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Consolidated Statements of Income (Unaudited) (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Revenues    
Net premiums earned $ 176,817 $ 161,503
Investment income, net of investment expenses 26,464 29,146
Net realized investment gains    
Other-than-temporary impairment charges 0 0
All other net realized gains (includes reclassifications for net unrealized gains on available-for-sale securities of $1,909 in 2013; and $2,794 in 2012; previously included in accumulated other comprehensive income) 1,909 2,794
Total net realized investment gains 1,909 2,794
Other income 115 256
Total revenues 205,305 193,699
Benefits, Losses and Expenses    
Losses and loss settlement expenses 97,470 91,484
Future policy benefits 8,236 10,138
Amortization of deferred policy acquisition costs 38,081 34,551
Other underwriting expenses (includes reclassifications for employee benefit costs of $1,242 in 2013; and $643 in 2012; previously included in accumulated other comprehensive income) 22,348 21,994
Interest on policyholders’ accounts 9,320 10,656
Total benefits, losses and expenses 175,455 168,823
Income before income taxes 29,850 24,876
Federal income tax expense (includes reclassifications of $234 in 2013; and $752 in 2012; previously included in accumulated other comprehensive income) 7,457 5,692
Net income 22,393 19,184
Other comprehensive income    
Change in net unrealized appreciation on investments 15,161 13,603
Change in liability for underfunded employee benefit plans 0 0
Other comprehensive income, before tax and reclassification adjustments 15,161 13,603
Income tax effect (5,306) (4,761)
Other comprehensive income, after tax, before reclassification adjustments 9,855 8,842
Reclassification adjustment for net realized gains included in income (1,909) (2,794)
Reclassification adjustment for employee benefit costs included in expense 1,242 643
Total reclassification adjustments, before tax (667) (2,151)
Income tax effect 234 752
Total reclassification adjustments, after tax (433) (1,399)
Comprehensive income $ 31,815 $ 26,627
Weighted average common shares outstanding (in shares) 25,245,497 25,505,962
Basic earnings per common share (in dollars per share) $ 0.89 $ 0.75
Diluted earnings per common share (in dollars per share) $ 0.88 $ 0.75
Cash dividends declared per common share (in dollars per share) $ 0.15 $ 0.15