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Income Taxes (Tables)

6 Months Ended

Jun. 30, 2013

Income Tax Disclosure [Abstract]

Deferred Income Tax Effects of Temporary Differences

tax basis of the Company’s assets and liabilities. The tax effects of temporary differences are as follows for the periods presented (in thousands):

		As of June 30,				As of December 31,
		2013				2012
Deferred income tax assets:
Unearned premiums		$	12,710			$	11,430
Advance premium			1,945				1,132
Unpaid losses and LAE			3,116				3,449
Regulatory assessments			1,384				2,447
Stock-based compensation			1,420				3,048
Accrued wages			478				778
Allowance for uncollectible receivables			208				205
Additional tax basis of securities			45				573
Unrealized losses on trading investments			—				2,782
Capital loss carryforwards			622				—
Other comprehensive loss			1,638
Total deferred income tax assets			23,566				25,844
Deferred income tax liabilities:
Deferred policy acquisition costs, net			(6,650	)			(6,666	)
Unrealized gains on trading investments			(264	)			—
Total deferred income tax liabilities			(6,914	)			(6,666	)
Net deferred income tax asset		$	16,652			$	19,178

Reconciles Statutory Federal Income Tax Rate to Company' s Effective Tax Rate

The following table reconciles the statutory federal income tax rate to the Company’s effective tax rate for the periods presented:

		Three Months Ended June 30,								Six Months Ended June 30,
		2013				2012				2013				2012
Statutory federal income tax rate			35.0	%			35.0	%			35.0	%			35.0	%
Increases (decreases) resulting from:
Disallowed meals & entertainment			0.4	%			0.2	%			0.3	%			0.2	%
Fines and penalties			1.5	%			—				0.9	%			—
Disallowed compensation			2.0	%			1.0	%			1.5	%			0.7	%
State income tax, net of federal tax benefit (1)			3.6	%			3.6	%			3.6	%			3.6	%
Other, net			0.1	%			0.3	%			0.1	%			0.1	%
Effective tax rate			42.6	%			40.1	%			41.4	%			39.6	%

(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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