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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Premiums written:        
Direct $ 280,229 $ 287,918 $ 824,989 $ 828,986
Assumed (3,020) (91) (843) 1,882
Ceded (25,326) (31,931) (79,921) (92,436)
Net premiums written 251,883 255,896 744,225 738,432
Increase in unearned premiums, net (1,457) (18,813) (14,728) (41,110)
Net premiums earned 250,426 237,083 729,497 697,322
Investment income, net of expenses 36,380 30,402 103,003 89,595
Net realized investment gains (losses) 1,114 (50) (1,112) (227)
Other revenue 2,525 2,925 6,827 7,862
Total revenues 290,445 270,360 838,215 794,552
Losses and expenses:        
Losses incurred, net (1,518) 29,747 8,877 84,705
Amortization of deferred policy acquisition costs 3,156 2,985 8,573 7,799
Other underwriting and operating expenses, net 43,655 39,888 131,587 119,164
Interest expense 13,258 13,273 39,737 43,779
Loss on debt extinguishment 0 0 0 65
Total losses and expenses 58,551 85,893 188,774 255,512
Income before tax 231,894 184,467 649,441 539,040
Provision for income taxes 49,994 64,440 137,090 210,593
Net income $ 181,900 $ 120,027 $ 512,351 $ 328,447
Earnings per share:        
Basic (in dollars per share) $ 0.50 $ 0.32 $ 1.40 $ 0.91
Diluted (in dollars per share) $ 0.49 $ 0.32 $ 1.36 $ 0.86
Weighted average common shares outstanding - basic (in shares) 362,180 370,586 367,190 359,613
Weighted average common shares outstanding - diluted (in shares) 382,905 391,087 387,765 395,870