XML 15 R4.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $)
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
REVENUES        
Premiums earned (affiliated $130,872,346, $119,454,759, $374,608,620, and $336,391,841) $ 132,362,761 $ 121,544,787 $ 380,048,293 $ 341,575,003
Investment income, net 10,544,775 10,968,913 32,027,852 33,274,390
Net realized investment gains (losses), excluding impairment losses on securities available-for-sale 1,010,219 (153,553) 3,873,953 7,752,488
Total other-than-temporary impairment losses on securities available-for-sale (3,010) (22,815) (23,618) (148,863)
Portion of other-than-temporary impairment losses on fixed maturity securities available-for-sale reclassified from other comprehensive income (before taxes) 0 0 0 0
Net impairment losses on securities available-for-sale (3,010) (22,815) (23,618) (148,863)
Net realized investment gains (losses) 1,007,209 (176,368) 3,850,335 7,603,625
Other income (all affiliated) 194,732 224,826 592,654 686,575
Total revenues 144,109,477 132,562,158 416,519,134 383,139,593
LOSSES AND EXPENSES        
Losses and settlement expenses (affiliated $86,785,345, $77,470,939, $244,755,781 and $228,565,383) 88,234,688 79,324,641 249,777,026 232,964,881
Dividends to policyholders (all affiliated) 4,219,696 2,982,748 8,746,728 6,894,504
Amortization of deferred policy acquisition costs (affiliated $23,326,470, $21,993,748, $68,176,739 and $61,021,651) 23,670,902 22,611,202 69,502,754 62,456,591
Other underwriting expenses (affiliated $17,331,775, $15,762,602, $48,386,837 and $45,434,704) 17,331,775 15,761,224 48,408,348 45,349,532
Interest expense (all affiliated) 84,375 225,000 300,000 675,000
Other expense (affiliated $543,428, $710,527, $964,551 and $1,712,742) 1,003,175 906,987 1,761,793 1,662,246
Total losses and expenses 134,544,611 121,811,802 378,496,649 350,002,754
Income before income tax expense 9,564,866 10,750,356 38,022,485 33,136,839
INCOME TAX EXPENSE (BENEFIT)        
Current 3,875,166 2,852,716 11,973,380 8,550,202
Deferred (1,509,943) (423,604) (1,635,291) (381,871)
Total income tax expense 2,365,223 2,429,112 10,338,089 8,168,331
Net income $ 7,199,643 $ 8,321,244 $ 27,684,396 $ 24,968,508
Net income per common share - basic and diluted $ 0.55 $ 0.65 $ 2.12 $ 1.94
Dividend per common share $ 0.21 $ 0.20 $ 0.63 $ 0.60
Average number of common shares outstanding - basic and diluted (in shares) 13,131,323 12,889,628 13,044,351 12,884,327