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Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
REVENUES:        
Net premiums written $ 1,275,887 $ 1,126,139 $ 3,670,404 $ 3,266,857
Change in net unearned premiums (89,354) (70,316) (236,863) (211,293)
Net premiums earned 1,186,533 1,055,823 3,433,541 3,055,564
Net investment income 116,019 114,063 434,888 409,261
Insurance service fees 26,208 22,279 77,121 69,487
Net investment gains:        
Net realized gains on investment sales 17,226 21,238 84,989 73,812
Change in valuation allowance, net of other-than-temporary impairments 5,000 [1] 0 [1] 9,014 [1] (400) [1]
Net investment gains 22,226 21,238 94,003 73,412
Revenues from wholly-owned investees 68,087 65,922 173,196 175,943
Other income 1,428 406 2,204 1,364
Total revenues 1,420,501 1,279,731 4,214,953 3,785,031
OPERATING COSTS AND EXPENSES:        
Losses and loss expenses 736,632 683,980 2,147,306 1,965,351
Other operating costs and expenses 451,487 407,149 1,332,024 1,196,936
Expenses from wholly-owned investees 66,177 64,388 172,438 174,059
Interest expense 32,512 28,068 93,750 84,317
Total operating costs and expenses 1,286,808 1,183,585 3,745,518 3,420,663
Income before income taxes 133,693 96,146 469,435 364,368
Income tax expense (32,685) (19,775) (124,291) (90,282)
Net income before noncontrolling interests 101,008 76,371 345,144 274,086
Noncontrolling interests (61) 39 (41) 98
Net income to common stockholders $ 100,947 $ 76,410 $ 345,103 $ 274,184
NET INCOME PER SHARE:        
Basic $ 0.74 $ 0.55 $ 2.51 $ 1.95
Diluted $ 0.71 $ 0.53 $ 2.41 $ 1.87
[1] For the nine months ended September 30, 2012, this represents a change in valuation allowance of $14 million, partially offset by an other-than-temporary impairment of $5 million