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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
REVENUES        
Premiums earned (affiliated $162,422, $154,451, $473,382 and $446,522) $ 163,708 $ 155,190 $ 477,440 $ 449,514
Net investment income 11,951 11,501 35,100 33,679
Net realized investment gains (losses) and, beginning in 2018, change in unrealized investment gains on equity investments 11,135 (594) (118) 2,166
Other income (affiliated $2,239, $1,248, $6,402 and $3,484) 2,331 1,099 6,719 3,000
Total revenues 189,125 167,196 519,141 488,359
LOSSES AND EXPENSES        
Losses and settlement expenses (affiliated $109,040, $116,908, $338,729 and $318,902) 111,277 119,576 340,996 323,089
Dividends to policyholders (all affiliated) 2,654 46 7,160 5,184
Amortization of deferred policy acquisition costs (affiliated $28,395, $26,177, $84,434 and $79,957) 28,783 26,430 85,504 80,774
Other underwriting expenses (affiliated $20,925, $20,798, $66,303 and $61,637) 20,924 20,799 66,230 61,566
Interest expense (all affiliated) 170 84 483 253
Other expenses (affiliated $477, $442, $1,461 and $1,423) 873 701 2,574 2,264
Total losses and expenses 164,681 167,636 502,947 473,130
Income (loss) before income tax expense (benefit) 24,444 (440) 16,194 15,229
INCOME TAX EXPENSE (BENEFIT)        
Current 3,584 (2,197) 1,479 1,918
Deferred 1,712 1,011 638 257
Total income tax expense (benefit) 5,296 (1,186) 2,117 2,175
Net income $ 19,148 $ 746 $ 14,077 $ 13,054
Net income per common share - basic and diluted $ 0.89 $ 0.03 $ 0.65 $ 0.61
Dividend per common share $ 0.22 $ 0.21 $ 0.66 $ 0.63
Average number of common shares outstanding - basic and diluted (in shares) 21,556,557 21,356,588 21,529,394 21,295,882