XML 51 R33.htm IDEA: XBRL DOCUMENT v3.22.4
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of Deferred Tax Assets and Deferred Tax Liabilities

​

​

​

​

​

​

​

​

(in thousands)

 

2022

 

2021

Deferred tax assets:

​

​

​

​

​

​

Tax discounting of unpaid losses and settlement expenses

​

$

23,788

​

$

22,637

Unearned premium offset

​

 

27,158

​

 

23,080

Net unrealized depreciation of securities

​

​

19,839

​

​

—

Deferred compensation

​

 

4,058

​

 

3,469

Share-based compensation expense

​

 

3,202

​

 

3,089

Capitalized research and development costs

​

​

2,544

​

​

—

Lease liability

​

 

3,026

​

 

3,796

Other

​

 

938

​

 

367

Deferred tax assets before allowance

​

$

84,553

​

$

56,438

Less valuation allowance

​

 

—

​

 

—

Total deferred tax assets

​

$

84,553

​

$

56,438

​

​

​

​

​

​

​

Deferred tax liabilities:

​

​

​

​

​

​

Net unrealized appreciation of securities

​

$

—

​

$

76,533

Deferred policy acquisition costs

​

 

26,850

​

 

21,746

Lease asset

​

​

2,681

​

​

3,101

Discounting of unpaid losses and settlement expenses - Tax Cuts and Jobs Act (TCJA) implementation offset

​

​

1,909

​

​

2,545

Fixed assets

​

 

3,083

​

 

3,518

Intangible assets

​

 

1,543

​

 

1,537

Undistributed earnings of unconsolidated investees

​

 

7,399

​

 

29,515

Other

​

 

819

​

 

1,452

Total deferred tax liabilities

​

$

44,284

​

$

139,947

Net deferred tax asset (liability)

​

$

40,269

​

$

(83,509)

​

Schedule of Reconciliation of Income Tax Expense Attributable to Income from Operations with Amounts Computed by Applying U.S. Federal Tax Rate to Pretax Income from Continuing Operations

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(in thousands)

 

2022

 

2021

 

2020

​

Provision for income taxes at the statutory federal tax rates

​

$

151,342

​

21.0

%

$

72,307

​

21.0

%

$

39,867

​

21.0

%

Increase (reduction) in taxes resulting from:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Excess tax benefit on share-based compensation

​

​

(4,491)

​

(0.6)

%

​

(3,090)

​

(0.9)

%

​

(3,537)

​

(1.8)

%

Tax-exempt interest income

​

​

(1,143)

​

(0.2)

%

​

(1,219)

​

(0.3)

%

​

(1,293)

​

(0.7)

%

Dividends received deduction

​

​

(912)

​

(0.1)

%

​

(891)

​

(0.3)

%

​

(883)

​

(0.5)

%

Investment tax credit

​

​

(5,053)

​

(0.7)

%

​

(3,491)

​

(1.0)

%

​

(2,435)

​

(1.3)

%

ESOP dividends paid deduction

​

​

(4,171)

​

(0.6)

%

​

(1,566)

​

(0.5)

%

​

(1,083)

​

(0.6)

%

Unconsolidated investee dividends

​

​

—

​

—

%

​

—

​

—

%

​

(479)

​

(0.2)

%

Nondeductible expenses

​

​

1,263

​

0.2

%

​

3,834

​

1.1

%

​

1,878

​

1.0

%

Other items, net

​

​

432

​

0.0

%

​

(917)

​

(0.2)

%

​

715

​

0.4

%

Total

​

$

137,267

  ​

19.0

%

$

64,967

  ​

18.9

%

$

32,750

  ​

17.3

%

​