XML 47 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF INCOME (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Gross written premiums $ 298,742 $ 255,318 $ 964,878 $ 830,315
Revenues:        
Net written premiums 188,046 175,357 621,343 551,796
Change in unearned premiums 13,216 (1,724) (40,945) (51,908)
Net earned premiums 201,262 173,633 580,398 499,888
Net investment income 13,597 16,259 40,632 51,072
Total other-than-temporary impairment losses   (1,241) (693) (2,338)
Portion of loss recognized in other comprehensive income (pretax)   618 43 941
Net other-than-temporary impairment losses recognized in earnings   (623) (650) (1,397)
Net realized gains (losses) 4,761 3,238 10,820 4,856
Other income (expense) 789 (921) 2,087 643
Total revenues 220,409 191,586 633,287 555,062
Expenses:        
Net losses and loss adjustment expenses 128,850 110,242 370,242 340,893
Commission expenses 31,258 25,934 90,211 80,164
Other operating expenses 40,112 34,989 116,238 107,341
Interest expense 2,049 2,047 6,147 6,140
Total expenses 202,269 173,212 582,838 534,538
Income (loss) before income taxes 18,140 18,374 50,449 20,524
Income tax expense (benefit) 5,225 4,476 14,731 5,015
Net income (loss) $ 12,915 $ 13,898 $ 35,718 $ 15,509
Net income (loss) per common share:        
Basic $ 0.92 $ 0.94 $ 2.55 $ 1.02
Diluted $ 0.90 $ 0.92 $ 2.51 $ 1.00
Average common shares outstanding:        
Basic 14,026,855 14,796,309 14,004,302 15,243,603
Diluted 14,272,477 15,104,424 14,255,301 15,569,370