XML 56 R39.htm IDEA: XBRL DOCUMENT v3.3.1.900

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Components of Income Tax Provision

Significant components of the income tax provision are as follows for the periods presented (in thousands):

		For the years ended December 31,
		2015				2014				2013
Current:
Federal		$	61,830			$	47,245			$	28,508
State and local			7,402				7,877				5,708
Total current expense (benefit)			69,232				55,122				34,216
Deferred:
Federal			(775	)			(152	)			7,917
State and local			82				(354	)			(554	)
Total deferred expense (benefit)			(693	)			(506	)			7,363
Income tax expense		$	68,539			$	54,616			$	41,579

Reconciles Statutory Federal Income Tax Rate to Company's Effective Tax Rate

The following table reconciles the statutory federal income tax rate to the Company’s effective tax rate for the periods presented (in thousands):

		For the years ended December 31,
		2015				2014				2013
Expected provision at federal statutory tax rate			35.0	%			35.0	%			35.0	%
Increases (decreases) resulting from:
Disallowed meals & entertainment			0.2	%			0.4	%			0.4	%
Disallowed compensation			1.1	%			4.2	%			2.3	%
State income tax, net of federal tax benefit			3.4	%			3.6	%			3.6	%
Effect of change in rate			0.1	%			—				—
Other, net			(0.6	%)			(0.4	%)			—
Total income tax expense (benefit)			39.2	%			42.8	%			41.3	%

Deferred Income Tax Effects of Temporary Differences

Deferred income taxes represent the temporary differences between the U.S. GAAP and tax basis of the Company’s assets and liabilities.  The tax effects of temporary differences are as follows as of the dates presented (in thousands):

		As of December 31,
		2015				2014
Deferred income tax assets:
Unearned premiums		$	25,082			$	15,835
Advanced premiums			1,859				1,332
Unpaid losses and LAE			1,105				1,654
Regulatory assessments			31				111
Share-based compensation			5,535				520
Accrued wages			164				539
Allowance for uncollectible receivables			214				138
Additional tax basis of securities			51				53
Capital loss carryforwards			850				918
Other comprehensive income			2,521				1,152
Total deferred income tax assets			37,412				22,252
Deferred income tax liabilities:
Deferred policy acquisition costs, net			(22,969	)			(9,898	)
Prepaid expenses			(456	)			(504	)
Other			(75	)			—
Total deferred income tax liabilities			(23,500	)			(10,402	)
Net deferred income tax asset		$	13,912			$	11,850

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration