Unaudited Quarterly Financial Data

12 Months Ended

Dec. 31, 2011

Unaudited Quarterly Financial Data [Abstract]

Unaudited Quarterly Financial Data

20.    UNAUDITED QUARTERLY FINANCIAL DATA

The following are the unaudited consolidated statements of income by quarter for the years ended December 31, 2011 and 2010:

 

	Quarter Ended
	December 31,			September 30,			June 30,			March 31,
	2011			2011			2011			2011
REVENUES:
Gross premiums written	$	416,537		$	442,698		$	519,598		$	560,688
Premiums ceded		(109,705	)		(92,438	)		(123,795	)		(79,817	)
Net premiums written		306,832			350,260			395,803			480,871
Change in unearned premiums		88,637			21,080			(40,496	)		(145,995	)
Net premiums earned		395,469			371,340			355,307			334,876
Net investment income		45,489			47,883			52,368			50,208
Net realized investment gains (losses)		31,632			(130,809	)		58,878			50,376
Net impairment charges recognized in earnings:
Total other-than-temporary impairment charges		—			—			—			—
Portion of loss recognized in other comprehensive income,before taxes		—			—			—			—
Net impairment charges recognized in earnings		—			—			—			—
Other income - termination fee		66,744			35,000			—
		539,334			323,414			466,553			435,460
EXPENSES:
Net losses and loss expenses		213,345			205,546			235,813			304,452
Acquisition costs		46,562			39,680			42,971			38,082
General and administrative expenses		70,492			66,007			67,201			67,956
Amortization and impairment of intangible assets		678			767			766			767
Interest expense		13,754			13,748			13,745			13,742
Foreign exchange (gain) loss		(549	)		2,966			1,184			(442	)
		344,282			328,714			361,680			424,557
Income (loss) before income taxes		195,052			(5,300	)		104,873			10,903
Income tax expense		11,952			5,672			11,073			2,283
NET INCOME (LOSS)	$	183,100		$	(10,972	)	$	93,800		$	8,620
Basic earnings (loss) per share	$	4.80		$	(0.29	)	$	2.45		$	0.23
Diluted earnings (loss) per share	$	4.63		$	(0.29	)	$	2.36		$	0.21
Weighted average common shares outstanding		38,138,558			38,110,368			38,346,489			38,199,867
Weighted average common shares and common share equivalents outstanding		39,524,273			38,110,368			39,800,753			40,383,523

	Quarter Ended
	December 31, 2010			September 30, 2010			June 30, 2010			March 31, 2010
REVENUES:
Gross premiums written	$	381,942		$	378,445		$	493,847		$	504,163
Premiums ceded		(94,743	)		(76,276	)		(124,052	)		(70,871	)
Net premiums written		287,199			302,169			369,795			433,292
Change in unearned premiums		55,605			37,327			(30,871	)		(94,968	)
Net premiums earned		342,804			339,496			338,924			338,324
Net investment income		50,168			59,479			65,594			68,902
Net realized investment (losses) gains		(3,738	)		116,930			94,933			77,487
Net impairment charges recognized in earnings:
Total other-than-temporary impairment charges		—			—			—			(168	)
Portion of loss recognized in other comprehensive income, before taxes		—			—			—			—
Net impairment charges recognized in earnings		—			—			—			(168	)
Other Income		—			—			616			297
		389,234			515,905			500,067			484,842
EXPENSES:
Net losses and loss expenses		160,019			126,988			188,722			232,154
Acquisition costs		38,848			41,919			37,938			40,784
General and administrative expenses		85,134			69,871			68,089			63,463
Amortization and impairment of intangible assets		808			892			891			892
Interest expense		11,650			9,533			9,531			9,528
Foreign exchange loss (gain)		196			(1,387	)		559			1,076
		296,655			247,816			305,730			347,897
Income before income taxes		92,579			268,089			194,337			136,945
Income tax (benefit) expense		(207	)		13,569			10,378			3,205
NET INCOME	$	92,786		$	254,520		$	183,959		$	133,740
Basic earnings per share	$	2.30		$	5.59		$	3.66		$	2.67
Diluted earnings per share	$	2.13		$	5.21		$	3.47		$	2.52
Weighted average common shares outstanding		40,291,620			45,544,060			50,222,974			50,023,816
Weighted average common shares and common share equivalents outstanding		43,501,068			48,839,991			52,974,410			53,115,756