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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

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,
		2016				2015				2014
Current:
Federal		$	50,645			$	61,830			$	47,245
State and local			8,105				7,402				7,877
Total current expense (benefit)			58,750				69,232				55,122
Deferred:
Federal			4,106				(775	)			(152	)
State and local			617				82				(354	)
Total deferred expense (benefit)			4,723				(693	)			(506	)
Income tax expense		$	63,473			$	68,539			$	54,616

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,
		2016				2015				2014
Expected provision at federal statutory tax rate			35.0	%			35.0	%			35.0	%
Increases (decreases) resulting from:
Disallowed meals & entertainment			0.3	%			0.2	%			0.4	%
Disallowed compensation			0.4	%			1.1	%			4.2	%
State income tax, net of federal tax benefit			3.2	%			3.4	%			3.6	%
Effect of change in rate			—				0.1	%			—
Other, net			0.1	%			(0.6	%)			(0.4	%)
Total income tax expense (benefit)			39.0	%			39.2	%			42.8	%

Components of Deferred Taxes

Deferred income taxes represent the temporary differences between the GAAP and tax basis of the Company’s assets and liabilities and available tax loss and credit carryforwards. As of December 31, 2016 and 2015, the significant components of the Company’s deferred taxes consisted of the following (in thousands):

		As of December 31,
		2016				2015
Deferred income tax assets:
Unearned premiums		$	26,861			$	25,082
Advanced premiums			1,314				1,859
Unpaid losses and LAE			374				1,105
Regulatory assessments			—				31
Share-based compensation			3,256				5,535
Accrued wages			297				164
Allowance for uncollectible receivables			284				214
Additional tax basis of securities			51				51
Capital loss carryforwards			759				850
Other comprehensive income			3,982				2,521
Other			131				—
Total deferred income tax assets			37,309				37,412
Valuation allowance			(133	)			—
Deferred income tax assets, net of valuation allowance			37,176				37,412
Deferred income tax liabilities:
Deferred policy acquisition costs, net			(24,812	)			(22,969	)
Prepaid expenses			(504	)			(456	)
Fixed assets			(880	)			—
Other			(306	)			(75	)
Total deferred income tax liabilities			(26,502	)			(23,500	)
Net deferred income tax asset		$	10,674			$	13,912

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- References

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- 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=65882285&loc=d3e32639-109319

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- 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=65882285&loc=d3e32537-109319

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- 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=65882285&loc=d3e32687-109319

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