Note 18 - Quarterly Financial Data (Tables)

12 Months Ended

Dec. 31, 2013

Quarterly Financial Data (Unaudited) [Abstract]

Schedule of Quarterly Financial Information [Table Text Block]

Quarterly Financial Data (Unaudited)

(In thousands, except per share information)	2013 Quarters
	First			Second			Third			Fourth			Year
Net premiums earned—insurance	$	192,588		$	213,124		$	211,984		$	213,198		$	830,894
Net investment income	26,873			27,615			26,732			26,868			108,088
Net losses on investments (1)	(5,505		)	(130,254		)	(7,132		)	(6,829		)	(149,720		)
Net change in fair value of derivative instruments (2)	(167,670		)	86,535			10,778			38,586			(31,771		)
Net (losses) gains on other financial instruments (3)	(5,675		)	1,188			902			(1,151		)	(4,736		)
Provision for losses (4)	132,059			140,291			157,174			137,610			567,134
Policy acquisition and other operating expenses	97,295			70,987			78,932			78,978			326,192
Net (loss) income (5)	(187,500		)	(33,172		)	(12,682		)	36,369			(196,985		)
Diluted net (loss) income per share (6)(7)	$	(1.30	)	$	(0.19	)	$	(0.07	)	$	0.19		$	(1.18	)
Weighted average shares outstanding (6)	144,355			171,783			171,830			213,504			166,366
	2012 Quarters
	First			Second			Third			Fourth			Year
Net premiums earned—insurance	$	167,365		$	186,779		$	190,963		$	193,875		$	738,982
Net investment income	34,713			30,877			25,635			23,112			114,337
Net gains on investments (1)	67,459			26,419			84,659			6,351			184,888
Net change in fair value of derivative instruments (2)	(72,757		)	(33,124		)	(41,056		)	2,912			(144,025		)
Net losses on other financial instruments (3)	(17,852		)	(61,862		)	(740		)	(1,815		)	(82,269		)
Provision for losses (4)	266,154			210,868			176,352			305,797			959,171
Policy acquisition and other operating expenses	78,200			50,998			63,356			65,994			258,548
Net (loss) income	(169,232		)	(119,259		)	14,325			(177,302		)	(451,468		)
Diluted net (loss) income per share (6)(7)	$	(1.28	)	$	(0.90	)	$	0.11		$	(1.34	)	$	(3.41	)
Weighted average shares outstanding (6)	132,465			132,346			134,033			132,525			132,533

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(1) The 2013 and 2012 amounts reflect unrealized (losses) gains, respectively, on our trading securities. The 2012 amounts also reflect realized gains (losses) on investments in connection with the continued reallocation of our investment portfolio.

(2) The change in fair value of derivative instruments for 2013 and 2012 reflects the volatility in the cumulative unrealized (loss) gain attributable to the market’s perception of our non-performance risk as a result of the changes in our CDS spread during both years. The 2013 amounts also reflect improvements in the credit spreads of the underlying securities.

(3) The 2013 and 2012 periods primarily reflect fair value gains and losses on our VIE debt.

(4) The results for 2013 reflect a continued decline in new defaults and positive development in our estimate of future losses on existing defaults. The results for the fourth quarter of 2012 include the effects of an increase in our IBNR reserve estimate.

(5) Net income in the fourth quarter of 2013 reflects unrealized gains in the change in fair value of derivative instruments and a decline in the provision for losses in our mortgage insurance segment.

(6) Diluted net (loss) income per share and average shares outstanding per the accounting standard regarding earnings per share.

(7) Net (loss) income per share is computed independently for each period presented. Consequently, the sum of the quarters may not equal the total net (loss) income per share for the year.