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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash flows from operating activities:      
Net income [1] $ 106,484 $ 72,988 $ 58,977
Adjustments to reconcile net income to net cash provided by operating activities:      
Bad debt expense 611 431 428
Depreciation and amortization 2,033 1,194 1,012
Amortization of share-based compensation 17,386 12,342 6,417
Amortization of original issue discount on debt 521 840 601
Accretion of deferred credit (521) (840) (601)
Book overdraft increase (decrease) (5,924) (9,023) (11,047)
Net realized (gains) losses on investments (1,060) (5,627) 14,740
Net change in unrealized (gains) losses on investments     (7,850)
Amortization of premium/accretion of discount, net 1,831 2,116 1,582
Deferred income taxes (693) 1,118 7,363
Excess tax (benefits) shortfall from share-based compensation (5,310) (7,006) (359)
Other 42 19 10
Net change in assets and liabilities relating to operating activities:      
Restricted cash and cash equivalents   (35) 30,409
Purchase of trading securities     (26,009)
Proceeds from sales of trading securities     102,661
Prepaid reinsurance premiums 75,832 50,709 (1,293)
Reinsurance recoverable 32,334 52,660 (18,656)
Reinsurance receivable, net 7,115 (7,265) 24,131
Premiums receivable, net (385) (4,911) 3,256
Accrued investment income (298) (230) (720)
Other receivables (1,783) 12 131
Income taxes recoverable 255 2,477 (5,558)
Deferred policy acquisition costs, net (34,359) (9,761) 1,383
Other assets (750) (740) (459)
Unpaid losses and loss adjustment expenses (35,513) (24,869) (34,019)
Unearned premiums 46,618 12,260 (4,583)
Accounts payable (3,743) 680 (927)
Reinsurance payable, net 7,519 (20,166) 973
Income taxes payable 3,510 6,239 2,226
Other liabilities and accrued expenses 625 2,774 4,803
Advance premium 6,894 (5,040) 7,937
Net cash provided by (used in) operating activities 219,271 123,346 156,959
Cash flows from investing activities:      
Proceeds from sale of property and equipment 86 84 8
Purchases of property and equipment (11,869) (9,267) (1,350)
Payments to acquire a business (1,000)    
Purchases of equity securities, available for sale (65,038) (116,541) (77,859)
Purchases of fixed maturities, available for sale (178,198) (106,885) (305,330)
Purchases of short-term investments, available for sale (87,538) (50,000)  
Purchases of investment real estate, net (6,220)    
Proceeds from sales of equity securities, available for sale 41,456 163,981 15,542
Proceeds from sales of fixed maturities, available for sale 38,379 17,153  
Proceeds from sales of short-term investments, available for sale 12,500    
Maturities of fixed maturities, available for sale 74,390 24,287 16,306
Maturities of short-term investments, available for sale 100,000    
Net cash provided by (used in) investing activities (83,052) (77,188) (352,683)
Cash flows from financing activities:      
Preferred stock dividend (10) (13) (29)
Common stock dividend (22,287) (19,240) (17,725)
Issuance of common stock 511 73  
Purchase of treasury stock (18,649) (29,736) (32,366)
Purchase of preferred stock (256)    
Proceeds received from issuance of contingently redeemable common stock   19,000  
Payments related to tax withholding for share-based compensation (12,141) (17,655) (3,161)
Excess tax benefits (shortfall) from share-based compensation 5,310 7,006 359
Repayment of debt (8,470) (7,471) (1,471)
Proceeds from borrowings 1,390   20,000
Net cash provided by (used in) financing activities (54,602) (48,036) (34,393)
Net increase (decrease) in cash and cash equivalents 81,617 (1,878) (230,117)
Cash and cash equivalents at beginning of period 115,397 117,275 347,392
Cash and cash equivalents at end of period 197,014 115,397 117,275
Supplemental cash and non-cash flow disclosures:      
Interest paid 963 1,486 1,166
Income taxes paid $ 65,383 $ 44,769 36,634
Non-cash transfer of investments from trading to available for sale portfolio     $ 4,004
[1] See “—Note 8 (Stockholders’ Equity)” for an explanation of events subsequent to December 31, 2014 giving rise to pro-forma stockholders’ equity of $218.9 million as of December 31, 2014.