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Quarterly Operating Results (Unaudited)
 12 Months Ended
Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Operating Results (Unaudited)

NOTE 14 Quarterly Operating Results (Unaudited)

Quarterly operating results for 2014 and 2013 were as follows:

 

(in thousands, except per share data)

    First
Quarter		      Second
Quarter		      Third
Quarter		      Fourth
Quarter(1)		  

2014

            

Total revenues

    $ 363,594       $ 397,764       $ 421,418       $ 393,020   

Total expenses

    $ 276,757       $ 295,983       $ 308,733       $ 354,574   

Income before income taxes

    $ 86,837       $ 101,781       $ 112,685       $ 38,446   

Net income

    $ 52,415       $ 61,755       $ 68,331       $ 24,395   

Net income per share:

            

Basic

    $ 0.36       $ 0.43       $ 0.47       $ 0.17   

Diluted

    $ 0.36       $ 0.42       $ 0.47       $ 0.17   

2013

            

Total revenues

    $ 335,012       $ 325,792       $ 359,310       $ 343,165   

Total expenses

    $ 235,521       $ 239,571       $ 263,855       $ 266,723   

Income before income taxes

    $ 99,491       $ 86,221       $ 95,455       $ 76,442   

Net income

    $ 60,131       $ 52,007       $ 57,749       $ 47,225   

Net income per share:

            

Basic

    $ 0.42       $ 0.36       $ 0.40       $ 0.32   

Diluted

    $ 0.41       $ 0.36       $ 0.39       $ 0.32   

 

(1) Represents the Company recognizing a loss on disposal of $47.4 million as a result of the sale of Axiom effective December 31, 2014. The sale is part of the Company’s strategy to exit the reinsurance brokerage business.

Quarterly financial results are affected by seasonal variations. The timing of the Company’s receipt of profit-sharing contingent commissions, policy renewals and acquisitions may cause revenues, expenses and net income to vary significantly between quarters.