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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

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,
		2017				2016				2015
Current:
Federal		$	53,962			$	50,645			$	61,830
State and local			8,278				8,105				7,402
Total current expense (benefit)			62,240				58,750				69,232
Deferred:
Federal			851				4,106				(775	)
State and local			458				617				82
Total deferred expense (benefit)			1,309				4,723				(693	)
Income tax expense		$	63,549			$	63,473			$	68,539

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 income tax rate for the periods presented:

		For the Years Ended December 31,
		2017				2016				2015
Expected provision at federal statutory tax rate			35.0	%			35.0	%			35.0	%
Increases (decreases) resulting from:
State income tax, net of federal tax benefit			3.2	%			3.2	%			3.4	%
Effect of change in tax rate			2.8	%			—				0.1	%
Disallowed meals & entertainment			0.4	%			0.3	%			0.2	%
Disallowed compensation			0.4	%			0.4	%			1.1	%
Excess tax benefit			(3.4	%)			—				—
Other, net			(1.1	%)			0.1	%			(0.6	%)
Total income tax expense (benefit)			37.3	%			39.0	%			39.2	%

Components of Deferred Income Taxes

The Company accounts for income taxes using a balance sheet approach. As of December 31, 2017 and 2016, the significant components of the Company’s deferred income taxes consisted of the following (in thousands):

		As of December 31,
		2017				2016
Deferred income tax assets:
Unearned premiums		$	19,916			$	26,861
Advanced premiums			1,275				1,314
Unpaid losses and LAE			385				374
Share-based compensation			3,894				3,256
Accrued wages			288				297
Allowance for uncollectible receivables			224				284
Additional tax basis of securities			33				51
Capital loss carryforwards			822				759
Other comprehensive income			2,544				3,982
Other			84				131
Total deferred income tax assets			29,465				37,309
Valuation allowance			(523	)			(133	)
Deferred income tax assets, net of valuation allowance			28,942				37,176
Deferred income tax liabilities:
Deferred policy acquisition costs, net			(18,205	)			(24,812	)
Prepaid expenses			(435	)			(504	)
Fixed assets			(881	)			(880	)
Other			(135	)			(306	)
Total deferred income tax liabilities			(19,656	)			(26,502	)
Net deferred income tax asset		$	9,286			$	10,674

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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=84230637&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=84230637&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=84230637&loc=d3e32687-109319

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