Unaudited Quarterly Financial Data

12 Months Ended

Dec. 31, 2012

Unaudited Quarterly Financial Data [Abstract]

Unaudited Quarterly Financial Data

21.   Unaudited Quarterly Financial Data

	Quarter												2012
2012:	First			Second			Third			Fourth (b)			Year
	(In thousands, except share data)
Net premiums written	$	254,986		$	238,605		$	263,505		$	260,736		$	1,017,832
Net premiums earned		262,405			242,628			266,432			261,705			1,033,170
Investment income, net of expenses		37,408			32,178			30,394			21,660			121,640
Loss incurred, net		337,088			551,408			490,121			688,636			2,067,253
Change in premium deficiency reserves		(14,183	)		(27,358	)		(9,144	)		(10,351	)		(61,036	)
Underwriting and other operating expenses		50,343			48,910			50,678			51,516			201,447
Interest expense		24,627			24,912			24,478			25,327			99,344
Net income (loss)		(19,555	)		(273,891	)		(246,942	)		(386,691	)		(927,079	)
Income (loss) per share (a):
Basic		(0.10	)		(1.36	)		(1.22	)		(1.91	)		(4.59	)
Diluted		(0.10	)		(1.36	)		(1.22	)		(1.91	)		(4.59	)

	Quarter												2011
2011:	First			Second			Third			Fourth			Year
	(In thousands, except share data)
Net premiums written	$	274,463		$	270,399		$	255,745		$	263,773		$	1,064,380
Net premiums earned		288,546			284,454			275,094			275,741			1,123,835
Investment income, net of expenses		56,543			55,490			48,898			40,339			201,270
Loss incurred, net		310,431			459,552			462,654			482,070			1,714,707
Change in premium deficiency reserves		(9,018	)		(11,035	)		(12,388	)		(11,709	)		(44,150	)
Underwriting and other operating expenses		57,550			54,043			52,477			50,680			214,750
Interest expense		26,042			26,326			25,761			25,142			103,271
Net income (loss)		(33,661	)		(151,732	)		(165,205	)		(135,294	)		(485,892	)
Income (loss) per share (a):
Basic		(0.17	)		(0.75	)		(0.82	)		(0.67	)		(2.42	)
Diluted		(0.17	)		(0.75	)		(0.82	)		(0.67	)		(2.42	)

(a) Due to the use of weighted average shares outstanding when calculating earnings per share, the sum of the quarterly per share data may not equal the per share data for the year.

(b) The results for the fourth quarter of 2012 include a loss of approximately $267 million related to our settlement with Freddie Mac and approximately $100 million related to our probable rescission settlement agreements. See Note 20 – "Litigation and Contingencies."