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CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)
$ in Thousands
Jun. 30, 2019
Dec. 31, 2018
ASSETS    
Available-for-sale debt securities, at fair value (amortized cost: $863,021 and $831,127) $ 884,093 $ 820,438
Equity securities, at fair value (amortized cost: $43,571 and $86,271) 42,368 63,277
Investment real estate, net 15,792 24,439
Total invested assets 942,253 908,154
Cash and cash equivalents 181,614 166,428
Restricted cash and cash equivalents [1] 2,635 2,635
Prepaid reinsurance premiums 381,982 142,750
Reinsurance recoverable 331,567 418,603
Premium receivable, net 66,756 59,858
Property and equipment, net 40,498 34,991
Deferred policy acquisition costs 90,530 84,686
Income taxes recoverable 8,897 11,159
Deferred income tax asset, net 0 14,586
Other assets 17,391 14,540
Total assets 2,064,123 1,858,390
LIABILITIES:    
Unpaid losses and loss adjustment expenses 288,296 472,829
Unearned premiums 650,388 601,679
Advance premium 39,471 26,222
Accounts payable 3,024 3,059
Book overdraft 25,649 102,843
Reinsurance payable, net 424,187 93,306
Dividends payable 5,517 0
Deferred income tax liability, net 5,079 0
Other liabilities and accrued expenses 45,784 45,422
Long-term debt 10,662 11,397
Total liabilities 1,498,057 1,356,757
Commitments and Contingencies (Note 12)
STOCKHOLDERS’ EQUITY:    
Cumulative convertible preferred stock, $.01 par value Authorized shares - 1,000 Issued shares - 10 and 10 Outstanding shares - 10 and 10 Minimum liquidation preference, $9.99 and $9.99 per share 0 0
Common stock, $.01 par value Authorized shares - 55,000 Issued shares - 46,698 and 46,514 Outstanding shares - 34,160 and 34,783 467 465
Treasury shares, at cost - 12,538 and 11,731 (154,623) (130,399)
Additional paid-in capital 90,226 86,353
Accumulated other comprehensive income (loss), net of taxes 15,929 (8,010)
Retained earnings 614,067 553,224
Total stockholders’ equity 566,066 501,633
Total liabilities and stockholders’ equity $ 2,064,123 $ 1,858,390
[1]
See “—Note 5 (Insurance Operations),” for a discussion of the nature of the restrictions for restricted cash and cash equivalents.