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Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenues:        
Net premiums written $ 209,621 $ 210,342 $ 415,521 $ 410,073
Decrease in unearned premiums 3,608 1,669 8,966 17,268
Net premiums earned 213,229 212,011 424,487 427,341
Net investment income 45,250 29,339 88,486 54,019
Realized investment losses, net (1,589) (471) (2,077) (7,823)
(Loss) income from other invested assets (4,852) 1,953 (7,554) 26,658
Other income 8,090 1,577 13,032 8,825
Total revenues 260,128 244,409 516,374 509,020
Losses and expenses:        
Provision (benefit) for losses and LAE 1,260 (76,199) 1,080 (183,057)
Other underwriting and operating expenses 42,174 41,898 90,369 82,694
Interest expense 7,394 2,887 14,330 5,113
Total losses and expenses 50,828 (31,414) 105,779 (95,250)
Income before income taxes 209,300 275,823 410,595 604,270
Income tax expense 37,067 44,054 67,535 98,334
Net income $ 172,233 $ 231,769 $ 343,060 $ 505,936
Earnings per share:        
Basic (in dollars per share) $ 1.62 $ 2.17 $ 3.22 $ 4.70
Diluted (in dollars per share) $ 1.61 $ 2.16 $ 3.20 $ 4.69
Weighted average shares outstanding:        
Basic (in shares) 106,249 106,921 106,594 107,540
Diluted (in shares) 107,093 107,283 107,338 107,933
Net income $ 172,233 $ 231,769 $ 343,060 $ 505,936
Other comprehensive income (loss):        
Change in unrealized appreciation (depreciation) of investments, net of tax expense (benefit) of ($5,046) and ($24,235) in the three months ended June 30, 2023 and 2022 and $4,382 and ($60,132) in the six months ended June 30, 2023 and 2022. (36,098) (134,268) 22,655 (337,274)
Total other comprehensive income (loss) (36,098) (134,268) 22,655 (337,274)
Comprehensive income $ 136,135 $ 97,501 $ 365,715 $ 168,662