• Filing Date: 2013-03-14
  • Form Type: 10-K
  • Description: Annual report
v2.4.0.6
Condensed Financial Information of Homeowners Choice, Inc. (Details 2) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2012
Sep. 30, 2012
Jun. 30, 2012
Mar. 31, 2012
Dec. 31, 2011
Sep. 30, 2011
Jun. 30, 2011
Mar. 31, 2011
Dec. 31, 2010
Sep. 30, 2010
Jun. 30, 2010
Mar. 31, 2010
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Cash flows from operating activities:                              
Net income $ 13,101 $ 2,826 $ 7,262 $ 6,968 $ 4,796 $ 2,074 $ 2,301 $ 793 $ 1,785 $ 1,657 $ 1,282 $ 698 $ 30,157 $ 9,964 $ 5,422
Adjustments to reconcile net income to net cash provided by operating activities:                              
Stock-based compensation                         844 27 87
Depreciation and amortization                         1,591 576 178
Deferred income taxes                         (2,366) (1,984) 1,690
Changes in operating assets and liabilities:                              
Other assets                         (803) 82 (99)
Accrued expenses and other liabilities                         (258) 1,399 1,768
Income taxes payable                         3,857 4,646 143
Net cash provided by operating activities                         106,266 56,033 16,131
Cash flows from investing activities:                              
Purchase of property and equipment                         (1,196) (3,144) (7,534)
Net cash used in investing activities                         (1,211) (16,951) (213)
Cash flows from financing activities:                              
Net proceeds from the issuance of common stock                         20,082    
Repurchases of common stock                           (1,887) (3,596)
Cash dividends paid                         (8,561) (3,825) (1,877)
Proceeds from the exercise of stock options                         283 564 650
Proceeds from exercise of stock warrants                         11,869    
Proceeds from the sale of preferred stock, net of costs                           11,307  
Debt issuance costs paid                         (35)    
Excess tax benefit from stock options exercised                         1,161 265 301
Net cash provided by (used in) financing activities                         24,799 6,424 (4,522)
Net increase (decrease) in cash and cash equivalents                         129,859 45,506 11,396
Cash and cash equivalents at beginning of year       100,355       54,849       43,453 100,355 54,849 43,453
Cash and cash equivalents at end of year 230,214       100,355       54,849       230,214 100,355 54,849
Homeowners Choice [Member]
                             
Cash flows from operating activities:                              
Net income                         30,157 9,964 5,422
Adjustments to reconcile net income to net cash provided by operating activities:                              
Stock-based compensation                         237 27 87
Depreciation and amortization                         788 214 84
Equity in income of subsidiaries                         (32,067) (11,405) (6,239)
Deferred income taxes                         763 (83) 136
Changes in operating assets and liabilities:                              
Income taxes receivable                         (2,379)   674
Other assets                         84 (348) (226)
Accrued expenses and other liabilities                         (1,051) 1,488 38
Income taxes payable                         (1,605) (1,957) 3,562
Due to related parties                         5,314 10,489 6,267
Net cash provided by operating activities                         241 8,389 9,805
Cash flows from investing activities:                              
Purchase of short-term investments                             (80)
Redemption of short-term investments                           2,074  
Purchase of property and equipment                         (668) (900) (44)
Dividends received from subsidiary                         6,000   4,800
Investment in subsidiaries                         (24,056) (16,400) (9,889)
Net cash used in investing activities                         (18,724) (15,226) (5,213)
Cash flows from financing activities:                              
Net proceeds from the issuance of common stock                         20,082    
Repurchases of common stock                           (1,887) (3,596)
Cash dividends paid                         (8,561) (3,827) (1,877)
Proceeds from the exercise of stock options                         283 564 650
Proceeds from exercise of stock warrants                         11,869    
Proceeds from the sale of preferred stock, net of costs                           11,307  
Debt issuance costs paid                         (35)    
Excess tax benefit from stock options exercised                         1,161 265 301
Net cash provided by (used in) financing activities                         24,799 6,422 (4,522)
Net increase (decrease) in cash and cash equivalents                         6,316 (415) 70
Cash and cash equivalents at beginning of year       1       416       346 1 416 346
Cash and cash equivalents at end of year $ 6,317       $ 1       $ 416       $ 6,317 $ 1 $ 416