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CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Premiums written:        
Direct $ 282,113 $ 261,404 $ 547,404 $ 526,816
Assumed 182 308 390 646
Ceded (32,280) (34,937) (66,498) (66,231)
Net premiums written 250,015 226,775 481,296 461,231
Increase in unearned premiums, net (18,559) (13,267) (28,499) (30,435)
Net premiums earned 231,456 213,508 452,797 430,796
Investment income, net of expenses 27,248 25,756 55,057 49,876
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 836 166 3,892 26,493
Net realized investment gains 836 166 3,892 26,493
Other revenue 3,994 3,699 10,367 6,179
Total revenues 263,534 243,129 522,113 513,344
Losses and expenses:        
Losses incurred, net 46,590 90,238 131,602 172,023
Change in premium deficiency reserve 0 (17,333) 0 (23,751)
Amortization of deferred policy acquisition costs 2,245 2,046 4,206 3,803
Other underwriting and operating expenses, net 35,348 35,829 75,125 75,097
Interest expense 12,244 17,373 26,945 34,735
Loss on debt extinguishment 1,868 0 15,308 0
Total losses and expenses 98,295 128,153 253,186 261,907
Income before tax 165,239 114,976 268,927 251,437
Provision for income taxes 56,018 1,322 90,515 4,707
Net income $ 109,221 $ 113,654 $ 178,412 $ 246,730
Income per share        
Basic (in dollars per share) $ 0.32 $ 0.33 $ 0.52 $ 0.73
Diluted (in dollars per share) $ 0.26 $ 0.28 $ 0.43 $ 0.60
Weighted average shares outstanding - basic and diluted        
Weighted average common shares outstanding - basic (in shares) 340,678 339,705 340,411 339,406
Weighted average common shares outstanding - diluted (in shares) 446,139 439,127 450,354 439,200