AMERICAN SAFETY INSURANCE HOLDINGS LTD (ASI) [Rocket]

In millions, except per share items	Dec-31-12	Dec-31-11	Dec-31-10	Dec-31-09	Dec-31-08	Dec-31-07	Dec-31-06	Dec-31-05
	10-K	10-K	10-K	10-K	10-K	10-K	10-K/A	10-K/A
Total revenues	297.1	278.5	239.3	204.7	192.3	181.0	171.4	156.1
Revenue growth	6.7%	16.4%	16.9%	6.5%	6.3%	5.6%	9.8%	-27.3%
Loss and loss adjustment expenses	171.7	169.4	120.3	97.6	110.1	91.2
Policy acquisition costs	58.6	52.1	43.0	37.2
Other underwriting costs	47.5	42.2	42.2	38.1	33.9	9.7
Investment expenses	1.4	1.5	1.3
Other operating expenses	2.4	1.2	2.0	3.4	46.8	52.4	148.6	140.1
General and administrative	3.8	2.7	3.3	3.4			0.0	0.0
EBITDA	12.9	6.8	34.3	32.5	49.2	59.6
EBITDA margin	4.4%	2.4%	14.3%	15.9%	25.6%	32.9%
Depreciation	3.3	2.9	2.7	4.0	4.2	3.1
EBIT	9.6	3.9	31.6	28.4	45.0	56.6	171.4	156.1
EBIT margin	3.2%	1.4%	13.2%	13.9%	23.4%	31.3%	100.0%	100.0%
Interest income, net [+]	28.7	29.9	29.5	-3.2	0.0	0.0	0.0	0.0
Interest expense	1.5	1.4	2.7	3.2
Interest income	30.2	31.3	32.1
Pre-tax income	13.9	10.7	27.9	25.2	1.5	27.7	22.8	16.0
Income taxes	0.8	-3.4	-2.1	0.5	0.0	0.7	2.3	1.4
Tax rate	6.0%			2.1%	2.1%	2.7%	10.1%	8.7%
Minority interest	1.3	3.3	-0.6	0.4	1.2	-1.2
Net income	11.8	10.8	30.5	24.3	0.0	26.9	20.5	14.7
Net margin	4.0%	3.9%	12.7%	11.9%	0.0%	14.9%	12.0%	9.4%

Basic EPS	$1.18	$1.04	$2.96	$2.36	$0.00	$2.53	$2.35	$2.18
Diluted EPS	$1.14	$1.01	$2.87	$2.30	$0.00	$2.45	$2.26	$2.05

Shares outstanding (basic)	10.1	10.4	10.3	10.3	10,459.2	10.6	8.7	6.7
Shares outstanding (diluted)	10.4	10.7	10.6	10.6	10,685.9	11.0	9.1	7.1

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.