XML 139 R108.htm IDEA: XBRL DOCUMENT v3.3.1.900
Note 21 - Quarterly Financial Data (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Jun. 30, 2015
Sep. 30, 2015
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Net premiums earned—insurance $ 226,443 $ 227,433 $ 237,437 $ 224,595 $ 224,293 $ 217,827 $ 203,646 $ 198,762     $ 915,908 $ 844,528 $ 781,420
Services revenue 37,493 42,189 43,503 30,630 [1] 34,450 42,243 0       153,815 76,693 0
Net investment income 22,833 22,091 19,285 17,328 16,531 17,143 16,663 15,318     81,537 65,655 68,121
Net gains (losses) on other financial instruments                     612 (3,880) (7,580)
Provision for losses 56,805 64,192 32,560 45,028 82,867 48,942 64,648 49,626     198,585 246,083 562,747
Policy acquisition costs 4,831 2,880 6,963 7,750 6,443 4,240 6,746 7,017     22,424 24,446 28,485
Policy Acquisition Amortization Expense And Other Operating Expenses 59,570 65,082 67,731 53,774 85,800 51,225 60,751 54,507     246,157 252,283  
Loss on induced conversion and debt extinguishment 2,320 11 91,876 0             94,207 0 0
Direct cost of services 22,241 24,949 23,520 19,253 19,709 23,896 0 0     89,963 43,605 0
Increase (Decrease) in Goodwill and Intangible Assets 3,409 3,273 3,281 3,023 5,354 3,294 0 0     12,986 8,648 0
Income (Loss) from Continuing Operations Attributable to Parent 74,528 70,091 45,193 91,727 878,026 [2] 132,031 [2] 103,537 [2] 145,980 [2]     281,539 1,259,574 [2] (141,851)
Loss from discontinued operations, net of tax 0 [3] 0 [3] 4,855 [3] 530 [3] (449,691) [3],[4] 21,559 [3],[4] 71,296 [3],[4] 56,779 [3],[4]     5,385 [3] (300,057) [3],[4] (55,134)
Net income (loss) $ 74,528 $ 70,091 $ 50,048 $ 92,257 $ 428,335 $ 153,590 $ 174,833 $ 202,759     $ 286,924 $ 959,517 $ (196,985)
Net (loss) income per share—diluted $ 0.32 [5],[6] $ 0.29 [5],[6] $ 0.22 [5],[6] $ 0.39 [5],[6] $ 1.78 [5],[6] $ 0.67 [5],[6] $ 0.78 [5],[6] $ 0.94 [5],[6]     $ 1.22 [5],[6] $ 4.16 [5],[6] $ (1.18)
Weighted-average number of common and common equivalent shares outstanding—diluted 247,981 [5] 250,795 [5] 246,650 [5] 243,048 [5] 242,801 [5] 238,067 [5] 230,779 [5] 222,668 [5]     246,332 [5] 233,902 [5] 166,366
Net Cash Provided by (Used in) Operating Activities, Continuing Operations       $ 666             $ 15,514 $ (153,245) $ (619,040)
Cash Provided by (Used in) Operating Activities, Discontinued Operations       (1,759)             (1,759) 17,071 (45,897)
Cash Provided by (Used in) Investing Activities, Discontinued Operations       (4,999)             4,999 156,839 107,790
Cash and Cash Equivalents, Period Increase (Decrease) Including Discontinued Operations       29,979             (16,012) (8,142) 7,697
Net Cash Provided by (Used in) Discontinued Operations       3,240             (421) 557 (1,169)
Proceeds from sales of fixed-maturity investments available for sale                 $ 3,621 $ 16,208 20,100 19,672 17,185
Payments to Acquire Available-for-sale Securities                 (671,952) 1,006,985 1,486,318 519,166 21,432
Net gains (losses) on investments and other financial instruments $ (13,402) [7] $ 3,868 [7] $ 28,448 [7] 16,779 [7] $ 17,983 [7] $ (6,294) [7] $ 25,332 [7] $ 42,968 [7]     35,693 [7],[8] 79,989 [7],[8] (106,525)
Scenario, Previously Reported [Member]                          
Net Cash Provided by (Used in) Operating Activities, Continuing Operations       80                  
Cash Provided by (Used in) Operating Activities, Discontinued Operations       (12,168)                  
Cash Provided by (Used in) Investing Activities, Discontinued Operations       (9,514)                  
Cash and Cash Equivalents, Period Increase (Decrease) Including Discontinued Operations       23,499                  
Net Cash Provided by (Used in) Discontinued Operations       (3,240)                  
Proceeds from sales of fixed-maturity investments available for sale                 57,309 96,684      
Payments to Acquire Available-for-sale Securities                 $ (725,640) $ 1,087,461      
Parent Company                          
Net investment income                     17,917 9,515 4,300
Loss on induced conversion and debt extinguishment                     94,207 0 0
Income (Loss) from Continuing Operations Attributable to Parent                     286,720 977,544 (196,985)
Loss from discontinued operations, net of tax                     204 (18,027) 0
Net income (loss)                     286,924 959,517 (196,985)
Net Cash Provided by (Used in) Operating Activities, Continuing Operations                     (128,879) (27,153) 105,681
Cash Provided by (Used in) Operating Activities, Discontinued Operations                     0 (18,027) 0
Payments to Acquire Available-for-sale Securities                     $ 39,667 $ 0 $ 0
Adjustments for Error Correction [Domain]                          
Services revenue       $ 101                  
[1] Services revenue for the first quarter includes $101 thousand that had previously been included in other income.
[2] This amount reflects a reversal of substantially all of our tax valuation allowance in the fourth quarter of 2014.
[3] Radian completed the sale of Radian Asset Assurance to Assured on April 1, 2015, pursuant to the Radian Asset Assurance Stock Purchase Agreement dated as of December 22, 2014. Until the April 1, 2015 sale date, the operating results of Radian Asset Assurance were classified as discontinued operations for all periods presented in our consolidated statements of operations. See Note 3 for additional information.
[4] Reflects a $468 million loss on reclassification of Radian Asset Assurance as assets held for sale in the fourth quarter of 2014.
[5] Diluted net income per share and average shares outstanding per the accounting standard regarding earnings per share.
[6] Diluted net income per share is computed independently for each period presented. Consequently, the sum of the quarters may not equal the total net income per share for the year. For all calculations, the determination of whether potential common shares are dilutive or anti-dilutive is based on net income from continuing operations.
[7] The 2015 and 2014 amounts reflect primarily unrealized (losses) gains, respectively, on our trading securities.
[8] The change in expected economic loss or recovery associated with our previously owned VIEs is included in adjusted pretax operating income above, although it represents amounts that are not included in net income. Therefore, for purposes of this reconciliation, net gains (losses) on investments and other financial instruments has been adjusted by income of $0.1 million and $0.6 million for the years ended December 31, 2014 and 2013, respectively, to reverse this item.