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Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Revenues    
Net premiums earned $ 241,298 $ 213,171
Investment income, net of investment expenses 22,224 24,363
Net realized investment gains (includes reclassifications for net unrealized investment gains on available-for-sale securities of $1,646 in 2016 and $1,895 in 2015; previously included in accumulated other comprehensive income) 2,055 887
Other income 108 63
Total revenues 265,685 238,484
Benefits, Losses and Expenses    
Losses and loss settlement expenses 142,128 126,409
Increase in liability for future policy benefits 12,552 7,623
Amortization of deferred policy acquisition costs 50,231 42,472
Other underwriting expenses (includes reclassifications for employee benefit costs of $1,371 in 2016 and $1,867 in 2015; previously included in accumulated other comprehensive income) 26,753 23,534
Interest on policyholders’ accounts 5,247 6,615
Total benefits, losses and expenses 236,911 206,653
Income before income taxes 28,774 31,831
Federal income tax expense (includes reclassifications of ($96) in 2016 and ($10) in 2015; previously included in accumulated other comprehensive income) 6,347 8,152
Net income 22,427 23,679
Other comprehensive income    
Change in net unrealized appreciation on investments 43,876 13,114
Change in liability for underfunded employee benefit plans 0 0
Other comprehensive income, before tax and reclassification adjustments 43,876 13,114
Income tax effect (15,357) (4,590)
Other comprehensive income, after tax, before reclassification adjustments 28,519 8,524
Reclassification adjustment for net realized investment gains included in income (1,646) (1,895)
Reclassification adjustment for employee benefit costs included in expense 1,371 1,867
Total reclassification adjustments, before tax (275) (28)
Income tax effect 96 10
Total reclassification adjustments, after tax (179) (18)
Comprehensive income $ 50,767 $ 32,185
Weighted average common shares outstanding (in shares) 25,209,888 24,990,470
Basic earnings per common share (in dollars per share) $ 0.89 $ 0.95
Diluted earnings per common share (in dollars per share) $ 0.88 $ 0.94