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Condensed Consolidated Statements Of Cash Flows (USD $)
In Thousands
9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Operating Activities  
Net income$ 17,888$ 26,059
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation778772
Net amortization of investments4,5593,623
Deferred income taxes2,127(4,317)
Net realized gains on investments(760)(2,284)
Share-based compensation361872
Changes in operating assets and liabilities:  
Premiums receivable, net(10,465)8,346
Accrued interest receivable(1,511)(1,271)
Deferred policy acquisition costs and deferred charges(2,896)(815)
Other assets and federal income tax recoverable(3,105)4,388
Reserves for loss and loss adjustment expenses456,664
Unearned premiums14,681(747)
Reinsurance balances1,634(15,011)
Amounts held for others and policyholder deposits3,3033,218
Accounts payable and other liabilities3,133(9,035)
Net cash provided by operating activities29,77220,462
Investing Activities  
Purchases of investments held-to-maturity(59,697)(56,791)
Purchases of investments available-for-sale(76,551)(21,663)
Purchases of short-term investments(64,623)(62,047)
Proceeds from maturities of investments held-to-maturity76,51344,452
Proceeds from sales and maturities of investments available-for-sale23,55425,831
Proceeds from sales and maturities of short-term investments96,96152,514
Purchases of property and equipment(683)(2,302)
Net cash used in investing activities(4,526)(20,006)
Financing Activities  
Proceeds from stock option exercises1,9931,335
Tax benefit from share-based payments701210
Treasury shares purchased(9,656)(10,373)
Redemption of subordinated debt security(10,310) 
Net cash used in financing activities(17,272)(8,828)
Change in cash and cash equivalents7,974(8,372)
Cash and cash equivalents at beginning of period60,96663,188
Cash and cash equivalents at end of period$ 68,940$ 54,816