Operator: Good morning, and welcome to the Brown & Brown Inc. 2013 Second Quarter Earnings 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 further results and events or otherwise be forward-looking in nature and reflect our current views with respect to future events, including those related to the Company's anticipated financial results for the first quarter of 2013, that 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 the Company's determination as it finalizes its financial results for the first quarter of 2013 that its financial results differ from the current preliminary unaudited numbers set forth in the press release issued yesterday other factors that the Company may not have currently identified or quantified in those risks and uncertainties identified from time-to-time in the Company's report filed with the Securities and Exchange Commission. Additional discussion 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. We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
With that said, I would now like to turn the call over to Mr. Powell Brown, President and Chief Executive Officer. You may begin, sir.
J. Powell Brown - President & CEO: Thank you, Carl. Good morning, everybody. We had a 7.4% internal growth in Q2 and we are very pleased about that. All four divisions contributed to our $21.1 million of new growth dollars; retail was up 2.3% and Wholesale National Programs and Services were up 10% or more.
So, with that I would like to turn it over to Cory for financial update.
Cory Walker - SVP, Treasurer and CFO: Thanks, Powell. We did have another very good quarter and like we said previously we like the steady and consistent growth that our internal growth reflected. Our net income for the second quarter 2013 of $52 million was up 22.4% over the second quarter of 2012. Of course, finally our net income per share for the quarter was $0.36 and that is 24.1% over the $0.29 from the second quarter of 2012.
From a revenue standpoint, our commissions and fees for the quarter increased 11.8% to $324.2 million, and that's up from the $289.9 million from last year's second quarter. We did receive $7.9 million of profit sharing contingent commissions which represent a net increase of approximately $6.8 million, that's from the $1 million we received last year in the second quarter. Of the $6.8 million of net increase $1 million came from Wholesale Brokerage Division and $5.8 million came from our Program Division, of which $4.5 million was generated in our FIU programs. And as long as the wind continues to be quite and not blow, we should continue to see nice profit sharing contingencies from FIU. Our best estimate in how much profit sharing contingent revenues that we should receive in the second half of 2013 is between $13 million and $15 million of which we think $10 million to $11 million may come in the third quarter and then possibly $3 million to $4 million in the fourth quarter.