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Quarterly Operating Results (Notes)
 12 Months Ended
Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Information [Text Block]
Quarterly Operating Results (Unaudited)
Quarterly operating results for 2015 and 2014 were as follows:
(in thousands, except per share data)
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
 
2015
 
 

 
 

 
 

 
 

 
Total revenues
 
$
404,298

 
$
419,447

 
$
432,167

 
$
404,597

 
Total expenses
 
$
310,520

 
$
318,533

 
$
319,337

 
$
309,560

 
Income before income taxes
 
$
93,778

 
$
100,914

 
$
112,830

 
$
95,037

 
Net income
 
$
56,951

 
$
61,005

 
$
67,427

 
$
57,935

 
Net income per share:
 
 
 
 
 
 
 
 
 
Basic
 
$
0.40

 
$
0.43

 
$
0.48

 
$
0.41

 
Diluted
 
$
0.39

 
$
0.43

 
$
0.47

 
$
0.41

 
2014
 
 
 
 
 
 
 
 
 
Total revenues
 
$
363,594

 
$
397,764

 
$
421,418

 
$
393,020

 
Total expenses
 
$
276,757

 
$
295,983

 
$
308,733

 
$
354,574

(1) 
Income before income taxes
 
$
86,837

 
$
101,781

 
$
112,685

 
$
38,446

(1) 
Net income
 
$
52,415

 
$
61,755

 
$
68,331

 
$
24,395

(1) 
Net income per share:
 
 
 
 
 
 
 
 
 
Basic
 
$
0.36

 
$
0.43

 
$
0.47

 
$
0.17

 
Diluted
 
$
0.36

 
$
0.42

 
$
0.47

 
$
0.17

 
(1)
The Company recognized a pre-tax loss on disposal of $47.4 million as a result of the sale of Axiom effective December 31, 2014. The sale was part of the Company’s strategy to exit the reinsurance brokerage business.
Quarterly financial results are affected by seasonal variations. The timing of the Company’s receipt of profit-sharing contingent commissions, policy renewals and acquisitions may cause revenues, expenses and net income to vary significantly between quarters.