Radian (RDN) 10-Q 6 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	3 Months Ended
	Mar. 31, 2016	May. 04, 2016
Document Information [Line Items]
Entity Registrant Name	Radian Group Inc.
Entity Central Index Key	890,926
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		214,270,523
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) Statement - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
ASSETS
Fixed-maturities available for sale—at fair value (amortized cost $2,487,445 and $1,893,356)	$ 2,523,335	$ 1,865,461
Equity securities available for sale—at fair value (cost $500 and $75,538)	500	75,430
Trading securities—at fair value	1,209,089	1,279,137
Short-term investments—at fair value	735,666	1,076,944
Other invested assets	1,582	1,714
Total investments	4,470,172	4,298,686
Cash	64,844	46,898
Restricted cash	10,060	13,000
Accounts and notes receivable	66,340	61,734
Deferred income taxes, net (Note 12)	518,059	577,945
Goodwill and other intangible assets, net (Note 6)	286,069	289,417
Prepaid reinsurance premium	228,718	40,491
Other assets (Note 8)	325,129	313,929
Total assets	5,969,391	5,642,100
LIABILITIES AND STOCKHOLDERS’ EQUITY
Unearned premiums	673,887	680,300
Reserve for losses and loss adjustment expense (“LAE”) (Note 9)	891,348	976,399
Long-term debt (Note 10)	1,286,466	1,219,454
Reinsurance funds withheld (Note 1)	151,104	0
Other liabilities	306,188	269,016
Total liabilities	$ 3,308,993	$ 3,145,169
Commitments and Contingencies (Note 15)
Stockholders’ equity
Common stock: par value $.001 per share; 485,000,000 shares authorized at March 31, 2016 and December 31, 2015; 231,825,865 and 224,432,465 shares issued at March 31, 2016 and December 31, 2015, respectively; 214,265,168 and 206,871,768 shares outstanding at March 31, 2016 and December 31, 2015, respectively	$ 232	$ 224
Treasury stock, at cost: 17,560,697 shares at March 31, 2016 and December 31, 2015	(893,176)	(893,176)
Additional paid-in capital	2,773,349	2,716,618
Retained earnings	757,202	691,742
Accumulated other comprehensive income (loss) (“AOCI”) (Note 11)	22,791	(18,477)
Total stockholders’ equity	2,660,398	2,496,931
Total liabilities and stockholders’ equity	$ 5,969,391	$ 5,642,100

Balance Sheet Parenthetical (Pa

Balance Sheet Parenthetical (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Available-for-sale Debt Securities, Amortized Cost Basis	$ 2,487,445	$ 1,893,356
Available-for-sale Equity Securities, Amortized Cost Basis	$ 500	$ 75,538
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	485,000,000	485,000,000
Common Stock, Shares, Issued	231,825,865	224,432,465
Common Stock, Shares, Outstanding	214,265,168	206,871,768
Treasury Stock, Shares	17,560,697	17,560,697

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues:
Net premiums earned—insurance	$ 220,950	$ 224,595
Services revenue	31,600	30,630
Net investment income	27,201	17,328
Net gains on investments and other financial instruments	31,286	16,779
Other income	1,915	1,331
Total revenues	312,952	290,663
Expenses:
Provision for losses	42,991	45,028
Policy acquisition costs	6,389	7,750
Direct cost of services	21,749	19,253
Other operating expenses	58,989	53,774
Interest expense	21,534	24,385
Loss on induced conversion and debt extinguishment (Note 10)	55,570	0
Amortization and impairment of intangible assets	3,328	3,023
Total expenses	210,550	153,213
Pretax income from continuing operations	102,402	137,450
Income tax provision	36,153	45,723
Net income from continuing operations	66,249	91,727
Income from discontinued operations, net of tax	0	530
Net income	$ 66,249	$ 92,257
Earnings Per Share, Basic [Abstract]
Net income from continuing operations, per basic share	$ 0.33	$ 0.48
Income from discontinued operations and disposal of discontinued operations, net of tax, per basic share	0	0
Basic net income per share	0.33	0.48
Earnings Per Share, Diluted [Abstract]
Net income from continuing operations, per diluted share	0.29	0.39
Income from discontinued operations and disposal of discontinued operations, net of tax, per diluted share	0	0
Diluted net income per share	$ 0.29	$ 0.39
Weighted-average number of common shares outstanding—basic	203,706	191,224
Weighted-average number of common and common equivalent shares outstanding—diluted	239,707	243,048
Dividends per share	$ 0.0025	$ 0.0025

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net income	$ 66,249	$ 92,257
Unrealized gains on investments:
Unrealized holding gains arising during the period	39,374	6,454
Less: Reclassification adjustment for net losses included in net income	(2,157)	(33)
Net unrealized gains on investments	41,531	6,487
Net foreign currency translation adjustments	(85)	(126)
Activity related to investments recorded as assets held for sale	0	1,828
Net actuarial loss	(178)	0
Other comprehensive income, net of tax	41,268	8,189
Comprehensive income	$ 107,517	$ 100,446

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Changes in Common Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Parent	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income
Beginning Balance, at Dec. 31, 2014		$ 2,097,060	$ 209	$ (892,961)	$ 2,531,513	$ 406,814	$ 51,485
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 92,257	92,257				92,257
Net foreign currency translation adjustment, net of tax	(126)	(126)					(126)
Net unrealized gain on investments, net of tax		8,315					8,315
Repurchases of common stock under incentive plans		(188)		(188)
Issuance of common stock under incentive and benefit plans		1,241			1,241
Net actuarial loss	0
Stock-based compensation		3,123			3,123
Change in equity component of currently redeemable convertible senior notes		5,708			5,708
Dividends declared		(478)				(478)
Ending Balance, at Mar. 31, 2015		2,206,912	209	(893,149)	2,541,585	498,593	59,674
Beginning Balance, at Dec. 31, 2015	2,496,931	2,496,931	224	(893,176)	2,716,618	691,742	(18,477)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	66,249	66,249				66,249
Net foreign currency translation adjustment, net of tax	(85)	(85)					(85)
Net unrealized gain on investments, net of tax		41,531					41,531
Issuance of common stock under incentive and benefit plans		659			659
Net actuarial loss	(178)	(178)					(178)
Stock-based compensation		4,612			4,612
Impact of extinguishment of Convertible Senior Notes due 2017 and 2019 (Note 10)		151,656	17		151,639
Shares repurchased under share repurchase program (Note 16)		(100,188)	(9)		(100,179)
Dividends declared		(789)				(789)
Ending Balance, at Mar. 31, 2016	$ 2,660,398	$ 2,660,398	$ 232	$ (893,176)	$ 2,773,349	$ 757,202	$ 22,791

