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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
ASSETS    
Available-for-sale debt securities, at fair value, net of allowance for credit loss of $489 and $186 (amortized cost: $1,061,192 and $815,647) $ 1,040,455 $ 819,861
Equity securities, at fair value (cost: $51,151 and $84,667) 47,334 84,887
Investment real estate, net 5,891 15,176
Total invested assets 1,093,680 919,924
Cash and cash equivalents 250,508 167,156
Restricted cash and cash equivalents [1] 2,635 12,715
Prepaid reinsurance premiums 240,993 215,723
Reinsurance recoverable 185,589 160,417
Premiums receivable, net 64,923 66,883
Property and equipment, net 53,682 53,572
Deferred policy acquisition costs 108,822 110,614
Income taxes recoverable 16,947 30,576
Deferred income tax asset, net 16,331 6,284
Other assets 22,031 14,877
Total assets 2,056,141 1,758,741
LIABILITIES:    
Unpaid losses and loss adjustment expenses 346,216 322,465
Unearned premiums 857,769 783,135
Advance premium 53,694 49,562
Book overdraft 26,759 59,399
Reinsurance payable, net 188,662 10,312
Commission payable 22,315 23,809
Other liabilities and accrued expenses 27,348 52,341
Long-term debt, net 103,676 8,456
Total liabilities 1,626,439 1,309,479
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 – 47,018and 46,817 Outstanding shares – 31,221 and 31,137 470 468
Treasury shares, at cost - 15,797 and 15,680 (227,115) (225,506)
Additional paid-in capital 108,202 103,445
Accumulated other comprehensive income (loss), net of taxes (15,568) 3,343
Retained earnings 563,713 567,512
Total stockholders’ equity 429,702 449,262
Total liabilities and stockholders’ equity $ 2,056,141 $ 1,758,741
[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.