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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
ASSETS    
Available-for-sale debt securities, at fair value, net of allowance for credit loss of $186 (amortized cost: $815,647 and $828,336) $ 819,861 $ 855,284
Equity securities, at fair value (cost: $84,667 and $43,523) 84,887 43,717
Investment real estate, net 15,176 15,585
Total invested assets 919,924 914,586
Cash and cash equivalents 167,156 182,109
Restricted cash and cash equivalents [1] 12,715 2,635
Prepaid reinsurance premiums 215,723 175,208
Reinsurance recoverable 160,417 193,236
Premiums receivable, net 66,883 63,883
Property and equipment, net 53,572 41,351
Deferred policy acquisition costs 110,614 91,882
Income taxes recoverable 30,576 34,283
Deferred income tax asset, net 6,284 3,351
Other assets 14,877 17,328
Total assets 1,758,741 1,719,852
LIABILITIES:    
Unpaid losses and loss adjustment expenses 322,465 267,760
Unearned premiums 783,135 661,279
Advance premium 49,562 30,975
Book overdraft 59,399 90,401
Reinsurance payable, net 10,312 122,581
Commission payable 23,809 21,431
Other liabilities and accrued expenses 52,341 21,598
Long-term debt 8,456 9,926
Total liabilities 1,309,479 1,225,951
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 – 46,817 and 46,707 Outstanding shares – 31,137 and 32,638 468 467
Treasury shares, at cost - 15,680 and 14,069 (225,506) (196,585)
Additional paid-in capital 103,445 96,036
Accumulated other comprehensive income (loss), net of taxes 3,343 20,364
Retained earnings 567,512 573,619
Total stockholders’ equity 449,262 493,901
Total liabilities and stockholders’ equity $ 1,758,741 $ 1,719,852
[1] See “—Note 5 (Insurance Operations),” for a discussion of the nature of the restrictions for restricted cash and cash equivalents and “—Note 18 (Variable Interest Entities),” for a discussion of restricted cash held in a trust account.