CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED (USD $) In Thousands, except Per Share data	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
Revenues:
Sale of real estate and water assets	$ 14,444	$ 51	$ 22,156	$ 3,791
Net investment income	872	1,619	3,350	4,981
Net realized gain on sale and impairment of investments	5,781	5,203	18,291	10,016
Other	443	624	1,374	2,134
Total revenues	21,540	7,497	45,171	20,922
Costs and expenses:
Operating and other costs	8,787	9,566	24,424	28,758
Impairment loss on real estate and water assets	16,224		16,224
Cost of real estate and water assets sold	9,922	5	15,845	2,453
Depreciation and amortization	428	351	1,091	1,003
Interest		328	146	1,237
Total costs and expenses	35,361	10,250	57,730	33,451
Loss before income taxes	(13,821)	(2,753)	(12,559)	(12,529)
Provision (benefit) for federal, foreign, and state income taxes	27,342	(1,613)	26,759	(4,757)
Equity in loss of unconsolidated affiliate	(1,576)	(942)	(5,293)	(2,413)
Net loss	(42,739)	(2,082)	(44,611)	(10,185)
Noncontrolling interests	(7,182)	764	(5,330)	2,305
Net loss attributable to PICO Holdings, Inc.	$ (49,921)	$ (1,318)	$ (49,941)	$ (7,880)
Net loss per common share – basic and diluted:
Net loss per common share – basic and diluted:	$ (2.2)	$ (0.06)	$ (2.2)	$ (0.35)
Weighted average shares outstanding	22,700	22,657	22,700	22,621