The effect of the revisions to the previously issued consolidated statements of income and comprehensive income for the years ended December 31, 2011 and 2010 was to increase the commission expense and decrease the losses and LAE, with the net effect of increasing net income and earnings per share. Additionally, total stockholders' equity at December 31, 2011 decreased and there was an increase to the contingent commission receivable–LPT Agreement and the deferred reinsurance gain–LPT Agreement on the consolidated balance sheets as of December 31, 2011.

The following table presents the summary impacts of the restatement adjustments on our previously reported losses and LAE, commission expense, and net income for the fourth quarter and year ended December 31, 2011 and total stockholders' equity as of the year ended December 31, 2011:
 
          Quarter Ended       Year Ended
(in thousands, except per share data)

December 31,

2011

December 31,

2011
Losses and LAE (previously reported) $ 73,654 $ 264,663
Adjustment (623 ) (2,152 )
Losses and LAE (as restated) $ 73,031   $ 262,511  
 
Commission expense (previously reported) $ 13,134 $ 45,502
Adjustment 595   1,842  
Commission expense (as restated) $ 13,729   $ 47,344  
 
Net income (previously reported) $ 19,934 $ 48,313
Adjustment 28   310  
Net income (as restated) $ 19,962   $ 48,623  
 
Earnings per common share:
Basic (previously reported) $ 0.58 $ 1.30
Adjustment    
Basic (as restated) $ 0.58   $ 1.30  
 
Diluted (previously reported) $ 0.58 $ 1.29
Adjustment   0.01  
Diluted (as restated) $ 0.58   $ 1.30  
 
Total stockholders' equity (previously reported) $ 474,186
Adjustment (12,203 )
Total stockholders' equity (as restated) $ 461,983  
 

For more information regarding the impact on our financial results, please refer to the notes to our consolidated financial statements included in our Annual Report on Form 10-K, which will be filed with the Securities and Exchange Commission on March 1, 2013.

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