XML 62 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Operating Activities    
Net income $ 10,549 $ 8,851
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 332 322
Net amortization of investments 3,765 2,928
Deferred income taxes (906) (885)
Net realized (gains) on investments (101) (24)
Share-based compensation 558 290
Changes in operating assets and liabilities:    
Premiums receivable, net (21,385) (25,197)
Accrued interest receivable (103) 87
Deferred policy acquisition costs (1,920) (1,619)
Other assets (1,241) (860)
Reserves for loss and loss adjustment expenses 21,634 7,538
Unearned premiums 13,132 14,932
Reinsurance balances (1,829) 2,675
Amounts held for others and policyholder deposits 2,069 3,124
Accounts payable and other liabilities 5,732 9,615
Net cash provided by operating activities 30,286 21,777
Investing Activities    
Purchases of investments held-to-maturity (38,698) (26,454)
Purchases of investments available-for-sale (35,248) (43,263)
Purchases of short-term investments (44,920) (47,603)
Proceeds from maturities of investments held-to-maturity 24,930 34,411
Proceeds from sales and maturities of investments available-for-sale 14,557 2,528
Proceeds from sales and maturities of short-term investments 43,369 41,338
Purchases of property and equipment (208) (144)
Net cash used in investing activities (36,218) (39,187)
Financing Activities    
Proceeds from stock option exercises 600 855
Tax benefit from share-based payments 625 642
Dividends to stockholders (11,510) (1,469)
Net cash (used in)/provided by financing activities (10,285) 28
Change in cash and cash equivalents (16,217) (17,382)
Cash and cash equivalents at beginning of period 123,077 92,676
Cash and cash equivalents at end of period $ 106,860 $ 75,294