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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Operating activities    
Net income $ 40,896 $ 29,449
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 594 687
Net amortization of investments 8,163 8,246
Deferred income taxes 291 (662)
Net realized (gains) losses on investments (793) 2,558
Net realized losses on disposal of assets 1 1
Share-based compensation 744 380
Changes in operating assets and liabilities:    
Premiums receivable, net (22,871) (24,184)
Accrued interest receivable 37 15
Deferred policy acquisition costs (263) (1,741)
Amounts held by others 1,016 (27,848)
Other assets (756) (1,818)
Reserves for loss and loss adjustment expenses 7,516 27,543
Unearned premiums 11,817 11,369
Reinsurance balances (3,270) (4,901)
Amounts held for others and policyholder deposits 4,700 2,295
Accounts payable and other liabilities 8,539 4,712
Net cash provided by operating activities 56,361 26,101
Investing activities    
Purchases of investments held-to-maturity (76,920) (117,104)
Purchases of investments available-for-sale (132,699) (59,707)
Purchases of short-term investments (12,132) (4,440)
Proceeds from maturities of investments held-to-maturity 103,565 59,268
Proceeds from sales and maturities of investments available-for-sale 66,755 39,821
Proceeds from sales and maturities of short-term investments 2,507 31,055
Purchases of property and equipment (850) (553)
Net cash used in investing activities (49,774) (51,660)
Financing activities    
Proceeds from stock option exercises 501 834
Tax benefit from share-based payments 546 1,071
Dividends to shareholders (6,960) (5,713)
Net cash used in financing activities (5,913) (3,808)
Change in cash and cash equivalents 674 (29,367)
Cash and cash equivalents at beginning of period 69,481 90,956
Cash and cash equivalents at end of period $ 70,155 $ 61,589