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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
ASSETS    
Available-for-sale debt securities, at fair value (amortized cost: $828,336 and $831,127) $ 855,284 $ 820,438
Equity securities, at fair value (cost: $43,523 and $86,271) 43,717 63,277
Investment real estate, net 15,585 24,439
Total invested assets 914,586 908,154
Cash and cash equivalents 182,109 166,428
Restricted cash and cash equivalents [1] 2,635 2,635
Prepaid reinsurance premiums 175,208 142,750
Reinsurance recoverable 193,236 418,603
Premiums receivable, net 63,883 59,858
Property and equipment, net 41,351 34,991
Deferred policy acquisition costs 91,882 84,686
Income taxes recoverable 34,283 11,159
Deferred income tax asset, net 3,351 14,586
Other assets 17,328 14,540
Total assets 1,719,852 1,858,390
LIABILITIES:    
Unpaid losses and loss adjustment expenses 267,760 472,829
Unearned premiums 661,279 601,679
Advance premium 30,975 26,222
Accounts payable 2,099 3,059
Book overdraft 90,401 102,843
Reinsurance payable, net 122,581 93,306
Other liabilities and accrued expenses 40,930 45,422
Long-term debt 9,926 11,397
Total liabilities 1,225,951 1,356,757
Commitments and Contingencies (Note 15)
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 – 46,707 and 46,514 Outstanding shares – 32,638 and 34,783 467 465
Treasury shares, at cost - 14,069 and 11,731 (196,585) (130,399)
Additional paid-in capital 96,036 86,353
Accumulated other comprehensive income (loss), net of taxes 20,364 (8,010)
Retained earnings 573,619 553,224
Total stockholders’ equity 493,901 501,633
Total liabilities and stockholders’ equity $ 1,719,852 $ 1,858,390
[1] See “—Note 5 (Insurance Operations),” for a discussion of the nature of the restrictions for restricted cash and cash equivalents.