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Note 21 - Quarterly Financial Data | 12 Months Ended
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Dec. 31, 2015
Quarterly Financial Data (Unaudited) [Abstract] |
Quarterly Financial Information [Text Block] | Quarterly Financial Data (Unaudited)
(In thousands, except per share information) | 2015 Quarters
| First |  | Second |  | Third |  | Fourth |  | Year
Net premiums earned—insurance | $ | 224,595 |  |  | $ | 237,437 |  |  | $ | 227,433 |  |  | $ | 226,443 |  |  | $ | 915,908 |
Services revenue (1) | 30,630 |  |  | 43,503 |  |  | 42,189 |  |  | 37,493 |  |  | 153,815 |
Net investment income | 17,328 |  |  | 19,285 |  |  | 22,091 |  |  | 22,833 |  |  | 81,537 |
Net gains (losses) on investments and other financial instruments (2) | 16,779 |  |  | 28,448 |  |  | 3,868 |  |  | (13,402 | ) |  | 35,693 |
Provision for losses | 45,028 |  |  | 32,560 |  |  | 64,192 |  |  | 56,805 |  |  | 198,585 |
Policy acquisition | 7,750 |  |  | 6,963 |  |  | 2,880 |  |  | 4,831 |  |  | 22,424 |
Direct cost of services | 19,253 |  |  | 23,520 |  |  | 24,949 |  |  | 22,241 |  |  | 89,963 |
Other operating expenses | 53,774 |  |  | 67,731 |  |  | 65,082 |  |  | 59,570 |  |  | 246,157 |
Loss on induced conversion and debt extinguishment | — |  |  | 91,876 |  |  | 11 |  |  | 2,320 |  |  | 94,207 |
Amortization and impairment of intangible assets | 3,023 |  |  | 3,281 |  |  | 3,273 |  |  | 3,409 |  |  | 12,986 |
Net income from continuing operations | 91,727 |  |  | 45,193 |  |  | 70,091 |  |  | 74,528 |  |  | 281,539 |
Income from discontinued operations, net of tax (3) | 530 |  |  | 4,855 |  |  | — |  |  | — |  |  | 5,385 |
Net income | 92,257 |  |  | 50,048 |  |  | 70,091 |  |  | 74,528 |  |  | 286,924 |
Diluted net income per share (4)(5) | $ | 0.39 |  |  | $ | 0.22 |  |  | $ | 0.29 |  |  | $ | 0.32 |  |  | $ | 1.22 |
Weighted average shares outstanding-diluted (4) | 243,048 |  |  | 246,650 |  |  | 250,795 |  |  | 247,981 |  |  | 246,332 |
| 2014 Quarters
| First |  | Second |  | Third |  | Fourth |  | Year
Net premiums earned—insurance | $ | 198,762 |  |  | $ | 203,646 |  |  | $ | 217,827 |  |  | $ | 224,293 |  |  | $ | 844,528 |
Services revenue | — |  |  | — |  |  | 42,243 |  |  | 34,450 |  |  | 76,693 |
Net investment income | 15,318 |  |  | 16,663 |  |  | 17,143 |  |  | 16,531 |  |  | 65,655 |
Net gains (losses) on investments and other financial instruments (2) | 42,968 |  |  | 25,332 |  |  | (6,294 | ) |  | 17,983 |  |  | 79,989 |
Provision for losses | 49,626 |  |  | 64,648 |  |  | 48,942 |  |  | 82,867 |  |  | 246,083 |
Policy acquisition | 7,017 |  |  | 6,746 |  |  | 4,240 |  |  | 6,443 |  |  | 24,446 |
Direct cost of services | — |  |  | — |  |  | 23,896 |  |  | 19,709 |  |  | 43,605 |
Other operating expenses | 54,507 |  |  | 60,751 |  |  | 51,225 |  |  | 85,800 |  |  | 252,283 |
Amortization and impairment of intangible assets | — |  |  | — |  |  | 3,294 |  |  | 5,354 |  |  | 8,648 |
Net income (loss) from continuing operations (6) | 145,980 |  |  | 103,537 |  |  | 132,031 |  |  | 878,026 |  |  | 1,259,574 |
Income (loss) from discontinued operations, net of tax (3)(7) | 56,779 |  |  | 71,296 |  |  | 21,559 |  |  | (449,691 | ) |  | (300,057 | )
Net income | 202,759 |  |  | 174,833 |  |  | 153,590 |  |  | 428,335 |  |  | 959,517 |
Diluted net income per share (4)(5) | $ | 0.94 |  |  | $ | 0.78 |  |  | $ | 0.67 |  |  | $ | 1.78 |  |  | $ | 4.16 |
Weighted average shares outstanding-diluted (4) | 222,668 |  |  | 230,779 |  |  | 238,067 |  |  | 242,801 |  |  | 233,902 |
______________
(1) | Services revenue for the first quarter includes $101 thousand that had previously been included in other income.
