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Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Revenues        
Net premiums earned $ 229,225 $ 201,827 $ 442,396 $ 395,168
Investment income, net of investment expenses 25,792 27,603 50,155 54,365
Net realized investment gains (includes reclassifications for net unrealized investment gains on available-for-sale securities of $995 and $2,890 in 2015 and $1,606 and $3,088 in 2014; previously included in accumulated other comprehensive income (loss)) 769 2,708 1,656 4,902
Other income 132 535 195 1,142
Total revenues 255,918 232,673 494,402 455,577
Benefits, Losses and Expenses        
Losses and loss settlement expenses 150,362 142,716 276,771 267,953
Increase in liability for future policy benefits 12,096 8,077 19,719 15,898
Amortization of deferred policy acquisition costs 44,357 40,196 86,829 79,730
Other underwriting expenses (includes reclassifications for employee benefit costs of $1,867 and $3,734 in 2015 and $768 and $1,536 in 2014; previously included in accumulated other comprehensive income (loss)) 23,546 20,776 47,080 47,204
Interest on policyholders’ accounts 6,024 7,852 12,639 15,839
Total benefits, losses and expenses 236,385 219,617 443,038 426,624
Income before income taxes 19,533 13,056 51,364 28,953
Federal income tax expense (includes reclassifications of ($305) and ($295) in 2015 and $293 and $543 in 2014; previously included in accumulated other comprehensive income (loss)) 4,515 2,371 12,667 4,937
Net income 15,018 10,685 38,697 24,016
Other comprehensive income (loss)        
Change in net unrealized appreciation on investments (36,237) 27,108 (23,123) 51,177
Change in liability for underfunded employee benefit plans 0 0 0 0
Other comprehensive income (loss), before tax and reclassification adjustments (36,237) 27,108 (23,123) 51,177
Income tax effect 12,682 (9,488) 8,092 (17,913)
Other comprehensive income (loss), after tax, before reclassification adjustments (23,555) 17,620 (15,031) 33,264
Reclassification adjustment for net realized investment gains included in income (995) (1,606) (2,890) (3,088)
Reclassification adjustment for employee benefit costs included in expense 1,867 768 3,734 1,536
Total reclassification adjustments, before tax 872 (838) 844 (1,552)
Income tax effect (305) 293 (295) 543
Total reclassification adjustments, after tax 567 (545) 549 (1,009)
Comprehensive income (loss) $ (7,970) $ 27,760 $ 24,215 $ 56,271
Weighted average common shares outstanding (in shares) 25,023,753 25,330,066 25,007,204 25,351,056
Basic earnings per common share (in dollars per share) $ 0.60 $ 0.42 $ 1.55 $ 0.95
Diluted earnings per common share (in dollars per share) $ 0.59 $ 0.42 $ 1.54 $ 0.94