MEADOWBROOK INSURANCE GROUP INC

CIK:0000949156|SEC Filings

Earnings Per Share

3 Months Ended

Mar. 31, 2015

NOTE 8 – Earnings Per Share

Basic earnings per share are based on the weighted average number of common shares outstanding during the year, while diluted earnings per share includes the weighted average number of common shares and potential dilution from shares issuable pursuant to stock awards using the treasury stock method.

The following table is a reconciliation of the income and share data used in the basic and diluted earnings per share computations for the three months ended March 31, 2015 and 2014 (in thousands, except per share amounts):

CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Investments
Debt securities available for sale, at fair value (amortized cost of $1,410,496 and $1,427,710 in 2015 and 2014, respectively)	$ 1,456,432	$ 1,464,376
Equity securities available for sale, at fair value (cost of $95,851 and $94,371 in 2015 and 2014, respectively)	110,773	110,614
Cash and cash equivalents	111,050	87,531
Accrued investment income	14,524	14,020
Premiums and agent balances receivable (net of allowance of $5,786 and $5,524 in 2015 and 2014, respectively)	180,438	175,766
Reinsurance recoverable on:
Paid losses	15,710us-gaap_ReinsuranceRecoverables	15,895us-gaap_ReinsuranceRecoverables
Unpaid losses	524,257	519,530
Prepaid reinsurance premiums	30,957us-gaap_PrepaidReinsurancePremiums	27,925us-gaap_PrepaidReinsurancePremiums
Deferred policy acquisition costs	62,883us-gaap_DeferredPolicyAcquisitionCosts	60,862us-gaap_DeferredPolicyAcquisitionCosts
Deferred income taxes, net	22,996us-gaap_DeferredTaxAssetsNet	28,040us-gaap_DeferredTaxAssetsNet
Goodwill	6,857us-gaap_Goodwill	6,857us-gaap_Goodwill
Other intangible assets	20,926	21,883
Other assets	129,966us-gaap_OtherAssets	146,475us-gaap_OtherAssets
Total assets	2,687,769us-gaap_Assets	2,679,774us-gaap_Assets
Liabilities
Losses and loss adjustment expenses	1,578,468	1,590,359
Unearned premiums	289,137us-gaap_UnearnedPremiums	276,350us-gaap_UnearnedPremiums
Debt	150,184mig_SeniorCreditFacilities	151,282mig_SeniorCreditFacilities
Debentures	80,930us-gaap_LongTermDebt	80,930us-gaap_LongTermDebt
Accounts payable and accrued expenses	27,041	29,316
Funds held and reinsurance balances payable	20,573	23,428
Payable to insurance companies	42,019us-gaap_ReinsurancePayable	40,903us-gaap_ReinsurancePayable
Other liabilities	29,362us-gaap_OtherLiabilities	29,573us-gaap_OtherLiabilities
Total liabilities	2,217,714us-gaap_Liabilities	2,222,141us-gaap_Liabilities
Shareholders' Equity
Common stock, $0.01 par value; authorized 75,000,000 shares; 50,306,760 and 50,093,390 shares issued and outstanding	503us-gaap_CommonStockValue	501us-gaap_CommonStockValue
Additional paid-in capital	277,614	277,192
Retained earnings	152,856	145,543
Note receivable from officer	(677)us-gaap_DueFromRelatedParties	(683)us-gaap_DueFromRelatedParties
Accumulated other comprehensive income	39,759	35,080
Total shareholders' equity	470,055us-gaap_StockholdersEquity	457,633us-gaap_StockholdersEquity
Total liabilities and shareholders' equity	$ 2,687,769	$ 2,679,774