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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Premiums written:        
Direct $ 280,885 $ 279,317 $ 828,211 $ 830,646
Assumed 3,770 2,205 9,538 6,291
Ceded (50,164) (39,215) (141,842) (107,644)
Net premiums written 234,491 242,307 695,907 729,293
Decrease in unearned premiums, net 6,786 9,804 30,196 33,755
Net premiums earned 241,277 252,111 726,103 763,048
Investment income, net of expenses 55,375 42,549 156,938 121,116
Net gains (losses) on investments and other financial instruments (695) (3,258) (13,380) (8,776)
Other revenue 548 1,397 1,484 5,143
Total revenues 296,505 292,799 871,145 880,531
Losses and expenses:        
Losses incurred, net (77) (105,054) (11,322) (223,426)
Amortization of deferred policy acquisition costs 2,802 3,179 7,889 8,901
Other underwriting and operating expenses, net 50,130 58,475 174,191 166,656
Loss on debt extinguishment 0 11,632 0 40,130
Interest expense 9,254 10,300 28,005 38,673
Total losses and expenses 62,109 (21,468) 198,763 30,934
Income before tax 234,396 314,267 672,382 849,597
Provision for income tax 51,552 64,642 143,937 175,691
Net income $ 182,844 $ 249,625 $ 528,445 $ 673,906
Earnings per share:        
Basic (in dollars per share) $ 0.65 $ 0.82 $ 1.85 $ 2.18
Diluted (in dollars per share) $ 0.64 $ 0.81 $ 1.83 $ 2.15
Weighted average common shares outstanding - basic (in shares) 281,757 302,622 286,184 309,097
Weighted average common shares outstanding - diluted (in shares) 285,600 307,194 289,924 315,029