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Fair Value Measurements | 6 Months Ended
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Jun. 30, 2013
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Note 6 — Fair Value Measurements The Company records and discloses certain financial assets at their estimated fair value. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels as follows: Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 — Other inputs that are observable for the asset and liability, either directly or indirectly. Level 3 — Inputs that are unobservable. 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 |
During the second quarter of 2013, the Company analyzed its investment portfolio and determined the municipal bonds, which were previously classified as Level 1, should be classified as Level 2 based on the inputs used to measure fair value and the level of market activity in those instruments. As such, transfers into Level 2 from Level 1 were $10,684 during the three months ended June 30, 2013. In addition, $11,066 related to municipal bonds included in the table related to December 31, 2012 was transferred from Level 1 to Level 2. There were no transfers between Level 1, 2 or 3 during the three months ended March 31, 2013 or during the year ended December 31, 2012.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13537-108611 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13433-108611 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13504-108611 + Details
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