XML 16 R4.htm IDEA: XBRL DOCUMENT v3.19.2
Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Revenues        
Net premiums earned $ 276,486 $ 256,853 $ 538,800 $ 502,020
Investment income, net of investment expenses 14,120 17,249 30,632 30,741
Net realized investment gains (losses) (includes reclassifications for net unrealized investment gains/(losses) on available-for-sale securities of $37 and $127 in 2019 and ($196) and ($159) in 2018; previously included in accumulated other comprehensive income) 13,591 1,297 40,304 (6,567)
Total revenues 304,197 275,399 609,736 526,194
Benefits, Losses and Expenses        
Losses and loss settlement expenses 220,009 189,146 384,249 333,874
Amortization of deferred policy acquisition costs 54,795 50,810 107,014 100,449
Other underwriting expenses (includes reclassifications for employee benefit costs of $1,124 and $2,248 in 2019 and $1,661 and $3,321 in 2018; previously included in accumulated other comprehensive income) 33,964 37,252 68,367 72,107
Total benefits, losses and expenses 308,768 277,208 559,630 506,430
Income (loss) from continuing operations before income taxes (4,571) (1,809) 50,106 19,764
Federal income tax expense (benefit) (includes reclassifications of ($2,325) and ($2,109) in 2019 and $390 and $731 in 2018; previously included in accumulated other comprehensive income) (375) (1,966) 9,781 (757)
Income (loss) from continuing operations (4,196) 157 40,325 20,521
Income (loss) from discontinued operations, net of taxes 0 0 0 (1,912)
Gain on sale of discontinued operations, net of taxes 0 0 0 27,307
Net income (loss) (4,196) 157 40,325 45,916
Other comprehensive income (loss)        
Change in net unrealized appreciation on investments 28,596 (6,199) 61,950 (58,013)
Change in liability for underfunded employee benefit plans 0 0 0 0
Other comprehensive income (loss), before tax and reclassification adjustments 28,596 (6,199) 61,950 (58,013)
Income tax effect (6,004) 1,301 (13,009) 12,182
Other comprehensive income (loss), after tax, before reclassification adjustments 22,592 (4,898) 48,941 (45,831)
Reclassification adjustment for net realized investment (gains) losses included in income (37) 196 (127) 159
Reclassification adjustment for employee benefit costs included in expense 1,124 1,661 2,248 3,321
Total reclassification adjustments, before tax 1,087 1,857 2,121 3,480
Income tax effect (229) (390) (445) (731)
Total reclassification adjustments, after tax 858 1,467 1,676 2,749
Comprehensive income (loss) $ 19,254 $ (3,274) $ 90,942 $ 2,834
Diluted weighted average common shares outstanding (in shares) 25,210,354 25,611,773 25,659,803 25,582,708
Earnings per common share from continuing operations        
Basic (in dollars per share) $ (0.17) $ 0.01 $ 1.60 $ 0.82
Diluted (in dollars per share) (0.17) 0.01 1.57 0.80
Earnings per common share        
Basic (in dollars per share) (0.17) 0.01 1.60 1.84
Diluted (in dollars per share) $ (0.17) $ 0.01 $ 1.57 $ 1.80