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Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Revenues        
Net premiums earned $ 260,069 $ 239,421 $ 754,854 $ 681,817
Investment income, net of investment expenses 26,690 24,050 73,421 74,205
Net realized investment gains (includes reclassifications for net unrealized investment gains on available-for-sale securities of $2,320 and $4,666 in 2016 and $1,825 and $4,715 in 2015; previously included in accumulated other comprehensive income) 2,590 966 6,241 2,622
Other income 145 123 436 318
Total revenues 289,494 264,560 834,952 758,962
Benefits, Losses and Expenses        
Losses and loss settlement expenses 176,555 144,526 499,095 421,297
Increase in liability for future policy benefits 14,091 12,784 42,645 32,503
Amortization of deferred policy acquisition costs 54,116 48,697 156,932 135,526
Other underwriting expenses (includes reclassifications for employee benefit costs of $1,371 and $4,113 in 2016 and $1,867 and $5,601 in 2015; previously included in accumulated other comprehensive income) 24,574 26,161 76,099 73,241
Interest on policyholders’ accounts 4,983 5,568 15,368 18,207
Total benefits, losses and expenses 274,319 237,736 790,139 680,774
Income before income taxes 15,175 26,824 44,813 78,188
Federal income tax expense (benefit) (includes reclassifications of ($332) and ($194) in 2016 and $15 and $310 in 2015; previously included in accumulated other comprehensive income) 2,807 7,290 6,904 19,957
Net income 12,368 19,534 37,909 58,231
Other comprehensive income (loss)        
Change in net unrealized appreciation on investments (9,440) (2,008) 83,768 (25,131)
Change in liability for underfunded employee benefit plans 0 0 0 0
Other comprehensive income (loss), before tax and reclassification adjustments (9,440) (2,008) 83,768 (25,131)
Income tax effect 3,304 703 (29,320) 8,795
Other comprehensive income (loss), after tax, before reclassification adjustments (6,136) (1,305) 54,448 (16,336)
Reclassification adjustment for net realized investment gains included in income (2,320) (1,825) (4,666) (4,715)
Reclassification adjustment for employee benefit costs included in expense 1,371 1,867 4,113 5,601
Total reclassification adjustments, before tax (949) 42 (553) 886
Income tax effect 332 (15) 194 (310)
Total reclassification adjustments, after tax (617) 27 (359) 576
Comprehensive income $ 5,615 $ 18,256 $ 91,998 $ 42,471
Weighted average common shares outstanding (in shares) 25,389,633 25,067,080 25,322,427 25,027,382
Basic earnings per common share (in dollars per share) $ 0.49 $ 0.78 $ 1.50 $ 2.33
Diluted earnings per common share (in dollars per share) $ 0.48 $ 0.77 $ 1.47 $ 2.31