Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2014

Summary of Quarterly Financial Data

The following is a summary of quarterly financial data for the periods indicated:

In thousands, except per share amounts	March 31, 2014			June 30, 2014			September 30, 2014			December 31, 2014
Gross written premiums	$	422,790		$	348,795		$	327,469		$	333,299
Revenues:
Net written premiums	$	311,850		$	231,864		$	228,417		$	228,007
Change in unearned premiums		(86,578	)		(780	)		16,950			6,165
Net earned premiums		225,272			231,084			245,367			234,172
Net investment income		16,610			15,648			15,839			16,071
Total other-than-temporary impairment losses					—			158			(21	)
Portion of loss recognized in other comprehensive income (before tax)		—			—			(158	)		21
Net other-than-temporary impairment losses recognized in earnings					—			—			—
Net realized gains (losses)		833			4,473			6,718			788
Other income (expense)		10,399			(1,665	)		1,336			586
Total revenues	$	253,114		$	249,540		$	269,260		$	251,617
Expenses:
Net losses and loss adjustment expenses	$	135,067		$	140,220		$	135,284		$	134,658
Commission expenses		25,727			32,150			33,943			33,708
Other operating expenses		47,146			47,992			50,388			51,299
Call premium on Senior Notes					—			—			—
Interest expense		3,852			4,319			3,388			3,854
Total expenses	$	211,792		$	224,681		$	223,003		$	223,519
Income before income taxes		41,322			24,859			46,257			28,098
Income tax expense	$	13,354		$	7,998		$	15,032		$	8,823
Net income	$	27,968		$	16,861		$	31,225		$	19,275
Comprehensive income (loss)	$	32,920		$	32,965		$	20,628		$	27,015
Combined ratio		92.2	%		95.3	%		89.5	%		93.8	%
Net income (loss) per share:
Basic	$	1.96		$	1.18		$	2.19		$	1.35
Diluted	$	1.94		$	1.17		$	2.14		$	1.31

In thousands, except per share amounts	March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013
Gross written premiums	$	393,222		$	332,128		$	312,076		$	333,091
Revenues:
Net written premiums	$	269,452		$	198,469		$	196,556		$	223,445
Change in unearned premiums		(67,124	)		7,345			17,339			(3,543	)
Net earned premiums		202,328			205,814			213,895			219,902
Net investment income		13,657			14,246			14,094			14,254
Total other-than-temporary impairment losses		(42	)		—			(1,821	)		(530	)
Portion of loss recognized in other comprehensive income (before tax)		—			—			—			—
Net other-than-temporary impairment losses recognized in earnings		(42	)		—			(1,821	)		(530	)
Net realized gains		4,814			3,345			(988	)		15,768
Other income (expense)		618			(915	)		(210	)		(665	)
Total revenues	$	221,375		$	222,490		$	224,970		$	248,729
Expenses:
Net losses and loss adjustment expenses	$	131,342		$	131,148		$	125,086		$	131,385
Commission expenses		26,555			28,391			27,685			30,863
Other operating expenses		40,874			40,678			39,056			43,826
Call premium on Senior Notes		—			—			—			17,895
Interest expense		2,051			2,052			2,053			4,351
Total expenses	$	200,822		$	202,269		$	193,880		$	228,320
Income before income taxes		20,553			20,221			31,090			20,409
Income tax expense	$	6,643		$	6,284		$	9,804		$	6,076
Net income	$	13,910		$	13,937		$	21,286		$	14,333
Comprehensive income	$	14,785		$	(24,829	)	$	25,462		$	1,200
Combined ratio		97.9	%		97.7	%		89.8	%		94.0	%
Net income per share:
Basic	$	0.99		$	0.99		$	1.50		$	1.01
Diluted	$	0.97		$	0.97		$	1.48		$	1.00