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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2013
Fair Value Disclosures [Abstract] |
Available-for-Sale Securities Measured at Fair Value | The following table presents information about the Company’s financial assets and liabilities measured at estimated fair value on a recurring basis as of June 30, 2013 and December 31, 2012, and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value:
|  | Fair Value Measurements Using |  |  |  |
|  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | Total |
As of June 30, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 296,812 |  |  |  | — |  |  |  | — |  |  |  | 296,812 |
Fixed-maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and U.S. government agencies |  |  | 545 |  |  |  | 1,168 |  |  |  | — |  |  |  | 1,713 |
Corporate bonds |  |  | 14,360 |  |  |  | 946 |  |  |  | — |  |  |  | 15,306 |
Commercial mortgage-backed securities |  |  | — |  |  |  | 11,640 |  |  |  | — |  |  |  | 11,640 |
State, municipalities, and political subdivisions |  |  | — |  |  |  | 10,684 |  |  |  | — |  |  |  | 10,684 |
Redeemable preferred stock |  |  | 776 |  |  |  | — |  |  |  | — |  |  |  | 776 |
Total fixed-maturity securities |  |  | 15,681 |  |  |  | 24,438 |  |  |  | — |  |  |  | 40,119 |
Equity securities |  |  | 10,335 |  |  |  | — |  |  |  | — |  |  |  | 10,335 |
Total available-for-sale securities |  |  | 26,016 |  |  |  | 24,438 |  |  |  | — |  |  |  | 50,454 |
Total |  | $ | 322,828 |  |  |  | 24,438 |  |  |  | — |  |  |  | 347,266 |
Long-term debt |  | $ | 42,182 |  |  |  | — |  |  |  | — |  |  |  | 42,182 |
Long-term debt represents the Company’s 8.00% senior notes due 2020. The senior notes were initially sold to the public in January 2013 and trade on the New York Stock Exchange. The estimated fair value is based on the closing market price.
|  | Fair Value Measurements Using |  |  |  |
|  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | Total |
As of December 31, 2012 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 230,214 |  |  |  | — |  |  |  | — |  |  |  | 230,214 |
Fixed-maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and U.S. government agencies |  |  | 583 |  |  |  | 864 |  |  |  | — |  |  |  | 1,447 |
Corporate bonds |  |  | 10,860 |  |  |  | — |  |  |  | — |  |  |  | 10,860 |
Commercial mortgage-backed securities |  |  | — |  |  |  | 11,644 |  |  |  | — |  |  |  | 11,644 |
State, municipalities, and political subdivisions |  |  | — |  |  |  | 11,066 |  |  |  | — |  |  |  | 11,066 |
Redeemable preferred stock |  |  | 936 |  |  |  | — |  |  |  | — |  |  |  | 936 |
Total fixed-maturity securities |  |  | 12,379 |  |  |  | 23,574 |  |  |  | — |  |  |  | 35,953 |
Equity securities |  |  | 8,876 |  |  |  | — |  |  |  | — |  |  |  | 8,876 |
Total available-for-sale securities |  |  | 21,255 |  |  |  | 23,574 |  |  |  | — |  |  |  | 44,829 |
Total |  | $ | 251,469 |  |  |  | 23,574 |  |  |  | — |  |  |  | 275,043

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19190-110258 + Details
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