2012 Q2 Form 10-Q Financial Statement

#000110465912056526 Filed on August 09, 2012

View on sec.gov

Income Statement

Concept 2012 Q2 2011 Q2
Revenue $174.7M $163.9M
YoY Change 6.57% 8.28%
Cost Of Revenue $102.7M $114.2M
YoY Change -10.06% 30.09%
Gross Profit $72.01M $49.75M
YoY Change 44.74% -21.8%
Gross Profit Margin 41.22% 30.35%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.500M $3.100M
YoY Change 12.9% 3.33%
% of Gross Profit 4.86% 6.23%
Operating Expenses $150.7M $158.3M
YoY Change -4.8% 21.77%
Operating Profit -$78.69M -$108.5M
YoY Change -27.51% 63.53%
Interest Expense $22.00K $21.00K
YoY Change 4.76% -4.55%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $23.98M $5.661M
YoY Change 323.62% -73.48%
Income Tax $7.025M $1.576M
% Of Pretax Income 29.29% 27.84%
Net Earnings $16.96M $4.085M
YoY Change 315.08% -72.93%
Net Earnings / Revenue 9.71% 2.49%
Basic Earnings Per Share $1.11 $0.27
Diluted Earnings Per Share $1.11 $0.70
COMMON SHARES
Basic Shares Outstanding 15.30M shares 15.18M shares
Diluted Shares Outstanding 15.31M shares 15.20M shares

Balance Sheet

Concept 2012 Q2 2011 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $87.99M $55.51M
Short-Term Investments
Other Short-Term Assets $15.50M $11.60M
YoY Change 33.62% -10.77%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $17.40M $34.00M
YoY Change -48.82% -4.49%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.152B $1.074B
YoY Change 7.3% 0.41%
Other Assets $1.300M
YoY Change -50.0%
Total Long-Term Assets $1.565B $1.433B
YoY Change 9.23% 1.91%
TOTAL ASSETS
Total Short-Term Assets $17.40M $34.00M
Total Long-Term Assets $1.565B $1.433B
Total Assets $1.582B $1.467B
YoY Change 7.89% 1.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $100.5M $49.80M
YoY Change 101.81% 27.04%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $18.80M $22.20M
YoY Change -15.32% 34.55%
Total Long-Term Liabilities $18.80M $22.20M
YoY Change -15.32% 34.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $100.5M $49.80M
Total Long-Term Liabilities $18.80M $22.20M
Total Liabilities $900.9M $820.2M
YoY Change 9.84% 2.82%
SHAREHOLDERS EQUITY
Retained Earnings $537.8M $520.5M
YoY Change 3.32%
Common Stock $160.3M $155.2M
YoY Change 3.3%
Preferred Stock
YoY Change
Treasury Stock (at cost) $55.57M $55.53M
YoY Change 0.08%
Treasury Stock Shares 1.729M shares 1.727M shares
Shareholders Equity $681.3M $646.4M
YoY Change
Total Liabilities & Shareholders Equity $1.582B $1.467B
YoY Change 7.89% 1.75%

Cashflow Statement

Concept 2012 Q2 2011 Q2
OPERATING ACTIVITIES
Net Income $16.96M $4.085M
YoY Change 315.08% -72.93%
Depreciation, Depletion And Amortization $3.500M $3.100M
YoY Change 12.9% 3.33%
Cash From Operating Activities $29.60M $9.200M
YoY Change 221.74% -17.12%
INVESTING ACTIVITIES
Capital Expenditures -$1.100M -$1.400M
YoY Change -21.43% 600.0%
Acquisitions
YoY Change
Other Investing Activities -$17.80M -$500.0K
YoY Change 3460.0% -129.41%
Cash From Investing Activities -$18.80M -$1.700M
YoY Change 1005.88% -206.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -7.600M -7.300M
YoY Change 4.11% -37.61%
NET CHANGE
Cash From Operating Activities 29.60M 9.200M
Cash From Investing Activities -18.80M -1.700M
Cash From Financing Activities -7.600M -7.300M
Net Change In Cash 3.200M 200.0K
YoY Change 1500.0% -80.0%
FREE CASH FLOW
Cash From Operating Activities $29.60M $9.200M
Capital Expenditures -$1.100M -$1.400M
Free Cash Flow $30.70M $10.60M
YoY Change 189.62% -6.19%

