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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Premiums written:        
Direct $ 273,079 $ 276,536 $ 547,326 $ 551,329
Assumed 3,017 2,055 5,768 4,086
Ceded (44,872) (34,270) (91,678) (68,429)
Net premiums written 231,224 244,321 461,416 486,986
Decrease in unearned premiums, net 11,587 11,376 23,410 23,951
Net premiums earned 242,811 255,697 484,826 510,937
Investment income, net of expenses 52,340 40,305 101,563 78,567
Net gains (losses) on investments and other financial instruments (4,987) (4,746) (12,685) (5,518)
Other revenue 511 1,860 936 3,746
Total revenues 290,675 293,116 574,640 587,732
Losses and expenses:        
Losses incurred, net (17,691) (99,058) (11,245) (118,372)
Amortization of deferred policy acquisition costs 2,609 2,982 5,087 5,722
Other underwriting and operating expenses, net 53,998 53,449 124,061 108,181
Loss on debt extinguishment 0 6,391 0 28,498
Interest expense 9,377 13,461 18,751 28,373
Total losses and expenses 48,293 (22,775) 136,654 52,402
Income before tax 242,382 315,891 437,986 535,330
Provision for income tax 51,328 66,623 92,385 111,049
Net income $ 191,054 $ 249,268 $ 345,601 $ 424,281
Earnings per share:        
Basic (in dollars per share) $ 0.67 $ 0.81 $ 1.20 $ 1.36
Diluted (in dollars per share) $ 0.66 $ 0.80 $ 1.19 $ 1.34
Weighted average common shares outstanding - basic (in shares) 285,906 308,840 288,434 312,388
Weighted average common shares outstanding - diluted (in shares) 289,566 313,545 292,125 319,012