Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	12 Months Ended
Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Cash flows from operating activities:
Net income	$ 20,109	$ 36,984	$ 28,787
Adjustments to reconcile net income to net cash provided by operating activities:
Bad debt expense	653	1,315	1,354
Depreciation	639	831	490
Amortization of stock-based compensation	2,848	2,962	2,176
Net realized gains on investments	(2,350)	(27,692)	(24,175)
Net unrealized losses (gains) on investments	18,410	(1,754)
Net foreign currency gains on investments	(1,532)	(1,143)	(6,760)
Amortization of premium/accretion of discount, net	203	545	236
Deferred income taxes	(9,543)	(1,333)	1,881
Excess tax benefits from stock-based compensation	(195)	(4,099)	(728)
Other	(17)	(627)	130
Net change in assets and liabilities relating to operating activities:
Restricted cash and cash equivalents	(64,372)	5,175	(16,515)
Prepaid reinsurance premiums	(22,009)	(20,792)	(27,247)
Reinsurance recoverables	(6,154)	12,265	(47,807)
Reinsurance receivables, net	(17,598)	3,575	3,683
Premiums receivable, net	(2,855)	(7,574)	1,642
Other receivables	129	2,810	(2,551)
Income taxes recoverable		3,212	(729)
Deferred policy acquisition costs, net	(3,550)	19	(9,057)
Purchase of trading securities	(801,704)	(617,994)
Proceeds from sales of trading securities	921,625	549,305
Other assets	(726)	(779)	29
Unpaid losses and loss adjustment expenses	28,286	31,731	39,250
Unearned premiums	31,508	49,964	19,881
Accounts payable	547	595	25
Reinsurance payable	11,944	(38,733)	45,437
Income taxes payable	4,653	12,012	1,097
Other accrued expenses	1,630	2,399	6,070
Advance premium	(450)	2,761	4,218
Net cash provided by (used in) operating activities	110,129	(4,060)	20,817
Cash flows from investing activities:
Proceeds from sale of property and equipment	64	32
Purchase of property and equipment	(2,395)	(1,714)	(762)
Purchases of fixed maturities, available-for-sale		(129,141)	(325,674)
Proceeds from sales of fixed maturities, available-for-sale		116,238	299,033
Purchases of equity securities, available for sale		(80,730)	(206,054)
Proceeds from sales of equity securities, available for sale		70,681	147,635
Net cash used in investing activities	(2,331)	(24,634)	(85,822)
Cash flows from financing activities:
Bank overdraft increase	2,455	2,733	4,597
Preferred stock dividend	(20)	(20)	(27)
Common stock dividend	(12,750)	(12,533)	(20,313)
Issuance of common stock	5	14	55
Tax withholding payments related to stock-based compensation	(172)	(4,292)	(223)
Excess tax benefits from stock-based compensation	195	4,099	728
Repayments of debt	(1,471)	(1,471)	(368)
Net cash used in financing activities	(11,758)	(11,470)	(15,551)
Net (decrease) increase in cash and cash equivalents	96,040	(40,164)	(80,556)
Cash and cash equivalents at beginning of period	133,645	173,809	254,365
Cash and cash equivalents at end of period	229,685	133,645	173,809
Supplemental cashflow disclosures:
Interest	856	805	740
Income taxes	$ 19,081	$ 11,163	$ 15,609

The sum of the periodic adjustments of the differences between securities' face values and purchase prices that are charged against earnings. This is called accretion if the security was purchased at a discount and amortization if it was purchased at premium. As a noncash item, this element is an adjustment to net income when calculating cash provided by or used in operations using the indirect method.

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