Facts In Submission

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StockIssuedDuringPeriodValueStockOptionsExercised
442000 USD
CY2010Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
653476000 USD
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2715000 USD
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
960000 USD
us-gaap Dividends Common Stock
DividendsCommonStock
-15135000 USD
CY2011Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
646422000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-4201000 USD
us-gaap Increase Decrease In Reinsurance Payables
IncreaseDecreaseInReinsurancePayables
4997000 USD
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-3577000 USD
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
94035000 USD
us-gaap Payments To Acquire Available For Sale Securities Equity
PaymentsToAcquireAvailableForSaleSecuritiesEquity
6403000 USD
us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
88107000 USD
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
32034000 USD
us-gaap Proceeds From Sale Of Available For Sale Securities Equity
ProceedsFromSaleOfAvailableForSaleSecuritiesEquity
6039000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1859000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
441000 USD
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
2000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
15250000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-14807000 USD
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
478000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
21853000 USD
us-gaap Increase Decrease In Reinsurance Recoverable
IncreaseDecreaseInReinsuranceRecoverable
5126000 USD
us-gaap Increase Decrease In Prepaid Reinsurance Premiums
IncreaseDecreaseInPrepaidReinsurancePremiums
1433000 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-4459000 USD
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
1000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
14708000 USD
us-gaap Increase Decrease In Reinsurance Recoverable
IncreaseDecreaseInReinsuranceRecoverable
3168000 USD
us-gaap Increase Decrease In Prepaid Reinsurance Premiums
IncreaseDecreaseInPrepaidReinsurancePremiums
-909000 USD
us-gaap Increase Decrease In Deferred Policy Acquisition Costs
IncreaseDecreaseInDeferredPolicyAcquisitionCosts
5155000 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
906000 USD
us-gaap Increase Decrease In Loss And Loss Adjustment Expense Reserve
IncreaseDecreaseInLossAndLossAdjustmentExpenseReserve
641000 USD
us-gaap Increase Decrease In Unearned Premiums
IncreaseDecreaseInUnearnedPremiums
31069000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-14952000 USD
us-gaap Increase Decrease In Reinsurance Payables
IncreaseDecreaseInReinsurancePayables
1725000 USD
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
6463000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
897000 USD
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
-6000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
15135000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-14244000 USD
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
123820000 USD
us-gaap Payments To Acquire Available For Sale Securities Equity
PaymentsToAcquireAvailableForSaleSecuritiesEquity
10360000 USD
us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
123453000 USD
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
32000000 USD
us-gaap Proceeds From Sale Of Available For Sale Securities Equity
ProceedsFromSaleOfAvailableForSaleSecuritiesEquity
4166000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2051000 USD
us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
7283000 USD
us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
6252000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
23883000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
23388000 USD
us-gaap Gain Loss On Sale Of Other Investments
GainLossOnSaleOfOtherInvestments
-1073000 USD
us-gaap Gain Loss On Sale Of Other Investments
GainLossOnSaleOfOtherInvestments
-858000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
50101000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
15220000 USD
us-gaap Increase Decrease In Interest And Dividends Receivable
IncreaseDecreaseInInterestAndDividendsReceivable
-488000 USD
us-gaap Increase Decrease In Interest And Dividends Receivable
IncreaseDecreaseInInterestAndDividendsReceivable
-87000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
41025000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
6076000 USD
CY2010Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
40291000 USD
CY2011Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
55511000 USD
CY2012Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
6211 shares
CY2011Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
14199 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
7354 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
16831 shares
CY2012Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
82100 shares
CY2011Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
82100 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2012Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2011Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2012Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0 pure
CY2012Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0 pure
CY2011Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0 pure
CY2011Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0168 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.36 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.36 pure
CY2012Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0 pure
CY2012Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0 pure
CY2011Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0 pure
CY2011Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0476 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0476 pure
CY2012Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Term Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedTermMaximum
0 pure
CY2011Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Term Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedTermMinimum
0 pure
CY2011Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Term Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedTermMaximum
0 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Term Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedTermMinimum
0 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Term Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedTermMaximum
0 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Term Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedTermMinimum
