XML 25 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Cash flow from operating activities:    
Net income $ 19,977 $ 4,879
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of investment premium or discount, net 1,775 731
Depreciation and amortization of property plant and equipment, net 189 121
Net realized investment gains (3,388) (1,700)
Recovery for uncollectible premiums receivable 0 (19)
Non-cash compensation (157) 108
Changes in operating assets and liabilities:    
Premiums receivable (5,707) (11,597)
Prepaid reinsurance premiums 7,592 6,506
Reinsurance recoverable, net (179) (42)
Income taxes recoverable 0 (195)
Deferred income tax expense, net of other comprehensive income 728 1,221
Policy acquisition costs, net of amortization (6,289) (4,719)
Other assets (1,486) 542
Unpaid losses and LAE 10,020 (1,023)
Unearned premiums 50,065 45,215
Reinsurance premiums payable 7,134 0
Premium deposits and customer credit balances 3,697 624
Income taxes payable (1,796) 0
Claims payments outstanding (149) 60
Accounts payable and accrued expenses 1,587 3,463
Net cash provided by operating activities 83,613 44,175
Cash flow used by investing activities:    
Proceeds from sale of investment securities 44,081 64,354
Purchases of investment securities available for sale (111,591) (79,600)
Purchases of property and equipment (718) (462)
Net cash used by investing activities (68,228) (15,708)
Cash flow provided (used) by financing activities:    
Exercised stock options 1,190 293
Dividends paid (695) (648)
Tax benefit related to non-cash compensation 175 58
Net cash provided (used) by financing activities 670 (297)
Net increase in cash and short term investments 16,055 28,170
Cash and short term investments at beginning of period 41,446 21,143
Cash and short term investments at end of period 57,501 49,313
Cash paid during the period for:    
Income taxes 13,260 1,870
Non-cash investing and finance activities:    
Accrued dividends payable $ 350 $ 245