Quarterly Financial Data (Unaudited)

26. Quarterly Financial Data (Unaudited)

The following is a summary of the unaudited quarterly results of operations:


	2011
(Amounts in Thousands)	March 31,		June 30,		September 30,		December 31,
Earned premium	$	200,338	$	248,282	$	288,848	$	299,393
Investment income		14,192		13,167		14,456		13,700
Net income		51,321		56,644		40,653		37,393
Income attributable to Common Shareholders		45,183		50,162		37,166		37,923
Basic EPS		0.76		0.84		0.62		0.63
Diluted EPS		0.74		0.81		0.60		0.61


	2010
	March 31,		June 30,		September 30,		December 31,
Earned premium	$	148,100	$	196,261	$	190,885	$	210,413
Investment income		13,599		14,686		10,952		11,280
Net income		38,700		30,823		43,149		33,688
Income attributable to Common Shareholders		38,700		30,823		39,296		33,646
Basic EPS		0.65		0.52		0.65		0.57
Diluted EPS		0.64		0.51		0.65		0.56


	2009
	March 31,		June 30,		September 30,		December 31,
Earned premium	$	132,423	$	136,803	$	145,292	$	159,364
Investment income		13,589		13,582		14,079		13,215
Net income		24,162		26,771		24,221		28,069
Basic EPS		0.40		0.45		0.41		0.47
Diluted EPS		0.40		0.45		0.40		0.47

During the three months ended March 31, 2010 and December 31, 2010, the Company recorded a retrospective gain of $10,450 and $1,263, respectively, related to an acquisition gain on ACAC for the three months ended March 31, 2010 and related to a gain on the purchase of life settlement contracts in the three months ended September 30, 2010. The impact of the retrospective gain on net income and earnings per share was $6,792 and $0.11 for the three months ended March 31, 2010. The impact of the retrospective gain on net income and income attributable to common shareholders was $821 and $410, respectively.

During the three months ended September 30, 2011, the Company in conjunction with the completion of its purchase price accounting related to the Majestic transaction recorded a retrospective gain of $3,185. The impact of the retrospective gain on net income and earnings per share was $2,070 and $0.03 for the three months ended September 30, 2011.

- 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.

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