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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Premiums written:        
Direct $ 279,317 $ 280,172 $ 830,646 $ 846,700
Assumed 2,205 2,477 6,291 6,810
Ceded (39,215) (35,039) (107,644) (122,664)
Net premiums written 242,307 247,610 729,293 730,846
Decrease in unearned premiums, net 9,804 7,234 33,755 30,582
Net premiums earned 252,111 254,844 763,048 761,428
Investment income, net of expenses 42,549 38,282 121,116 117,304
Net gains (losses) on investments and other financial instruments (3,258) 612 (8,776) 5,773
Other revenue 1,397 2,008 5,143 7,050
Total revenues 292,799 295,746 880,531 891,555
Losses and expenses:        
Losses incurred, net (105,054) 20,766 (223,426) 89,566
Amortization of deferred policy acquisition costs 3,179 3,295 8,901 9,016
Other underwriting and operating expenses, net 58,475 53,942 166,656 155,763
Loss on debt extinguishment 11,632 0 40,130 0
Interest expense 10,300 18,011 38,673 53,993
Total losses and expenses (21,468) 96,014 30,934 308,338
Income before tax 314,267 199,732 849,597 583,217
Provision for income tax 64,642 41,755 175,691 122,168
Net income $ 249,625 $ 157,977 $ 673,906 $ 461,049
Earnings per share:        
Basic (in dollars per share) $ 0.82 $ 0.47 $ 2.18 $ 1.36
Diluted (in dollars per share) $ 0.81 $ 0.46 $ 2.15 $ 1.33
Weighted average common shares outstanding - basic (in shares) 302,622 335,938 309,097 338,045
Weighted average common shares outstanding - diluted (in shares) 307,194 353,557 315,029 355,481