(2) | The 2015 and 2014 amounts reflect primarily unrealized (losses) gains, respectively, on our trading securities.
(3) | Radian completed the sale of Radian Asset Assurance to Assured on April 1, 2015, pursuant to the Radian Asset Assurance Stock Purchase Agreement dated as of December 22, 2014. Until the April 1, 2015 sale date, the operating results of Radian Asset Assurance were classified as discontinued operations for all periods presented in our consolidated statements of operations. See Note 3 for additional information.
(4) | Diluted net income per share and average shares outstanding per the accounting standard regarding earnings per share.
(5) | Diluted net income per share is computed independently for each period presented. Consequently, the sum of the quarters may not equal the total net income per share for the year. For all calculations, the determination of whether potential common shares are dilutive or anti-dilutive is based on net income from continuing operations.
(6) | This amount reflects a reversal of substantially all of our tax valuation allowance in the fourth quarter of 2014.
(7) | Reflects a $468 million loss on reclassification of Radian Asset Assurance as assets held for sale in the fourth quarter of 2014.
In the first, second, and third quarters of 2015, certain cash flows were incorrectly classified in the Company’s Condensed Consolidated Statements of Cash Flows. The Company has determined that these misclassifications are not material to the financial statements of any period. These amounts (described below in thousands) have been corrected in the Consolidated Statements of Cash Flows for the year ended December 31, 2015, and will be corrected in the comparative Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2015, six months ended June 30, 2015 and nine months ended September 30, 2015 that will appear in the Company’s quarterly Form 10-Q filings in 2016. As previously disclosed, for the three months ended March 31, 2015, the adjustments to the affected categories within the Consolidated Statements of Cash Flows consist of the following: (i) net cash provided by operating activities, continuing operations, reported as $80 will be adjusted to $666; (ii) net cash used in operating activities, discontinued operations, reported as $12,168 will be adjusted to $1,759; (iii) net cash provided by investing activities, discontinued operations, reported as $9,514 will be adjusted to $4,999; (iv) net increase in cash reported as $23,499 will be adjusted to $29,979; (v) change in cash of business held for sale represented as a decrease of $3,240 will be represented as an increase of $3,240. For the six months ended June 30, 2015 and nine months ended September 30, 2015, the adjustments affected certain line items within cash flows from investing activities, but had no net impact to net cash provided by (used in) investing activities. For the six months ended June 30, 2015, these adjustments to the affected line items within the Consolidated Statements of Cash Flows consist of the following: (i) proceeds from sales of fixed-maturity investments available for sale reported as $57,309 will be adjusted to $3,621; and (ii) purchases of fixed-maturity investments available for sale reported as $725,640 will be adjusted to $671,952. For the nine months ended September 30, 2015, the adjustments consist of the following: (i) proceeds from sales of fixed-maturity investments AFS reported as $96,684 will be adjusted to $16,208; and (ii) purchases of fixed-maturity investments AFS reported as $1,087,461 will be adjusted to $1,006,985.

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- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=51655806&loc=d3e765-108305 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=51825399&loc=d3e1280-108306 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=51655806&loc=d3e725-108305 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
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