XML 19 R5.htm IDEA: XBRL DOCUMENT v3.5.0.2
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
PREMIUMS EARNED AND OTHER REVENUES        
Direct premiums written $ 271,921 $ 249,971 $ 499,894 $ 461,576
Ceded premiums written (72,874) (7,933) (146,933) (114,430)
Net premiums written 199,047 242,038 352,961 347,146
Change in net unearned premium (42,586) (129,150) (44,052) (139,898)
Premiums earned, net 156,461 112,888 308,909 207,248
Net investment income (expense) 2,142 1,207 3,747 2,069
Net realized gains (losses) on investments 576 110 1,243 281
Commission revenue 4,210 3,474 8,323 6,642
Policy fees 4,753 4,352 8,867 8,184
Other revenue 1,660 1,560 3,159 2,977
Total premiums earned and other revenues 169,802 123,591 334,248 227,401
OPERATING COSTS AND EXPENSES        
Losses and loss adjustment expenses 60,083 39,704 126,200 73,294
General and administrative expenses 54,825 42,667 112,055 74,864
Total operating costs and expenses 114,908 82,371 238,255 148,158
INCOME BEFORE INCOME TAXES 54,894 41,220 95,993 79,243
Income tax expense 21,247 16,516 37,120 32,209
NET INCOME $ 33,647 $ 24,704 $ 58,873 $ 47,034
Basic earnings per common share $ 0.96 $ 0.71 $ 1.69 $ 1.35
Weighted average common shares outstanding - Basic 35,062 35,019 34,795 34,800
Fully diluted earnings per common share $ 0.94 $ 0.69 $ 1.65 $ 1.31
Weighted average common shares outstanding - Diluted 35,649 36,002 35,575 35,987
Cash dividend declared per common share $ 0.14 $ 0.12 $ 0.28 $ 0.24