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net cash provided by operating activities, continuing operations	$ 41,869	$ 666
Net cash used in operating activities, discontinued operations	0	(1,759)
Net cash provided by (used in) operating activities	41,869	(1,093)
Cash flows from investing activities:
Proceeds from sales of fixed-maturity investments available for sale	111,099	3,621
Proceeds from sales of equity securities available for sale	74,868	0
Proceeds from sales of trading securities	65,163	4,708
Proceeds from redemptions of fixed-maturity investments available for sale	58,856	5,502
Proceeds from redemptions of trading securities	34,105	65,207
Purchases of fixed-maturity investments available for sale	(753,660)	(152,290)
Sales and redemptions of short-term investments, net	341,365	106,728
Sales and redemptions of other assets and other invested assets, net	132	632
Purchases of property and equipment, net	(6,518)	(2,470)
Acquisitions, net of cash acquired	0	(6,449)
Net cash (used in) provided by investing activities, continuing operations	(74,590)	25,189
Net cash provided by investing activities, discontinued operations	0	4,999
Net cash (used in) provided by investing activities	(74,590)	30,188
Cash flows from financing activities:
Dividends paid	(497)	(478)
Issuance of long-term debt, net	344,139	0
Purchases and redemptions of long-term debt	(192,722)	0
Issuance of common stock	24	0
Purchase of shares under share repurchase program	(100,188)	0
Excess tax benefits from stock-based awards	20	1,408
Repayment of other borrowings	(108)	0
Net cash provided by financing activities, continuing operations	50,668	930
Net cash provided by (used in) financing activities, discontinued operations	0	0
Net cash provided by financing activities	50,668	930
Effect of exchange rate changes on cash	(1)	(46)
Increase in cash	17,946	29,979
Cash, beginning of period	46,898	30,465
Less: Increase in cash of business held for sale	0	3,240
Cash, end of period	$ 64,844	$ 57,204

