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Consolidated Statements of Income and Comprehensive Income (Unaudited) (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Revenues        
Net premiums earned $ 201,827 $ 186,367 $ 395,168 $ 363,184
Investment income, net of investment expenses 27,603 29,019 54,365 55,483
Net realized investment gains (includes reclassifications for net unrealized investment gains on available-for-sale securities of $1,606 and $3,088 in 2014; and $4,417 and $5,653 in 2013; previously included in accumulated other comprehensive income (loss)) 2,708 4,151 4,902 6,060
Other income 535 182 1,142 297
Total revenues 232,673 219,719 455,577 425,024
Benefits, Losses and Expenses        
Losses and loss settlement expenses 142,716 120,435 267,953 217,905
Increase in liability for future policy benefits 8,077 9,869 15,898 18,105
Amortization of deferred policy acquisition costs 40,196 36,708 79,730 74,789
Other underwriting expenses (includes reclassifications for employee benefit costs of $768 and $1,536 in 2014; and $1,243 and $2,485 in 2013; previously included in accumulated other comprehensive income (loss)) 20,776 23,308 47,204 45,656
Interest on policyholders’ accounts 7,852 9,081 15,839 18,401
Total benefits, losses and expenses 219,617 199,401 426,624 374,856
Income before income taxes 13,056 20,318 28,953 50,168
Federal income tax expense (includes reclassifications of $293 and $543 in 2014; and $1,111 and $1,109 in 2013; previously included in accumulated other comprehensive income (loss)) 2,371 4,822 4,937 12,279
Net income 10,685 15,496 24,016 37,889
Other comprehensive income (loss)        
Change in net unrealized appreciation on investments 27,108 (51,782) 51,177 (37,294)
Change in liability for underfunded employee benefit plans 0 0 0 0
Other comprehensive income (loss), before tax and reclassification adjustments 27,108 (51,782) 51,177 (37,294)
Income tax effect (9,488) 18,115 (17,913) 13,045
Other comprehensive income (loss), after tax, before reclassification adjustments 17,620 (33,667) 33,264 (24,249)
Reclassification adjustment for net realized investment gains included in income (1,606) (4,417) (3,088) (5,653)
Reclassification adjustment for employee benefit costs included in expense 768 1,243 1,536 2,485
Total reclassification adjustments, before tax (838) (3,174) (1,552) (3,168)
Income tax effect 293 1,111 543 1,109
Total reclassification adjustments, after tax (545) (2,063) (1,009) (2,059)
Comprehensive income (loss) $ 27,760 $ (20,234) $ 56,271 $ 11,581
Weighted average common shares outstanding (in shares) 25,330,066 25,297,718 25,351,056 25,271,752
Basic earnings per common share (in dollars per share) $ 0.42 $ 0.61 $ 0.95 $ 1.50
Diluted earnings per common share (in dollars per share) $ 0.42 $ 0.61 $ 0.94 $ 1.49