XML 49 R4.htm IDEA: XBRL DOCUMENT v3.3.0.814
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Premiums written:        
Direct $ 273,803 $ 255,041 $ 800,619 $ 740,479
Assumed 285 400 931 1,281
Ceded 43,897 (32,536) (22,334) (87,450)
Net premiums written 317,985 222,905 779,216 654,310
Increase in unearned premiums, net (78,751) (13,870) (109,186) (23,528)
Net premiums earned 239,234 209,035 670,030 630,782
Investment income, net of expenses 25,939 22,355 75,815 63,691
Net realized investment gains (losses):        
Total other-than-temporary impairment losses 0 0 0 0
Portion of losses recognized in comprehensive income, before taxes 0 0 0 0
Net impairment losses recognized in earnings 0 0 0 0
Other realized investment gains 640 632 27,133 923
Net realized investment gains 640 632 27,133 923
Other revenue 3,698 3,093 9,877 6,037
Total revenues 269,511 235,115 782,855 701,433
Losses and expenses:        
Losses incurred, net 76,458 115,254 248,481 379,003
Change in premium deficiency reserve 0 (6,744) (23,751) (19,750)
Amortization of deferred policy acquisition costs 2,368 2,096 6,191 5,191
Other underwriting and operating expenses, net 46,075 34,882 121,152 105,101
Interest expense 17,362 17,361 52,097 52,274
Total losses and expenses 142,263 162,849 404,170 521,819
Income before tax 127,248 72,266 378,685 179,614
(Benefit from) provision for income taxes (695,604) 249 (690,897) 2,093
Net income $ 822,852 $ 72,017 $ 1,069,582 $ 177,521
Income per share        
Basic (in dollars per share) $ 2.42 $ 0.21 $ 3.15 $ 0.52
Diluted (in dollars per share) $ 1.78 $ 0.18 $ 2.35 $ 0.45
Weighted average shares outstanding - basic and diluted        
Weighted average common shares outstanding - basic (in shares) 339,701 338,626 339,504 338,488
Weighted average common shares outstanding - diluted (in shares) 468,149 413,576 468,097 413,473