219,696	$	219,771	$	222,151	$	233,603
Income before income taxes	$	82,790	$	71,145	$	81,649	$	69,227
Net income	$	49,433	$	42,471	$	49,504	$	42,637
Net income per share:
Basic	$	0.34	$	0.30	$	0.34	$	0.30
Diluted	$	0.34	$	0.29	$	0.34	$	0.29
2011
Total revenues	$	262,228	$	246,816	$	260,401	$	244,097
Total expenses	$	185,558	$	185,348	$	187,709	$	184,406
Income before income taxes	$	76,670	$	61,468	$	72,692	$	59,691
Net income	$	46,293	$	37,035	$	44,173	$	36,494
Net income per share:
Basic	$	0.32	$	0.26	$	0.31	$	0.25
Diluted	$	0.32	$	0.26	$	0.30	$	0.25

Quarterly financial results are affected by seasonal variations. The timing of the Company’s receipt of profit-sharing contingent commissions, policy renewals and acquisitions may cause revenues, expenses and net income to vary significantly between quarters.