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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2014
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, |
|  | 2014 |  |  | 2013 |  |  | 2012 |
Statutory federal income tax rate |  |  | 35.0 | % |  |  | 35.0 | % |  |  | 35.0 | %
Increases (decreases) resulting from: |  |  |  |  |  |  |  |  |  |  |  |
Disallowed meals & entertainment |  |  | 0.4 | % |  |  | 0.4 | % |  |  | 0.6 | %
Disallowed compensation |  |  | 4.2 | % |  |  | 2.3 | % |  |  | 3.2 | %
State income tax, net of federal tax benefit (1) |  |  | 3.6 | % |  |  | 3.6 | % |  |  | 3.6 | %
Other, net |  |  | (0.4 | %) |  |  | — |  |  |  | (0.1 | %)
Effective tax rate |  |  | 42.8 | % |  |  | 41.3 | % |  |  | 42.3 | %
(1) | Included in income tax is Florida income tax at a statutory rate of 5.5%.
Deferred Income Tax Effects of Temporary Differences | Deferred income taxes represent the temporary differences between the U.S. GAAP and tax basis of the Company’s assets and liabilities. The tax effects of temporary differences are as follows as of the dates presented (in thousands):
|  | As of December 31, |
|  | 2014 |  |  | 2013 |
Deferred income tax assets: |  |  |  |  |  |  |  |
Unearned premiums |  | $ | 15,835 |  |  | $ | 10,976 |
Advanced premiums |  |  | 1,332 |  |  |  | 1,742 |
Unpaid losses and LAE |  |  | 1,654 |  |  |  | 2,598 |
Regulatory assessments |  |  | 111 |  |  |  | 345 |
Share-based compensation |  |  | 520 |  |  |  | 1,459 |
Accrued wages |  |  | 539 |  |  |  | 255 |
Allowance for uncollectible receivables |  |  | 138 |  |  |  | 172 |
Additional tax basis of securities |  |  | 53 |  |  |  | 45 |
Capital loss carryforwards |  |  | 918 |  |  |  | 1,149 |
Other comprehensive income |  |  | 1,152 |  |  |  | — |
Total deferred income tax assets |  |  | 22,252 |  |  |  | 18,741 |
Deferred income tax liabilities: |  |  |  |  |  |  |  |
Deferred policy acquisition costs, net |  |  | (9,898 | ) |  |  | (6,133 | )
Prepaid expenses |  |  | (504 | ) |  |  | (548 | )
Other comprehensive income |  |  | — |  |  |  | (9 | )
Total deferred income tax liabilities |  |  | (10,402 | ) |  |  | (6,690 | )
Net deferred income tax asset |  | $ | 11,850 |  |  | $ | 12,051 |

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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 + Details
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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 + Details
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