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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Premiums written:        
Direct $ 275,245,000 $ 282,113,000 $ 541,068,000 $ 547,404,000
Assumed 685,000 182,000 1,973,000 390,000
Ceded (30,096,000) (32,280,000) (60,505,000) (66,498,000)
Net premiums written 245,834,000 250,015,000 482,536,000 481,296,000
Increase in unearned premiums, net (14,698,000) (18,559,000) (22,297,000) (28,499,000)
Net premiums earned 231,136,000 231,456,000 460,239,000 452,797,000
Investment income, net of expenses 29,716,000 27,248,000 59,193,000 55,057,000
Net realized investment (losses) gains (42,000) 836,000 (164,000) 3,892,000
Other revenue 2,502,000 3,994,000 4,924,000 10,367,000
Total revenues 263,312,000 263,534,000 524,192,000 522,113,000
Losses and expenses:        
Losses incurred, net 27,339,000 46,590,000 54,958,000 131,602,000
Amortization of deferred policy acquisition costs 2,584,000 2,245,000 4,814,000 4,206,000
Other underwriting and operating expenses, net 38,511,000 35,348,000 79,276,000 75,125,000
Interest expense 14,197,000 12,244,000 30,506,000 26,945,000
Loss on debt extinguishment 65,000 1,868,000 65,000 15,308,000
Total losses and expenses 82,696,000 98,295,000 169,619,000 253,186,000
Income before tax 180,616,000 165,239,000 354,573,000 268,927,000
Provision for income taxes 61,994,000 56,018,000 146,153,000 90,515,000
Net income $ 118,622,000 $ 109,221,000 $ 208,420,000 $ 178,412,000
Earnings per share:        
Basic (in dollars per share) $ 0.32 $ 0.32 $ 0.59 $ 0.52
Diluted (in dollars per share) $ 0.31 $ 0.26 $ 0.55 $ 0.43
Weighted average common shares outstanding - basic (in shares) 366,918 340,678 354,035 340,411
Weighted average common shares outstanding - diluted (in shares) 394,470 446,139 398,302 450,354