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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Premiums written:        
Direct $ 273,337 $ 273,079 $ 548,540 $ 547,326
Assumed 3,353 3,017 6,769 5,768
Ceded (43,212) (44,872) (88,031) (91,678)
Net premiums written 233,478 231,224 467,278 461,416
Decrease in unearned premiums, net 10,050 11,587 18,894 23,410
Net premiums earned 243,528 242,811 486,172 484,826
Investment income, net of expenses 61,479 52,340 121,223 101,563
Net gains (losses) on investments and other financial instruments (276) (4,987) (8,785) (12,685)
Other revenue 546 511 1,028 936
Total revenues 305,277 290,675 599,638 574,640
Losses and expenses:        
Losses incurred, net (18,272) (17,691) (13,717) (11,245)
Amortization of deferred insurance policy acquisition costs 2,150 2,609 4,159 5,087
Other underwriting and operating expenses, net 52,675 53,998 111,693 124,061
Interest expense 8,899 9,377 17,798 18,751
Total losses and expenses 45,452 48,293 119,933 136,654
Income before tax 259,825 242,382 479,705 437,986
Provision for income tax 55,597 51,328 101,380 92,385
Net income $ 204,228 $ 191,054 $ 378,325 $ 345,601
Earnings per share:        
Basic (in dollars per share) $ 0.77 $ 0.67 $ 1.41 $ 1.20
Diluted (in dollars per share) $ 0.77 $ 0.66 $ 1.40 $ 1.19
Weighted average common shares outstanding - basic (in shares) 265,315 285,906 267,814 288,434
Weighted average common shares outstanding - diluted (in shares) 266,872 289,566 269,990 292,125