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Shareholders' Equity
 6 Months Ended
Jun. 30, 2021
Equity [Abstract]  
Shareholders' Equity Shareholders’ Equity
At June 30, 2021 and December 31, 2020, ProAssurance had 100 million shares of authorized common stock and 50 million shares of authorized preferred stock. The Board has the authority to determine provisions for the issuance of preferred shares, including the number of shares to be issued, the designations, powers, preferences and rights, and the qualifications, limitations or restrictions of such shares.
ProAssurance declared cash dividends of $0.05 per share during each of the first and second quarters of 2021 and $0.31 and $0.05 per share during the first and second quarters of 2020, respectively. Dividends declared during the 2021 and 2020 six-month periods totaled $5.4 million and $19.4 million, respectively. Any decision to pay future cash dividends is subject to the Board’s final determination after a comprehensive review of financial performance, future expectations and other factors deemed relevant by the Board. See Note 12 of the Notes to Consolidated Financial Statements in ProAssurance's December 31, 2020 report on Form 10-K for additional information.
At June 30, 2021, Board authorizations for the repurchase of common shares or the retirement of outstanding debt of $110 million remained available for use. ProAssurance did not repurchase any common shares during the six months ended June 30, 2021 or 2020.
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss)
The following tables provide a detailed breakout of the components of AOCI and the amounts reclassified from AOCI to net income (loss). The tax effects of all amounts in the tables below, except for an immaterial amount of unrealized gains and losses on available-for-sale securities held at the Company's U.K. subsidiary, were computed using the enacted U.S. federal corporate tax rate of 21%. OCI included a deferred tax expense of $3.2 million and a deferred tax benefit of $5.1 million for the three and six months ended June 30, 2021, respectively, as compared to a deferred tax expense of $16.8 million and $5.8 million for the same respective periods of 2020.
The changes in the balance of each component of AOCI for the three and six months ended June 30, 2021 and 2020 were as follows:
(In thousands)Unrealized Investment Gains (Losses)Non-credit ImpairmentsUnrecognized Change in Defined Benefit Plan Liabilities*Accumulated Other Comprehensive Income (Loss)
Balance, April 1, 2021$41,626 $— $(104)$41,522 
OCI, before reclassifications, net of tax15,918 — 8 15,926 
Amounts reclassified from AOCI, net of tax(4,376)— — (4,376)
Net OCI, current period11,542 — 8 11,550 
Balance, June 30, 2021$53,168 $— $(96)$53,072 
(In thousands)Unrealized Investment Gains (Losses)Non-credit ImpairmentsUnrecognized Change in Defined Benefit Plan Liabilities*Accumulated Other Comprehensive Income (Loss)
Balance, December 31, 2020$75,388 $(57)$(104)$75,227 
OCI, before reclassifications, net of tax(14,497)— 8 (14,489)
Amounts reclassified from AOCI, net of tax(7,723)57 — (7,666)
Net OCI, current period(22,220)57 8 (22,155)
Balance, June 30, 2021$53,168 $— $(96)$53,072 

(In thousands)Unrealized Investment Gains (Losses)Non-credit ImpairmentsUnrecognized Change in Defined Benefit Plan Liabilities*Accumulated Other Comprehensive Income (Loss)
Balance, April 1, 2020$(4,015)$(817)$(78)$(4,910)
OCI, before reclassifications, net of tax69,159 (187)— 68,972 
Amounts reclassified from AOCI, net of tax(3,232)300 — (2,932)
Net OCI, current period65,927 113 — 66,040 
Balance, June 30, 2020$61,912 $(704)$(78)$61,130 
(In thousands)Unrealized Investment Gains (Losses)Non-credit ImpairmentsUnrecognized Change in Defined Benefit Plan Liabilities*Accumulated Other Comprehensive Income (Loss)
Balance, December 31, 2019$37,333 $(300)$(78)$36,955 
OCI, before reclassifications, net of tax27,695 (704)— 26,991 
Amounts reclassified from AOCI, net of tax(3,116)300 — (2,816)
Net OCI, current period24,579 (404)— 24,175 
Balance, June 30, 2020$61,912 $(704)$(78)$61,130 
* Represents the re-estimation of the defined benefit plan liability assumed in the Eastern acquisition. The Eastern defined benefit plan is frozen as to the earnings of additional benefits and the benefit plan liability is re-estimated annually. As a result of the NORCAL acquisition, the Company sponsors another frozen defined benefit plan (see Note 16). There were no amounts recorded in AOCI related to the re-estimation of this plan as of June 30, 2021 due to the application of GAAP purchase accounting. This plan will also be re-estimated annually on December 31 each year.