• Filing Date: 2013-03-14
  • Form Type: 10-K
  • Description: Annual report
v2.4.0.6
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2012
Income Taxes [Abstract]  
Summary of income tax expense
                         
    Years Ended December 31,  
    2012     2011     2010  

Current:

                       

Federal

  $ 18,484       7,220       1,238  

State

    3,168       1,196       236  

Foreign

    137       9       —    
   

 

 

   

 

 

   

 

 

 

Total current taxes

    21,789       8,425       1,474  
   

 

 

   

 

 

   

 

 

 
       

Deferred:

                       

Federal

    (1,986     (1,715     1,449  

State

    (380     (269     241  
   

 

 

   

 

 

   

 

 

 

Total deferred taxes

    (2,366     (1,984     1,690  
   

 

 

   

 

 

   

 

 

 

Income taxes

  $ 19,423       6,441       3,164  
   

 

 

   

 

 

   

 

 

 
Summarized the differences between the statutory Federal income tax rate and the effective tax rate
                                                 
    Years Ended December 31,  
    2012     2011     2010  
    Amount     %     Amount     %     Amount     %  

Income taxes at statutory rate

  $ 17,353       35.0       5,785       35.0       3,005       35.0  

Increase (decrease) in income taxes resulting from :

                                               

State income taxes, net of federal tax benefits

    1,799       3.6       599       3.6       313       3.6  

Stock-based compensation

    —         0.0       7       0.0       13       0.2  

Other

    271       0.6       50       0.7       (167     (1.9
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income taxes

  $ 19,423       39.2       6,441       39.3       3,164       36.9  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Significant components of net deferred income tax asset
                 
    December 31,  
    2012     2011  

Deferred tax assets:

               

Unearned premiums

  $ 9,149       6,768  

Losses and loss adjustment expenses

    1,116       756  

Organizational costs

    106       118  

Stock-based compensation

    394       252  

Accrued expenses

    40       466  

Deferred expenses

    72       —    
   

 

 

   

 

 

 

Total deferred tax assets

    10,877       8,360  
   

 

 

   

 

 

 
     

Deferred tax liabilities:

               

Property and equipment

    (1,519     (943

Deferred policy acquisition costs

    (4,027     (4,870

Unrealized net gain on securities available-for-sale

    (1,017     (131

Prepaid expenses

    (225     —    

Unearned brokerage income

    (105     —    

Other

    (136     (48
   

 

 

   

 

 

 

Total deferred tax liabilities

    (7,029     (5,992
   

 

 

   

 

 

 

Net deferred tax assets

  $ 3,848       2,368