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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

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,
		2018				2017				2016
Current:
Federal		$	31,981			$	53,962			$	50,645
State and local		7,581				8,278				8,105
Total current expense		39,562				62,240				58,750
Deferred:
Federal		(3,487		)		851				4,106
State and local		(253		)		458				617
Total deferred expense (benefit)		(3,740		)		1,309				4,723
Income tax expense		$	35,822			$	63,549			$	63,473

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,
		2018			2017			2016
Expected provision at federal statutory tax rate		21.0	%		35.0	%		35.0	%
Increases (decreases) resulting from:
State income tax, net of federal tax benefit		3.8	%		3.2	%		3.2	%
Effect of change in tax rate		—	%		2.8	%		—	%
Disallowed meals & entertainment		0.3	%		0.4	%		0.3	%
Disallowed compensation		1.3	%		0.4	%		0.4	%
Excess tax benefit		(3.5	)%		(3.4	)%		—
Other, net		0.5	%		(1.1	)%		0.1	%
Total income tax expense (benefit)		23.4	%		37.3	%		39.0	%

Components of Deferred Income Taxes

The Company accounts for income taxes using a balance sheet approach. As of December 31, 2018 and 2017, the significant components of the Company’s deferred income taxes consisted of the following (in thousands):

		As of December 31,
		2018				2017
Deferred income tax assets:
Unearned premiums		$	22,700			$	19,916
Advanced premiums		1,269				1,275
Unpaid losses and LAE		820				385
Share-based compensation		3,237				3,894
Accrued wages		332				288
Allowance for uncollectible receivables		203				224
Additional tax basis of securities		33				33
Capital loss carryforwards		1,298				822
Unrealized gain/loss		4,246				—
Other comprehensive income		4,086				2,544
Other		9				84
Total deferred income tax assets		38,233				29,465
Valuation allowance		(781		)		(523		)
Deferred income tax assets, net of valuation allowance		37,452				28,942
Deferred income tax liabilities:
Deferred policy acquisition costs, net		(20,944		)		(18,205		)
Prepaid expenses		(677		)		(435		)
Fixed assets		(992		)		(881		)
Unpaid loss and LAE transition adjustment		(78		)		—
Other		(175		)		(135		)
Total deferred income tax liabilities		(22,866		)		(19,656		)
Net deferred income tax asset		$	14,586			$	9,286

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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://fasb.org/us-gaap/role/ref/legacyRef
-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://fasb.org/us-gaap/role/ref/legacyRef
-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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