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Schedule II - Condensed Financial Information of Registrant (Tables) | 12 Months Ended
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Dec. 31, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Condensed Balance Sheets |
| December 31,
| 2016 |  | 2015
Assets |  |  |
Cash and cash equivalents | $ | 36,394 |  |  | $ | 38,903 |
Equity securities of subsidiary trusts | 7,422 |  |  | 7,415 |
Receivable from subsidiaries | 182 |  |  | 207 |
Deferred income taxes | 9,528 |  |  | 11,645 |
Federal income tax recoverable, including amount from subsidiaries | — |  |  | 7,747 |
Other assets | 2,540 |  |  | 2,270 |
| 56,066 |  |  | 68,187 |
Investment in and advances to subsidiaries | 2,992,217 |  |  | 2,526,972 |
Total assets | $ | 3,048,283 |  |  | $ | 2,595,159 |
Liabilities and Stockholders' Equity |  |  |
Liabilities: |  |  |
Notes and loan payable | $ | 493,755 |  |  | $ | 393,227 |
Subordinated debentures payable to subsidiary trusts | 241,853 |  |  | 241,452 |
Federal income tax payable | 3,614 |  |  | — |
Other liabilities | 17,466 |  |  | 15,945 |
Total liabilities | 756,688 |  |  | 650,624 |
Stockholders' equity: |  |  |
Common stock | 88,001 |  |  | 81,354 |
Additional paid-in capital | 770,344 |  |  | 630,367 |
Accumulated other comprehensive income | 339,966 |  |  | 201,663 |
Retained earnings | 1,093,284 |  |  | 1,031,151 |
Total stockholders' equity | 2,291,595 |  |  | 1,944,535 |
Total liabilities and stockholders' equity | $ | 3,048,283 |  |  | $ | 2,595,159 |
See accompanying note to condensed financial statements. See accompanying Report of Independent Registered Public Accounting Firm.
Condensed Statements of Operations |
| Year Ended December 31,
| 2016 |  | 2015 |  | 2014
Revenues: |  |  |  |  |
Net investment income | $ | 78 |  |  | $ | 62 |  |  | $ | 130 |
Dividends from subsidiary trusts | 384 |  |  | 363 |  |  | 360 |
Investment advisory fees | 75,706 |  |  | 65,957 |  |  | 58,044 |
Surplus note interest from subsidiary | 4,080 |  |  | 4,080 |  |  | 4,080 |
Change in fair value of derivatives | (810 | ) |  | (8,225 | ) |  | (17,122 | )
Loss on extinguishment of debt | — |  |  | — |  |  | (12,502 | )
Total revenues | 79,438 |  |  | 62,237 |  |  | 32,990 |
Expenses: |  |  |  |  |
Change in fair value of embedded derivatives | — |  |  | (4,516 | ) |  | (15,227 | )
Interest expense on notes and loan payable | 28,248 |  |  | 28,849 |  |  | 36,370 |
Interest expense on subordinated debentures issued to subsidiary trusts | 12,958 |  |  | 12,239 |  |  | 12,122 |
Other operating costs and expenses | 8,551 |  |  | 8,195 |  |  | 7,928 |
Total expenses | 49,757 |  |  | 44,767 |  |  | 41,193 |
Income (loss) before income taxes and equity in undistributed income of subsidiaries | 29,681 |  |  | 17,470 |  |  | (8,203 | )
Income tax expense | 12,073 |  |  | 7,338 |  |  | 664 |
Income (loss) before equity in undistributed income of subsidiaries | 17,608 |  |  | 10,132 |  |  | (8,867 | )
Equity in undistributed income of subsidiaries | 65,635 |  |  | 209,698 |  |  | 134,890 |
Net income | $ | 83,243 |  |  | $ | 219,830 |  |  | $ | 126,023 |
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,
| 2016 |  | 2015 |  | 2014
Operating activities |  |  |  |  |
