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Consolidated Statements of Income and Comprehensive Income (Unaudited) (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Revenues        
Net premiums earned $ 194,219 $ 176,531 $ 557,403 $ 508,124
Investment income, net of investment expenses 27,278 28,665 82,761 86,560
Net realized investment gains (losses)        
Other-than-temporary impairment charges (139) 0 (139) (4)
All other net realized gains (includes reclassifications for net unrealized gains on available-for-sale securities of $617 and $6,270 in 2013; and $91 and $3,111 in 2012; previously included in accumulated other comprehensive income) 1,329 1,300 7,389 4,662
Total net realized investment gains 1,190 1,300 7,250 4,658
Other income 337 85 634 584
Total revenues 223,024 206,581 648,048 599,926
Benefits, Losses and Expenses        
Losses and loss settlement expenses 131,168 119,756 349,073 318,006
Increase in liability for future policy benefits 8,415 9,815 26,520 28,309
Amortization of deferred policy acquisition costs 38,767 36,167 113,556 104,897
Other underwriting expenses (includes reclassifications for employee benefit costs of $1,915 and $4,400 in 2013; and $1,085 and $3,460 in 2012; previously included in accumulated other comprehensive income) 21,654 20,496 67,310 63,031
Interest on policyholders’ accounts 8,625 10,327 27,026 31,610
Total benefits, losses and expenses 208,629 196,561 583,485 545,853
Income before income taxes 14,395 10,020 64,563 54,073
Federal income tax expense (includes reclassifications of $455 and ($654) in 2013; and $348 and $124 in 2012; previously included in accumulated other comprehensive income) 2,670 1,290 14,949 11,443
Net income 11,725 8,730 49,614 42,630
Other comprehensive income (loss)        
Change in net unrealized appreciation on investments (282) 19,404 (37,576) 41,335
Change in liability for underfunded employee benefit plans 0 0 0 0
Other comprehensive income (loss), before tax and reclassification adjustments (282) 19,404 (37,576) 41,335
Income tax effect 107 (6,616) 13,152 (14,290)
Other comprehensive income (loss), after tax, before reclassification adjustments (175) 12,788 (24,424) 27,045
Reclassification adjustment for net realized gains included in income (617) (91) (6,270) (3,111)
Reclassification adjustment for employee benefit costs included in expense 1,915 1,085 4,400 3,460
Total reclassification adjustments, before tax 1,298 994 (1,870) 349
Income tax effect (455) (348) 654 (124)
Total reclassification adjustments, after tax 843 646 (1,216) 225
Comprehensive income $ 12,393 $ 22,164 $ 23,974 $ 69,900
Weighted average common shares outstanding (in shares) 25,359,196 25,423,191 25,301,432 25,468,293
Basic earnings per common share (in dollars per share) $ 0.46 $ 0.34 $ 1.96 $ 1.67
Diluted earnings per common share (in dollars per share) $ 0.45 $ 0.34 $ 1.94 $ 1.67
Cash dividends declared per common share (in dollars per share) $ 0.18 $ 0.15 $ 0.51 $ 0.45