6.5 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Term Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedTermMaximum
6.5 pure
CY2012Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Term Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedTermMinimum
0 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0 pure
CY2011Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
125700 shares
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
-15800 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
-300 shares
CY2012Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
109600 shares
CY2012Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
109600 shares
CY2011Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
37.63 USD
CY2012Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
27.89 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
42.85 USD
CY2012Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
39.02 USD
CY2012Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
39.02 USD
CY2012Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm1
3.3 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Remaining Contractual Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm
3.3 pure
CY2012Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
359000 USD
CY2012Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
359000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
102756 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
-117245 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
-1295 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
41.79 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
36.49 USD
CY2012Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriodWeightedAverageGrantDateFairValue
36.68 USD
CY2011Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
282117 shares
CY2012Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
266333 shares
CY2011Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
39.24 USD
CY2012Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
41.45 USD
CY2012Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
2500000 shares
CY2012Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
617698 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
0 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
0 shares
us-gaap Employee Service Share Based Compensation Cash Received From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationCashReceivedFromExerciseOfStockOptions
441000 USD
us-gaap Employee Service Share Based Compensation Cash Received From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationCashReceivedFromExerciseOfStockOptions
897000 USD
CY2012Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
8490000 USD
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition
1.8 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue
4278000 USD
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
1485000 USD
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
799000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue
3953000 USD
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
1461000 USD
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
787000 USD
us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Lower Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit
13.30 USD
us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Upper Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit
42.85 USD
us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Lower Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit
13.30 USD
us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Upper Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit
42.85 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
202000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
162000 USD
CY2012Q2 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
1078145000 USD
CY2012Q2 us-gaap Availableforsale Securities Gross Unrealized Gain
AvailableforsaleSecuritiesGrossUnrealizedGain
60826000 USD
CY2012Q2 us-gaap Available For Sale Securities
AvailableForSaleSecurities
1137810000 USD
CY2012Q2 us-gaap Available For Sale Securities Gross Unrealized Losses1
AvailableForSaleSecuritiesGrossUnrealizedLosses1
-1161000 USD
CY2011Q4 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
1053091000 USD
CY2011Q4 us-gaap Availableforsale Securities Gross Unrealized Gain
AvailableforsaleSecuritiesGrossUnrealizedGain
56753000 USD
CY2011Q4 us-gaap Available For Sale Securities
AvailableForSaleSecurities
1107893000 USD
CY2011Q4 us-gaap Available For Sale Securities Gross Unrealized Losses1
AvailableForSaleSecuritiesGrossUnrealizedLosses1
-1951000 USD
CY2012Q2 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
28480000 USD
CY2012Q2 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsAmortizedCost
247945000 USD
CY2012Q2 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsAmortizedCost
247155000 USD
CY2012Q2 us-gaap Available For Sale Securities Debt Maturities After Ten Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsFairValue
284814000 USD
CY2012Q2 us-gaap Available For Sale Securities Debt Maturities Without Single Maturity Date Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithoutSingleMaturityDateFairValue
282310000 USD
CY2012Q2 us-gaap Available For Sale Securities Debt Maturities After Ten Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsAmortizedCost
267655000 USD
CY2012Q2 us-gaap Available For Sale Securities Debt Maturities Without Single Maturity Date Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithoutSingleMaturityDateAmortizedCost
265873000 USD
CY2012Q2 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
28827000 USD
CY2012Q2 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
259031000 USD
CY2012Q2 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue
260525000 USD
CY2012Q2 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
617000 USD
CY2011Q2 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
1277000 USD
us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
1073000 USD
us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
858000 USD
CY2012Q2 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
107125000 USD
CY2012Q2 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue
293000 USD
CY2012Q2 us-gaap Availableforsale Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses1
AvailableforsaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAggregateLosses1
1151000 USD
CY2012Q2 us-gaap Availableforsale Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Losses1
AvailableforsaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAggregateLosses1
10000 USD
CY2012Q2 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue
107418000 USD
CY2012Q2 us-gaap Availableforsale Securities Continuous Unrealized Loss Position Aggregate Losses1
