XML 57 R4.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified
 3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
PREMIUMS EARNED AND OTHER REVENUES        
Direct premiums written $ 195,435 $ 186,079 $ 607,361 $ 610,164
Ceded premiums written (103,492) (124,961) (301,624) (400,175)
Net premiums written 91,943 61,118 305,737 209,989
Change in net unearned premium 2,345 7,809 (74,280) (8,787)
Premiums earned, net 94,288 68,927 231,457 201,202
Net investment income (expense) 644 382 1,574 530
Net realized gains (losses) on investments 501 56 5,353 (15,982)
Net change in unrealized gains (losses) on investments   15   7,912
Commission revenue 3,123 4,180 10,882 14,437
Policy fees 3,416 3,231 10,827 10,737
Other revenue 1,528 1,577 4,701 4,743
Total premiums earned and other revenues 103,500 78,368 264,794 223,579
OPERATING COSTS AND EXPENSES        
Losses and loss adjustment expenses 34,181 28,335 88,685 80,018
General and administrative expenses 32,167 24,920 85,431 68,998
Total operating costs and expenses 66,348 53,255 174,116 149,016
INCOME BEFORE INCOME TAXES 37,152 25,113 90,678 74,563
Income taxes, current 15,376 9,142 37,833 25,440
Income taxes, deferred 435 1,564 829 5,728
Income taxes, net 15,811 10,706 38,662 31,168
NET INCOME $ 21,341 $ 14,407 $ 52,016 $ 43,395
Basic earnings per common share $ 0.64 $ 0.43 $ 1.55 $ 1.18
Weighted average common shares outstanding - Basic 33,432 33,658 33,607 36,628
Fully diluted earnings per common share $ 0.61 $ 0.40 $ 1.48 $ 1.13
Weighted average common shares outstanding - Diluted 34,812 35,611 35,097 38,352
Cash dividend declared per common share $ 0.10 $ 0.10 $ 0.30 $ 0.26