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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
PREMIUMS EARNED AND OTHER REVENUES        
Direct premiums written $ 220,009 $ 219,946 $ 411,926 $ 424,085
Ceded premiums written (76,483) (133,897) (198,132) (275,214)
Net premiums written 143,526 86,049 213,794 148,871
Change in net unearned premium (70,164) (19,182) (76,625) (16,595)
Premiums earned, net 73,362 66,867 137,169 132,276
Net investment income (expense) 412 137 930 149
Net realized gains (losses) on investments 3,950 (1) 4,852 (16,038)
Net change in unrealized gains (losses) on investments 0 23 0 7,897
Commission revenue 3,670 5,271 7,759 10,257
Policy fees 3,899 3,819 7,411 7,505
Other revenue 1,696 1,640 3,173 3,165
Total premiums earned and other revenues 86,989 77,756 161,294 145,211
OPERATING COSTS AND EXPENSES        
Losses and loss adjustment expenses 27,679 25,199 54,504 51,682
General and administrative expenses 28,901 22,869 53,264 44,079
Total operating costs and expenses 56,580 48,068 107,768 95,761
INCOME BEFORE INCOME TAXES 30,409 29,688 53,526 49,450
Income taxes, current 13,398 12,351 22,457 16,298
Income taxes, deferred (115) 308 394 4,164
Income taxes, net 13,283 12,659 22,851 20,462
NET INCOME $ 17,126 $ 17,029 $ 30,675 $ 28,988
Basic earnings per common share $ 0.50 $ 0.47 $ 0.91 $ 0.76
Weighted average common shares outstanding - Basic 33,968 36,378 33,696 38,138
Fully diluted earnings per common share $ 0.49 $ 0.44 $ 0.87 $ 0.73
Weighted average common shares outstanding - Diluted 35,174 38,314 35,450 39,760
Cash dividend declared per common share $ 0.10 $ 0.08 $ 0.20 $ 0.16