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Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Revenues        
Net premiums earned $ 180,353 $ 176,732 $ 363,256 $ 354,312
Net investment income 22,677 24,583 45,863 50,023
Equity in earnings (loss) of unconsolidated subsidiaries 2,516 376 4,324 (3,259)
Net realized investment gains (losses):        
OTTI losses 0 0 (419) (10,734)
Portion of OTTI losses recognized in other comprehensive income before taxes 0 0 248 1,068
Net impairment losses recognized in earnings 0 0 (171) (9,666)
Other net realized investment gains (losses) (2,219) 10,929 11,232 12,244
Total net realized investment gains (losses) (2,219) 10,929 11,061 2,578
Other income 2,250 2,181 4,071 4,535
Total revenues 205,577 214,801 428,575 408,189
Expenses        
Net losses and loss adjustment expenses 115,550 106,899 234,701 217,854
Underwriting, policy acquisition and operating expenses        
Operating expense 34,972 32,456 69,454 67,802
DPAC amortization 22,913 21,578 45,540 43,121
Segregated portfolio cells dividend expense (income) 8,811 1,523 11,186 2,699
Interest expense 4,145 3,851 8,278 7,537
Total expenses 186,391 166,307 369,159 339,013
Income before income taxes 19,186 48,494 59,416 69,176
Provision for income taxes        
Current expense (benefit) 6,700 3,321 (1,579) 2,670
Deferred expense (benefit) (7,032) 2,092 22 4,107
Total income tax expense (benefit) (332) 5,413 (1,557) 6,777
Net income 19,518 43,081 60,973 62,399
Other comprehensive income (loss), after tax, net of reclassification adjustments 5,741 14,174 8,665 37,434
Comprehensive income $ 25,259 $ 57,255 $ 69,638 $ 99,833
Earnings per share:        
Basic (USD per share) $ 0.37 $ 0.81 $ 1.14 $ 1.17
Diluted (USD per share) $ 0.36 $ 0.81 $ 1.14 $ 1.17
Weighted average number of common shares outstanding:        
Basic (in shares) 53,402 53,205 53,359 53,182
Diluted (in shares) 53,607 53,428 53,571 53,395
Cash dividends declared per common share (USD per share) $ 0.310 $ 0.31 $ 0.62 $ 0.62