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Quarterly Financial Data (Unaudited) | 12 Months Ended
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Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Financial Data (Unaudited) |
21. | Quarterly Financial Data (Unaudited)
The following table represents unaudited quarterly financial data for the years ended December 31, 2013 and 2012.
|  | Three Months Ended |
| March 31 |  |  | June 30 |  |  | September 30 |  |  | December 31 |
|  | (In thousands, except per share amounts) |
2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Premiums earned |  | $ | 79,709 |  |  | $ | 81,983 |  |  | $ | 81,596 |  |  | $ | 86,695 |
Net investment income |  |  | 6,670 |  |  |  | 6,649 |  |  |  | 6,947 |  |  |  | 6,763 |
Net realized gains (losses) on investments |  |  | 24 |  |  |  | (1,291) |  |  |  | (654) |  |  |  | 710 |
Total revenues |  |  | 86,512 |  |  |  | 87,511 |  |  |  | 88,003 |  |  |  | 94,309 |
Income before income taxes |  |  | 11,080 |  |  |  | 10,647 |  |  |  | 12,447 |  |  |  | 25,030 |
Net income |  |  | 8,851 |  |  |  | 7,644 |  |  |  | 9,699 |  |  |  | 17,443 |
Net income available to common shareholders |  |  | 8,836 |  |  |  | 7,618 |  |  |  | 9,673 |  |  |  | 17,364 |
Earnings per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 0.48 |  |  |  | 0.42 |  |  |  | 0.53 |  |  |  | 0.94 |
Diluted |  |  | 0.47 |  |  |  | 0.41 |  |  |  | 0.52 |  |  |  | 0.92 |
Comprehensive income |  |  | 8,306 |  |  |  | 3,584 |  |  |  | 8,654 |  |  |  | 15,819 |
Cash dividends declared per common share |  | $ | 0.08 |  |  | $ | 0.08 |  |  | $ | 0.08 |  |  | $ | 0.08 |
2012 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Premiums earned |  | $ | 69,790 |  |  | $ | 69,733 |  |  | $ | 72,425 |  |  | $ | 78,741 |
Net investment income |  |  | 6,914 |  |  |  | 6,605 |  |  |  | 6,801 |  |  |  | 6,698 |
Net realized gains on investments |  |  | 1,791 |  |  |  | 137 |  |  |  | 985 |  |  |  | 66 |
Total revenues |  |  | 78,654 |  |  |  | 76,637 |  |  |  | 80,374 |  |  |  | 85,583 |
Income before income taxes |  |  | 11,433 |  |  |  | 4,033 |  |  |  | 9,003 |  |  |  | 12,674 |
Net income |  |  | 9,561 |  |  |  | 3,445 |  |  |  | 7,121 |  |  |  | 9,226 |
Net income available to common shareholders |  |  | 9,556 |  |  |  | 3,443 |  |  |  | 7,116 |  |  |  | 9,216 |
Earnings per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 0.53 |  |  |  | 0.19 |  |  |  | 0.39 |  |  |  | 0.51 |
Diluted |  |  | 0.52 |  |  |  | 0.19 |  |  |  | 0.38 |  |  |  | 0.50 |
Comprehensive income |  |  | 9,508 |  |  |  | 3,948 |  |  |  | 8,570 |  |  |  | 8,091 |
Effective December 31, 2013, Amerisafe determined that to better reflect the collectability of accounts receivable balances, the Company decreased the allowance for doubtful accounts based on an analysis of historical write-offs. This change in estimate was accounted for prospectively during the three months ended December 31, 2013, and lowered underwriting and certain other operating costs by $1.7 million, increased income tax expense $0.6 million for a net income statement impact of $1.1 million or approximately $0.06 per share. On November 14, 2013, American Interstate Insurance Company and Silver Oak Casualty, Inc. re-domesticated from Louisiana to Nebraska. As a result of the re-domestication, underwriting and certain other operating costs were reduced by $1.5 million to reflect the change in retaliatory premium taxes. This increase in pre-tax net income increased income tax expense $0.5 million, for a net income statement impact of $1.0 million in the three months ended December 31, 2013, or approximately $0.05 per share.

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- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=25249566&loc=d3e1280-108306 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
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