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Consolidated Statements of Operations (unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Revenues        
Net earned premiums $ 1,215,133,000 $ 2,058,421,000 $ 3,832,595,000 $ 6,356,241,000
Fees and other income 347,693,000 317,523,000 1,033,688,000 920,694,000
Net investment income 124,798,000 148,766,000 380,325,000 468,825,000
Net realized gains on investments, excluding other-than- temporary impairment losses 10,704,000 6,910,000 194,749,000 [1] 25,434,000
Total other-than-temporary impairment losses 0 (1,696,000) (364,000) (4,904,000)
Portion of net loss (gain) recognized in other comprehensive income, before taxes 0 989,000 (337,000) 1,627,000
Net other-than-temporary impairment losses recognized in earnings 0 (707,000) (701,000) (3,277,000)
Amortization of deferred gains and gains on disposal of businesses 135,840,000 [2] 3,243,000 309,254,000 [3] 9,743,000
Gain on pension plan curtailment 0 0 29,578,000 0
Total revenues 1,834,168,000 2,534,156,000 5,779,488,000 7,777,660,000
Benefits, losses and expenses        
Policyholder benefits 435,173,000 1,254,205,000 1,379,803,000 3,732,646,000
Amortization of deferred acquisition costs and value of business acquired 330,353,000 341,439,000 1,007,335,000 1,064,325,000
Underwriting, general and administrative expenses 833,778,000 956,984,000 2,554,732,000 2,848,387,000
Interest expense 14,006,000 13,779,000 43,741,000 41,335,000
Total benefits, losses and expenses 1,613,310,000 2,566,407,000 4,985,611,000 7,686,693,000
Income (loss) before provision (benefit) for income taxes 220,858,000 (32,251,000) 793,877,000 90,967,000
Provision (benefit) for income taxes 76,491,000 (25,229,000) 259,843,000 15,156,000
Net income (loss) $ 144,367,000 $ (7,022,000) $ 534,034,000 $ 75,811,000
Earnings Per Share        
Basic (in dollars per share) $ 2.40 $ (0.10) $ 8.54 $ 1.10
Diluted (in dollars per share) 2.37 (0.10) [4] 8.46 1.09
Dividends per share (in dollars per share) $ 0.50 $ 0.30 $ 1.50 $ 0.87
Share Data        
Weighted average shares outstanding used in basic per share calculations (in shares) 60,262,073 67,632,920 62,522,980 68,646,043
Plus: Dilutive securities (in shares) 566,268 0 570,340 695,843
Weighted average shares used in diluted earnings per share calculations (in shares) 60,828,341 67,632,920 63,093,320 69,341,886
[1] Nine months ended September 30, 2016 net gains includes $146,727 related to the sale of Assurant Employee Benefits as described in Note 5.
[2] Includes $132,856 related to the additional deferred gains and gains related to the Assurant Employee Benefits sale on March 1, 2016, as referenced in Note 4.
[3] Includes $300,284 related to the additional deferred gains and gains related to the Assurant Employee Benefits sale on March 1, 2016.
[4] In accordance with earnings per share guidance, diluted per share amounts were computed in the same manner as basic per share amounts when a loss from operations existed during the three months ended September 30, 2015.