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Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenues        
Net premiums earned $ 274,942 $ 264,747 $ 813,742 $ 766,767
Investment income, net of investment expenses 13,291 13,192 43,923 43,933
Net realized investment gains (losses) (includes reclassifications for net unrealized investment gains/(losses) on available-for-sale securities of $130 and $257 in 2019 and ($496) and ($655) in 2018; previously included in accumulated other comprehensive income) 9,822 13,971 50,126 7,404
Total revenues 298,055 291,910 907,791 818,104
Benefits, Losses and Expenses        
Losses and loss settlement expenses 211,752 193,667 596,001 527,541
Amortization of deferred policy acquisition costs 54,828 51,758 161,842 152,207
Other underwriting expenses (includes reclassifications for employee benefit costs of $1,124 and $3,372 in 2019 and $1,661 and $4,982 in 2018; previously included in accumulated other comprehensive income) 36,003 33,887 104,370 105,994
Total benefits, losses and expenses 302,583 279,312 862,213 785,742
Income (loss) from continuing operations before income taxes (4,528) 12,598 45,578 32,362
Federal income tax expense (benefit) (includes reclassifications of $209 and $654 in 2019 and $453 and $1,184 in 2018; previously included in accumulated other comprehensive income) (2,186) 1,528 7,595 771
Income (loss) from continuing operations (2,342) 11,070 37,983 31,591
Income (loss) from discontinued operations, net of taxes 0 0 0 (1,912)
Gain on sale of discontinued operations, net of taxes 0 0 0 27,307
Net income (loss) (2,342) 11,070 37,983 56,986
Other comprehensive income (loss)        
Change in net unrealized appreciation on investments 15,410 (15,389) 77,360 (73,402)
Change in liability for underfunded employee benefit plans 0 0 0 0
Other comprehensive income (loss), before tax and reclassification adjustments 15,410 (15,389) 77,360 (73,402)
Income tax effect (3,237) 3,232 (16,246) 15,414
Other comprehensive income (loss), after tax, before reclassification adjustments 12,173 (12,157) 61,114 (57,988)
Reclassification adjustment for net realized investment (gains) losses included in income (130) 496 (257) 655
Reclassification adjustment for employee benefit costs included in expense 1,124 1,661 3,372 4,982
Total reclassification adjustments, before tax 994 2,157 3,115 5,637
Income tax effect (209) (453) (654) (1,184)
Total reclassification adjustments, after tax 785 1,704 2,461 4,453
Comprehensive income $ 10,616 $ 617 $ 101,558 $ 3,451
Diluted weighted average common shares outstanding (in shares) 25,176,334 25,626,951 25,643,744 25,607,305
Earnings per common share from continuing operations        
Basic (in dollars per share) $ (0.09) $ 0.44 $ 1.51 $ 1.26
Diluted (in dollars per share) (0.09) 0.43 1.48 1.23
Earnings per common share        
Basic (in dollars per share) (0.09) 0.44 1.51 2.28
Diluted (in dollars per share) $ (0.09) $ 0.43 $ 1.48 $ 2.23