Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2012

Quarterly Financial Data (Unaudited)

Note 17. Quarterly Financial Data (Unaudited)

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

	March 31,			June 30,			September 30,			December 31,
In thousands, except per share amounts	2012			2012			2012			2012
Gross written premiums	$	343,149		$	322,987		$	298,742		$	321,587
Revenues:
Net written premiums		243,045			190,252			188,046			212,312
Change in unearned premiums		(59,926	)		5,765			13,216			(10,746	)
Net earned premiums		183,119			196,017			201,262			201,566
Net investment income		11,258			15,777			13,597			13,616
Total other-than-temporary impairment losses		(198	)		(496	)		—			(208	)
Portion of loss recognized in other comprehensive income (before tax)		44			—			—			—
Net other-than-temporary impairment losses recognized in earnings		(154	)		(496	)		—			(208	)
Net realized gains (losses)		1,842			4,217			4,761			30,254
Other income (expense)		911			387			789			(599	)
Total revenues		196,976			215,902			220,409			244,629
Expenses:
Net losses and loss adjustment expenses		117,985			123,407			128,850			127,191
Commission expenses		29,450			29,503			31,258			31,259
Other operating expenses		36,307			39,819			40,112			42,841
Interest expense		2,049			2,049			2,049			2,051
Total expenses		185,791			194,778			202,269			203,342
Income (loss) before income taxes		11,185			21,124			18,140			41,287
Income tax expense (benefit)		3,281			6,225			5,225			13,243
Net income (loss)	$	7,904		$	14,899		$	12,915		$	28,044
Comprehensive income (loss)	$	13,881		$	21,663		$	30,760		$	2,418
Combined ratio		99.8	%		98.1	%		99.1	%		100.2	%
Net income (loss) per common share:
Basic	$	0.57		$	1.06		$	0.92		$	2.00
Diluted	$	0.56		$	1.05		$	0.90		$	1.96

	March 31,			June 30,			September 30,			December 31,
In thousands, except per share amounts	2011			2011			2011			2011
Gross written premiums	$	296,283		$	278,714		$	255,318		$	277,901
Revenues:
Net written premiums		193,076			183,363			175,357			202,002
Change in unearned premiums		(40,598	)		(9,586	)		(1,724	)		(10,245	)
Net earned premiums		152,478			173,777			173,633			191,757
Net investment income		17,384			17,429			16,259			12,428
Total other-than-temporary impairment losses		(263	)		(833	)		(1,241	)		(1,280	)
Portion of loss recognized in other comprehensive income (before tax)		22			301			618			691
Net other-than-temporary impairment losses recognized in earnings		(241	)		(532	)		(623	)		(589	)
Net realized gains (losses)		(1,389	)		3,006			3,238			7,141
Other income (expense)		991			573			(921	)		586
Total revenues		169,223			194,253			191,586			211,323
Expenses:
Net losses and loss adjustment expenses		116,788			113,863			110,242			136,104
Commission expenses		26,200			28,030			25,934			30,273
Other operating expenses		36,575			35,777			34,989			30,688
Interest expense		2,046			2,047			2,047			2,048
Total expenses		181,609			179,717			173,212			199,113
Income (loss) before income taxes		(12,386	)		14,536			18,374			12,210
Income tax expense (benefit)		(4,493	)		5,032			4,476			2,122
Net income (loss)	$	(7,893	)	$	9,504		$	13,898		$	10,088
Comprehensive income (loss)	$	(6,924	)	$	26,329		$	12,686		$	23,293
Combined ratio		117.1	%		101.9	%		99.1	%		102.5	%
Net income per common share:
Basic	$	(0.50	)	$	0.62		$	0.94		$	0.71
Diluted	$	(0.50	)	$	0.60		$	0.92		$	0.70