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Consolidated Statements of Income and Comprehensive Income (USD $)
In Thousands, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Revenues      
Net premiums earned $ 754,846 $ 694,994 $ 586,783
Investment income, net of investment expenses 112,799 111,905 109,494
Net realized investment gains (losses)      
Other-than-temporary impairment charges (139) (4) (395)
All other net realized gains (includes reclassifications for net unrealized gains on available-for-sale securities of $6,812 in 2013; $4,102 in 2012; and $7,369 in 2011 previously included in accumulated other comprehensive income) 8,834 5,457 6,835
Total net realized investment gains 8,695 5,453 6,440
Other income 702 891 2,291
Total revenues 877,042 813,243 705,008
Benefits, Losses and Expenses      
Losses and loss settlement expenses 458,814 459,706 430,389
Increase in liability for future policy benefits 37,625 43,095 32,567
Amortization of deferred policy acquisition costs 153,677 141,834 153,176
Other underwriting expenses (includes reclassifications for employee benefit costs of $5,868 in 2013; $4,971 in 2012; and $2,570 in 2011 previously included in accumulated other comprehensive income) 89,861 81,125 58,757
Interest on policyholders’ accounts 35,163 41,409 42,834
Total benefits, losses and expenses 775,140 767,169 717,723
Income (loss) before income taxes 101,902 46,074 (12,715)
Federal income tax expense (benefit) (includes reclassifications of ($331) in 2013; $304 in 2012; and ($1,680) in 2011 previously included in accumulated other comprehensive income) 25,762 5,862 (12,726)
Net income 76,140 40,212 11
Other comprehensive income (loss)      
Change in net unrealized appreciation on investments (35,489) 34,436 40,795
Change in liability for underfunded employee benefit plans 24,066 (15,922) (27,528)
Other comprehensive income (loss), before tax and reclassification adjustments (11,423) 18,514 13,267
Income tax effect 3,998 (6,477) (4,540)
Other comprehensive income (loss), after tax, before reclassification adjustments (7,425) 12,037 8,727
Reclassifications for unrealized net gains on available-for-sale securities (6,812) (4,102) (7,369)
Reclassification adjustment for employee benefit costs included in expense 5,868 4,971 2,570
Total reclassification adjustments, before tax (944) 869 (4,799)
Income tax effect 331 (304) 1,680
Total reclassification adjustments, after tax (613) 565 (3,119)
Comprehensive income $ 68,102 $ 52,814 $ 5,619
Weighted average common shares outstanding (in shares) 25,325,695 25,447,918 25,878,535
Basic earnings per common share (in usd per share) $ 3.01 $ 1.58 [1] $ 0.00
Diluted earnings per common share (in usd per share) $ 2.98 $ 1.58 [1] $ 0.00
[1] The sum of the quarterly reported amounts may not equal the full year, as each is computed independently.