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CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Premiums written:        
Direct $ 261,404 $ 241,249 $ 526,816 $ 485,438
Assumed 308 430 646 881
Ceded (note 4) (34,937) (28,294) (66,231) (54,914)
Net premiums written 226,775 213,385 461,231 431,405
Increase in unearned premiums, net (13,267) (5,899) (30,435) (9,658)
Net premiums earned 213,508 207,486 430,796 421,747
Investment income, net of expenses 25,756 21,180 49,876 41,336
Net realized investment gains (losses):        
Total other-than-temporary impairment losses 0 0 0 0
Portion of losses recognized in comprehensive income, before taxes 0 0 0 0
Net impairment losses recognized in earnings 0 0 0 0
Other realized investment gains 166 522 26,493 291
Net realized investment gains 166 522 26,493 291
Other revenue 3,699 2,048 6,179 2,944
Total revenues 243,129 231,236 513,344 466,318
Losses and expenses:        
Losses incurred, net (note 12) 90,238 141,141 172,023 263,749
Change in premium deficiency reserve (note 13) (17,333) (7,833) (23,751) (13,006)
Amortization of deferred policy acquisition costs 2,046 1,676 3,803 3,095
Other underwriting and operating expenses, net 35,829 32,238 75,097 70,219
Interest expense 17,373 17,374 34,735 34,913
Total losses and expenses 128,153 184,596 261,907 358,970
Income before tax 114,976 46,640 251,437 107,348
Provision for income taxes (note 11) 1,322 1,118 4,707 1,844
Net income $ 113,654 $ 45,522 $ 246,730 $ 105,504
Income per share (note 6)        
Basic (in dollars per share) $ 0.33 $ 0.13 $ 0.73 $ 0.31
Diluted (in dollars per share) $ 0.28 $ 0.12 $ 0.60 $ 0.27
Weighted average common shares outstanding - basic (note 6) (in shares) 339,705 338,626 339,406 338,419
Weighted average common shares outstanding - diluted (note 6) (in shares) 439,148 413,481 439,221 413,374