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CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Revenues        
Net premiums earned $ 981,431 $ 946,990 $ 1,920,133 $ 1,849,331
Net investment income 106,063 91,730 204,728 140,896
Other insurance related income (losses) 2,560 (892) (1,222) (1,094)
Bargain purchase gain 15,044 0 15,044 0
Net realized investment gains (losses):        
Other-than-temporary impairment (OTTI) losses (1,528) (6,369) (8,082) (16,099)
Other realized investment gains (losses) (2,864) 27,379 (21,361) (29,401)
Total net realized investment gains (losses) (4,392) 21,010 (29,443) (45,500)
Total revenues 1,100,706 1,058,838 2,109,240 1,943,633
Expenses        
Net losses and loss expenses 605,332 632,294 1,212,273 1,131,256
Acquisition costs 204,361 189,125 394,153 369,761
General and administrative expenses 147,816 146,746 309,075 296,648
Foreign exchange losses (gains) 36,118 (56,602) 57,583 (55,986)
Interest expense and financing costs 12,751 12,914 25,543 25,747
Total expenses 1,006,378 924,477 1,998,627 1,767,426
Income before income taxes and interest in income (loss) of equity method investments 94,328 134,361 110,613 176,207
Income tax (expense) benefit 3,333 (4,901) 12,670 1,639
Interest in loss of equity method investments (1,975) 0 (7,741) 0
Net income 95,686 129,460 115,542 177,846
Preferred share dividends 10,656 9,969 25,497 19,938
Net income available to common shareholders $ 85,030 $ 119,491 $ 90,045 $ 157,908
Net income per common share:        
Basic net income (in usd per share) $ 1.01 $ 1.30 $ 1.06 $ 1.70
Diluted net income (in usd per share) $ 1.01 $ 1.29 $ 1.05 $ 1.69
Weighted average number of common shares outstanding - basic (in shares) 84,141 91,926 85,076 92,980
Weighted average number of common shares outstanding - diluted (in shares) 84,511 92,558 85,647 93,705
Cash dividends declared per common share (in usd per share) $ 0.38 $ 0.35 $ 0.76 $ 0.70