ATLANTIC AMERICAN CORP — Director's Dealing 2011

Oct 18, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ATLANTIC AMERICAN CORP (AAME)
CIK: 0000008177
Period of Report: 2011-10-14

Reporting Person: HOWELL HILTON H JR (Director, Chairman, President & CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-10-14	Common Stock	M	100000	$1.25	Acquired	306954	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-10-14	Option to Buy	$1.25	M	100000	Disposed	2011-10-15	Common Stock (100000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	134699	Indirect
Common Stock	39025	Indirect
Common Stock	2175	Indirect
Common Stock	6720	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Option to Buy	$1.59	2013-05-06	Common Stock (100000)	100000	Direct

Footnotes

F1: Mr. Howell has an indirect ownership interest in 134,699 shares held in a 401(k) Plan based on the most recent plan statement.

F2: Mr. Howell has an indirect ownership interest in 39,025 shares of which 1,025 shares are held directly by his spouse; 6,000 shares are held F/B/O his daughter, Alston Elizabeth Howell, with his spouse as Custodian; 7,000 shares are held F/B/O his son, Hilton Hatchett Howell, III, with his spouse as Custodian; 12,500 shares are held F/B/O his daughter, Anna Louise Howell, with his spouse as Custodian; and 12,500 shares are held F/B/O his daughter, Julia Bailey Howell, with his spouse as Custodian. Mr Howell expressly disclaims beneficial ownership of all such securities.

F3: Mr. Howell has an indirect ownership interest in 2,175 shares held directly by Mr. Howell's spouse in an IRA account. Mr. Howell expressly disclaims beneficial ownership of all such securities.

F4: Mr. Howell has an indirect ownership interest in 6,720 shares owned jointly by his son with Harriett J. Robinson. Mr. Howell expressly disclaims beneficial ownership of all such securities.

F5: Mr. Howell also holds presently exercisable stock options to acquire 100,000 shares of common stock granted under the Company's 2002 Incentive Plan at an exercise price of $1.59 per share. The expiration date of these stock options is May 6, 2013.