National Interstate CORP (NATL) [Rocket]

In millions, except per share items	Dec-31-15	Dec-31-14	Dec-31-13	Dec-31-12	Dec-31-11	Dec-31-10	Dec-31-09	Dec-31-08
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues	625.7	602.9	568.9	502.5	468.5	397.1	304.5	293.7
Revenue growth	3.8%	6.0%	13.2%	7.2%	18.0%	30.4%	3.7%	3.7%
Loss and loss adjustment expenses	471.9	467.0	429.6	341.0	308.4	256.4	169.8	188.1
Policy acquisition costs	85.0	85.0	82.2	79.4	78.7	58.9
Other underwriting costs	9.1	9.5	10.0	10.6	9.2	8.8
Investment expenses	1.2	1.2	1.4	1.2	0.6	-0.3
Other operating expenses	30.8	28.3	23.4	21.9	20.7	20.6	73.9	79.9
EBITDA	26.6	12.1	21.1	46.7	47.5	51.7	62.7	27.2
EBITDA margin	4.3%	2.0%	3.7%	9.3%	10.1%	13.0%	20.6%	9.3%
Depreciation	5.1	5.5	3.9	4.8	4.0	3.0	1.8	1.5
EBIT	21.5	6.6	17.2	41.8	43.6	48.8	60.8	25.7
EBIT margin	3.4%	1.1%	3.0%	8.3%	9.3%	12.3%	20.0%	8.8%
Interest expense, net [+]	0.4	0.4	1.4	1.2	0.6	0.6	0.7	0.0
Interest expense	0.2	0.2	0.7	0.6	0.3	0.3	0.7
Interest income	-0.2	-0.2	-0.7	-0.6	-0.3	-0.3
Other income (expense), net	6.2	5.4	5.2	6.6	7.4	3.6
Pre-tax income	27.5	11.8	21.7	47.8	50.7	52.1	60.1	25.7
Income taxes	6.6	0.7	4.1	13.5	15.1	12.6	13.7	15.1
Tax rate	24.1%	6.3%	19.0%	28.3%	29.8%	24.2%	22.7%	58.6%
Net income	20.8	11.0	17.6	34.3	35.5	39.5	46.4	10.7
Net margin	3.3%	1.8%	3.1%	6.8%	7.6%	9.9%	15.3%	3.6%

Basic EPS	$1.05	$0.56	$0.89	$1.76	$1.84	$2.04	$2.41	$0.55
Diluted EPS	$1.05	$0.56	$0.89	$1.75	$1.82	$2.03	$2.40	$0.55

Shares outstanding (basic)	19.9	19.8	19.6	19.4	19.4	19.3	19.3	19.3
Shares outstanding (diluted)	19.9	19.8	19.8	19.6	19.5	19.5	19.4	19.4

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