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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
PREMIUMS EARNED AND OTHER REVENUES        
Direct premiums written $ 357,960 $ 342,781 $ 647,194 $ 612,765
Change in unearned premium (54,852) (68,754) (48,709) (76,477)
Direct premium earned 303,108 274,027 598,485 536,288
Ceded premium earned (92,751) (81,755) (178,401) (161,439)
Premiums earned, net 210,357 192,272 420,084 374,849
Net investment income 7,410 5,786 15,552 10,571
Net realized gains (losses) on investments (1,605) 145 (13,130) (2,496)
Net change in unrealized gains (losses) of equity securities 3,759 (1,521) 21,791 (6,630)
Commission revenue 6,048 5,709 11,553 10,980
Policy fees 5,997 5,764 11,018 10,539
Other revenue 1,756 1,633 3,440 3,475
Total premiums earned and other revenues 233,722 209,788 470,308 401,288
OPERATING COSTS AND EXPENSES        
Losses and loss adjustment expenses 113,296 89,842 226,390 165,768
General and administrative expenses 69,496 58,698 139,244 122,573
Total operating costs and expenses 182,792 148,540 365,634 288,341
INCOME BEFORE INCOME TAXES 50,930 61,248 104,674 112,947
Income tax expense 13,637 15,164 27,233 26,808
NET INCOME $ 37,293 $ 46,084 $ 77,441 $ 86,139
Basic earnings per common share (in dollars per share) $ 1.09 $ 1.32 $ 2.24 $ 2.47
Weighted average common shares outstanding - Basic (in shares) 34,311 34,909 34,525 34,874
Diluted earnings per common share (in dollars per share) $ 1.08 $ 1.29 $ 2.22 $ 2.42
Weighted average common shares outstanding - Diluted (in shares) 34,612 35,589 34,903 35,636
Cash dividend declared per common share (in dollars per share) $ 0.16 $ 0.14 $ 0.32 $ 0.28