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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities:      
Net income $ 99,410 $ 106,484 $ 72,988
Adjustments to reconcile net income to net cash provided by operating activities:      
Bad debt expense 406 611 431
Depreciation and amortization 3,242 2,033 1,194
Amortization of share-based compensation 10,288 17,386 12,342
Amortization of original issue discount on debt 149 521 840
Accretion of deferred credit (149) (521) (840)
Book overdraft increase (decrease)   (5,924) (9,023)
Net realized (gains) losses on investments (2,294) (1,060) (5,627)
Amortization of premium/accretion of discount, net 3,481 1,831 2,116
Deferred income taxes 4,724 (693) 1,118
Excess tax (benefits) shortfall from share-based compensation 1,154 (5,310) (7,006)
Other 31 42 19
Net change in assets and liabilities relating to operating activities:      
Restricted cash and cash equivalents     (35)
Prepaid reinsurance premiums (9,712) 75,832 50,709
Reinsurance recoverable 22,747 32,334 52,660
Reinsurance receivable, net 167 7,115 (7,265)
Premiums receivable, net (3,249) (385) (4,911)
Accrued investment income (1,514) (298) (230)
Other receivables 1,087 (1,783) 12
Income taxes recoverable 1,004 255 2,477
Deferred policy acquisition costs, net (4,893) (34,359) (9,761)
Other assets (320) (750) (740)
Unpaid losses and loss adjustment expenses (40,346) (35,513) (24,869)
Unearned premiums 33,390 46,618 12,260
Accounts payable 2,809 (3,743) 680
Reinsurance payable, net 7,306 7,519 (20,166)
Income taxes payable   3,510 6,239
Other liabilities and accrued expenses (505) 625 2,774
Advance premium (7,017) 6,894 (5,040)
Net cash provided by (used in) operating activities 121,396 219,271 123,346
Cash flows from investing activities:      
Proceeds from sale of property and equipment 36 86 84
Purchases of property and equipment (8,223) (11,869) (9,267)
Payments to acquire a business   (1,000)  
Purchases of equity securities (66,688) (65,038) (116,541)
Purchases of fixed maturities (320,131) (178,198) (106,885)
Purchases of short-term investments   (87,538) (50,000)
Purchases of investment real estate, net (5,496) (6,220)  
Proceeds from sales of equity securities 60,558 41,456 163,981
Proceeds from sales of fixed maturities 86,018 38,379 17,153
Proceeds from sales of short-term investments   12,500  
Maturities of fixed maturities 54,615 74,390 24,287
Maturities of short-term investments 25,000 100,000  
Net cash provided by (used in) investing activities (174,311) (83,052) (77,188)
Cash flows from financing activities:      
Preferred stock dividend (10) (10) (13)
Common stock dividend (24,192) (22,287) (19,240)
Issuance of common stock 119 511 73
Purchase of treasury stock (8,510) (18,649) (29,736)
Sale of treasury stock 2,965    
Purchase of preferred stock   (256)  
Proceeds received from issuance of contingently redeemable common stock     19,000
Payments related to tax withholding for share-based compensation (5,451) (12,141) (17,655)
Excess tax benefits (shortfall) from share-based compensation (1,154) 5,310 7,006
Repayment of debt (2,136) (8,470) (7,471)
Borrowings under promissory note   1,390  
Net cash provided by (used in) financing activities (38,369) (54,602) (48,036)
Net increase (decrease) in cash and cash equivalents (91,284) 81,617 (1,878)
Cash and cash equivalents at beginning of period 197,014 115,397 117,275
Cash and cash equivalents at end of period 105,730 197,014 115,397
Supplemental cash and non-cash flow disclosures:      
Interest paid 421 963 1,486
Income taxes paid 63,378 $ 65,383 $ 44,769
Income tax refund $ 5,633