Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2011

Quarterly Financial Data (Unaudited)

Note 17. Quarterly Financial Data (Unaudited)

The following is a summary of quarterly financial data for the periods indicated:

		September 30,			September 30,			September 30,			September 30,
In thousands, except per share amounts	March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011
Gross written premiums	$	296,283		$	278,714		$	255,318		$	277,901
Net written premiums		193,076			183,363			175,357			202,002
Revenues:
Net earned premiums		152,478			173,777			173,633			191,757
Net investment income		17,384			17,429			16,259			12,428
Total other-than-temporary impairment losses		(263	)		(833	)		(1,241	)		(1,280	)
Portion of loss recognized in other comprehensive income (before tax)		22			301			618			691
Net other-than-temporary impairment losses recognized in earnings		(241	)		(532	)		(623	)		(589	)
Net realized gains (losses)		(1,389	)		3,006			3,238			7,141
Other income (expense)		991			573			(921	)		586
Total revenues		169,223			194,253			191,586			211,323
Expenses:
Net losses and loss adjustment expenses		116,788			113,863			110,242			136,104
Commission expenses		26,200			28,030			25,934			30,273
Other operating expenses		36,575			35,777			34,989			30,688
Interest expense		2,046			2,047			2,047			2,048
Total expenses		181,609			179,717			173,212			199,113
Income (loss) before income taxes		(12,386	)		14,536			18,374			12,210
Income tax expense (benefit)		(4,493	)		5,032			4,476			2,122
Net income (loss)	$	(7,893	)	$	9,504		$	13,898		$	10,088
Comprehensive income (loss)	$	(6,924	)	$	26,329		$	12,686		$	23,293
Combined ratio		117.1	%		101.9	%		99.1	%		102.5	%
Net income (loss) per common share:
Basic	$	(0.50	)	$	0.62		$	0.94		$	0.71
Diluted	$	(0.50	)	$	0.60		$	0.92		$	0.70

		September 30,			September 30,			September 30,			September 30,
In thousands, except per share amounts	March 31, 2010			June 30, 2010			September 30, 2010			December 31, 2010
Gross written premiums	$	270,145		$	253,568		$	233,638		$	229,850
Net written premiums		189,317			165,005			157,807			141,809
Revenues:
Net earned premiums		164,069			161,471			168,233			166,158
Net investment income		17,972			17,853			17,839			17,998
Total other-than-temporary impairment losses		(251	)		(489	)		(1,034	)		(448	)
Portion of loss recognized in other comprehensive income (before tax)		170			334			365			273
Net other-than-temporary impairment losses recognized in earnings		(81	)		(155	)		(669	)		(175	)
Net realized gains (losses)		6,113			11,020			4,521			19,665
Other income (expense)		1,070			(899	)		2,767			2,205
Total revenues		189,143			189,290			192,691			205,851
Expenses:
Net losses and loss adjustment expenses		103,807			99,863			107,463			110,022
Commission expenses		25,316			25,677			25,185			32,935
Other operating expenses		34,586			34,513			34,682			35,919
Interest expense		2,044			2,044			2,045			2,045
Total expenses		165,753			162,097			169,375			180,921
Income (loss) before income taxes		23,390			27,193			23,316			24,930
Income tax expense (benefit)		6,345			8,223			7,091			7,592
Net income (loss)	$	17,045		$	18,970		$	16,225		$	17,338
Comprehensive income (loss)	$	24,505		$	26,164		$	40,023		$	(24,308	)
Combined ratio		99.1	%		99.7	%		97.8	%		106.3	%
Net income per common share:
Basic	$	1.02		$	1.18		$	1.03		$	1.10
Diluted	$	1.00		$	1.16		$	1.00		$	1.07