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Business Combinations (Tables) | 9 Months Ended
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Sep. 30, 2012
Acquisitions Accounted for as Business Combinations |
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Name |  | Business Segment |  |  | 2012 Date of Acquisition |  |  | Cash Paid |  |  | Note Payable |  |  | Other Payable |  |  | Recorded Earn-out Payable |  |  | Net Assets Acquired |  |  | Maximum Potential Earn-out Payable |
Arrowhead General Insurance Agency Superholding Corporation |  |  | National Programs; Services |  |  |  | January 9 |  |  | $ | 397,531 |  |  | $ | — |  |  | $ | 22,694 |  |  | $ | 3,634 |  |  | $ | 423,859 |  |  | $ | 5,000 |
Insurcorp & GGM Investments LLC (d/b/a Maalouf Benefit Resources) |  |  | Retail |  |  |  | May 1 |  |  |  | 15,500 |  |  |  | — |  |  |  | 900 |  |  |  | 4,944 |  |  |  | 21,344 |  |  |  | 17,000 |
Texas Security General Insurance Agency, Inc. |  |  | Wholesale |  |  |  | September 1 |  |  |  | 14,506 |  |  |  | — |  |  |  | 2,182 |  |  |  | 2,124 |  |  |  | 18,812 |  |  |  | 7,200 |
Other |  |  | Various |  |  |  | Various |  |  |  | 15,938 |  |  |  | 59 |  |  |  | — |  |  |  | 4,353 |  |  |  | 20,350 |  |  |  | 10,235 |
Total |  |  |  |  |  |  |  |  |  | $ | 443,475 |  |  | $ | 59 |  |  | $ | 25,776 |  |  | $ | 15,055 |  |  | $ | 484,365 |  |  | $ | 39,435 |
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Name |  | Business Segment |  |  | 2011 Date of Acquisition |  |  | Cash Paid |  |  | Note Payable |  |  | Recorded Earn-out Payable |  |  | Net Assets Acquired |  |  | Maximum Potential Earn-out Payable |
Balcos Insurance, Inc. |  |  | Retail |  |  |  | January 1 |  |  | $ | 8,611 |  |  | $ | — |  |  | $ | 1,595 |  |  | $ | 10,206 |  |  | $ | 5,766 |
Associated Insurance Service, Inc. et al. |  |  | Retail |  |  |  | January 1 |  |  |  | 12,000 |  |  |  | — |  |  |  | 1,575 |  |  |  | 13,575 |  |  |  | 6,000 |
United Benefit Services Insurance Agency LLC et al. |  |  | Retail |  |  |  | February 1 |  |  |  | 14,559 |  |  |  | — |  |  |  | 3,199 |  |  |  | 17,758 |  |  |  | 9,133 |
First Horizon Insurance Group, Inc. et al. |  |  | Retail |  |  |  | April 30 |  |  |  | 24,835 |  |  |  | — |  |  |  | — |  |  |  | 24,835 |  |  |  | — |
Fitzharris Agency, Inc. et al. |  |  | Retail |  |  |  | May 1 |  |  |  | 6,159 |  |  |  | — |  |  |  | 888 |  |  |  | 7,047 |  |  |  | 3,832 |
Corporate Benefit Consultants, LLC |  |  | Retail |  |  |  | June 1 |  |  |  | 9,000 |  |  |  | — |  |  |  | 2,038 |  |  |  | 11,038 |  |  |  | 4,520 |
Other |  |  | Various |  |  |  | Various |  |  |  | 25,285 |  |  |  | 1,194 |  |  |  | 6,168 |  |  |  | 32,647 |  |  |  | 12,865 |
Total |  |  |  |  |  |  |  |  |  | $ | 100,449 |  |  | $ | 1,194 |  |  | $ | 15,463 |  |  | $ | 117,106 |  |  | $ | 42,116 |
Estimated Fair Values of Aggregate Assets and Liabilities Acquired |
(in thousands) |  | Arrowhead |  |  | Insurcorp |  |  | Texas Security |  |  | Other |  |  | Total |
Cash |  | $ | 61,786 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 61,786 |