Net income | $ | 83,243 |  |  | $ | 219,830 |  |  | $ | 126,023 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
Change in fair value of 2015 notes embedded conversion derivative | — |  |  | (4,516 | ) |  | (15,227 | )
Provision for depreciation and amortization | 1,946 |  |  | 1,613 |  |  | 2,081 |
Accrual of discount on equity security | (7 | ) |  | (6 | ) |  | (6 | )
Equity in undistributed income of subsidiaries | (65,635 | ) |  | (209,698 | ) |  | (134,890 | )
Accrual of discount on contingent convertible notes | — |  |  | 698 |  |  | 4,417 |
Change in fair value of derivatives | (698 | ) |  | 6,377 |  |  | 15,619 |
Loss on extinguishment of debt | — |  |  | — |  |  | 12,502 |
Accrual of discount on debenture issued to subsidiary trust | 221 |  |  | 207 |  |  | 193 |
Share-based compensation | 818 |  |  | 1,026 |  |  | 1,141 |
ESOP compensation | — |  |  | — |  |  | 82 |
Deferred income taxes | 2,117 |  |  | 8,967 |  |  | 6,439 |
Other | — |  |  | — |  |  | (2,235 | )
Changes in operating assets and liabilities: |  |  |  |  |
Receivable from subsidiaries | (125 | ) |  | 93 |  |  | 2,208 |
Federal income tax recoverable | 11,361 |  |  | 2,683 |  |  | 1,121 |
Other assets | (326 | ) |  | (4 | ) |  | 378 |
Other liabilities | 2,546 |  |  | (1,664 | ) |  | (7,256 | )
Net cash provided by operating activities | 35,461 |  |  | 25,606 |  |  | 12,590 |
Investing activities |  |  |  |  |
Capital contributions to subsidiaries | $ | (255,000 | ) |  | $ | (120,000 | ) |  | $ | — |
Purchases of property, plant and equipment | (54 | ) |  | — |  |  | — |
Net cash used in investing activities | (255,054 | ) |  | (120,000 | ) |  | — |
Financing activities |  |  |  |  |
Financing fees incurred and deferred | $ | (1,456 | ) |  | $ | — |  |  | $ | (100 | )
Repayments of notes payable | — |  |  | (48,152 | ) |  | (219,094 | )
Net proceeds from settlement of notes hedges and warrants | — |  |  | 25,775 |  |  | 16,558 |
Proceeds from issuance of debt | 100,000 |  |  | — |  |  | — |
Excess tax benefits realized from share-based compensation plans | — |  |  | — |  |  | 184 |
Proceeds from issuance of common stock | 139,654 |  |  | 112,481 |  |  | 13,681 |
Dividends paid | (21,114 | ) |  | (17,946 | ) |  | (15,221 | )
Net cash provided by (used in) financing activities | 217,084 |  |  | 72,158 |  |  | (203,992 | )
Decrease in cash and cash equivalents | (2,509 | ) |  | (22,236 | ) |  | (191,402 | )
Cash and cash equivalents at beginning of year | 38,903 |  |  | 61,139 |  |  | 252,541 |
Cash and cash equivalents at end of year | $ | 36,394 |  |  | $ | 38,903 |  |  | $ | 61,139 |
Supplemental disclosures of cash flow information |  |  |  |  |
Cash paid during the year for: |  |  |  |  |
Interest on notes and loan payable | $ | 27,164 |  |  | $ | 27,283 |  |  | $ | 31,206 |
Interest on subordinated debentures | 12,454 |  |  | 11,833 |  |  | 11,765 |
Non-cash financing activity: |  |  |  |  |
Common stock issued in extinguishment of debt | — |  |  | — |  |  | 95,993 |
Common stock issued to settle warrants that have expired | 93 |  |  | 48 |  |  | — |
See accompanying note to condensed financial statements. See accompanying Report of Independent Registered Public Accounting Firm.

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