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Schedule II - Condensed Financial Information of Registrant (Tables)
 12 Months Ended
Dec. 31, 2014
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Balance Sheets
 
December 31,
 
2014
 
2013
Assets
 
 
 
Cash and cash equivalents
$
61,139

 
$
252,541

Equity securities of subsidiary trusts
7,409

 
7,403

Receivable from subsidiaries
221

 
1,158

Deferred income taxes
20,612

 
15,734

Federal income tax recoverable, including amount from subsidiaries
10,430

 
11,551

Other assets, including 2015 notes hedges
47,308

 
131,424

 
147,119

 
419,811

Investment in and advances to subsidiaries
2,708,085

 
1,889,648

Total assets
$
2,855,204

 
$
2,309,459

 
 
 
 
Liabilities and Stockholders' Equity
 
 
 
Liabilities:
 
 
 
Notes payable
$
421,679

 
$
549,958

Subordinated debentures payable to subsidiary trusts
246,243

 
246,050

Other liabilities, including 2015 notes embedded derivative
47,406

 
128,764

Total liabilities
715,328

 
924,772

Stockholders' equity:
 
 
 
Common stock
76,062

 
70,535

Additional paid-in capital
513,218

 
550,400

Unallocated common stock held by ESOP
—

 
(631
)
Accumulated other comprehensive income
721,401

 
46,196

Retained earnings
829,195

 
718,187

Total stockholders' equity
2,139,876

 
1,384,687

Total liabilities and stockholders' equity
$
2,855,204

 
$
2,309,459


See accompanying note to condensed financial statements.
See accompanying Report of Independent Registered Public Accounting Firm.
Condensed Statements of Operations
 
Year Ended December 31,
 
2014
 
2013
 
2012
Revenues:
 
 
 
 
 
Net investment income
$
130

 
$
130

 
$
565

Dividends from subsidiary trusts
360

 
361

 
403

Investment advisory fees
58,044

 
44,469

 
36,178

Surplus note interest from subsidiary
4,080

 
4,080

 
4,080

Change in fair value of derivatives
(17,122
)
 
144,012

 
(7,472
)
Loss on extinguishment of debt
(12,502
)
 
(32,515
)
 
—

Total revenues
32,990

 
160,537

 
33,754

Expenses:
 
 
 
 
 
Change in fair value of embedded derivatives
(15,227
)
 
141,974

 
(2,488
)
Interest expense on notes payable
36,370

 
38,870

 
28,479

Interest expense on subordinated debentures issued to subsidiary trusts
12,122

 
12,088

 
13,458

Other operating costs and expenses
7,928

 
8,163

 
8,228

Total expenses
41,193

 
201,095

 
47,677

Loss before income taxes and equity in undistributed income of subsidiaries
(8,203
)
 
(40,558
)
 
(13,923
)
Income tax expense (benefit)
664

 
(13,880
)
 
(5,944
)
Loss before equity in undistributed income of subsidiaries
(8,867
)
 
(26,678
)
 
(7,979
)
Equity in undistributed income of subsidiaries
134,890

 
279,961

 
65,777

Net income
$
126,023

 
$
253,283

 
$
57,798


See accompanying note to condensed financial statements.
See accompanying Report of Independent Registered Public Accounting Firm.
Condensed Statements of Cash Flows
 
Year Ended December 31,
 
2014
 
2013
 
2012
Operating activities
 
 
 
 
 
Net income
$
126,023

 
$
253,283

 
$
57,798

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
 
Change in fair value of 2015 notes embedded conversion derivative
(15,227
)
 
141,974

 
(2,488
)
Provision for depreciation and amortization
2,081

 
2,831

 
2,382

Accrual of discount on equity security
(6
)
 
(5
)
 
(5
)
Equity in undistributed income of subsidiaries
(134,890
)
 
(279,961
)
 
(65,777
)
Accrual of discount on contingent convertible notes
4,417

 
12,417

 
12,261

Change in fair value of derivatives
15,619

 
(144,012
)
 
7,472

Loss on extinguishment of debt
12,502

 
32,515

 
—

Accrual of discount on debenture issued to subsidiary trust
193

 
181

 
169

Share-based compensation
1,141

 
1,407

 
1,348

ESOP compensation
82

 
110

 
45

Deferred income taxes (benefits)
6,439

 
(5,202
)
 
(2,838
)
Other
(2,235
)
 
(3,608
)
 
—

Changes in operating assets and liabilities:
 
 
 
 
 
Receivable from subsidiaries
2,208

 
995

 
1,205

Federal income tax recoverable
1,121

 
62

 
(2,745
)
Other assets
378

 
(1,945
)
 
(549
)
Other liabilities
(7,256
)
 
20,131

 
(4,528
)
Net cash provided by operating activities
12,590

 
31,173

 
3,750

 
 
 
 
 
 
Investing activities
 
 
 
 
 
Net cash used in investing activities
—

 
—

 
—

 
Year Ended December 31,
 
2014
 
2013
 
2012
Financing activities
 
 
 
 
 
Financing fees incurred and deferred
$
(100
)
 
$
(11,942
)
 
$
—

Proceeds from notes payable
—

 
415,000

 
—

Repayments of notes payable
(219,094
)
 
(234,154
)
 
—

Net proceeds from settlement of notes hedge and warrants
16,558

 
22,170

 
—

Repayment of subordinated debentures
—

 
—

 
(1,141
)
Excess tax benefits realized from share-based compensation plans
184

 
159

 
6

Proceeds from issuance of common stock
13,681

 
31,764

 
5,370

Dividends paid
(15,221
)
 
(12,849
)
 
(9,374
)
Net cash provided by (used in) financing activities
(203,992
)
 
210,148

 
(5,139
)
Increase (decrease) in cash and cash equivalents
(191,402
)
 
241,321

 
(1,389
)
Cash and cash equivalents at beginning of year
252,541

 
11,220

 
12,609

Cash and cash equivalents at end of year
$
61,139

 
$
252,541

 
$
11,220

 
 
 
 
 
 
Supplemental disclosures of cash flow information
 
 
 
 
 
Cash paid during the year for:
 
 
 
 
 
Interest on notes payable
$
31,206

 
$
13,758

 
$
14,564

Interest on subordinated debentures
11,765

 
11,850

 
13,102

Non-cash financing activity:
 
 
 
 
 
Conversion of subordinated debentures
—

 
—

 
20,770

Common stock issued in extinguishment of debt
95,993

 
117,463

 
—


See accompanying note to condensed financial statements.
See accompanying Report of Independent Registered Public Accounting Firm.