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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Premiums written:        
Direct $ 276,536 $ 283,523 $ 551,329 $ 566,528
Assumed 2,055 2,202 4,086 4,333
Ceded (34,270) (43,988) (68,429) (87,625)
Net premiums written 244,321 241,737 486,986 483,236
Decrease in unearned premiums, net 11,376 9,802 23,951 23,348
Net premiums earned 255,697 251,539 510,937 506,584
Investment income, net of expenses 40,305 41,129 78,567 79,022
Net gains (losses) on investments and other financial instruments (4,746) 2,911 (5,518) 5,161
Other revenue 1,860 2,273 3,746 5,042
Total revenues 293,116 297,852 587,732 595,809
Losses and expenses:        
Losses incurred, net (99,058) 29,164 (118,372) 68,800
Amortization of deferred policy acquisition costs 2,982 3,025 5,722 5,721
Other underwriting and operating expenses, net 53,449 53,798 108,181 101,821
Loss on debt extinguishment 6,391 0 28,498 0
Interest expense 13,461 17,997 28,373 35,982
Total losses and expenses (22,775) 103,984 52,402 212,324
Income before tax 315,891 193,868 535,330 383,485
Provision for income tax 66,623 40,817 111,049 80,413
Net income $ 249,268 $ 153,051 $ 424,281 $ 303,072
Earnings per share:        
Basic (in dollars per share) $ 0.81 $ 0.45 $ 1.36 $ 0.89
Diluted (in dollars per share) $ 0.80 $ 0.44 $ 1.34 $ 0.87
Weighted average common shares outstanding - basic (in shares) 308,840 339,326 312,388 339,116
Weighted average common shares outstanding - diluted (in shares) 313,545 356,536 319,012 356,461