Other current assets |  |  | 69,051 |  |  |  | 180 |  |  |  | 1,882 |  |  |  | 524 |  |  |  | 71,637 |
Fixed assets |  |  | 4,629 |  |  |  | 25 |  |  |  | 45 |  |  |  | 67 |  |  |  | 4,766 |
Goodwill |  |  | 322,779 |  |  |  | 14,745 |  |  |  | 10,776 |  |  |  | 12,818 |  |  |  | 361,118 |
Purchased customer accounts |  |  | 99,515 |  |  |  | 6,490 |  |  |  | 6,227 |  |  |  | 8,371 |  |  |  | 120,603 |
Non-compete agreements |  |  | 100 |  |  |  | 22 |  |  |  | 14 |  |  |  | 97 |  |  |  | 233 |
Other assets |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1 |
Total assets acquired |  |  | 557,861 |  |  |  | 21,462 |  |  |  | 18,944 |  |  |  | 21,877 |  |  |  | 620,144 |
Other current liabilities |  |  | (107,579 | ) |  |  | (118 | ) |  |  | (132 | ) |  |  | (1,527 | ) |  |  | (109,356 | )
Deferred income taxes, net |  |  | (26,423 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (26,423 | )
Total liabilities assumed |  |  | (134,002 | ) |  |  | (118 | ) |  |  | (132 | ) |  |  | (1,527 | ) |  |  | (135,779 | )
Net assets acquired |  | $ | 423,859 |  |  | $ | 21,344 |  |  | $ | 18,812 |  |  | $ | 20,350 |  |  | $ | 484,365 |
(in thousands) |  | Balcos |  |  | AIS |  |  | United |  |  | FHI |  |  | FA |  |  | CBC |  |  | Other |  |  | Total |
Cash |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5,170 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5,170 |
Other current assets |  |  | 187 |  |  |  | 252 |  |  |  | 438 |  |  |  | 1,415 |  |  |  | 77 |  |  |  | — |  |  |  | 879 |  |  |  | 3,248 |
Fixed assets |  |  | 20 |  |  |  | 100 |  |  |  | 20 |  |  |  | 134 |  |  |  | 60 |  |  |  | 6 |  |  |  | 65 |  |  |  | 405 |
Goodwill |  |  | 6,486 |  |  |  | 9,055 |  |  |  | 10,501 |  |  |  | 14,701 |  |  |  | 7,244 |  |  |  | 6,965 |  |  |  | 18,624 |  |  |  | 73,576 |
Purchased customer accounts |  |  | 3,530 |  |  |  | 4,086 |  |  |  | 6,787 |  |  |  | 8,094 |  |  |  | 3,351 |  |  |  | 4,046 |  |  |  | 13,746 |  |  |  | 43,640 |
Non-compete agreements |  |  | 42 |  |  |  | 92 |  |  |  | 45 |  |  |  | 10 |  |  |  | 21 |  |  |  | 21 |  |  |  | 177 |  |  |  | 408 |
Other assets |  |  | — |  |  |  | — |  |  |  | 4 |  |  |  | 9 |  |  |  | — |  |  |  | — |  |  |  | 2 |  |  |  | 15 |
Total assets acquired |  |  | 10,265 |  |  |  | 13,585 |  |  |  | 17,795 |  |  |  | 29,533 |  |  |  | 10,753 |  |  |  | 11,038 |  |  |  | 33,493 |  |  |  | 126,462 |
Other current liabilities |  |  | (59 | ) |  |  | (10 | ) |  |  | (37 | ) |  |  | (3,790 | ) |  |  | (3,706 | ) |  |  | — |  |  |  | (846 | ) |  |  | (8,448 | )
Deferred income taxes, net |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (908 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (908 | )
Total liabilities assumed |  |  | (59 | ) |  |  | (10 | ) |  |  | (37 | ) |  |  | (4,698 | ) |  |  | (3,706 | ) |  |  | — |  |  |  | (846 | ) |  |  | (9,356 | )
Net assets acquired |  | $ | 10,206 |  |  | $ | 13,575 |  |  | $ | 17,758 |  |  | $ | 24,835 |  |  | $ | 7,047 |  |  | $ | 11,038 |  |  | $ | 32,647 |  |  | $ | 117,106 |
Results of Operations |
