Results for the three months ended March 31, 2012 and 2011, 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||206,000||770,000|
|Net Income Per Share||$||0.22||$||0.40|
The Company ended the first quarter of 2012 with net income of $531,000 compared to net income of $995,000 for the same period last year; a decrease of 46.6%. For the three-months ended March 31, 2012, the Company had net income per share of $0.22 compared to net income per share of $0.40 for the three-months ended March 31, 2011. The primary reasons for the $464,000 decrease in net income in the current year compared to the prior year were a 73.3% decrease in net realized investment gains in addition to a 20.1% increase in general expenses. The decrease in realized investment gains was primarily associated with a decline in trading activity in the investment portfolios. The increase in general expenses was primarily due to litigation expenses incurred at the holding company level, which further reduced net income in 2012 compared to 2011.