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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Premiums written:        
Direct $ 283,618 $ 273,803 $ 831,022 $ 800,619
Assumed 152 285 542 931
Ceded (note 4) (33,446) 43,897 (99,944) (22,334)
Net premiums written 250,324 317,985 731,620 779,216
Increase in unearned premiums, net (12,948) (78,751) (41,447) (109,186)
Net premiums earned 237,376 239,234 690,173 670,030
Investment income, net of expenses 27,515 25,939 82,572 75,815
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 5,092 640 8,984 27,133
Net realized investment gains 5,092 640 8,984 27,133
Other revenue 3,867 3,698 14,234 9,877
Total revenues 273,850 269,511 795,963 782,855
Losses and expenses:        
Losses incurred, net (note 12) 60,897 76,458 192,499 248,481
Change in premium deficiency reserve 0 0 0 (23,751)
Amortization of deferred policy acquisition costs 2,575 2,368 6,781 6,191
Other underwriting and operating expenses, net 37,870 46,075 112,995 121,152
Interest expense 13,536 17,362 40,481 52,097
Loss on debt extinguishment 75,223 0 90,531 0
Total losses and expenses 190,101 142,263 443,287 404,170
Income before tax 83,749 127,248 352,676 378,685
Provision for (benefit from) income taxes (note 11) 27,131 (695,604) 117,646 (690,897)
Net income $ 56,618 $ 822,852 $ 235,030 $ 1,069,582
Income per share        
Basic (in dollars per share) $ 0.16 $ 2.42 $ 0.68 $ 3.15
Diluted (in dollars per share) $ 0.14 $ 1.78 $ 0.58 $ 2.35
Weighted average shares outstanding - basic and diluted        
Weighted average common shares outstanding - basic (in shares) 349,376 339,701 343,403 339,504
Weighted average common shares outstanding - diluted (in shares) 406,050 468,128 421,423 468,076