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Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Revenues        
Net premiums earned $ 259,563 $ 253,487 $ 513,435 $ 494,785
Investment income, net of investment expenses 24,610 24,507 49,645 46,731
Net realized investment gains (includes reclassifications for net unrealized investment gains on available-for-sale securities of $1,975 and $5,380 in 2017 and $700 and $2,346 in 2016; previously included in accumulated other comprehensive income) 2,680 1,596 6,634 3,651
Other income 126 183 324 291
Total revenues 286,979 279,773 570,038 545,458
Benefits, Losses and Expenses        
Losses and loss settlement expenses 197,698 180,412 365,321 322,540
Increase in liability for future policy benefits 5,281 16,002 13,860 28,554
Amortization of deferred policy acquisition costs 53,093 52,585 105,227 102,816
Other underwriting expenses (includes reclassifications for employee benefit costs of $1,352 and $2,704 in 2017 and $1,371 and $2,742 in 2016; previously included in accumulated other comprehensive income) 26,201 24,772 51,091 51,525
Interest on policyholders’ accounts 4,651 5,138 9,395 10,385
Total benefits, losses and expenses 286,924 278,909 544,894 515,820
Income before income taxes 55 864 25,144 29,638
Federal income tax expense (benefit) (includes reclassifications of $219 and $937 in 2017 and ($234) and ($138) in 2016; previously included in accumulated other comprehensive income) (2,903) (2,250) 2,250 4,097
Net income 2,958 3,114 22,894 25,541
Other comprehensive income        
Change in net unrealized appreciation on investments 30,653 49,332 45,619 93,208
Change in liability for underfunded employee benefit plans 0 0 0 0
Other comprehensive income , before tax and reclassification adjustments 30,653 49,332 45,619 93,208
Income tax effect (10,729) (17,267) (15,967) (32,624)
Other comprehensive income, after tax, before reclassification adjustments 19,924 32,065 29,652 60,584
Reclassification adjustment for net realized investment gains included in income (1,975) (700) (5,380) (2,346)
Reclassification adjustment for employee benefit costs included in expense 1,352 1,371 2,704 2,742
Total reclassification adjustments, before tax (623) 671 (2,676) 396
Income tax effect 219 (234) 937 (138)
Total reclassification adjustments, after tax (404) 437 (1,739) 258
Comprehensive income $ 22,478 $ 35,616 $ 50,807 $ 86,383
Weighted average common shares outstanding (in shares) 25,133,035 25,366,283 25,288,068 25,288,086
Basic earnings per common share (in dollars per share) $ 0.12 $ 0.12 $ 0.91 $ 1.01
Diluted earnings per common share (in dollars per share) $ 0.12 $ 0.12 $ 0.89 $ 1.00