Operator: Good morning and welcome to the Brown & Brown, Inc. Earnings Conference Call. Today's call is being recorded.
Please note that certain information discussed during this call, including answers given in response to your questions, may relate to future results and events or otherwise be forward looking in nature and reflect our current views with respect to future events, including financial performance. Such statements are intended to fall within the safe harbor provisions of the securities laws.
Actual results or events in the future are subject to a number of risks and uncertainties and may differ materially from those currently anticipated or desired or referenced in any forward-looking statements made, as a result of a number of factors, including those risks and uncertainties that have been or will be identified from time to time in the Company's reports filed with the Securities and Exchange Commission. Additional discussions of these and other factors affecting the Company's business and prospects are contained in the Company's filings with the Securities and Exchange Commission.
With that, I will now like to turn the call over to Mr. Powell Brown, our President and Chief Executive Officer. Sir, please go ahead.
J. Powell Brown - President and CEO: Thank you, Alicia. Good morning, everybody. I'm here in Daytona with Cory Walker and Tom Riley.
The market continues to be very competitive. As you know, combined ratios in the first half of 2010 actually were 101.7, up from 100.8 in the first half of '09. The industry consolidated surplus at the end of June of this year was $530 billion, up from $511 billion in the first half of 2009. Standard carriers continue to take accounts out of the E&S market and even enter new areas of the standard markets that they haven't otherwise participated in. Finally, we are pleased to have a new business in our Services division Crowe Paradis, that Tom Riley will discuss later.
Now, I'd like to turn it over to Cory for the financial.
Cory Walker - SVP, Treasurer and CFO: Thanks, Powell. Our net income for the third quarter of 2010 of $44.3 million was up nicely from last year's third quarter net income of $41 million. Our earnings per share for third quarter of 2010 was $0.31, which was up 6.9% from the $0.29 we earned last year's third quarter.
From a revenue standpoint, our commissions and fee line for the quarter increased 1.3% or $3.1 million to $246.1 million, that's up from the $243 million we earned last year's third-quarter.
In the third quarter, we also received $9.7 million of profit share in continued commissions or $700,000 less than the $10.4 million we received last year third quarter. Looking into the fourth quarter, if we continue to be lucky enough to avoid a hurricane in Florida through the end of this year, we could receive somewhere between $4 million to $6 million of profit sharing contingencies at FIU.
Now looking at the internal growth schedule, we had a negative internal growth rate of negative 2.6%, which is a sequential improvement from the 4% negative internal growth rate that we had in the second quarter.