Results for the three months ended March 31, 2011 and 2010, based on accounting principles generally accepted in the United States of America, were reported today as follows:
|Three Months Ended March 31|
|Realized Investment Gains||770,000||669,000|
|Net Income Per Share||$||0.40||$||0.77|
The Company ended the first quarter of 2011 with a net income of $995,000 or $0.40 per share, compared to a net income of $1,894,000 or $0.77 per share for the same period last year. The primary reason for the decline in net income was an $849,000 increase in policyholder benefits paid or provided. The 10% increase in policyholder benefits paid or provided was primarily due to an increase in weather related claim frequency in the property and casualty subsidiaries.