Note 1 - Condensed Consolidated

Note 1 - Condensed Consolidated Financial Statements - Business Overview and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidated Financial Statements - Significant Accounting Policies and Business Overview	Condensed Consolidated Financial Statements—Business Overview and Significant Accounting Policies Business Overview We provide mortgage insurance and products and services to the real estate and mortgage finance industries through our two business segments—Mortgage Insurance and Services. Mortgage Insurance Our Mortgage Insurance segment provides credit-related insurance coverage, principally through private mortgage insurance, to mortgage lending institutions nationwide. Private mortgage insurance helps protect mortgage lenders from all or a portion of default-related losses on residential mortgage loans made to home buyers who generally make down payments of less than 20% of the home’s purchase price. Private mortgage insurance also facilitates the sale of these low-downpayment mortgage loans in the secondary mortgage market, most of which are sold to the GSEs. Our Mortgage Insurance segment currently offers primary mortgage insurance coverage on residential first-lien mortgage loans. At March 31, 2016 , primary insurance on first-lien mortgage loans comprised approximately 97.6% of our $45.8 billion total direct RIF. At March 31, 2016 , pool insurance, which we previously offered, represented approximately 2.3% of our total direct RIF. We provide our mortgage insurance products mainly through our wholly-owned subsidiary, Radian Guaranty. The GSEs and state insurance regulators impose various capital and financial requirements on our insurance subsidiaries. These include financial requirements, such as Risk-to-capital, other risk-based capital measures and surplus requirements, as well as the PMIERs Financial Requirements discussed below. Failure to comply with applicable financial requirements may limit the amount of insurance that our insurance subsidiaries may write. The GSEs and our state insurance regulators also possess significant discretion with respect to our insurance subsidiaries. See Note 13 for additional regulatory information. Private mortgage insurers, including Radian Guaranty, are required to comply with the PMIERs to remain eligible insurers of loans purchased by the GSEs. The PMIERs became effective on December 31, 2015. The PMIERs Financial Requirements require that a mortgage insurer’s Available Assets (as defined, these primarily include liquid assets and exclude premiums received but not yet earned) meet or exceed its Minimum Required Assets (a risk-based minimum required asset amount calculated based on RIF, net of credits permitted for reinsurance, and which is intended to approximate the maximum loss exposure based on a variety of criteria designed to evaluate credit quality). We have entered into reinsurance transactions as part of our risk management activities, including to help manage Radian Guaranty’s Risk-to-capital and its position under the PMIERs Financial Requirements in a cost-effective manner. The credit that we receive under the PMIERs Financial Requirements for our third-party reinsurance transactions, including our QSR Transactions and our Single Premium QSR Transaction, is subject to review by the GSEs periodically. Under the PMIERs, Radian Guaranty’s Available Assets and Minimum Required Assets are determined on an aggregate basis, taking into account the assets and insured risk of Radian Guaranty and its affiliated reinsurers. Therefore, developments that impact the assets and insured risk of Radian Guaranty’s affiliated reinsurers individually also will impact the aggregate Available Assets and Minimum Required Assets, and importantly, Radian Guaranty’s compliance with the PMIERs Financial Requirements. As a result, references to Radian Guaranty’s Available Assets and Minimum Required Assets take into consideration both Radian Guaranty and its affiliated reinsurers. At March 31, 2016, Radian Guaranty is in full compliance with the PMIERs. Services Our Services segment provides outsourced services, information-based analytics and specialty consulting for buyers and sellers of, and investors in, mortgage- and real estate-related loans and securities as well as other ABS. These services and solutions are provided primarily through Clayton and its subsidiaries, including Green River Capital, Red Bell and ValuAmerica. The primary lines of business in our Services segment include: • loan review and due diligence; • surveillance, including RMBS surveillance, loan servicer oversight, loan-level servicing compliance reviews and operational reviews of mortgage servicers and originators; • valuation and component services that provide outsourcing and technology solutions for the SFR and residential real estate markets; as well as outsourced solutions for appraisal, title and closing services; • REO management services; and • services for the United Kingdom and European mortgage markets through our EuroRisk operations. 2016 Developments Capital and Debt Maturity Management During the first quarter of 2016, we completed a series of transactions to strengthen our financial position. The combination of these actions had the impact of decreasing diluted shares outstanding, improving Radian Group’s debt maturity profile and improving Radian Guaranty’s position under the PMIERs Financial Requirements. This series of capital and debt maturity management transactions consisted of: • the issuance of $350 million aggregate principal amount of Senior Notes due 2021; • the purchases of aggregate principal amounts of approximately $30.1 million and $288.4 million , respectively, of our outstanding Convertible Senior Notes due 2017 and 2019; • the termination of the portion of the capped call transactions related to the purchased Convertible Senior Notes due 2017; • the completion of the share repurchase program announced in January 2016, by purchasing an aggregate of 9.4 million shares of Radian Group common stock for $100.2 million , which includes commissions; and • the entry into the Single Premium QSR Transaction, which had the effect of increasing the amount by which Radian Guaranty’s Available Assets exceed its Minimum Required Assets under the PMIERs Financial Requirements. The purchases of Convertible Senior Notes due 2017 and 2019 resulted in a pretax charge of approximately $55.6 million during the first quarter of 2016, recorded as a loss on induced conversion and debt extinguishment. See Notes 7, 10 and 16 for additional information. Significant Accounting Policies Basis of Presentation Our condensed consolidated financial statements include the accounts of Radian Group Inc. and its subsidiaries. We refer to Radian Group Inc. together with its consolidated subsidiaries as “Radian,” the “Company,” “we,” “us” or “our,” unless the context requires otherwise. We generally refer to Radian Group Inc. alone, without its consolidated subsidiaries, as “Radian Group.” Unless otherwise defined in this report, certain terms and acronyms used throughout this report are defined in the Glossary of Abbreviations and Acronyms included as part of this report. Our condensed consolidated financial statements are prepared in accordance with GAAP and include the accounts of all wholly-owned subsidiaries. All intercompany accounts and transactions, and intercompany profits and losses, have been eliminated. We have condensed or omitted certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with GAAP pursuant to the instructions set forth in Article 10 of Regulation S-X of the SEC. The financial information presented for interim periods is unaudited; however, such information reflects all adjustments that are, in the opinion of management, necessary for the fair statement of the financial position, results of operations, comprehensive income and cash flows for the interim periods presented. Such adjustments are of a normal recurring nature. The year-end condensed balance sheet data was derived from our audited financial statements, but does not include all disclosures required by GAAP. These interim financial statements should be read in conjunction with the audited financial statements and notes thereto included in our 2015 Form 10-K. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or for any other period. Certain prior period amounts have been reclassified to conform to current period presentation. As previously disclosed in our 2015 Form 10-K, in the first quarter 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 (shown below in thousands) have been corrected herein. 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 has been adjusted to $666 ; (ii) net cash used in operating activities, discontinued operations, reported as $12,168 has been adjusted to $1,759 ; (iii) net cash provided by investing activities, discontinued operations, reported as $9,514 has been adjusted to $4,999 ; (iv) net increase in cash reported as $23,499 has been adjusted to $29,979 ; and (v) change in cash of business held for sale previously represented as a decrease of $3,240 has been represented as an increase of $3,240 . Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of our contingent assets and liabilities at the dates of the financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. While the amounts included in our condensed consolidated financial statements include our best estimates and assumptions, actual results may vary materially. Other Significant Accounting Policies March 2016 Purchases of Convertible Debt Prior to Maturity. We accounted for the March 2016 purchases of a portion of our outstanding convertible debt in exchange for cash and shares of Radian Group common stock as an induced conversion of convertible debt in accordance with the accounting standard regarding derecognition of debt with conversion and other options, and the accounting standard regarding debt modifications and extinguishments. The accounting standards require the recognition through earnings of an inducement charge equal to the fair value of the consideration delivered in excess of the consideration issuable under the original conversion terms. The remaining consideration delivered and transaction costs incurred are required to be allocated between the extinguishment of the liability component and the reacquisition of the equity component. As a result, we recognized a loss on induced conversion and debt extinguishment equal to: (i) the inducement charge; (ii) the difference between the fair value and the carrying value of the liability component of the purchased debt; (iii) transaction costs allocated to the debt component; and (iv) unamortized debt issuance costs related to the purchased debt. Reinsurance. In accordance with the terms of the Single Premium QSR Transaction, rather than making a cash payment or transferring investments for ceded premiums written, Radian Guaranty holds the related amounts to collateralize the reinsurers’ obligations and established a corresponding funds withheld liability. Any loss recoveries and any potential profit commission to Radian Guaranty will be realized from this account. This liability also includes an interest credit on funds withheld, which is recorded as ceded premiums at a rate specified in the agreement and, depending on experience under the contract, may be paid to either Radian Guaranty or the reinsurers. As described in Note 2 of our 2015 Form 10-K, ceded premiums written are recorded on the balance sheet as prepaid reinsurance premiums and amortized to ceded premiums earned in a manner consistent with the recognition of income on direct premiums. See Note 7 for further discussion of our reinsurance transactions. See Note 2 in our 2015 Form 10-K for information regarding other significant accounting policies. Recent Accounting Pronouncements In May 2014, the FASB issued an update to the accounting standard regarding revenue recognition. This update is intended to provide a consistent approach in recognizing revenue. In accordance with the new standard, recognition of revenue occurs when a customer obtains control of promised goods or services, in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the new standard requires that reporting companies disclose the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. While this update is not expected to change revenue recognition principles related to our insurance products, this update may be applicable to revenues from our Services segment. In July 2015, the FASB delayed the effective date for this updated standard to interim and annual periods beginning after December 15, 2017, and in March and April 2016, issued clarifying updates. We are currently evaluating the impact to our financial statements and future disclosures as a result of these updates, if any. In April 2015, the FASB issued an update to the accounting standard for the accounting of internal-use software. The update provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with its treatment of the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The provisions of this update are effective for interim and annual periods beginning after December 15, 2015. The implementation of this update did not have a material impact to our financial position, results of operations or cash flows. In May 2015, the FASB issued an update to the accounting standard for the accounting of short-duration insurance contracts by insurance entities. The amendments in this update require insurance entities to disclose certain information about the liability for unpaid claims and claim adjustment expenses. The additional information required is focused on improvements in disclosures regarding insurance liabilities, including the timing, nature and uncertainty of future cash flows related to insurance liabilities and the effect of those cash flows on the statement of comprehensive income. The disclosures required by this update are effective for annual periods beginning after December 15, 2015, and interim periods within annual periods beginning after December 15, 2016; early adoption is permitted. We are currently evaluating the additional disclosures required in our financial statements as a result of this update. In January 2016, the FASB issued an update that makes certain changes to the standard for the accounting of financial instruments. Among other things, the update requires: (i) equity investments to be measured at fair value with changes in fair value recognized in net income; (ii) the use of an exit price (i.e., the price that would be received to sell the asset) when measuring the fair value of financial instruments for disclosure purposes; (iii) separate presentation of financial assets and financial liabilities by measurement category and form of financial asset; and (iv) separate presentation in other comprehensive income of the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk (also referred to as “own credit”) when the organization has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. The update also eliminates the requirement to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. This update is effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is not permitted, with the exception of the “own credit” provision. We are currently evaluating the impact to our financial statements and future disclosures as a result of this update. In February 2016, the FASB issued an update that replaces the existing accounting and disclosure requirements for leases of property, plant and equipment. The update requires lessees to recognize, as of the lease commencement date, assets and liabilities for all such leases with lease terms of more than 12 months, which is a change from the current GAAP requirement to recognize only capital leases on the balance sheet. Pursuant to the new standard, the liability initially recognized for the lease obligation is equal to the present value of the lease payments not yet made, discounted over the lease term at the implicit interest rate of the lease, if available, or otherwise at the lessee’s incremental borrowing rate. The lessee is also required to recognize an asset for its right to use the underlying asset for the lease term, based on the liability subject to certain adjustments, such as for initial direct costs. Leases are required to be classified as either operating or finance, with expense on operating leases recorded as a single lease cost on a straight-line basis. For finance leases, interest expense on the lease liability is required to be recognized separately from the straight-line amortization of the right-of-use asset. Quantitative disclosures are required for certain items, including the cost of leases, the weighted-average remaining lease term, the weighted-average discount rate and a maturity analysis of lease liabilities. Additional qualitative disclosures are also required regarding the nature of the leases, such as basis, terms and conditions of (i) variable interest payments; (ii) extension and termination options; and (iii) residual value guarantees. This update is effective for public companies for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The new standard must be adopted by applying the new guidance as of the beginning of the earliest comparative period presented, using a modified retrospective transition approach with certain optional practical expedients. We are currently evaluating the impact to our financial statements and future disclosures as a result of this update. In March 2016, the FASB issued an update seeking to reduce complexity in the accounting standards for share-based payment transactions, including (i) accounting for income taxes; (ii) classification of excess tax benefits on the statement of cash flows; (iii) forfeitures; (iv) minimum statutory tax withholding requirements; (v) classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax withholding purposes; (vi) the practical expedient for estimating the expected term; and (vii) intrinsic value. Among other things, the update requires: (i) all excess tax benefits and tax deficiencies to be recognized as income tax expense or benefit in the income statement as they occur; (ii) recognition of excess tax benefits, regardless of whether the benefits reduce taxes payable in the current period; and (iii) excess tax benefits to be classified along with other cash flows as an operating activity, rather than separated from other income tax cash flows as a financing activity. For companies with significant share-based compensation, these changes may result in more volatile effective tax rates and net earnings, and result in additional dilution in earnings per share calculations. This update is effective for public companies for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted in any annual or interim period; however, an entity electing early adoption must adopt all amendments in the same period. We are currently evaluating the impact to our financial statements, earnings per share and future disclosures as a result of this update.

