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Condensed Consolidated Statements of Operations (Unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Premiums written—insurance:        
Direct $ 238,638 $ 269,827 $ 467,960 $ 515,294
Assumed 150 (206) 623 (10,603)
Ceded (16,421) (18,392) (32,510) (46,277)
Net premiums written 222,367 251,229 436,073 458,414
Increase in unearned premiums (8,253) (38,105) (16,294) (52,702)
Net premiums earned—insurance 214,114 213,124 419,779 405,712
Net investment income 25,737 27,615 49,966 54,488
Net gains (losses) on investments 47,219 (130,254) 111,670 (135,759)
Change in fair value of derivative instruments 57,477 86,535 107,563 (81,135)
Net (losses) gains on other financial instruments (1,909) 1,188 (1,211) (4,487)
Other income 1,817 2,234 2,944 4,005
Total revenues 344,455 200,442 690,711 242,824
Expenses:        
Provision for losses 69,343 140,291 124,152 272,350
Change in premium deficiency reserve (“PDR”) 383 1,251 849 622
Policy acquisition costs 8,421 10,006 17,035 27,201
Other operating expenses 65,551 60,981 125,460 141,081
Interest expense 22,348 19,420 42,275 35,301
Total expenses 166,046 231,949 309,771 476,555
Equity in net (loss) income of affiliates 0 0 (13) 1
Pretax income (loss) 178,409 (31,507) 380,927 (233,730)
Income tax provision (benefit) 3,576 1,665 3,335 (13,058)
Net income (loss) $ 174,833 $ (33,172) $ 377,592 $ (220,672)
Basic net income (loss) per share $ 0.96 $ (0.19) $ 2.12 $ (1.40)
Diluted net income (loss) per share $ 0.78 $ (0.19) $ 1.71 $ (1.40)
Weighted-average number of common shares outstanding—basic 182,583 171,783 177,903 158,180
Weighted-average number of common and common equivalent shares outstanding—diluted 230,779 171,783 226,767 158,180
Dividends per share $ 0.0025 $ 0.0025 $ 0.0050 $ 0.0050