• Filing Date: 2017-02-22
  • Form Type: 10-K
  • Description: Annual report
v3.6.0.2
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities:      
Net income $ 29,021,000 $ 65,861,000 $ 62,664,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Stock-based compensation 4,198,000 5,212,000 8,110,000
Net amortization of discounts and premiums on investments in fixed-maturity securities 726,000 855,000 782,000
Depreciation and amortization 5,408,000 5,251,000 4,958,000
Deferred income tax expense (benefit) 155,000 (1,101,000) (4,742,000)
Net realized investment (gains) losses (2,601,000) 608,000 (4,735,000)
Other-than-temporary impairment losses 2,482,000 4,681,000 107,000
Income from real estate investment under acquisition, development and construction arrangement   (344,000) (85,000)
Gain on repurchases of convertible senior notes (153,000)    
Gain on bargain purchase (2,071,000)    
Gain on remeasurement of previously held investment (4,005,000)    
Impairment loss 388,000    
Loss from unconsolidated joint venture   125,000 23,000
Net (income) loss from limited partnership interests (1,207,000) 3,244,000 90,000
Distributions received from limited partnership interests 544,000 12,000 0
Foreign currency remeasurement loss 29,000 66,000 29,000
Other 18,000 26,000 (1,000)
Changes in operating assets and liabilities:      
Accrued interest and dividends receivable (300,000) (331,000) 74,000
Income taxes (1,192,000) 766,000 (3,167,000)
Premiums receivable 2,355,000 (3,807,000) (1,150,000)
Prepaid reinsurance premiums 16,193,000 (6,651,000) (6,030,000)
Deferred policy acquisition costs 1,963,000 (3,588,000) (943,000)
Other assets 29,054,000 (7,230,000) (20,086,000)
Losses and loss adjustment expenses 18,802,000 2,782,000 5,222,000
Unearned premiums (11,487,000) (26,781,000) 42,164,000
Advance premiums (332,000) 603,000 (124,000)
Assumed reinsurance balances payable 2,210,000 866,000 (4,442,000)
Accrued expenses and other liabilities (2,223,000) 4,157,000 10,011,000
Net cash provided by operating activities 87,975,000 45,282,000 88,729,000
Cash flows from investing activities:      
Investment in real estate under acquisition, development, and construction arrangement   (6,968,000) (2,803,000)
Acquisition of real estate business, net of cash acquired (11,651,000)    
Investments in limited partnership interests (4,670,000) (24,636,000) (2,640,000)
Investment in unconsolidated joint venture (90,000) (435,000) (4,500,000)
Purchase of property and equipment (865,000) (840,000) (453,000)
Purchase of real estate investments (2,261,000) (4,871,000) (413,000)
Purchase of fixed-maturity securities (85,530,000) (98,501,000) (83,365,000)
Purchase of equity securities (22,434,000) (32,878,000) (44,257,000)
Proceeds from investment in real estate under acquisition, development and construction arrangement 10,200,000    
Proceeds from sales of fixed-maturity securities 40,454,000 53,711,000 98,365,000
Proceeds from calls, repayments and maturities of fixed-maturity securities 4,692,000 9,344,000 4,603,000
Proceeds from sales of equity securities 23,127,000 25,695,000 16,810,000
Proceeds from sales of real estate investments   5,000 1,000
Net cash used in investing activities (49,028,000) (80,374,000) (18,652,000)
Cash flows from financing activities:      
Net borrowing under revolving credit facility 1,238,000    
Proceeds from the exercise of common stock options 150,000 263,000 125,000
Cash dividends paid (12,438,000) (12,428,000) (12,355,000)
Cash dividends received under share repurchase forward contract 747,000 747,000 685,000
Proceeds from the issuance of long-term debt 18,200,000    
Repurchases of convertible senior notes (11,347,000)    
Repayment of debt (455,000)    
Repurchases of common stock (464,000) (792,000) (643,000)
Repurchases of common stock under share repurchase plan (20,026,000) (1,610,000) (38,354,000)
Redemption of Series A preferred stock     (34,000)
Purchase of non-controlling interest (2,064,000)    
Debt issuance costs (339,000)   (234,000)
Tax benefits on stock-based compensation 641,000 2,295,000 2,080,000
Net cash used in financing activities (26,157,000) (11,525,000) (48,730,000)
Effect of exchange rate changes on cash 3,000 (61,000) (29,000)
Net increase (decrease) in cash and cash equivalents 12,793,000 (46,678,000) 21,318,000
Cash and cash equivalents at beginning of year 267,738,000 314,416,000 293,098,000
Cash and cash equivalents at end of year 280,531,000 267,738,000 314,416,000
Supplemental disclosure of cash flow information:      
Cash paid for income taxes 18,857,000 38,371,000 43,902,000
Cash paid for interest 7,222,000 7,211,000 6,258,000
Non-cash investing and financing activities:      
Unrealized gain (loss) on investments in available-for-sale securities, net of tax 4,434,000 (2,457,000) (448,000)
Details of business acquisition:      
Fair value of assets acquired 32,569,000    
Less:Purchase price (14,514,000)    
Carrying value of previously held interest (2,859,000)    
Gain on remeasurement of previously held interest (4,005,000)    
Gain on bargain purchase (2,071,000)    
Liabilities assumed 9,120,000    
Receivable from sales of available-for-sale securities 350,000   34,000
Payable on purchases of available-for-sale securities $ 50,000 $ 1,000 1,908,000
Series A Preferred Stock [Member]      
Non-cash investing and financing activities:      
Conversion of Series A preferred stock to common stock     $ 972,000