Unaudited Quarterly Financial Data

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]



2016:	Quarter									Full
(In thousands, except per share data)	First		Second		Third		Fourth			Year
Net premiums earned	$	221,341	$	231,456	$	237,376	$	235,053		$	925,226
Investment income, net of expenses	27,809		27,248		27,515		28,094			110,666
Realized gains	3,056		836		5,092		(52		)	8,932
Other revenue	6,373		3,994		3,867		3,425			17,659
Loss incurred, net	85,012		46,590		60,897		47,658			240,157
Underwriting and other expenses, net	56,439		49,837		53,981		56,824			217,081
Loss on debt extinguishment	13,440		1,868		75,223		—			90,531
Provision for income tax	34,497		56,018		27,131		54,551			172,197
Net income	69,191		109,221		56,618		107,487			342,517
Income per share ^{(a) (b)}:
Basic	0.20		0.32		0.16		0.31			1.00
Diluted	0.17		0.26		0.14		0.28			0.86



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 (losses) gains	26,327		166		640			1,228		28,361
Other revenue	2,480		3,699		3,698			3,087		12,964
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
Loss on debt extinguishment	—		—		—			507		507
Provision for (benefit from) 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


^(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 the first and second quarter of 2015 due to our valuation allowance on deferred tax assets. See Note 4 – “Earnings Per Share” for further discussion on our calculation of diluted EPS.