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Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenues        
Net earned premiums $ 181,902 $ 196,426 $ 379,797 $ 390,917
Net investment income 9,916 10,574 20,626 22,325
(Losses) Earnings from partnership investments (3,449) 735 (2,110) 1,570
Net realized (losses) gains on investments (721) 483 (1,352) 319
Change in net unrealized gains on equity investments 16,828 3,754 (13,160) 15,555
Net impairment losses on investments (a)   (54)   (274)
Credit loss expense 39   (2,471)  
Finance and other service income 3,255 4,084 7,484 8,169
Total revenue 207,770 216,002 388,814 438,581
Expenses        
Losses and loss adjustment expenses 90,974 122,393 211,720 248,420
Underwriting, operating and related expenses 63,514 60,908 126,596 121,342
Interest expense 130 23 177 45
Total expenses 154,618 183,324 338,493 369,807
Income before income taxes 53,152 32,678 50,321 68,774
Income tax expense 10,658 6,744 9,817 12,894
Net income $ 42,494 $ 25,934 $ 40,504 $ 55,880
Earnings per Weighted Average Common Share        
Basic (in dollars per share) $ 2.80 $ 1.70 $ 2.66 $ 3.66
Diluted (in dollars per share) 2.78 1.68 2.64 3.63
Cash dividends paid per common share (in dollars per share) $ 0.90 $ 0.80 $ 1.80 $ 1.60
Number of shares used in computing earnings per share:        
Basic (in shares) 15,120,039 15,220,822 15,175,409 15,181,034
Diluted (in shares) 15,237,295 15,346,234 15,292,186 15,326,121