Unaudited Quarterly Financial Data

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]


NOTE 18						Unaudited Quarterly Financial Data


Unaudited quarterly financial data - current year:
Table:	18.1a
2020:		Quarter								Full
(In thousands, except per share data)		First		Second		Third		Fourth		Year
Net premiums earned		$	260,901	$	243,562	$	256,113	$	261,367	$	1,021,943
Investment income, net of expenses		41,347		39,679		37,252		36,118		154,396
Realized gains (losses)		1,891		6,701		2,259		2,901		13,752
Other revenue		2,754		4,026		380		1,895		9,055
Loss incurred, net		60,956		217,374		40,686		45,758		364,774
Underwriting and other expenses, net		57,698		60,111		64,253		66,311		248,373
Loss on debt extinguishment		—		—		26,736		—		26,736
Provision for income tax		38,434		2,436		33,518		38,782		113,170
Net income		149,805		14,047		130,811		151,430		446,093
Income per share (a) (b):
Basic		0.44		0.04		0.39		0.45		1.31
Diluted		0.42		0.04		0.38		0.44		1.29


Unaudited quarterly financial statements - prior year:
Table:	18.1b
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 gains (losses)		(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

(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.