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Condensed Consolidated Statements of Income - Unaudited - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenues:        
Direct premiums $ 717,088 $ 687,262 $ 1,419,725 $ 1,364,548
Ceded premiums (402,549) (400,588) (789,374) (790,383)
Net premiums 314,539 286,674 630,351 574,165
Commissions and fees 171,788 178,468 361,857 345,783
Investment income net of investment expenses 36,784 36,637 65,676 71,424
Interest expense on surplus note (14,074) (11,769) (27,546) (22,444)
Net investment income 22,710 24,868 38,130 48,980
Realized investment gains (losses) 1,742 1,067 (8,288) 3,914
Other, net 15,036 13,825 28,701 27,048
Revenues 525,815 504,902 1,050,751 999,890
Benefits and expenses:        
Benefits and claims 139,646 115,068 274,459 237,352
Amortization of deferred policy acquisition costs 53,177 58,762 123,488 123,390
Sales commissions 85,492 90,099 182,099 173,898
Insurance expenses 43,753 44,570 92,463 87,972
Insurance commissions 6,333 5,829 13,177 11,447
Interest expense 7,200 7,201 14,392 14,381
Other operating expenses 56,152 55,913 122,066 121,622
Total benefits and expenses 391,753 377,442 822,144 770,062
Income before income taxes 134,062 127,460 228,607 229,828
Income taxes 32,552 30,014 54,628 53,217
Net income $ 101,510 $ 97,446 $ 173,979 $ 176,611
Earnings per share:        
Basic earnings per share $ 2.52 $ 2.28 $ 4.26 $ 4.12
Diluted earnings per share $ 2.51 $ 2.28 $ 4.25 $ 4.11
Weighted-average shares used in computing earnings per share:        
Basic 40,132 42,483 40,632 42,653
Diluted 40,246 42,619 40,743 42,780
Supplemental disclosures:        
Total impairment losses $ (545) $ (161) $ (4,246) $ (161)
Net impairment losses recognized in earnings (545) (161) (4,246) (161)
Other net realized investment gains 740 251 1,083 197
Net gains (losses) recognized on equity securities 1,547 977 (5,125) 3,878
Net realized investment gains (losses) $ 1,742 $ 1,067 $ (8,288) $ 3,914