Note 2 - Discontinued Operation

Note 2 - Discontinued Operations	3 Months Ended
	Mar. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations On April 1, 2015, Radian Guaranty completed the sale of 100% of the issued and outstanding shares of Radian Asset Assurance for a purchase price of approximately $810 million , pursuant to the Radian Asset Assurance Stock Purchase Agreement. Based upon the applicable terms of the Radian Asset Assurance Stock Purchase Agreement, we determined that Radian Asset Assurance met the criteria for held for sale and discontinued operations accounting at December 31, 2014. As a result, we recognized a pretax impairment charge of approximately $467.5 million for the year ended December 31, 2014 and an additional pretax impairment charge of $13.9 million for the three months ended March 31, 2015. We recorded net income on discontinued operations of $0.5 million related to this sale in the first quarter of 2015. No general corporate overhead or interest expense was allocated to discontinued operations. The operating results of Radian Asset Assurance have been classified as discontinued operations for all periods presented in our condensed consolidated statements of operations. The table below summarizes the components of income from discontinued operations, net of tax, for the period indicated. There was no activity for discontinued operations in the three months ended March 31, 2016 . Three Months Ended (In thousands) 2015 Net premiums earned $ 1,007 Net investment income 9,153 Net gains on investments and other financial instruments 13,668 Change in fair value of derivative instruments 2,625 Total revenues 26,453 Provision for losses 502 Policy acquisition costs (191 ) Other operating expenses 4,107 Total expenses 4,418 Equity in net loss of affiliates (13 ) Income from operations of businesses held for sale 22,022 Loss on sale (13,930 ) Income tax provision 7,562 Income from discontinued operations, net of tax $ 530

