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Consolidated Statements of Income and Comprehensive Income (Unaudited) (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Revenues    
Net premiums earned $ 193,341 $ 176,817
Investment income, net of investment expenses 26,762 26,464
Net realized investment gains (includes reclassifications for net unrealized investment gains on available-for-sale securities of $1,482 in 2014; and $1,236 in 2013; previously included in accumulated other comprehensive income) 2,194 1,909
Other income 607 115
Total revenues 222,904 205,305
Benefits, Losses and Expenses    
Losses and loss settlement expenses 125,237 97,470
Increase in liability for future policy benefits 7,821 8,236
Amortization of deferred policy acquisition costs 39,534 38,081
Other underwriting expenses (includes reclassifications for employee benefit costs of $768 in 2014; and $1,242 in 2013; previously included in accumulated other comprehensive income) 26,428 22,348
Interest on policyholders’ accounts 7,987 9,320
Total benefits, losses and expenses 207,007 175,455
Income before income taxes 15,897 29,850
Federal income tax expense (includes reclassifications of ($250) in 2014; and $2 in 2013; previously included in accumulated other comprehensive income) 2,566 7,457
Net income 13,331 22,393
Other comprehensive income    
Change in net unrealized appreciation on investments 24,069 14,488
Change in liability for underfunded employee benefit plans 0 0
Other comprehensive income, before tax and reclassification adjustments 24,069 14,488
Income tax effect (8,425) (5,070)
Other comprehensive income, after tax, before reclassification adjustments 15,644 9,418
Reclassification adjustment for net realized investment gains included in income (1,482) (1,236)
Reclassification adjustment for employee benefit costs included in expense 768 1,242
Total reclassification adjustments, before tax (714) 6
Income tax effect 250 (2)
Total reclassification adjustments, after tax (464) 4
Comprehensive income $ 28,511 $ 31,815
Weighted average common shares outstanding (in shares) 25,372,280 25,245,497
Basic earnings per common share (in dollars per share) $ 0.53 $ 0.89
Diluted earnings per common share (in dollars per share) $ 0.52 $ 0.88