CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Available-for-sale investments:
Fixed maturities	$ 10,617	$ 15,205
Equity securities	29,816	27,901
Total available-for-sale investments	40,433	43,106
Other investments	2,060	2,060
Total investments	42,493	45,166
Cash and cash equivalents	60,731	99,549
Notes and other receivables, net	12,275	6,669
Real estate and water assets, net	353,662	333,840
Property and equipment, net	128,816	108,842
Inventory	7,054
Other assets	22,383	16,951
Assets of discontinued operations	69,318	77,048
Total assets	696,732	688,065
LIABILITIES AND SHAREHOLDERS' EQUITY
Debt	122,827	93,431
Deferred compensation	37,957	36,315
Other liabilities	21,406	20,833
Liabilities of discontinued operations	24,656	27,824
Total liabilities	206,846	178,403
Commitments and contingencies
Common stock, $.001 par value; authorized 100,000 shares, 26,009 issued and 22,769 outstanding at June 30, 2012, and 27,122 issued and 22,705 outstanding at December 31, 2011	26	27
Additional paid-in capital	529,291	546,608
Retained earnings	13,959	34,288
Accumulated other comprehensive income (loss)	41	(959)
Treasury stock, at cost (common shares: 3,240 in 2012 and 4,417 in 2011)	(60,540)	(78,152)
Total PICO Holdings, Inc. shareholders' equity	482,777	501,812
Noncontrolling interest in subsidiaries	7,109	7,850
Total shareholders' equity	489,886	509,662
Total liabilities and shareholders' equity	$ 696,732	$ 688,065