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Quarterly Results for 2011 and 2010 (Unaudited)
 12 Months Ended
Dec. 31, 2011
Quarterly Results for 2011 and 2010 [Abstract]  
QUARTERLY RESULTS FOR 2011 AND 2010 (UNAUDITED)

NOTE 17 – QUARTERLY RESULTS FOR 2011 AND 2010 (UNAUDITED)

The following table provides a summary of quarterly results for the periods presented (in thousands except per share data):

 

                                 
    First
Quarter		     Second
Quarter		     Third
Quarter		     Fourth
Quarter		  

For the year ended
December 31, 2011

                        

Net premiums earned

   $ 48,004     $ 49,524     $ 49,634     $ 51,823  

Investment income

     257       (21 )      122       430  

Total revenues

     64,333       53,672       49,413       58,443  

Total expenses

     41,257       40,551       48,170       62,165  

Net income

     13,898       7,549       975       (2,313 ) 

Basic earnings per share

     0.35       0.19       0.02       (0.06 ) 

Diluted earnings per share

     0.34       0.19       0.02       (0.06 ) 
         

For the year ended
December 31, 2010

                        

Net premiums earned

   $ 33,314     $ 41,360     $ 48,831     $ 46,938  

Investment income

     193       118       66       615  

Total revenues

     45,220       55,860       70,735       68,108  

Total expenses

     33,841       38,224       49,423       56,158  

Net income

     6,944       10,767       13,077       6,196  

Basic earnings per share

     0.18       0.27       0.33       0.16  

Diluted earnings per share

     0.17       0.27       0.32       0.15  

The fourth quarter results of 2011 compared to 2010 are primarily attributable to trading losses in the Company’s investment portfolio and an increase in losses and loss adjustment expenses. The losses in the investment portfolio reflect a decline in the value of the Company’s equity securities holdings occurring mostly during the second half of the year ended December 31, 2011.