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Unaudited Quarterly Financial Data (Tables)
 12 Months Ended
Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Data
The following tables represent unaudited quarterly financial data for the years ended December 31, 2018 and 2017. In the opinion of management, all adjustments necessary to present fairly the results of operations for such periods have been made.
(in millions, except per share amounts)
 
1st Quarter
 
2nd Quarter
 
3rd Quarter
 
4th Quarter
 
Year
2018
 
 
 
 
 
 
 
 
 
 
Earned premiums
 
$
414.7

 
$
417.7

 
$
446.9

 
$
452.4

 
$
1,731.7

Losses and loss adjustment expenses
 
237.2

 
245.5

 
277.5

 
280.6

 
1,040.8

Underwriting, acquisition and insurance expenses
 
160.2

 
156.8

 
168.0

 
169.7

 
654.7

Underwriting income
 
17.3

 
15.4

 
1.4

 
2.1

 
36.2

Net income (loss) before income taxes
 
25.0

 
57.1

 
45.3

 
(59.7
)
 
67.7

Net income (loss)
 
24.8

 
41.8

 
40.6

 
(43.6
)
 
63.6

Net income (loss) per common share:
 
 
 
 
 
 
 
 
 


Basic (1)
 
$
0.73

 
$
1.23

 
$
1.20

 
$
(1.29
)
 
$
1.87

Diluted (1)
 
$
0.71

 
$
1.20

 
$
1.17

 
$
(1.29
)
 
$
1.83

Dividends per common share
 
$
0.27

 
$
0.27

 
$
0.27

 
$
0.27

 
$
1.08

(in millions, except per share amounts)
 
1st Quarter
 
2nd Quarter
 
3rd Quarter
 
4th Quarter
 
Year
2017
 
 
 
 
 
 
 
 
 
 
Earned premiums
 
$
379.4

 
$
399.1

 
$
389.3

 
$
404.5

 
$
1,572.3

Losses and loss adjustment expenses
 
222.5

 
230.6

 
326.4

 
270.7

 
1,050.2

Underwriting, acquisition and insurance expenses
 
153.6

 
154.7

 
166.1

 
161.0

 
635.4

Underwriting income (loss)
 
3.3

 
13.8

 
(103.2
)
 
(27.2
)
 
(113.3
)
Net income (loss) before income taxes
 
42.7

 
50.8

 
(65.9
)
 
12.3

 
39.9

Net income (loss)
 
36.7

 
46.0

 
(61.3
)
 
28.9

 
50.3

Net income (loss) per common share (2):
 
 
 
 
 
 
 
 
 


Basic (1)
 
$
1.06

 
$
1.32

 
$
(1.78
)
 
$
0.85

 
$
1.46

Diluted (1)
 
$
1.03

 
$
1.29

 
$
(1.78
)
 
$
0.83

 
$
1.42

Dividends per common share (2)
 
$
0.23

 
$
0.23

 
$
0.24

 
$
0.24

 
$
0.94


(1) Basic and diluted net income per common share are computed independently for each quarter and full year based on the respective average number of common shares outstanding; therefore, the sum of the quarterly net income per common share data may not equal the net income per common share for the year.
(2) On February 20, 2018, our Board of Directors declared at 15% stock dividend, payable on March 21, 2018, to shareholders of record at the close of business on March 7, 2018. The net income (loss) per common share and dividends declared per share have been adjusted to reflect the effect of the stock dividend