ATLANTIC AMERICAN CORP — Director's Dealing 2011

Feb 14, 2011

SEC Form 5 — Annual Statement of Changes in Beneficial Ownership

Issuer: ATLANTIC AMERICAN CORP (AAME)
CIK: 0000008177
Period of Report: 2010-12-31

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

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	206954	Direct
Common Stock	132461	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	$		Cmn Stk (200000)	200000	Direct

Footnotes

F1: This Form 5 is correcting a clerical error in the previously reported stock holdings of the reporting person, which clerical error resulted in the omission of 2000 shares of the Company's common stock from the reporting person's prior Section 16 filings.

F2: Between December 31, 2009 and December 31, 2010, Mr. Howell acquired 6579 shares of common stock in the Company's 401(k) plan, based on the most recent plan statement.

F3: Mr. Howell has an indirect ownership interest in 39025 shares of which 1025 shares are held directly by his spouse; 6000 shares are held F/B/O his daughter, Alston Elizabeth Howell, with his spouse as Custodian; 7000 shares are held F/B/O his son, Hilton Hatchett Howell, III, with his spouse as Custodian; 12500 shares are held F/B/O his daughter, Anna Louise Howell, with his spouse as Custodian; and 12500 shares are held F/B/O his daughter, Julia Bailey Howell, with his spouse as Custodian. Mr. Howell expressly disclaims beneficial ownership of all of such securities.

F4: Mr. Howell has an indirect ownership interest in 2175 shares held directly by Mr. Howell's spouse in an IRA account. Mr. Howell expressly disclaims beneficial ownership of all of such securities.

F5: Mr. Howell has an indirect ownership interest in 6720 shares owned jointly by his son with Harriett J. Robinson. Mr. Howell expressly disclaims beneficial ownership of all of such securities.

F6: Mr. Howell also holds presently exercisable stock options to acquire 100000 shares of common stock granted under the Company's 1992 Incentive Plan at an exercise price of $1.25 per share and presently exercisable stock options to acquire 100000 shares of common stock under the Company's 2002 Incentive Plan at an exercise price of $1.59 per share.