Unaudited Quarterly Financial Data

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Unaudited Quarterly Financial Data

NOTE 18 Unaudited Quarterly Financial Data

Unaudited quarterly financial data - current year:
Table:	18.1a
2019:		Quarter									Full
(In thousands, except per share data)		First			Second		Third		Fourth		Year
Net premiums earned		$	249,762		$	247,102	$	267,857	$	266,267	$	1,030,988
Investment income, net of expenses		40,585			42,423		42,715		41,322		167,045
Realized (losses) gains		(526		)	307		4,205		1,320		5,306
Other revenue		1,830			2,485		3,606		2,717		10,638
Loss incurred, net		39,064			21,836		33,985		23,690		118,575
Underwriting and other expenses, net		61,650			59,270		61,278		65,227		247,425
Provision for income tax		38,996			43,433		46,186		45,599		174,214
Net income		151,941			167,778		176,934		177,110		673,763
Income per share (a) (b):
Basic		0.43			0.47		0.50		0.51		1.91
Diluted		0.42			0.46		0.49		0.49		1.85

Unaudited quarterly financial statements - prior year:
Table:	18.1b
2018:		Quarter												Full
(In thousands, except per share data)		First			Second			Third			Fourth			Year
Net premiums earned		$	232,107		$	246,964		$	250,426		$	245,665		$	975,162
Investment income, net of expenses		32,121			34,502			36,380			38,328			141,331
Realized gains (losses)		(329		)	(1,897		)	1,114			(241		)	(1,353		)
Other revenue		1,871			2,431			2,525			1,881			8,708
Loss incurred, net		23,850			(13,455		)	(1,518		)	27,685			36,562
Underwriting and other expenses, net		61,895			57,933			60,069			63,239			243,136
Provision for income tax		36,388			50,708			49,994			36,963			174,053
Net income		143,637			186,814			181,900			157,746			670,097
Income per share (a) (b):
Basic		0.39			0.51			0.50			0.44			1.83
Diluted		0.38			0.49			0.49			0.43			1.78

^(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. See Note 4 – “Earnings Per Share” for further discussion on our calculation of diluted EPS.