AvailableforsaleSecuritiesContinuousUnrealizedLossPositionAggregateLosses1
1161000 USD
CY2011Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
47630000 USD
CY2011Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue
6655000 USD
CY2011Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue
54285000 USD
CY2011Q4 us-gaap Availableforsale Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses1
AvailableforsaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAggregateLosses1
1917000 USD
CY2011Q4 us-gaap Availableforsale Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Losses1
AvailableforsaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAggregateLosses1
34000 USD
CY2011Q4 us-gaap Availableforsale Securities Continuous Unrealized Loss Position Aggregate Losses1
AvailableforsaleSecuritiesContinuousUnrealizedLossPositionAggregateLosses1
1951000 USD
CY2012Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
10598000 USD
CY2011Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
9734000 USD
us-gaap Investment Income Interest
InvestmentIncomeInterest
20749000 USD
us-gaap Investment Income Interest
InvestmentIncomeInterest
20174000 USD
CY2012Q2 us-gaap Investment Income Dividend
InvestmentIncomeDividend
39000 USD
CY2011Q2 us-gaap Investment Income Dividend
InvestmentIncomeDividend
42000 USD
us-gaap Investment Income Dividend
InvestmentIncomeDividend
140000 USD
us-gaap Investment Income Dividend
InvestmentIncomeDividend
85000 USD
CY2012Q2 us-gaap Interest And Other Income
InterestAndOtherIncome
274000 USD
CY2011Q2 us-gaap Investment Income Investment Expense
InvestmentIncomeInvestmentExpense
327000 USD
CY2011Q2 us-gaap Investment Income Interest And Dividend
InvestmentIncomeInterestAndDividend
9797000 USD
us-gaap Investment Income Interest And Dividend
InvestmentIncomeInterestAndDividend
21184000 USD
us-gaap Investment Income Interest And Dividend
InvestmentIncomeInterestAndDividend
20294000 USD
CY2012Q2 us-gaap Investment Income Investment Expense
InvestmentIncomeInvestmentExpense
423000 USD
CY2012Q2 us-gaap Investment Income Interest And Dividend
InvestmentIncomeInterestAndDividend
10923000 USD
us-gaap Interest And Other Income
InterestAndOtherIncome
281000 USD
us-gaap Interest And Other Income
InterestAndOtherIncome
12000 USD
CY2012Q2 us-gaap Interest Income Domestic Deposits
InterestIncomeDomesticDeposits
12000 USD
CY2011Q2 us-gaap Interest Income Domestic Deposits
InterestIncomeDomesticDeposits
12000 USD
us-gaap Interest Income Domestic Deposits
InterestIncomeDomesticDeposits
14000 USD
us-gaap Interest Income Domestic Deposits
InterestIncomeDomesticDeposits
23000 USD
us-gaap Investment Income Investment Expense
InvestmentIncomeInvestmentExpense
775000 USD
us-gaap Investment Income Investment Expense
InvestmentIncomeInvestmentExpense
659000 USD
CY2012Q2 us-gaap Investment Income Net
InvestmentIncomeNet
10500000 USD
CY2011Q2 us-gaap Investment Income Net
InvestmentIncomeNet
9470000 USD
us-gaap Investment Income Net
InvestmentIncomeNet
20409000 USD
us-gaap Investment Income Net
InvestmentIncomeNet
19635000 USD
CY2012Q2 us-gaap Available For Sale Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions
AvailableForSaleSecuritiesInUnrealizedLossPositionsQualitativeDisclosureNumberOfPositions
172 pure
CY2011Q4 us-gaap Available For Sale Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions
AvailableForSaleSecuritiesInUnrealizedLossPositionsQualitativeDisclosureNumberOfPositions
55 pure
CY2012Q2 us-gaap Fair Value Level1 To Level2 Transfers Amount
FairValueLevel1ToLevel2TransfersAmount
0 USD
CY2011Q2 us-gaap Fair Value Level1 To Level2 Transfers Amount
FairValueLevel1ToLevel2TransfersAmount
0 USD
us-gaap Fair Value Level1 To Level2 Transfers Amount
FairValueLevel1ToLevel2TransfersAmount
0 USD
us-gaap Fair Value Level1 To Level2 Transfers Amount
FairValueLevel1ToLevel2TransfersAmount
0 USD
CY2012Q2 us-gaap Fair Value Level2 To Level1 Transfers Amount
FairValueLevel2ToLevel1TransfersAmount
0 USD
CY2011Q2 us-gaap Fair Value Level2 To Level1 Transfers Amount
FairValueLevel2ToLevel1TransfersAmount
0 USD
us-gaap Fair Value Level2 To Level1 Transfers Amount
FairValueLevel2ToLevel1TransfersAmount
0 USD
us-gaap Fair Value Level2 To Level1 Transfers Amount
FairValueLevel2ToLevel1TransfersAmount
0 USD
CY2012Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3
0 USD
CY2011Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3
0 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3
0 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3
0 USD
CY2012Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3
0 USD
CY2011Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3
0 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3
0 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3
0 USD
us-gaap Schedule Of Liability For Unpaid Claims And Claims Adjustment Expense
ScheduleOfLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:36px;">The following table sets forth a reconciliation of beginning and en</font><font style="font-family:Times New Roman;font-size:10pt;">ding reserves for losses and loss adjustment expenses (&#8220;LAE&#8221;)</font><font style="font-family:Times New Roman;font-size:10pt;">, as shown in the Company's consolidated financial state</font><font style="font-family:Times New Roman;font-size:10pt;">ments for the periods indicated.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 17px"><td style="width: 379px; text-align:left;border-color:#000000;min-width:379px;">&#160;</td><td colspan="5" style="width: 187px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:187px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">Six Months Ended June 30,</font></td></tr><tr style="height: 17px"><td style="width: 379px; 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border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:11px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 77px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:77px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> 403,872</font></td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td><td style="width: 11px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:11px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 77px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:77px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> 404,391</font></td></tr><tr style="height: 17px"><td style="width: 379px; 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text-align:left;border-color:#000000;min-width:379px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Net reserves for losses and LAE at beginning of year</font></td><td style="width: 11px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:11px;">&#160;</td><td style="width: 