Unaudited Quarterly Financial Data

12 Months Ended

Dec. 31, 2015

Quarterly Financial Information Disclosure [Abstract]



2015:	Quarter									Full
(In thousands, except per share data)	First		Second		Third			Fourth		Year
Net premiums earned	$	217,288	$	213,508	$	239,234		$	226,192	$	896,222
Investment income, net of expenses	24,120		25,756		25,939			27,926		103,741
Realized gains	26,327		166		640			1,228		28,361
Other revenue	2,480		3,699		3,698			2,580		12,457
Loss incurred, net	81,785		90,238		76,458			95,066		343,547
Underwriting and other expenses, net	51,969		37,915		65,805			53,858		209,547
Provision (benefit) for income tax	3,385		1,322		(695,604		)	6,584		(684,313		)
Net income	133,076		113,654		822,852			102,418		1,172,000
Income per share (a) (b):
Basic	0.39		0.33		2.42			0.30		3.45
Diluted	0.32		0.28		1.78			0.24		2.60



2014:	Quarter									Full
(In thousands, except per share data)	First			Second		Third		Fourth		Year
Net premiums earned	$	214,261		$	207,486	$	209,035	$	213,589	$	844,371
Investment income, net of expenses	20,156			21,180		22,355		23,956		87,647
Realized (losses) gains	(231		)	522		632		434		1,357
Other revenue	896			2,048		3,093		2,385		8,422
Loss incurred, net	122,608			141,141		115,254		117,074		496,077
Underwriting and other expenses, net	51,766			43,455		47,595		48,181		190,997
Provision for income tax	726			1,118		249		681		2,774
Net income	59,982			45,522		72,017		74,428		251,949
Income per share (a) (b):
Basic	0.18			0.13		0.21		0.22		0.74
Diluted	0.15			0.12		0.18		0.19		0.64


(a)	Due to the use of weighted average shares outstanding when calculating earnings per share, the sum of the quarterly per share data may not equal the per share data for the year.

(b)

In periods where convertible debt instruments are dilutive to earnings per share the “if-converted” method of computing diluted EPS requires an interest expense adjustment, net of tax, to net income available to shareholders. The interest expense adjustment was not tax effected for all 2014 periods presented due to our valuation allowance on deferred tax assets. See Note 3 – “Summary of Significant Accounting Policies” for further discussion.