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Schedule II - Condensed Financial Information of Registrant (Tables)
 12 Months Ended
Dec. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Balance Sheets
 
December 31,
 
2017
 
2016
Assets
 
 
 
Cash and cash equivalents
$
22,486

 
$
36,394

Equity securities of subsidiary trusts
7,429

 
7,422

Receivable from subsidiaries
166

 
182

Deferred income taxes
7,945

 
9,528

Federal income tax recoverable, including amount from subsidiaries
1,059

 
—

Other assets
1,566

 
2,540

 
40,651

 
56,066

Investment in and advances to subsidiaries
3,550,405

 
2,992,217

Total assets
$
3,591,056

 
$
3,048,283

 
 
 
 
Liabilities and Stockholders' Equity
 
 
 
Liabilities:
 
 
 
Notes and loan payable
$
494,093

 
$
493,755

Subordinated debentures payable to subsidiary trusts
242,565

 
241,853

Federal income tax payable
—

 
3,614

Other liabilities
4,241

 
17,466

Total liabilities
740,899

 
756,688

Stockholders' equity:
 
 
 
Common stock
89,331

 
88,001

Additional paid-in capital
791,446

 
770,344

Accumulated other comprehensive income
724,599

 
339,966

Retained earnings
1,244,781

 
1,093,284

Total stockholders' equity
2,850,157

 
2,291,595

Total liabilities and stockholders' equity
$
3,591,056

 
$
3,048,283


See accompanying note to condensed financial statements.
See accompanying Report of Independent Registered Public Accounting Firm.
Condensed Statements of Operations
 
Year Ended December 31,
 
2017
 
2016
 
2015
Revenues:
 
 
 
 
 
Net investment income
$
492

 
$
78

 
$
62

Dividends from subsidiary trusts
410

 
384

 
363

Investment advisory fees
83,941

 
75,706

 
65,957

Surplus note interest from subsidiary
4,080

 
4,080

 
4,080

Change in fair value of derivatives
(412
)
 
(810
)
 
(8,225
)
Loss on extinguishment of debt
(18,817
)
 
—

 
—

Total revenues
69,694

 
79,438

 
62,237

 
 
 
 
 
 
Expenses:
 
 
 
 
 
Change in fair value of embedded derivatives
—

 
—

 
(4,516
)
Interest expense on notes and loan payable
30,368

 
28,248

 
28,849

Interest expense on subordinated debentures issued to subsidiary trusts
14,124

 
12,958

 
12,239

Other operating costs and expenses
9,234

 
8,551

 
8,195

Total expenses
53,726

 
49,757

 
44,767

Income before income taxes and equity in undistributed income of subsidiaries
15,968

 
29,681

 
17,470

Income tax expense
6,895

 
12,073

 
7,338

Income before equity in undistributed income of subsidiaries
9,073

 
17,608

 
10,132

Equity in undistributed income of subsidiaries
165,572

 
65,635

 
209,698

Net income
$
174,645

 
$
83,243

 
$
219,830


See accompanying note to condensed financial statements.
See accompanying Report of Independent Registered Public Accounting Firm.
Condensed Statements of Cash Flows
 
Year Ended December 31,
 
2017
 
2016
 
2015
Operating activities
 
 
 
 
 
Net income
$
174,645

 
$
83,243

 
$
219,830

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
 
Change in fair value of 2015 notes embedded conversion derivative
—

 
—

 
(4,516
)
Provision for depreciation and amortization
1,610

 
1,946

 
1,613

Accrual of discount on equity security
(7
)
 
(7
)
 
(6
)
Equity in undistributed income of subsidiaries
(165,572
)
 
(65,635
)
 
(209,698
)
Accrual of discount on contingent convertible notes
—

 
—

 
698

Change in fair value of derivatives
(657
)
 
(698
)
 
6,377

Loss on extinguishment of debt
18,817

 
—

 
—

Accrual of discount on debenture issued to subsidiary trust
236

 
221

 
207

Share-based compensation
951

 
818

 
1,026

Deferred income taxes
1,583

 
2,117

 
8,967

Changes in operating assets and liabilities:
 
 
 
 
 
Receivable from subsidiaries
16

 
(125
)
 
93

Federal income tax recoverable/payable
(4,673
)
 
11,361

 
2,683

Other assets
158

 
(326
)
 
(4
)
Other liabilities
(12,427
)
 
2,546

 
(1,664
)
Net cash provided by operating activities
14,680

 
35,461

 
25,606

 
 
 
 
 
 
Investing activities
 
 
 
 
 
Capital contributions to subsidiaries
$
—

 
$
(255,000
)
 
$
(120,000
)
Purchases of property, plant and equipment
(45
)
 
(54
)
 
—

Net cash used in investing activities
(45
)
 
(255,054
)
 
(120,000
)
 
 
 
 
 
 
Financing activities
 
 
 
 
 
Financing fees incurred and deferred
$
(5,817
)
 
$
(1,456
)
 
$
—

Repayment of notes payable
(413,252
)
 
—

 
(48,152
)
Repayment of loan payable
(100,000
)
 
—

 
—

Proceeds from issuance of notes payable
499,650

 
—

 
—

Proceeds from issuance of loan payable
—

 
100,000

 
—

Proceeds from issuance of common stock
14,028

 
139,654

 
112,481

Net proceeds from settlement of notes hedges and warrants
—

 
—

 
25,775

Dividends paid
(23,152
)
 
(21,114
)
 
(17,946
)
Net cash provided by (used in) financing activities
(28,543
)
 
217,084

 
72,158

Decrease in cash and cash equivalents
(13,908
)
 
(2,509
)
 
(22,236
)
Cash and cash equivalents at beginning of year
36,394

 
38,903

 
61,139

Cash and cash equivalents at end of year
$
22,486

 
$
36,394

 
$
38,903

 
 
 
 
 
 
Supplemental disclosures of cash flow information
 
 
 
 
 
Cash paid during the year for:
 
 
 
 
 
Interest on notes and loan payable
$
40,537

 
$
27,164

 
$
27,283

Interest on subordinated debentures
14,573

 
12,454

 
11,833

Non-cash financing activity:
 
 
 
 
 
Common stock issued to settle warrants that have expired
—

 
93

 
48

See accompanying note to condensed financial statements.
See accompanying Report of Independent Registered Public Accounting Firm.