77px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:77px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">352,098</font></td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td><td style="width: 11px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:11px;">&#160;</td><td style="width: 77px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:77px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">351,244</font></td></tr><tr style="height: 17px"><td style="width: 379px; text-align:left;border-color:#000000;min-width:379px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Incurred losses and LAE, related to:</font></td><td style="width: 11px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:11px;">&#160;</td><td style="width: 77px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:77px;">&#160;</td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td><td style="width: 11px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:11px;">&#160;</td><td style="width: 77px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:77px;">&#160;</td></tr><tr style="height: 17px"><td style="width: 379px; text-align:left;border-color:#000000;min-width:379px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> Current year</font></td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td><td style="width: 77px; text-align:right;border-color:#000000;min-width:77px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">208,348</font></td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td><td style="width: 77px; text-align:right;border-color:#000000;min-width:77px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">254,661</font></td></tr><tr style="height: 17px"><td style="width: 379px; text-align:left;border-color:#000000;min-width:379px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> Prior years</font></td><td style="width: 11px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:11px;">&#160;</td><td style="width: 77px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:77px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">(7,609)</font></td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td><td style="width: 11px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:11px;">&#160;</td><td style="width: 77px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:77px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">(18,847)</font></td></tr><tr style="height: 17px"><td style="width: 379px; text-align:left;border-color:#000000;min-width:379px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Total incurred losses and LAE</font></td><td style="width: 11px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:11px;">&#160;</td><td style="width: 77px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:77px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">200,739</font></td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td><td style="width: 11px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:11px;">&#160;</td><td style="width: 77px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:77px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">235,814</font></td></tr><tr style="height: 17px"><td style="width: 379px; text-align:left;border-color:#000000;min-width:379px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Paid losses and LAE related to:</font></td><td style="width: 11px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:11px;">&#160;</td><td style="width: 77px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:77px;">&#160;</td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td><td style="width: 11px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:11px;">&#160;</td><td style="width: 77px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:77px;">&#160;</td></tr><tr style="height: 17px"><td style="width: 379px; text-align:left;border-color:#000000;min-width:379px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> Current year</font></td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td><td style="width: 77px; text-align:right;border-color:#000000;min-width:77px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">110,571</font></td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td><td style="width: 77px; text-align:right;border-color:#000000;min-width:77px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">143,512</font></td></tr><tr style="height: 17px"><td style="width: 379px; text-align:left;border-color:#000000;min-width:379px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> Prior years</font></td><td style="width: 11px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:11px;">&#160;</td><td style="width: 77px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:77px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">90,627</font></td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td><td style="width: 11px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:11px;">&#160;</td><td style="width: 77px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:77px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">92,271</font></td></tr><tr style="height: 17px"><td style="width: 379px; text-align:left;border-color:#000000;min-width:379px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Total paid losses and LAE</font></td><td style="width: 11px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:11px;">&#160;</td><td style="width: 77px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:77px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">201,198</font></td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td><td style="width: 11px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:11px;">&#160;</td><td style="width: 77px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:77px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">235,783</font></td></tr><tr style="height: 17px"><td style="width: 379px; text-align:left;border-color:#000000;min-width:379px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Net reserves for losses and LAE at end of period</font></td><td style="width: 11px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:11px;">&#160;</td><td style="width: 77px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:77px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">351,639</font></td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td><td style="width: 11px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:11px;">&#160;</td><td style="width: 77px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:77px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">351,275</font></td></tr><tr style="height: 17px"><td style="width: 379px; text-align:left;border-color:#000000;min-width:379px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Plus receivable from reinsurers related to unpaid losses and LAE</font></td><td