(UNAUDITED) |  | For the three months ended September 30, |  |  | For the nine months ended September 30, |
(in thousands, except per share data) |  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
Total revenues |  | $ | 304,776 |  |  | $ | 292,599 |  |  | $ | 907,796 |  |  | $ | 866,115 |
Income before income taxes |  |  | 81,998 |  |  |  | 81,785 |  |  |  | 239,286 |  |  |  | 238,144 |
Net income |  |  | 49,715 |  |  |  | 49,699 |  |  |  | 143,630 |  |  |  | 144,021 |
Net income per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.35 |  |  | $ | 0.35 |  |  | $ | 1.00 |  |  | $ | 1.01 |
Diluted |  | $ | 0.34 |  |  | $ | 0.34 |  |  | $ | 0.98 |  |  | $ | 1.00 |
Weighted average number of shares outstanding: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 139,465 |  |  |  | 138,690 |  |  |  | 139,185 |  |  |  | 138,475 |
Diluted |  |  | 142,097 |  |  |  | 140,443 |  |  |  | 141,769 |  |  |  | 140,120 |
(UNAUDITED) |  | For the three months ended September 30, |  |  | For the nine months ended September 30, |
(in thousands, except per share data) |  | 2011 |  |  | 2010 |  |  | 2011 |  |  | 2010 |
Total revenues |  | $ | 261,015 |  |  | $ | 260,735 |  |  | $ | 782,561 |  |  | $ | 783,433 |
Income before income taxes |  |  | 72,933 |  |  |  | 77,284 |  |  |  | 215,159 |  |  |  | 227,040 |
Net income |  |  | 44,319 |  |  |  | 47,501 |  |  |  | 130,119 |  |  |  | 137,420 |
Net income per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.31 |  |  | $ | 0.33 |  |  | $ | 0.91 |  |  | $ | 0.97 |
Diluted |  | $ | 0.31 |  |  | $ | 0.33 |  |  | $ | 0.90 |  |  | $ | 0.96 |
Weighted average number of shares outstanding: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 138,690 |  |  |  | 138,093 |  |  |  | 138,475 |  |  |  | 137,802 |
Diluted |  |  | 140,443 |  |  |  | 139,507 |  |  |  | 140,120 |  |  |  | 139,128
Estimated Acquisition Earn-Out Payables |
|  | For the three months ended September 30, |  |  | For the nine months ended September 30, |
(in thousands) |  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
Balance as of the beginning of the period |  | $ | 57,997 |  |  | $ | 41,913 |  |  | $ | 47,715 |  |  | $ | 29,609 |
Additions to estimated acquisition earn-out payables |  |  | 2,136 |  |  |  | 1,648 |  |  |  | 15,055 |  |  |  | 15,463 |
Payments for estimated acquisition earn-out payables |  |  | (2,743 | ) |  |  | (2,290 | ) |  |  | (4,388 | ) |  |  | (5,267 | )
Sub Total |  |  | 57,390 |  |  |  | 41,271 |  |  |  | 58,382 |  |  |  | 39,805 |
Net change in earnings from estimated acquisition earn-out payables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Change in fair value on estimated acquisition earn-out payables |  |  | 240 |  |  |  | (1,286 | ) |  |  | (1,966 | ) |  |  | (697 | )
Interest expense accretion |  |  | 618 |  |  |  | 476 |  |  |  | 1,832 |  |  |  | 1,353 |
Net change in earnings from estimated acquisition earn-out payables |  |  | 858 |  |  |  | (810 | ) |  |  | (134 | ) |  |  | 656 |
Balance as of September 30 |  | $ | 58,248 |  |  | $ | 40,461 |  |  | $ | 58,248 |  |  | $ | 40,461 |

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