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Income Taxes (Tables)

3 Months Ended

Mar. 31, 2013

Income Taxes [Abstract]

Deferred income tax effects of temporary differences

		As of March 31,				As of December 31,
		2013				2012
Deferred income tax assets:
Unearned premiums		$	11,230			$	11,430
Advanced premiums			2,057				1,132
Unpaid losses and LAE			3,325				3,449
Regulatory assessments			2,040				2,447
Stock-based compensation			2,749				3,048
Accrued wages			638				778
Allowance for uncollectible receivables			197				205
Additional tax basis of securities			44				573
Change in unrealized losses on investments			—				2,782
Total deferred income tax assets			22,280				25,844
Deferred income tax liabilities:
Deferred policy acquisition costs, net			(6,703	)			(6,666	)
Change in unrealized gains on investments			(255	)			—
Total deferred income tax liabilities			(6,958	)			(6,666	)
Net deferred income tax asset		$	15,322			$	19,178

Reconciles the statutory federal income tax rate to the Company' s effective tax rate

		Three Months Ended March 31,
		2013				2012
Statutory federal income tax rate			35.0	%			35.0	%
Increases (decreases) resulting from:
Disallowed meals & entertainment			0.3	%			0.3	%
Disallowed compensation			0.8	%			0.3	%
State income tax, net of federal tax benefit (1)			3.6	%			3.6	%
Other, net			(0.2	%)			0.0	%
Effective tax rate			39.5	%			39.2	%

(1) Included in income tax is Florida income tax at a statutory rate of 5.5%.

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- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

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