Note 3 - Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2016

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment [Table Text Block]

Summarized operating results for our segments as of and for the periods indicated, are as follows:

	Three Months Ended March 31,
(In thousands)	2016			2015
Mortgage Insurance
Net premiums written—insurance	$	26,310	(1)	$	241,908
Decrease (increase) in unearned premiums	194,640			(17,313		)
Net premiums earned—insurance	220,950			224,595
Net investment income	27,201			17,328
Other income	1,915			1,331
Total (2)	250,066			243,254
Provision for losses	43,275			45,851
Policy acquisition costs	6,389			7,750
Other operating expenses before corporate allocations	33,829			34,050
Total (3)	83,493			87,651
Adjusted pretax operating income before corporate allocations	166,573			155,603
Allocation of corporate operating expenses	9,329			9,758
Allocation of interest expense	17,112			19,953
Adjusted pretax operating income	$	140,132		$	125,892

____________

(1) Net of ceded premiums written under the Single Premium QSR Transaction of $197.6 million.

(2) Excludes net gains on investments and other financial instruments of $31.3 million and $16.8 million for the three month periods ended March 31, 2016 and 2015, respectively, not included in adjusted pretax operating income.

(3) Includes inter-segment expenses as follows:

	Three Months Ended March 31,
(In thousands)	2016		2015
Inter-segment expenses	$	596	$	902

	Three Months Ended March 31,
(In thousands)	2016			2015
Services
Services revenue (1)	$	32,196		$	31,532
Direct cost of services	22,053			19,253
Other operating expenses before corporate allocations	13,883			8,857
Total	35,936			28,110
Adjusted pretax operating (loss) income before corporate allocations	(3,740		)	3,422
Allocation of corporate operating expenses	1,751			981
Allocation of interest expense	4,422			4,432
Adjusted pretax operating loss	$	(9,913	)	$	(1,991	)

____________

(1) Includes inter-segment revenues as follows:

	Three Months Ended March 31,
(In thousands)	2016		2015
Inter-segment revenues	$	596	$	902

Selected balance sheet information for our segments as of the periods indicated, is as follows:

	At March 31, 2016
(In thousands)	Mortgage Insurance		Services		Total
Total assets	$	5,605,505	$	363,886	$	5,969,391

	At December 31, 2015
(In thousands)	Mortgage Insurance		Services		Total
Total assets	$	5,281,597	$	360,503	$	5,642,100

Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]

The reconciliation of adjusted pretax operating income to consolidated pretax income from continuing operations is as follows:

	Three Months Ended March 31,
(In thousands)	2016			2015
Adjusted pretax operating income (loss):
Mortgage Insurance (1)	$	140,132		$	125,892
Services (1)	(9,913		)	(1,991		)
Total adjusted pretax operating income	130,219			123,901
Net gains on investments and other financial instruments	31,286			16,779
Loss on induced conversion and debt extinguishment	(55,570		)	—
Acquisition-related expenses	(205		)	(207		)
Amortization and impairment of intangible assets	(3,328		)	(3,023		)
Consolidated pretax income from continuing operations	$	102,402		$	137,450

______________

(1) Includes inter-segment expenses and revenues as listed in the notes to the preceding tables.