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Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Revenues      
Net premiums earned $ 930,890 $ 828,330 $ 754,846
Investment income, net of investment expenses 100,781 104,609 112,799
Net realized investment gains (losses)      
Other-than-temporary impairment charges (1,300) 0 (139)
All other net realized gains (includes reclassifications for net unrealized gains on available-for-sale securities of $4,513 in 2015; $5,085 in 2014; and $6,812 in 2013 previously included in accumulated other comprehensive income) 4,146 7,270 8,834
Total net realized investment gains 2,846 7,270 8,695
Other income 401 1,685 702
Total revenues 1,034,918 941,894 877,042
Benefits, losses and expenses      
Losses and loss settlement expenses 549,088 536,243 458,814
Increase in liability for future policy benefits 50,945 36,623 37,625
Amortization of deferred policy acquisition costs 186,817 167,449 153,677
Other underwriting expenses (includes reclassifications for employee benefit costs of $7,468 in 2015; $3,072 in 2014; and $5,868 in 2013 previously included in accumulated other comprehensive income) 102,937 94,871 89,861
Interest on policyholders' accounts 23,680 30,245 35,163
Total benefits, losses and expenses 913,467 865,431 775,140
Income before income taxes 121,451 76,463 101,902
Federal income tax expense (includes reclassifications of $1,034 in 2015; ($704) in 2014; and ($331) in 2013 previously included in accumulated other comprehensive income) 32,325 17,326 25,762
Net income 89,126 59,137 76,140
Other comprehensive income (loss)      
Change in net unrealized appreciation on investments (28,185) 55,888 (35,489)
Change in liability for underfunded employee benefit plans 8,714 (47,685) 24,066
Other comprehensive income (loss), before tax and reclassification adjustments (19,471) 8,203 (11,423)
Income tax effect 6,814 (2,871) 3,998
Other comprehensive income (loss), after tax, before reclassification adjustments (12,657) 5,332 (7,425)
Reclassifications for unrealized net gains on available-for-sale securities (4,513) (5,085) (6,812)
Reclassification adjustment for employee benefit costs included in expense 7,468 3,072 5,868
Total reclassification adjustments, before tax 2,955 (2,013) (944)
Income tax effect (1,034) 704 331
Total reclassification adjustments, after tax 1,921 (1,309) (613)
Comprehensive income $ 78,390 $ 63,160 $ 68,102
Weighted average common shares outstanding (in shares) 25,047,405 25,230,854 25,325,695
Basic earnings per common share (in usd per share) $ 3.56 $ 2.34 $ 3.01
Diluted earnings per common share (in usd per share) $ 3.53 $ 2.32 $ 2.98