Note 3 - Segment Reporting

Note 3 - Segment Reporting	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting We have two strategic business units that we manage separately—Mortgage Insurance and Services. Adjusted pretax operating income (loss) for each segment represents segment results on a standalone basis; therefore, inter-segment eliminations and reclassifications required for consolidated GAAP presentation have not been reflected. We allocate to our Mortgage Insurance segment: (i) corporate expenses based on an allocated percentage of time spent on the Mortgage Insurance segment; (ii) all interest expense except for interest expense related to the Senior Notes due 2019 that were issued to fund our purchase of Clayton; and (iii) all corporate cash and investments. We allocate to our Services segment: (i) corporate expenses based on an allocated percentage of time spent on the Services segment; and (ii) as noted above, all interest expense related to the Senior Notes due 2019. No corporate cash or investments are allocated to the Services segment. Inter-segment activities are recorded at market rates for segment reporting and eliminated in consolidation. Adjusted Pretax Operating Income (Loss) Our senior management, including our Chief Executive Officer (our chief operating decision maker), uses adjusted pretax operating income (loss) as our primary measure to evaluate the fundamental financial performance of each of Radian’s business segments and to allocate resources to the segments. Adjusted pretax operating income (loss) is defined as pretax income (loss) from continuing operations excluding the effects of: net gains (losses) on investments and other financial instruments; loss on induced conversion and debt extinguishment; acquisition-related expenses; amortization and impairment of intangible assets; and net impairment losses recognized in earnings. Although adjusted pretax operating income (loss) excludes certain items that have occurred in the past and are expected to occur in the future, the excluded items represent those that are: (1) not viewed as part of the operating performance of our primary activities; or (2) not expected to result in an economic impact equal to the amount reflected in pretax income (loss) from continuing operations. These adjustments, along with the reasons for their treatment, are described below. (1) Net gains (losses) on investments and other financial instruments. The recognition of realized investment gains or losses can vary significantly across periods as the activity is highly discretionary based on the timing of individual securities sales due to such factors as market opportunities, our tax and capital profile and overall market cycles. Unrealized investment gains and losses arise primarily from changes in the market value of our investments that are classified as trading. These valuation adjustments may not necessarily result in economic gains or losses. Trends in the profitability of our fundamental operating activities can be more clearly identified without the fluctuations of these realized and unrealized gains or losses. We do not view them to be indicative of our fundamental operating activities. Therefore, these items are excluded from our calculation of adjusted pretax operating income (loss). However, we include the change in expected economic loss or recovery associated with our consolidated VIEs, if any, in the calculation of adjusted pretax operating income (loss). (2) Loss on induced conversion and debt extinguishment. Gains or losses on early extinguishment of debt and losses incurred to purchase our convertible debt prior to maturity are discretionary activities that are undertaken in order to take advantage of market opportunities to strengthen our financial and capital positions; therefore, we do not view these activities as part of our operating performance. Such transactions do not reflect expected future operations and do not provide meaningful insight regarding our current or past operating trends. Therefore, these items are excluded from our calculation of adjusted pretax operating income (loss). (3) Acquisition-related expenses. Acquisition-related expenses represent the costs incurred to effect an acquisition of a business (i.e., a business combination). Because we pursue acquisitions on a strategic and selective basis and not in the ordinary course of our business, we do not view acquisition-related expenses as a consequence of a primary business activity. Therefore, we do not consider these expenses to be part of our operating performance and they are excluded from our calculation of adjusted pretax operating income (loss). (4) Amortization and impairment of intangible assets. Amortization of intangible assets represents the periodic expense required to amortize the cost of intangible assets over their estimated useful lives. Intangible assets with an indefinite useful life are also periodically reviewed for potential impairment, and impairment adjustments are made whenever appropriate. These charges are not viewed as part of the operating performance of our primary activities and therefore are excluded from our calculation of adjusted pretax operating income (loss). (5) Net impairment losses recognized in earnings. The recognition of net impairment losses on investments can vary significantly in both size and timing, depending on market credit cycles. We do not view these impairment losses to be indicative of our fundamental operating activities. Therefore, whenever these losses occur, we exclude them from our calculation of adjusted pretax operating income (loss). Summarized operating results for our segments as of and for the periods indicated, are as follows: Three Months Ended (In thousands) 2016 2015 Mortgage Insurance Net premiums written—insurance $ 26,310 (1) $ 241,908 Decrease (increase) in unearned premiums 194,640 (17,313 ) Net premiums earned—insurance 220,950 224,595 Net investment income 27,201 17,328 Other income 1,915 1,331 Total (2) 250,066 243,254 Provision for losses 43,275 45,851 Policy acquisition costs 6,389 7,750 Other operating expenses before corporate allocations 33,829 34,050 Total (3) 83,493 87,651 Adjusted pretax operating income before corporate allocations 166,573 155,603 Allocation of corporate operating expenses 9,329 9,758 Allocation of interest expense 17,112 19,953 Adjusted pretax operating income $ 140,132 $ 125,892 ____________ (1) Net of ceded premiums written under the Single Premium QSR Transaction of $197.6 million . (2) Excludes net gains on investments and other financial instruments of $31.3 million and $16.8 million for the three month periods ended March 31, 2016 and 2015, respectively, not included in adjusted pretax operating income. (3) Includes inter-segment expenses as follows: Three Months Ended (In thousands) 2016 2015 Inter-segment expenses $ 596 $ 902 Three Months Ended (In thousands) 2016 2015 Services Services revenue (1) $ 32,196 $ 31,532 Direct cost of services 22,053 19,253 Other operating expenses before corporate allocations 13,883 8,857 Total 35,936 28,110 Adjusted pretax operating (loss) income before corporate allocations (3,740 ) 3,422 Allocation of corporate operating expenses 1,751 981 Allocation of interest expense 4,422 4,432 Adjusted pretax operating loss $ (9,913 ) $ (1,991 ) ____________ (1) Includes inter-segment revenues as follows: Three Months Ended (In thousands) 2016 2015 Inter-segment revenues $ 596 $ 902 Selected balance sheet information for our segments as of the periods indicated, is as follows: At March 31, 2016 (In thousands) Mortgage Insurance Services Total Total assets $ 5,605,505 $ 363,886 $ 5,969,391 At December 31, 2015 (In thousands) Mortgage Insurance Services Total Total assets $ 5,281,597 $ 360,503 $ 5,642,100 The reconciliation of adjusted pretax operating income to consolidated pretax income from continuing operations is as follows: Three Months Ended (In thousands) 2016 2015 Adjusted pretax operating income (loss): Mortgage Insurance (1) $ 140,132 $ 125,892 Services (1) (9,913 ) (1,991 ) Total adjusted pretax operating income 130,219 123,901 Net gains on investments and other financial instruments 31,286 16,779 Loss on induced conversion and debt extinguishment (55,570 ) — Acquisition-related expenses (205 ) (207 ) Amortization and impairment of intangible assets (3,328 ) (3,023 ) Consolidated pretax income from continuing operations $ 102,402 $ 137,450 ______________ (1) Includes inter-segment expenses and revenues as listed in the notes to the preceding tables. On a consolidated basis, “adjusted pretax operating income (loss)” is a measure not determined in accordance with GAAP. Total adjusted pretax operating income (loss) is not a measure of total profitability, and therefore should not be viewed as a substitute for GAAP pretax income (loss) from continuing operations. Our definition of adjusted pretax operating income (loss) may not be comparable to similarly-named measures reported by other companies.

