XML 24 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash Flows From Operating Activities      
Net income $ 27,650 $ 51,023 $ 49,904
Less net income (loss) from discontinued operations, net of taxes (1,912) 6,153 786
Adjustments to reconcile net income to net cash provided by operating activities      
Net accretion of bond premium 8,788 8,872 7,049
Depreciation and amortization 5,174 4,574 6,035
Stock-based compensation expense 5,249 4,808 3,696
Net realized investment (gains) losses 20,179 (4,055) (4,947)
Net cash flows from trading investments 22,514 (1,909) (2,390)
Deferred income tax benefit (16,220) (5,921) 3,331
Changes in:      
Accrued investment income (1,933) (224) (874)
Premiums receivable (18,312) (22,311) (29,685)
Deferred policy acquisition costs (4,694) 5,260 (2,815)
Reinsurance receivables 1,857 (487) 4,206
Prepaid reinsurance premiums (3,314) 33 8
Income taxes receivable (9,004) 8,254 (14,285)
Other assets (1,524) (2,465) 758
Losses, claims and loss settlement expenses 88,300 100,287 120,001
Unearned premiums 27,527 21,589 28,830
Accrued expenses and other liabilities (12,319) (423) (7,605)
Income taxes payable 0 0 (5,365)
Deferred income taxes (10,746) (25,883) 1,495
Other, net 9,847 3,378 (9,943)
Cash from operating activities - continuing operations 111,369 93,377 97,500
Cash from operating activities - discontinued operations 4,024 31,847 67,766
Cash from operating activities - gain on sale of discontinued operations (34,851) 0 0
Total adjustments 80,542 125,224 165,266
Net cash provided by operating activities 110,104 170,094 214,384
Cash Flows From Investing Activities      
Proceeds from sale of available-for-sale investments 132,250 7,404 1,968
Proceeds from call and maturity of held-to-maturity investments 0 150 493
Proceeds from call and maturity of available-for-sale investments 122,250 191,521 323,653
Proceeds from short-term and other investments 9,303 6,032 1,947
Proceeds from sale of discontinued operations 276,055 0 0
Purchase of held-to-maturity investments 0 (150) (42)
Purchase of available-for-sale investments (507,380)    
Purchase of available-for-sale investments   (260,957) (443,953)
Purchase of short-term and other investments (32,972) (6,428) (4,155)
Net purchases and sales of property and equipment (33,053) (17,158) (7,600)
Cash from investing activities - continuing operations (33,547) (79,586) (127,689)
Cash from investing activities - discontinued operations 14,343 17,601 15,286
Net cash used in investing activities (19,204) (61,985) (112,403)
Cash Flows From Financing Activities      
Payment of cash dividends (105,408) (27,337) (24,591)
Repurchase of common stock (5,404) (29,784) (3,746)
Issuance of common stock 7,171 4,828 9,922
Tax impact from issuance of common stock 0 0 (816)
Cash from financing activities - continued operations (103,641) (52,293) (19,231)
Cash from financing activities - discontinued operations (11,547) (55,256) (78,346)
Net cash used in financing activities (115,188) (107,549) (97,577)
Net Change in Cash and Cash Equivalents (24,288) 560 4,404
Less: decrease (increase) in cash and cash equivalents - discontinued operations (6,820) 5,808 (4,706)
Net increase (decrease) in cash and cash equivalents - continuing operations (31,108) 6,368 (302)
Cash and Cash Equivalents at Beginning of Year - Continuing Operations 95,562 89,194 89,496
Cash and Cash Equivalents at End of Year - Continuing Operations $ 64,454 $ 95,562 $ 89,194