Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2013

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