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Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Revenues    
Net premiums earned $ 253,872 $ 241,298
Investment income, net of investment expenses 25,035 22,224
Net realized investment gains (includes reclassifications for net unrealized investment gains on available-for-sale securities of $3,405 in 2017 and $1,646 in 2016; previously included in accumulated other comprehensive income) 3,954 2,055
Other income 198 108
Total revenues 283,059 265,685
Benefits, Losses and Expenses    
Losses and loss settlement expenses 167,623 142,128
Increase in liability for future policy benefits 8,579 12,552
Amortization of deferred policy acquisition costs 52,134 50,231
Other underwriting expenses (includes reclassifications for employee benefit costs of $1,352 in 2017 and $1,371 in 2016; previously included in accumulated other comprehensive income) 24,890 26,753
Interest on policyholders’ accounts 4,744 5,247
Total benefits, losses and expenses 257,970 236,911
Income before income taxes 25,089 28,774
Federal income tax expense (includes reclassifications of ($718) in 2017 and ($96) in 2016; previously included in accumulated other comprehensive income) 5,153 6,347
Net income 19,936 22,427
Other comprehensive income    
Change in net unrealized appreciation on investments 14,966 43,876
Change in liability for underfunded employee benefit plans 0 0
Other comprehensive income , before tax and reclassification adjustments 14,966 43,876
Income tax effect (5,238) (15,357)
Other comprehensive income, after tax, before reclassification adjustments 9,728 28,519
Reclassification adjustment for net realized investment gains included in income (3,405) (1,646)
Reclassification adjustment for employee benefit costs included in expense 1,352 1,371
Total reclassification adjustments, before tax (2,053) (275)
Income tax effect 718 96
Total reclassification adjustments, after tax (1,335) (179)
Comprehensive income $ 28,329 $ 50,767
Weighted average common shares outstanding (in shares) 25,443,101 25,209,888
Basic earnings per common share (in dollars per share) $ 0.78 $ 0.89
Diluted earnings per common share (in dollars per share) $ 0.77 $ 0.88