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Quarterly Operating Results (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Quarterly Operating Results

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.