Note 3 - Segment Reporting (Tables)

9 Months Ended

Sep. 30, 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 September 30,						Nine Months Ended September 30,
(In thousands)	2016			2015			2016		2015
Mortgage Insurance
Net premiums written—insurance (1)	$	240,999		$	242,168		$	499,662	$	735,158
Decrease (increase) in unearned premiums	(2,850		)	(14,735		)	188,522		(45,693		)
Net premiums earned—insurance	238,149			227,433			688,184		689,465
Net investment income	28,430			22,091			84,470		58,704
Other income	3,511			1,711			8,850		4,785
Total (2)	270,090			251,235			781,504		752,954
Provision for losses	56,151			64,128			149,500		141,616
Policy acquisition costs	6,119			2,880			17,901		17,593
Other operating expenses before corporate allocations	38,081			36,632			108,036		112,535
Total (3)	100,351			103,640			275,437		271,744
Adjusted pretax operating income before corporate allocations	169,739			147,595			506,067		481,210
Allocation of corporate operating expenses	11,911			14,893			35,526		37,167
Allocation of interest expense	15,360			16,797			50,596		56,820
Adjusted pretax operating income	$	142,468		$	115,905		$	419,945	$	387,223

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(1) Net of ceded premiums written under the QSR Transactions and the Single Premium QSR Transaction. See Note 7 for additional information.

(2) Excludes net gains on investments and other financial instruments of $7.7 million and $69.5 million, respectively, for the three and nine months ended September 30, 2016, and $3.9 million and $49.1 million, respectively, for the three and nine months ended September 30, 2015, not included in adjusted pretax operating income.

(3) Includes inter-segment expenses as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2016		2015		2016		2015
Inter-segment expenses	$	718	$	925	$	2,023	$	2,919

	Three Months Ended September 30,						Nine Months Ended September 30,
(In thousands)	2016			2015			2016			2015
Services
Services revenue (1)	$	43,800		$	43,114		$	114,998		$	119,241
Direct cost of services	26,911			25,870			74,188			70,624
Other operating expenses before corporate allocations	12,740			11,533			39,160			31,912
Total	39,651			37,403			113,348			102,536
Adjusted pretax operating income before corporate allocations	4,149			5,711			1,650			16,705
Allocation of corporate operating expenses	2,265			1,567			6,795			3,855
Allocation of interest expense	4,423			4,423			13,267			13,286
Adjusted pretax operating income (loss)	$	(2,539	)	$	(279	)	$	(18,412	)	$	(436	)

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(1) Includes inter-segment revenues as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2016		2015		2016		2015
Inter-segment revenues	$	718	$	925	$	2,023	$	2,919

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

	At September 30, 2016
(In thousands)	Mortgage Insurance		Services		Total
Total assets	$	5,686,726	$	363,101	$	6,049,827

	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 September 30,						Nine Months Ended September 30,
(In thousands)	2016			2015			2016			2015
Adjusted pretax operating income (loss):
Mortgage Insurance (1)	$	142,468		$	115,905		$	419,945		$	387,223
Services (1)	(2,539		)	(279		)	(18,412		)	(436		)
Total adjusted pretax operating income	139,929			115,626			401,533			386,787
Net gains (losses) on investments and other financial instruments	7,711			3,868			69,524			49,095
Loss on induced conversion and debt extinguishment	(17,397		)	(11		)	(75,075		)	(91,887		)
Acquisition-related (expenses) benefits (2)	(10		)	(525		)	(161		)	(1,299		)
Amortization and impairment of intangible assets	(3,292		)	(3,273		)	(9,931		)	(9,577		)
Consolidated pretax income from continuing operations	$	126,941		$	115,685		$	385,890		$	333,119

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

(2) Acquisition-related (expenses) benefits represent expenses incurred to effect the acquisition of a business, net of adjustments to accruals previously recorded for acquisition expenses.