style="width: 11px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:11px;">&#160;</td><td style="width: 77px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:77px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">51,820</font></td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td><td style="width: 11px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:11px;">&#160;</td><td style="width: 77px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:77px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">52,475</font></td></tr><tr style="height: 17px"><td style="width: 379px; text-align:left;border-color:#000000;min-width:379px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Reserves for losses and LAE at end of period</font></td><td style="width: 11px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:11px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 77px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:77px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> 403,459</font></td><td style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td><td style="width: 11px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:11px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 77px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:77px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> 403,750</font></td></tr></table></div>
CY2011Q4 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Gross
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseGross
403872000 USD
CY2010Q4 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Gross
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseGross
404391000 USD
CY2010Q4 us-gaap Reinsurance Recoverables
ReinsuranceRecoverables
53147000 USD
us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaid
201198000 USD
CY2011Q2 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Net
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet
351275000 USD
CY2011Q4 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Net
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet
352098000 USD
CY2010Q4 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Net
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet
351244000 USD
us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims Current Year
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaimsCurrentYear
208348000 USD
us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims Current Year
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaimsCurrentYear
254661000 USD
CY2012Q2 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Gross
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseGross
403459000 USD
CY2011Q2 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Gross
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseGross
403750000 USD
CY2011Q2 us-gaap Reinsurance Recoverables
ReinsuranceRecoverables
52475000 USD
us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims Prior Years
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaimsPriorYears
-7609000 USD
us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims Prior Years
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaimsPriorYears
-18847000 USD
us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims
200739000 USD
us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims
235814000 USD
us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Current Year
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidCurrentYear
110571000 USD
us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Prior Years
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidPriorYears
90627000 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
0 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
0 USD
us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Current Year
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidCurrentYear
143512000 USD
CY2012Q2 us-gaap Treasury Stock Number Of Shares Held
TreasuryStockNumberOfSharesHeld
1728625 shares
CY2011Q4 us-gaap Treasury Stock Number Of Shares Held
TreasuryStockNumberOfSharesHeld
1728645 shares
CY2012Q2 us-gaap Treasury Stock Carrying Basis
TreasuryStockCarryingBasis
55569000 USD
CY2011Q4 us-gaap Treasury Stock Carrying Basis
TreasuryStockCarryingBasis
55569000 USD
us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Prior Years
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidPriorYears
92271000 USD
us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaid
235783000 USD
CY2012Q2 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Net
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet
351639000 USD
CY2012Q2 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
30000000 USD
CY2012Q2 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
50000000 USD
us-gaap Line Of Credit Facility Interest Rate Description
LineOfCreditFacilityInterestRateDescription
Loans under the credit facility bear interest at the Company&#8217;s option at either (i) the LIBOR rate plus 1.25% per annum or (ii)&#160;the higher of RBS Citizens prime rate or 0.5% above the federal funds rate plus 1.25% per annum.
us-gaap Line Of Credit Facility Expiration Date
LineOfCreditFacilityExpirationDate
2013-08-14
CY2012Q2 us-gaap Line Of Credit Facility Amount Outstanding
LineOfCreditFacilityAmountOutstanding
0 USD
CY2011Q4 us-gaap Line Of Credit Facility Amount Outstanding
LineOfCreditFacilityAmountOutstanding
0 USD
us-gaap Line Of Credit Facility Unused Capacity Commitment Fee Percentage
LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage
0.0025 pure
us-gaap Stock Repurchase Program Authorized Amount
StockRepurchaseProgramAuthorizedAmount
90000000 USD
us-gaap Related Party Transaction Description Of Transaction
RelatedPartyTransactionDescriptionOfTransaction
Mr. A. Richard Caputo, Jr., a member of the Company&#8217;s Board of Directors and the Chairman of its Investment Committee, is a principal of The Jordan Company, LP (&#8220;Jordan&#8221;). In February 2012, the Company participated as a lender in a loan made by syndicates of lenders to a portfolio company in which funds managed by Jordan are controlling or a significant investor. The loan, made to Vantage Specialties, Inc.,
us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
2500000 USD
us-gaap Related Party Transaction Rate
RelatedPartyTransactionRate
0.007 pure
us-gaap Related Party Transaction Date
RelatedPartyTransactionDate
2012-02-10
us-gaap Related Party Transaction Terms And Manner Of Settlement
RelatedPartyTransactionTermsAndMannerOfSettlement
The loan amortizes in equal quarterly installments of 0.25% of the principal amount per quarter. The Company made the loan on the same terms as the other lenders participating in the syndicate.

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