Meadowbrook Insurance Group Reports Q4 EPS of $0.26 vs. $0.24

Meadowbrook Insurance Group, Inc. MIG reported that net operating income for the year ended December 31, 2010 increased 8.8% to $58.2 million, or $1.07 per diluted share, up from $53.5 million, or $0.93 per diluted share, for the comparable prior year period. Fourth Quarter: Net operating income, a non-GAAP measure the Company defines as net income excluding after-tax realized gains and losses, increased to $14.2 million, compared to $13.6 million in the prior year quarter; this equates to an increase in operating income per share of 8.3% to $0.26 per diluted share compared to $0.24 per diluted share in 2009, on a lower share count. Net income for the quarter was $15.4 million, compared to $16.4 million for the comparable period in 2009; 2010 results include $1.2 million of net after-tax realized gains, whereas 2009 results include net after-tax realized gains of $2.9 million related to the sales of certain securities. Fourth quarter 2010 net operating income, a non-GAAP measure, grew to $14.2 million, or $0.26 per diluted share, compared to $13.6 million, or $0.24 per diluted share, in the fourth quarter of 2009.