XML 27 R4.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Premiums written:        
Direct $ 274,726 $ 275,245 $ 544,760 $ 541,068
Assumed 2,085 685 2,177 1,973
Ceded (21,375) (30,096) (54,595) (60,505)
Net premiums written 255,436 245,834 492,342 482,536
Increase in unearned premiums, net (8,472) (14,698) (13,271) (22,297)
Net premiums earned 246,964 231,136 479,071 460,239
Investment income, net of expenses 34,502 29,716 66,623 59,193
Net realized investment losses (1,897) (52) (2,226) (177)
Other revenue 2,431 2,512 4,302 4,937
Total revenues 282,000 263,312 547,770 524,192
Losses and expenses:        
Losses incurred, net (13,455) 27,339 10,395 54,958
Amortization of deferred policy acquisition costs 2,845 2,584 5,417 4,814
Other underwriting and operating expenses, net 41,842 38,511 87,932 79,276
Interest expense 13,246 14,197 26,479 30,506
Loss on debt extinguishment 0 65 0 65
Total losses and expenses 44,478 82,696 130,223 169,619
Income before tax 237,522 180,616 417,547 354,573
Provision for income taxes 50,708 61,994 87,096 146,153
Net income $ 186,814 $ 118,622 $ 330,451 $ 208,420
Earnings per share:        
Basic (in dollars per share) $ 0.51 $ 0.32 $ 0.89 $ 0.59
Diluted (in dollars per share) $ 0.49 $ 0.31 $ 0.87 $ 0.55
Weighted average common shares outstanding - basic (in shares) 368,578 366,918 369,736 354,035
Weighted average common shares outstanding - diluted (in shares) 388,881 394,470 390,236 398,302