Note 4 - Fair Value of Financia

Note 4 - Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments Available for sale securities, trading securities and certain other assets are recorded at fair value. All changes in the fair value of trading securities and certain other assets are included in our condensed consolidated statements of operations. All changes in the fair value of available for sale securities are recorded in AOCI. There were no significant changes to our fair value methodologies during the three months ended March 31, 2016 . In accordance with GAAP, we established a three-level valuation hierarchy for disclosure of fair value measurements based on the transparency of inputs to the valuation of an asset or liability as of the measurement date. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level I measurements) and the lowest priority to unobservable inputs (Level III measurements). The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the measurement in its entirety. The three levels of the fair value hierarchy are defined below: Level I — Unadjusted quoted prices for identical assets or liabilities in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level II — Prices or valuations based on observable inputs other than quoted prices in active markets for identical assets and liabilities; and Level III — Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. Level III inputs are used to measure fair value only to the extent that observable inputs are not available. The level of market activity used to determine the fair value hierarchy is based on the availability of observable inputs market participants would use to price an asset or a liability, including market value price observations. We provide a qualitative description of the valuation techniques and inputs used for Level II recurring and non-recurring fair value measurements in our audited annual financial statements as of December 31, 2015 . For a complete understanding of the valuation techniques and inputs used as of March 31, 2016 , these unaudited condensed consolidated financial statements should be read in conjunction with the audited annual financial statements and notes thereto included in our 2015 Form 10-K. The following is a list of assets that are measured at fair value by hierarchy level as of March 31, 2016 : (In thousands) Level I Level II Level III Total Assets at Fair Value Investment Portfolio: U.S. government and agency securities $ 316,621 $ 7,500 $ — $ 324,121 State and municipal obligations — 386,939 — 386,939 Money market instruments 579,874 — — 579,874 Corporate bonds and notes — 1,713,117 — 1,713,117 RMBS — 376,820 — 376,820 CMBS — 636,071 — 636,071 Other ABS — 406,969 — 406,969 Foreign government and agency securities — 38,661 — 38,661 Equity securities — — 500 500 Other investments (1) — 5,518 — 5,518 Total Investments at Fair Value (2) 896,495 3,571,595 500 4,468,590 Total Assets at Fair Value $ 896,495 $ 3,571,595 $ 500 $ 4,468,590 ______________________ (1) Comprising short-term certificates of deposit and commercial paper. (2) Does not include certain other invested assets ( $1.6 million ), primarily invested in limited partnerships, accounted for as cost-method investments and not measured at fair value. At March 31, 2016 , total Level III assets of $0.5 million accounted for less than 0.01% of total assets measured at fair value. This investment was purchased during the three months ended June 30, 2015, and there were no related gains or losses recorded during the quarter. There were no Level III liabilities at March 31, 2016. The following is a list of assets that are measured at fair value by hierarchy level as of December 31, 2015 : (In thousands) Level I Level II Level III Total Assets at Fair Value Investment Portfolio: U.S. government and agency securities $ 670,328 $ 8,000 $ — $ 678,328 State and municipal obligations — 341,845 — 341,845 Money market instruments 443,272 — — 443,272 Corporate bonds and notes — 1,383,186 — 1,383,186 RMBS — 297,097 — 297,097 CMBS — 544,588 — 544,588 Other ABS — 371,625 — 371,625 Foreign government and agency securities — 37,576 — 37,576 Equity securities 74,930 25,016 500 100,446 Other investments (1) — 99,009 — 99,009 Total Investments at Fair Value (2) 1,188,530 3,107,942 500 4,296,972 Total Assets at Fair Value $ 1,188,530 $ 3,107,942 $ 500 $ 4,296,972 ______________________ (1) Comprising short-term certificates of deposit and commercial paper. (2) Does not include certain other invested assets ( $1.7 million ), primarily invested in limited partnerships, accounted for as cost-method investments and not measured at fair value. At December 31, 2015 , total Level III assets of $0.5 million accounted for less than 0.01% of total assets measured at fair value. This investment was purchased during the three months ended June 30, 2015, and there were no related gains or losses recorded during the year ended December 31, 2015 . There were no Level III liabilities at December 31, 2015 . There were no transfers between Level I and Level II for the three months ended March 31, 2016 or 2015 . There were also no transfers involving Level III assets or liabilities for the three months ended March 31, 2016 or 2015 . Other Fair Value Disclosure The carrying value and estimated fair value of other selected assets and liabilities not carried at fair value on our condensed consolidated balance sheets were as follows as of the dates indicated: March 31, 2016 December 31, 2015 (In thousands) Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets: Other invested assets $ 1,582 $ 4,759 $ 1,714 $ 4,901 Liabilities: Long-term debt 1,286,466 1,371,684 1,219,454 1,414,875

