v2.4.0.8
Condensed Consolidated Statements of Income and Comprehensive Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Revenues        
Net premiums earned $ 130,352 $ 131,266 $ 264,930 $ 267,925
Net investment income 33,267 34,510 65,393 68,003
Equity in earnings (loss) of unconsolidated subsidiaries (2,972) (2,227) (3,195) (4,293)
Net realized investment gains (losses):        
Other-than-temporary impairment (OTTI) losses (71) (218) (71) (1,424)
Portion of OTTI losses recognized in (reclassified from) other comprehensive income before taxes 0 (201) 0 (201)
Net impairment losses recognized in earnings (71) (419) (71) (1,625)
Other net realized investment gains (losses) 8,542 (1,129) 35,222 10,755
Total net realized investment gains (losses) 8,471 (1,548) 35,151 9,130
Other income 1,687 1,868 3,500 3,675
Total revenues 170,805 163,869 365,779 344,440
Expenses        
Losses and loss adjustment expenses 77,379 55,132 138,266 133,437
Reinsurance recoveries (6,770) (7,048) (10,031) (15,154)
Net losses and loss adjustment expenses 70,609 48,084 128,235 118,283
Underwriting, policy acquisition and operating expenses 34,959 35,405 72,244 69,803
Interest expense 392 826 763 1,651
Total expenses 105,960 84,315 201,242 189,737
Gain on acquisition 0 0 35,492 0
Income before income taxes 64,845 79,554 200,029 154,703
Provision for income taxes        
Current expense (benefit) 16,441 20,614 24,215 37,595
Deferred expense (benefit) (2,047) 487 12,513 3,010
Total income tax expense (benefit) 14,394 21,101 36,728 40,605
Net income 50,451 58,453 163,301 114,098
Other comprehensive income (loss), after tax, net of reclassification adjustments (62,564) 7,002 (70,318) 10,014
Comprehensive income (loss) $ (12,113) $ 65,455 $ 92,983 $ 124,112
Earnings per share:        
Basic (USD per share) $ 0.82 $ 0.95 $ 2.64 $ 1.86
Diluted (USD per share) $ 0.81 $ 0.95 $ 2.63 $ 1.85
Weighted average number of common shares outstanding:        
Basic (in shares) 61,825 61,317 61,766 61,247
Diluted (in shares) 62,046 61,832 62,005 61,767
Cash dividends declared per common share (USD per share) $ 0.25 $ 0.125 $ 0.5 $ 0.25