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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, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Revenues        
Net premiums earned $ 212,021 $ 194,219 $ 607,189 $ 557,403
Investment income, net of investment expenses 22,837 27,278 77,202 82,761
Net realized investment gains (losses)        
Other-than-temporary impairment charges 0 (139) 0 (139)
Net realized investment gains (includes reclassifications for net unrealized investment gains on available-for-sale securities of $985 and $4,073 in 2014; and $617 and $6,270 in 2013; previously included in accumulated other comprehensive income (loss)) 894 1,329 5,796 7,389
Total net realized investment gains 894 1,190 5,796 7,250
Other income 113 337 1,255 634
Total revenues 235,865 223,024 691,442 648,048
Benefits, Losses and Expenses        
Losses and loss settlement expenses 154,346 131,168 422,299 349,073
Increase in liability for future policy benefits 10,552 8,415 26,450 26,520
Amortization of deferred policy acquisition costs 44,644 38,767 124,374 113,556
Other underwriting expenses (includes reclassifications for employee benefit costs of $768 and $2,304 in 2014; and $1,915 and $4,400 in 2013; previously included in accumulated other comprehensive income (loss)) 21,665 21,654 68,869 67,310
Interest on policyholders’ accounts 7,503 8,625 23,342 27,026
Total benefits, losses and expenses 238,710 208,629 665,334 583,485
Income (loss) before income taxes (2,845) 14,395 26,108 64,563
Federal income tax expense (benefit) (includes reclassifications of ($76) and ($619) in 2014; and $455 and ($654) in 2013; previously included in accumulated other comprehensive income (loss)) (3,170) 2,670 1,767 14,949
Net income 325 11,725 24,341 49,614
Other comprehensive income (loss)        
Change in net unrealized appreciation on investments (12,410) (282) 38,767 (37,576)
Change in liability for underfunded employee benefit plans 0 0 0 0
Other comprehensive income (loss), before tax and reclassification adjustments (12,410) (282) 38,767 (37,576)
Income tax effect 4,344 107 (13,569) 13,152
Other comprehensive income (loss), after tax, before reclassification adjustments (8,066) (175) 25,198 (24,424)
Reclassification adjustment for net realized investment gains included in income (985) (617) (4,073) (6,270)
Reclassification adjustment for employee benefit costs included in expense 768 1,915 2,304 4,400
Total reclassification adjustments, before tax (217) 1,298 (1,769) (1,870)
Income tax effect 76 (455) 619 654
Total reclassification adjustments, after tax (141) 843 (1,150) (1,216)
Comprehensive income (loss) $ (7,882) $ 12,393 $ 48,389 $ 23,974
Weighted average common shares outstanding (in shares) 25,188,381 25,359,196 25,295,842 25,301,432
Basic earnings per common share (in dollars per share) $ 0.01 $ 0.46 $ 0.96 $ 1.96
Diluted earnings per common share (in dollars per share) $ 0.01 $ 0.45 $ 0.95 $ 1.94