Note 5 - Investments

Note 5 - Investments	3 Months Ended
	Mar. 31, 2016
Investments [Abstract]
Investments	Investments Our available for sale securities within our investment portfolio consisted of the following as of the dates indicated: March 31, 2016 (In thousands) Amortized Cost Fair Value Gross Unrealized Gains Gross Unrealized Losses Fixed-maturities available for sale: U.S. government and agency securities $ 152,233 $ 153,303 $ 1,072 $ 2 State and municipal obligations 72,249 75,289 3,160 120 Corporate bonds and notes 1,027,955 1,056,504 34,065 5,516 RMBS 304,401 307,516 3,227 112 CMBS 504,978 509,070 7,926 3,834 Other ABS 399,936 396,461 968 4,443 Foreign government and agency securities 25,693 25,192 232 733 Total fixed-maturities available for sale 2,487,445 2,523,335 50,650 14,760 Equity securities available for sale 500 500 — — Total debt and equity securities $ 2,487,945 $ 2,523,835 $ 50,650 $ 14,760 December 31, 2015 (In thousands) Amortized Cost Fair Value Gross Unrealized Gains Gross Unrealized Losses Fixed-maturities available for sale: U.S. government and agency securities $ 13,773 $ 13,752 $ — $ 21 State and municipal obligations 36,920 37,900 1,100 120 Corporate bonds and notes 815,024 802,193 4,460 17,291 RMBS 226,744 224,905 625 2,464 CMBS 415,780 406,910 69 8,939 Other ABS 359,452 355,494 16 3,974 Foreign government and agency securities 25,663 24,307 27 1,383 Total fixed-maturities available for sale 1,893,356 1,865,461 6,297 34,192 Equity securities available for sale (1) 75,538 75,430 — 108 Total debt and equity securities $ 1,968,894 $ 1,940,891 $ 6,297 $ 34,300 _____________________ (1) Comprising primarily a multi-sector exchange-traded fund. The trading securities within our investment portfolio, which are recorded at fair value, consisted of the following as of the dates indicated: (In thousands) March 31, December 31, Trading securities: U.S. government and agency securities $ 98,869 $ 129,913 State and municipal obligations 311,650 303,946 Corporate bonds and notes 582,035 580,993 RMBS 69,304 72,192 CMBS 124,851 137,678 Other ABS 8,911 16,131 Foreign government and agency securities 13,469 13,268 Equity securities — 25,016 Total $ 1,209,089 $ 1,279,137 For trading securities held at March 31, 2016 and December 31, 2015 , we had net unrealized gains during the three months ended March 31, 2016 and net unrealized losses during the year ended December 31, 2015 associated with those securities of $32.3 million and $25.2 million , respectively. For the three months ended March 31, 2016 , we did not transfer any securities from the available for sale or trading categories. Net realized and unrealized gains (losses) on investments and other financial instruments consisted of: Three Months Ended (In thousands) 2016 2015 Net realized losses: Fixed-maturities available for sale $ (3,148 ) $ (51 ) Equities available for sale (170 ) — Trading securities (2,240 ) (4,568 ) Short-term investments (39 ) — Other gains 18 105 Net realized losses on investments (5,579 ) (4,514 ) Unrealized gains on trading securities 35,231 20,701 Total net gains on investments 29,652 16,187 Net gains on other financial instruments 1,634 592 Net gains on investments and other financial instruments $ 31,286 $ 16,779 The following tables show the gross unrealized losses and fair value of our securities deemed “available for sale” aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of the dates indicated: March 31, 2016: ($ in thousands) Description of Securities Less Than 12 Months 12 Months or Greater Total # of securities Fair Value Unrealized Losses # of securities Fair Value Unrealized Losses # of securities Fair Value Unrealized Losses U.S. government and agency securities 1 $ 2,296 $ 2 — $ — $ — 1 $ 2,296 $ 2 State and municipal obligations 3 18,579 120 — — — 3 18,579 120 Corporate bonds and notes 40 124,360 4,449 18 34,388 1,067 58 158,748 5,516 RMBS 5 91,117 112 — — — 5 91,117 112 CMBS 42 186,024 3,834 — — — 42 186,024 3,834 Other ABS 85 226,645 2,682 14 42,875 1,761 99 269,520 4,443 Foreign government and agency securities 9 9,958 468 4 3,011 265 13 12,969 733 Total 185 $ 658,979 $ 11,667 36 $ 80,274 $ 3,093 221 $ 739,253 $ 14,760 December 31, 2015: ($ in thousands) Description of Securities Less Than 12 Months 12 Months or Greater Total # of securities Fair Value Unrealized Losses # of securities Fair Value Unrealized Losses # of securities Fair Value Unrealized Losses U.S. government and agency securities 1 $ 5,752 $ 21 — $ — $ — 1 $ 5,752 $ 21 State and municipal obligations 2 11,674 120 — — — 2 11,674 120 Corporate bonds and notes 117 510,807 16,773 6 8,700 518 123 519,507 17,291 RMBS 12 168,415 2,464 — — — 12 168,415 2,464 CMBS 58 387,268 8,939 — — — 58 387,268 8,939 Other ABS 96 284,998 2,559 14 43,225 1,415 110 328,223 3,974 Foreign government and agency securities 18 18,733 1,095 3 2,278 288 21 21,011 1,383 Equity securities 1 74,930 108 — — — 1 74,930 108 Total 305 $ 1,462,577 $ 32,079 23 $ 54,203 $ 2,221 328 $ 1,516,780 $ 34,300 During the first three months of 2016 and 2015 , we did not recognize in earnings any impairment losses related to credit deterioration. Although we held securities in an unrealized loss position as of March 31, 2016 , we did not consider them to be other-than-temporarily impaired as of such date. For all investment categories, the unrealized losses of 12 months or greater duration as of March 31, 2016 , were generally caused by interest rate or credit spread movements since the purchase date. As of March 31, 2016 , we estimated that the present value of cash flows expected to be collected from these securities would be sufficient to recover the amortized cost basis of these securities. As of March 31, 2016 , we did not have the intent to sell any debt securities in an unrealized loss position, and we determined that it is more likely than not that we will not be required to sell the securities before recovery of their cost basis, which may be at maturity; therefore, we did not consider these investments to be other-than-temporarily impaired at March 31, 2016 . The contractual maturities of fixed-maturity investments are as follows: March 31, 2016 Available for Sale (In thousands) Amortized Cost Fair Value Due in one year or less (1) $ 9,618 $ 9,629 Due after one year through five years (1) 323,427 326,269 Due after five years through ten years (1) 564,211 578,151 Due after ten years (1) 380,874 396,239 RMBS (2) 304,401 307,516 CMBS (2) 504,978 509,070 Other ABS (2) 399,936 396,461 Total $ 2,487,445 $ 2,523,335 ______________________ (1) Actual maturities may differ as a result of calls before scheduled maturity. (2) RMBS, CMBS and Other ABS are shown separately, as they are not due at a single maturity date. At March 31, 2016 and December 31, 2015 , Radian Guaranty had $75.3 million and $74.7 million , respectively, in a collateral account pursuant to the Freddie Mac Agreement. This collateral account, which contains investments primarily invested in and classified as part of our trading securities, is pledged to cover Loss Mitigation Activity on the loans subject to the Freddie Mac Agreement. Subject to certain conditions in the Freddie Mac Agreement, amounts in the collateral account may be released to Radian Guaranty over time to the extent that Loss Mitigation Activity becomes final in accordance with the terms of that agreement. See Note 9 for additional information.

