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Quarterly Results for 2012 and 2011 (Unaudited) | 12 Months Ended
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Dec. 31, 2012
Quarterly Results for 2012 and 2011 (Unaudited) [Abstract] |
QUARTERLY RESULTS FOR 2012 AND 2011 (UNAUDITED) | NOTE 17 – QUARTERLY RESULTS FOR 2012 AND 2011 (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, 2012 |  |  |  |  |  |  |  |  |  |  |  |
Net premiums earned |  | $ | 48,640 |  |  | $ | 55,694 |  |  | $ | 59,512 |  |  | $ | 67,274 |
Investment income |  |  | (36 | ) |  |  | (16 | ) |  |  | 215 |  |  | $ | 278 |
Total revenues |  |  | 60,247 |  |  |  | 59,928 |  |  |  | 74,537 |  |  | $ | 75,227 |
Total expenses |  |  | 44,018 |  |  |  | 46,936 |  |  |  | 60,563 |  |  | $ | 65,863 |
Net income |  |  | 9,873 |  |  |  | 7,777 |  |  |  | 8,256 |  |  | $ | 4,406 |
Basic earnings per share |  |  | 0.24 |  |  |  | 0.20 |  |  |  | 0.21 |  |  | $ | 0.11 |
Diluted earnings per share |  |  | 0.24 |  |  |  | 0.19 |  |  |  | 0.20 |  |  | $ | 0.11 |
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 | )
The improvement of $6.7 million in the fourth quarter results of 2012 compared to 2011 is attributable to several factors including an increase in revenues of $16.8 million comprised mostly of improvements in net earned premiums of $15.5 million. The increase in revenues also includes improved performance of the investment trading portfolio of $1.9 million. The improvement in net earned premiums reflects a reduction in the amount of ceded premiums under the quota-share reinsurance contract for the 2012-2103 reinsurance program as well as the benefit of premium rate increases over the past 12 months. There was also a benefit to earnings from the reduction in losses and loss adjustment expenses of $8.7 million. These improvements were partially offset by an increase in general and administrative expenses of $12.4 million, including a $6.3 million FIGA assessment which will be recovered over a 12-month period beginning February 1, 2013 and an increase in charges of $2.3 million related to policy acquisition costs. There were also increases in compensation, insurance and legal fees of $ 1.7 million, $1.0 million and $398 thousand, respectively. The effective tax rate increased to 52.9% compared to 37.8% due to a relative increase in the amount of non-deductible compensation recorded in the fourth quarter of 2012 compared to 2011.

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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 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=20225539&loc=d3e1280-108306 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 3: 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 4: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 28 -Paragraph 30 -Subparagraph a-j -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: 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 6: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 28 -Paragraph 23, 24 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 7: 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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