XML 49 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Fixed income:    
Available-for-sale, at fair value (amortized cost - $1,085,728 in 2011 and $1,093,869 in 2010) $ 1,146,317 $ 1,132,064
Held-to-maturity, at amortized cost (fair value - $260,981 in 2011 and $303,384 in 2010) 260,226 309,258
Trading, at fair value (amortized cost - $7 in 2011 and $13 in 2010) 7 15
Equity securities available-for-sale, at fair value (cost - $269,400 in 2011 and $213,069 in 2010) 388,689 321,897
Short-term investments, at cost which approximates fair value 23,865 39,787
Cash 81,184 0
Total investments and cash 1,900,288 1,803,021
Accrued investment income 13,865 14,615
Premiums and reinsurance balances receivable, net of allowances for uncollectible amounts of $13,653 in 2011 and $14,128 in 2010 124,496 107,391
Ceded unearned premiums 61,629 62,631
Reinsurance balances recoverable on unpaid losses and settlement expenses, net of allowances for uncollectible amounts of $14,820 in 2011 and $15,065 in 2010 353,805 354,163
Deferred policy acquisition costs, net 52,105 40,242
Property and equipment, at cost, net of accumulated depreciation of $45,647 in 2011 and $38,703 in 2010 20,104 18,370
Investment in unconsolidated investee 49,968 43,358
Goodwill 60,482 26,214
Other assets 18,092 10,394
Total assets 2,654,834 2,480,399
Liabilities:    
Unpaid losses and settlement expenses 1,150,714 1,173,943
Unearned premiums 341,267 301,537
Reinsurance balances payable 50,861 23,851
Funds held 110,555 32,072
Income taxes - deferred 37,867 21,962
Bonds payable, long-term debt 100,000 100,000
Accrued expenses 58,883 42,436
Other liabilities 12,053 15,447
Total liabilities 1,862,200 1,711,248
Shareholders' equity:    
Common stock ($1 par value, authorized 100,000,000 shares, issued 32,627,244 shares in 2011 and 32,317,691 shares in 2010, and outstanding 21,162,137 shares in 2011 and 20,964,540 shares in 2010) 32,627 32,318
Paid-in capital 227,788 215,066
Accumulated other comprehensive earnings, net of tax 117,325 95,992
Retained earnings 807,893 812,150
Deferred compensation 10,445 6,474
Treasury stock, at cost (11,465,107 shares in 2011 and 11,353,151 shares in 2010) (403,444) (392,849)
Total shareholders' equity 792,634 769,151
Total liabilities and shareholders' equity $ 2,654,834 $ 2,480,399