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Quarterly Financial Information (Unaudited) | 12 Months Ended
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Dec. 31, 2016
Quarterly Financial Data [Abstract] |
Quarterly Financial Information (Unaudited) | Quarterly Financial Information (Unaudited) The following table presents summarized quarterly financial data for 2016 and 2015:
|  | Quarter Ended |
|  | March 31 |  | June 30 |  | September 30 |  | December 31 |
|  | (Amounts in thousands, except per share data) |
2016 |  |  |  |  |  |  |  |  |
Net premiums earned |  | $ | 767,085 |  |  | $ | 779,321 |  |  | $ | 790,850 |  |  | $ | 794,517 |  |
Change in fair value of investments pursuant to the fair value option |  | 18,531 |  |  | 37,127 |  |  | (21,132 | ) |  | (67,332 | ) |
Income before income taxes |  | 26,034 |  |  | 64,335 |  |  | 31,625 |  |  | (51,270 | ) |
Net income (loss) |  | 23,323 |  |  | 48,873 |  |  | 26,930 |  |  | (26,082 | ) |
Basic earnings per share (1) |  | 0.42 |  |  | 0.88 |  |  | 0.49 |  |  | (0.47 | ) |
Diluted earnings per share (1) |  | 0.42 |  |  | 0.88 |  |  | 0.49 |  |  | (0.47 | ) |
Dividends paid per share |  | 0.6200 |  |  | 0.6200 |  |  | 0.6200 |  |  | 0.6225 |  |
2015 |  |  |  |  |  |  |  |  |
Net premiums earned |  | $ | 720,737 |  |  | $ | 731,546 |  |  | $ | 745,520 |  |  | $ | 760,094 |  |
Change in fair value of investments pursuant to the fair value option |  | (4,884 | ) |  | (40,783 | ) |  | (18,538 | ) |  | 2,474 |  |
Income before income taxes |  | 29,859 |  |  | 4,511 |  |  | 12,267 |  |  | 23,930 |  |
Net income |  | 26,165 |  |  | 9,639 |  |  | 15,270 |  |  | 23,405 |  |
Basic earnings per share (1) |  | 0.47 |  |  | 0.17 |  |  | 0.28 |  |  | 0.42 |  |
Diluted earnings per share (1) |  | 0.47 |  |  | 0.17 |  |  | 0.28 |  |  | 0.42 |  |
Dividends paid per share |  | 0.6175 |  |  | 0.6175 |  |  | 0.6175 |  |  | 0.6200 |  |
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(1) | The basic and diluted earnings per share do not sum due to rounding.
Net income during 2016 was primarily affected by an increase in losses and loss adjustment expenses partially offset by an increase in net premiums earned, unfavorable development on prior accident years' loss and loss adjustment expense reserves, severe storms outside of California and rainstorms in California, and net realized investment losses. The primary cause of the net loss for the fourth quarter of 2016 was the declines in the fair value of the Company’s fixed maturity securities due to the rising market interest rates. Net income for 2015 was primarily affected by net realized investment losses, and an increase in losses and loss adjustment expenses partially offset by an increase in net premiums earned. Net income for the fourth quarter of 2015 was affected by net realized investment losses of $8.2 million.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=68076893&loc=d3e1570-108306 Reference 2: 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=68064558&loc=d3e765-108305 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=68064558&loc=d3e725-108305 + Details
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