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Consolidated Statements of Income (Unaudited) (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Revenues        
Net premiums earned $ 186,367 $ 170,090 $ 363,184 $ 331,593
Investment income, net of investment expenses 29,019 28,749 55,483 57,895
Net realized investment gains        
Other-than-temporary impairment charges 0 (4) 0 (4)
All other net realized gains (includes reclassifications for net unrealized gains on available-for-sale securities of $4,417 and $5,653 in 2013; and $788 and $3,020 in 2012; previously included in accumulated other comprehensive income) 4,151 568 6,060 3,362
Total net realized investment gains 4,151 564 6,060 3,358
Other income 182 243 297 499
Total revenues 219,719 199,646 425,024 393,345
Benefits, Losses and Expenses        
Losses and loss settlement expenses 120,435 106,766 217,905 198,250
Future policy benefits 9,869 8,356 18,105 18,494
Amortization of deferred policy acquisition costs 36,708 34,179 74,789 68,730
Other underwriting expenses (includes reclassifications for employee benefit costs of $1,243 and $2,485 in 2013; and $1,732 and $2,375 in 2012; previously included in accumulated other comprehensive income) 23,308 20,541 45,656 42,535
Interest on policyholders’ accounts 9,081 10,627 18,401 21,283
Total benefits, losses and expenses 199,401 180,469 374,856 349,292
Income before income taxes 20,318 19,177 50,168 44,053
Federal income tax expense (includes reclassifications of $1,111 and $1,109 in 2013; and ($331) and $224 in 2012; previously included in accumulated other comprehensive income) 4,822 4,461 12,279 10,153
Net income 15,496 14,716 37,889 33,900
Other comprehensive income (loss)        
Change in net unrealized appreciation on investments (51,782) 8,891 (37,294) 21,932
Change in liability for underfunded employee benefit plans 0 0 0 0
Other comprehensive income (loss), before tax and reclassification adjustments (51,782) 8,891 (37,294) 21,932
Income tax effect 18,115 (3,111) 13,045 (7,675)
Other comprehensive income (loss), after tax, before reclassification adjustments (33,667) 5,780 (24,249) 14,257
Reclassification adjustment for net realized gains included in income (4,417) (788) (5,653) (3,020)
Reclassification adjustment for employee benefit costs included in expense 1,243 1,732 2,485 2,375
Total reclassification adjustments, before tax (3,174) 944 (3,168) (645)
Income tax effect 1,111 (331) 1,109 224
Total reclassification adjustments, after tax (2,063) 613 (2,059) (421)
Comprehensive income (loss) $ (20,234) $ 21,109 $ 11,581 $ 47,736
Weighted average common shares outstanding (in shares) 25,297,718 25,476,220 25,271,752 25,491,091
Basic earnings per common share (in dollars per share) $ 0.61 $ 0.58 $ 1.50 $ 1.33
Diluted earnings per common share (in dollars per share) $ 0.61 $ 0.58 $ 1.49 $ 1.33
Cash dividends declared per common share (in dollars per share) $ 0.18 $ 0.15 $ 0.33 $ 0.3