XML 14 R39.htm IDEA: XBRL DOCUMENT v2.4.0.8

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

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:

		For the years ended December 31,
		2013				2012				2011
Statutory federal income tax rate			35.0	%			35.0	%			35.0	%
Increases (decreases) resulting from:
Disallowed meals & entertainment			0.4	%			0.6	%			0.6	%
Disallowed compensation			2.3	%			3.2	%			2.3	%
Fines and penalties			0.4	%			—				—
True-up of prior year tax returns			(0.6	%)			—				—
State income tax, net of federal tax benefit (1)			3.6	%			3.6	%			3.6	%
Other, net (2)			0.2	%			(0.1	%)			(1.1	%)
Effective tax rate			41.3	%			42.3	%			40.4	%

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

(2) For 2011, other represents true-ups recorded upon completion of prior years tax returns, partially offset by estimates of penalties and interest for current year underpayment of estimated taxes.

Deferred Income Tax Effects of Temporary Differences

The tax effects of temporary differences are as follows as of the periods presented (in thousands):

		As of December 31,
		2013				2012
Deferred income tax assets:
Unearned premiums		$	10,976			$	11,430
Advanced premiums			1,742				1,132
Unpaid losses and LAE			2,598				3,449
Regulatory assessments			345				2,447
Share-based compensation			1,459				3,048
Accrued wages			255				778
Allowance for uncollectible receivables			172				205
Additional tax basis of securities			45				573
Change in unrealized losses on investments			—				2,782
Capital loss carryforwards			1,149				—
Total deferred income tax assets			18,741				25,844
Deferred income tax liabilities:
Deferred policy acquisition costs, net			(6,133	)			(6,666	)
Prepaid expenses			(548	)			—
Other comprehensive income			(9	)			—
Total deferred income tax liabilities			(6,690	)			(6,666	)
Net deferred income tax asset		$	12,051			$	19,178

X

- Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration