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Schedule II - Condensed Financial Information of Registrant (Tables)
 12 Months Ended
Dec. 31, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Balance Sheets
 
December 31,
 
2016
 
2015
Assets
 
 
 
Cash and cash equivalents
$
36,394

 
$
38,903

Equity securities of subsidiary trusts
7,422

 
7,415

Receivable from subsidiaries
182

 
207

Deferred income taxes
9,528

 
11,645

Federal income tax recoverable, including amount from subsidiaries
—

 
7,747

Other assets
2,540

 
2,270

 
56,066

 
68,187

Investment in and advances to subsidiaries
2,992,217

 
2,526,972

Total assets
$
3,048,283

 
$
2,595,159

 
 
 
 
Liabilities and Stockholders' Equity
 
 
 
Liabilities:
 
 
 
Notes and loan payable
$
493,755

 
$
393,227

Subordinated debentures payable to subsidiary trusts
241,853

 
241,452

Federal income tax payable
3,614

 
—

Other liabilities
17,466

 
15,945

Total liabilities
756,688

 
650,624

Stockholders' equity:
 
 
 
Common stock
88,001

 
81,354

Additional paid-in capital
770,344

 
630,367

Accumulated other comprehensive income
339,966

 
201,663

Retained earnings
1,093,284

 
1,031,151

Total stockholders' equity
2,291,595

 
1,944,535

Total liabilities and stockholders' equity
$
3,048,283

 
$
2,595,159


See accompanying note to condensed financial statements.
See accompanying Report of Independent Registered Public Accounting Firm.
Condensed Statements of Operations
 
Year Ended December 31,
 
2016
 
2015
 
2014
Revenues:
 
 
 
 
 
Net investment income
$
78

 
$
62

 
$
130

Dividends from subsidiary trusts
384

 
363

 
360

Investment advisory fees
75,706

 
65,957

 
58,044

Surplus note interest from subsidiary
4,080

 
4,080

 
4,080

Change in fair value of derivatives
(810
)
 
(8,225
)
 
(17,122
)
Loss on extinguishment of debt
—

 
—

 
(12,502
)
Total revenues
79,438

 
62,237

 
32,990

Expenses:
 
 
 
 
 
Change in fair value of embedded derivatives
—

 
(4,516
)
 
(15,227
)
Interest expense on notes and loan payable
28,248

 
28,849

 
36,370

Interest expense on subordinated debentures issued to subsidiary trusts
12,958

 
12,239

 
12,122

Other operating costs and expenses
8,551

 
8,195

 
7,928

Total expenses
49,757

 
44,767

 
41,193

Income (loss) before income taxes and equity in undistributed income of subsidiaries
29,681

 
17,470

 
(8,203
)
Income tax expense
12,073

 
7,338

 
664

Income (loss) before equity in undistributed income of subsidiaries
17,608

 
10,132

 
(8,867
)
Equity in undistributed income of subsidiaries
65,635

 
209,698

 
134,890

Net income
$
83,243

 
$
219,830

 
$
126,023


See accompanying note to condensed financial statements.
See accompanying Report of Independent Registered Public Accounting Firm.
Condensed Statements of Cash Flows
 
Year Ended December 31,
 
2016
 
2015
 
2014
Operating activities
 
 
 
 
 
Net income
$
83,243

 
$
219,830

 
$
126,023

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
 
Change in fair value of 2015 notes embedded conversion derivative
—

 
(4,516
)
 
(15,227
)
Provision for depreciation and amortization
1,946

 
1,613

 
2,081

Accrual of discount on equity security
(7
)
 
(6
)
 
(6
)
Equity in undistributed income of subsidiaries
(65,635
)
 
(209,698
)
 
(134,890
)
Accrual of discount on contingent convertible notes
—

 
698

 
4,417

Change in fair value of derivatives
(698
)
 
6,377

 
15,619

Loss on extinguishment of debt
—

 
—

 
12,502

Accrual of discount on debenture issued to subsidiary trust
221

 
207

 
193

Share-based compensation
818

 
1,026

 
1,141

ESOP compensation
—

 
—

 
82

Deferred income taxes
2,117

 
8,967

 
6,439

Other
—

 
—

 
(2,235
)
Changes in operating assets and liabilities:
 
 
 
 
 
Receivable from subsidiaries
(125
)
 
93

 
2,208

Federal income tax recoverable
11,361

 
2,683

 
1,121

Other assets
(326
)
 
(4
)
 
378

Other liabilities
2,546

 
(1,664
)
 
(7,256
)
Net cash provided by operating activities
35,461

 
25,606

 
12,590

 
 
 
 
 
 
Investing activities
 
 
 
 
 
Capital contributions to subsidiaries
$
(255,000
)
 
$
(120,000
)
 
$
—

Purchases of property, plant and equipment
(54
)
 
—

 
—

Net cash used in investing activities
(255,054
)
 
(120,000
)
 
—

 
 
 
 
 
 
Financing activities
 
 
 
 
 
Financing fees incurred and deferred
$
(1,456
)
 
$
—

 
$
(100
)
Repayments of notes payable
—

 
(48,152
)
 
(219,094
)
Net proceeds from settlement of notes hedges and warrants
—

 
25,775

 
16,558

Proceeds from issuance of debt
100,000

 
—

 
—

Excess tax benefits realized from share-based compensation plans
—

 
—

 
184

Proceeds from issuance of common stock
139,654

 
112,481

 
13,681

Dividends paid
(21,114
)
 
(17,946
)
 
(15,221
)
Net cash provided by (used in) financing activities
217,084

 
72,158

 
(203,992
)
Decrease in cash and cash equivalents
(2,509
)
 
(22,236
)
 
(191,402
)
Cash and cash equivalents at beginning of year
38,903

 
61,139

 
252,541

Cash and cash equivalents at end of year
$
36,394

 
$
38,903

 
$
61,139

 
 
 
 
 
 
Supplemental disclosures of cash flow information
 
 
 
 
 
Cash paid during the year for:
 
 
 
 
 
Interest on notes and loan payable
$
27,164

 
$
27,283

 
$
31,206

Interest on subordinated debentures
12,454

 
11,833

 
11,765

Non-cash financing activity:
 
 
 
 
 
Common stock issued in extinguishment of debt
—

 
—

 
95,993

Common stock issued to settle warrants that have expired
93

 
48

 
—

See accompanying note to condensed financial statements.
See accompanying Report of Independent Registered Public Accounting Firm.