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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Premiums written:        
Direct $ 286,059 $ 280,229 $ 843,145 $ 824,989
Assumed 1,793 (3,020) 4,405 (843)
Ceded (28,438) (25,326) (100,257) (79,921)
Net premiums written 259,414 251,883 747,293 744,225
Decrease (increase) in unearned premiums, net 8,443 (1,457) 17,427 (14,728)
Net premiums earned 267,857 250,426 764,720 729,497
Investment income, net of expenses 42,715 36,380 125,723 103,003
Net realized investment gains (losses) 4,205 1,114 3,986 (1,112)
Other revenue 3,606 2,525 7,921 6,827
Total revenues 318,383 290,445 902,350 838,215
Losses and expenses:        
Losses incurred, net 33,985 (1,518) 94,884 8,877
Amortization of deferred policy acquisition costs 3,142 3,156 8,380 8,573
Other underwriting and operating expenses, net 45,197 43,655 134,097 131,587
Interest expense 12,939 13,258 39,722 39,737
Total losses and expenses 95,263 58,551 277,083 188,774
Income before tax 223,120 231,894 625,267 649,441
Provision for income taxes 46,186 49,994 128,614 137,090
Net income $ 176,934 $ 181,900 $ 496,653 $ 512,351
Earnings per share:        
Basic (in dollars per share) $ 0.50 $ 0.50 $ 1.40 $ 1.40
Diluted (in dollars per share) $ 0.49 $ 0.49 $ 1.36 $ 1.36
Weighted average common shares outstanding - basic (in shares) 351,475 362,180 354,272 367,190
Weighted average common shares outstanding - diluted (in shares) 372,575 382,905 375,266 387,765