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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2017
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  
Schedule of summarized financial information of Maui Jim

 

 

 

 

 

 

 

 

(in millions)

    

2017

    

2016

 

Total assets

 

$

259.4

 

$

246.9

 

Total liabilities

 

 

88.0

 

 

112.4

 

Total equity

 

 

171.4

 

 

134.5

 

 

Schedule of goodwill and intangible assets

 

 

 

 

 

 

 

Goodwill and Intangible Assets

 

 

 

 

 

 

(in thousands)

 

 

2017

 

 

2016

Goodwill

 

 

 

 

 

 

Energy surety

 

$

25,706

 

$

25,706

Miscellaneous and contract surety

 

 

15,110

 

 

15,110

Small Commercial

 

 

5,246

 

 

5,246

Medical professional liability *

 

 

3,595

 

 

5,208

Total goodwill

 

$

49,657

 

$

51,270

 

 

 

 

 

 

 

Intangibles

 

 

 

 

 

 

State insurance licenses

 

$

7,500

 

$

7,500

Definite-lived intangibles, net of accumulated amortization of $5,678
at 12/31/17 and $5,546 at 12/31/16

 

 

2,145

 

 

5,601

Total intangibles

 

$

9,645

 

$

13,101

 

 

 

 

 

 

 

Total goodwill and intangibles

 

$

59,302

 

$

64,371

*  The medical professional liability goodwill balance reflects a cumulative non-cash impairment charge of $8.8 million and $7.2 million as of December 31, 2017 and 2016, respectively.

Schedule of reconciliation of numerator and denominator of the basic and diluted earnings per share computations

 

 

 

 

 

 

 

 

 

 

 

    

 

 

    

Weighted Average

    

 

 

 

 

 

Income

 

Shares

 

Per Share

 

(in thousands, except per share data)

 

(Numerator)

 

(Denominator)

 

Amount

 

For the year ended December 31, 2017

 

 

 

 

 

 

 

 

 

Basic EPS

 

 

 

 

 

 

 

 

 

Income available to common shareholders

 

$

105,028

 

44,033

 

$

2.39

 

Stock options

 

 

 —

 

467

 

 

 

 

Diluted EPS

 

 

 

 

 

 

 

 

 

Income available to common shareholders and assumed conversions

 

$

105,028

 

44,500

 

$

2.36

 

 

 

 

 

 

 

 

 

 

 

For the year ended December 31, 2016

 

 

 

 

 

 

 

 

 

Basic EPS

 

 

 

 

 

 

 

 

 

Income available to common shareholders

 

$

114,920

 

43,772

 

$

2.63

 

Stock options

 

 

 —

 

660

 

 

 

 

Diluted EPS

 

 

 

 

 

 

 

 

 

Income available to common shareholders and assumed conversions

 

$

114,920

 

44,432

 

$

2.59

 

 

 

 

 

 

 

 

 

 

 

For the year ended December 31, 2015

 

 

 

 

 

 

 

 

 

Basic EPS

 

 

 

 

 

 

 

 

 

Income available to common shareholders

 

$

137,544

 

43,299

 

$

3.18

 

Stock options

 

 

 —

 

832

 

 

 

 

Diluted EPS

 

 

 

 

 

 

 

 

 

Income available to common shareholders and assumed conversions

 

$

137,544

 

44,131

 

$

3.12

 

 

Schedule of changes in the balance of each component of accumulated other comprehensive earnings

 

 

 

 

 

 

 

 

 

 

 

Unrealized Gains/Losses on Available-for-Sale Securities

 

For the Year Ended December 31,

 

(in thousands)

    

2017

    

2016

    

2015

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

122,610

 

$

123,774

 

$

171,383

 

Other comprehensive earnings before reclassifications

 

 

40,887

 

 

26,740

 

 

(26,199)

 

Amounts reclassified from accumulated other comprehensive earnings

 

 

(5,578)

 

 

(27,904)

 

 

(21,410)

 

Net current-period other comprehensive earnings (loss)

 

$

35,309

 

$

(1,164)

 

$

(47,609)

 

Ending balance

 

$

157,919

 

$

122,610

 

$

123,774

 

 

Schedule of effects of reclassifications out of accumulated other comprehensive earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

Amount Reclassified from Accumulated Other Comprehensive Earnings

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Component of Accumulated 

 

For the Year Ended December 31,

 

Affected line item in the

 

Other Comprehensive Earnings

    

2017

    

2016

    

2015

    

Statement of Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gains and losses on available-for-sale securities

 

$

11,141

 

$

43,024

 

$

32,939

 

Net realized investment gains

 

 

 

 

(2,559)

 

 

(95)

 

 

 —

 

Other-than-temporary impairment (OTTI) losses on investments

 

 

 

$

8,582

 

$

42,929

 

$

32,939

 

Earnings before income taxes

 

 

 

 

(3,004)

 

 

(15,025)

 

 

(11,529)

 

Income tax expense

 

 

 

$

5,578

 

$

27,904

 

$

21,410

 

Net earnings