Note 6 - Goodwill and Other Int

Note 6 - Goodwill and Other Intangible Assets, Net	3 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets, Net	Goodwill and Other Intangible Assets, Net All of our goodwill and intangible assets relate to our Services segment, as a result of our acquisition of Clayton and its subsequent acquisitions of Red Bell and ValuAmerica. The following table shows the changes in the carrying amount of goodwill as of and for the year-to-date periods ended March 31, 2016 and December 31, 2015 : (In thousands) Goodwill Accumulated Impairment Losses Net Balance at December 31, 2014 $ 194,027 $ (2,095 ) $ 191,932 Goodwill acquired 3,238 — 3,238 Impairment losses — — — Balance at December 31, 2015 197,265 (2,095 ) 195,170 Goodwill acquired — — — Impairment losses — — — Balance at March 31, 2016 $ 197,265 $ (2,095 ) $ 195,170 During the first quarter of 2015, Clayton expanded its service offerings by acquiring Red Bell, a real estate brokerage company that provides products and services that include automated valuation models; broker price opinions used by investors, lenders and loan servicers; and advanced technology solutions for: (i) monitoring loan portfolio performance; (ii) tracking non-performing loans; (iii) managing REO assets; and (iv) valuing and selling residential real estate through a secure platform. The transaction was treated as a purchase for accounting purposes, with the excess of the acquisition price over the estimated fair value of the net assets acquired resulting in goodwill of $2.4 million . In addition, in October 2015, Clayton acquired ValuAmerica, a national title agency and appraisal management company with a technology platform that helps mortgage lenders and their vendors streamline and manage their supply chains and operational workflow. The transaction was treated as a purchase for accounting purposes, with the excess of the acquisition price over the estimated fair value of the net assets acquired resulting in goodwill of $0.8 million . Neither of these acquisitions met the criteria to be considered a material business combination. The goodwill in these acquisitions is an asset representing the estimated future economic benefits arising from the assets we have acquired that were not individually identified and separately recognized, and includes the value of the discounted expected future cash flows, the workforce, expected synergies with our other affiliates and other unidentifiable intangible assets. These acquisitions expand Clayton’s scope of services and are consistent with our strategy to be positioned to offer products and services throughout the entire mortgage value chain. Goodwill is deemed to have an indefinite useful life and is subject to review for impairment annually, or more frequently, whenever circumstances indicate potential impairment. The following is a summary of the gross and net carrying amounts and accumulated amortization of our other intangible assets as of and for the year-to-date periods indicated: As of March 31, 2016 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Client relationships $ 83,447 $ (13,233 ) $ 70,214 Technology 15,100 (3,575 ) 11,525 Trade name and trademarks 8,340 (1,463 ) 6,877 Client backlog 6,680 (4,447 ) 2,233 Non-competition agreements 185 (135 ) 50 Total $ 113,752 $ (22,853 ) $ 90,899 As of December 31, 2015 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Client relationships $ 83,471 $ (11,038 ) $ 72,433 Technology 15,100 (2,949 ) 12,151 Trade name and trademarks 8,340 (1,243 ) 7,097 Client backlog 6,680 (4,184 ) 2,496 Non-competition agreements 185 (115 ) 70 Total $ 113,776 $ (19,529 ) $ 94,247 The estimated aggregate amortization expense for the remainder of 2016 and thereafter is as follows (in thousands): 2016 $ 9,895 2017 12,632 2018 12,037 2019 10,776 2020 9,167 2021 7,360 Thereafter 29,032 For tax purposes, substantially all of our goodwill and other intangible assets are expected to be deductible and will be amortized over a period of 15 years .

Note 7 - Reinsurance

Note 7 - Reinsurance	3 Months Ended
	Mar. 31, 2016
Reinsurance Disclosures [Abstract]
Reinsurance	Reinsurance The effect of reinsurance on net premiums written and earned is as follows: Three Months Ended (In thousands) 2016 2015 Net premiums written-insurance: Direct $ 233,926 $ 255,248 Assumed — 47 Ceded (207,616 ) (13,387 ) Net premiums written-insurance $ 26,310 $ 241,908 Net premiums earned-insurance: Direct $ 240,330 $ 242,164 Assumed 9 13 Ceded (19,389 ) (17,582 ) Net premiums earned-insurance $ 220,950 $ 224,595 The following tables show the amounts related to the QSR Transactions and the Single Premium QSR Transaction for the periods indicated: QSR Transactions Single Premium QSR Transaction Three Months Ended Three Months Ended (In thousands) 2016 2015 2016 2015 Ceded RIF $ 2,018,468 $ 2,575,060 $ 3,308,057 $ — Ceded premiums written 7,962 10,596 197,593 — Ceded premiums earned 11,325 14,786 5,994 — Ceding commissions written 2,270 3,165 50,932 — Ceding commissions earned 5,739 6,664 3,032 — In 2012, Radian Guaranty entered into two separate QSR Transactions with a third-party reinsurance provider. Radian Guaranty has ceded the maximum amount permitted under the QSR Transactions; therefore, Radian Guaranty is no longer ceding NIW under these transactions. Effective January 1, 2016, the ceding commission was reduced from 35% to 30% for a portion of the remaining reinsurance ceded under the Second QSR Transaction. Ceded losses to date under the QSR Transactions have been immaterial. See Note 8 of Notes to Consolidated Financial Statements in our 2015 Form 10-K for more information. In the first quarter of 2016, in order to proactively manage the risk and return profile of Radian Guaranty’s insured portfolio and continue managing its position under the PMIERs Financial Requirements in a cost-effective manner, Radian Guaranty entered into the Single Premium QSR Transaction with a panel of third-party reinsurers. Under the Single Premium QSR Transaction, effective January 1, 2016, Radian Guaranty began ceding the following Single Premium IIF and NIW, subject to certain conditions: • 20% of its existing performing Single Premium Policies written between January 1, 2012 and March 31, 2013; • 35% of its existing performing Single Premium Policies written between April 1, 2013 and December 31, 2015; and • 35% of its Single Premium NIW from January 1, 2016 to December 31, 2017, subject to a limitation on ceded premiums equal to $195 million for policies issued between January 1, 2016 and December 31, 2017. Radian Guaranty will receive a 25% ceding commission for premiums ceded pursuant to this transaction. Radian Guaranty will also receive a profit commission, provided that the loss ratio on the loans covered under the agreement generally remains below 55% . Losses on the ceded risk reduce Radian Guaranty’s profit commission on a dollar-for-dollar basis. Ceded losses to date under the Single Premium QSR Transaction have been immaterial. Notwithstanding the limitation on ceded premiums on the Single Premium QSR Transaction, the parties may mutually agree to increase the amount of ceded risk on December 31, 2017. Radian Guaranty is entitled to discontinue ceding new policies under the agreement at the end of any calendar quarter. The agreement is scheduled to terminate on December 31, 2027; however, Radian Guaranty has the option, based on certain conditions and subject to a termination fee, to terminate the agreement as of January 1, 2020, or at the end of any calendar quarter thereafter, which would result in Radian Guaranty reassuming the related RIF in exchange for a net payment from the reinsurer calculated in accordance with the terms of the agreement.

Note 8 - Other Assets

Note 8 - Other Assets	3 Months Ended
	Mar. 31, 2016
Other Assets [Abstract]
Other Assets	Other Assets The following table shows the components of other assets for the periods indicated: (In thousands) March 31, December 31, Deposit with the IRS (Note 12) $ 88,557 $ 88,557 Corporate-owned life insurance 83,098 82,543 Property and equipment (1) 51,003 46,802 Accrued investment income 27,710 25,620 Deferred policy acquisition costs 11,597 14,267 Reinsurance recoverables 9,066 11,044 Other 54,098 45,096 Total other assets $ 325,129 $ 313,929 ______________________ (1) Property and equipment, at cost less accumulated depreciation of $109.2 million and $106.9 million at March 31, 2016 and December 31, 2015 , respectively.

Note 9 - Losses and LAE

Note 9 - Losses and LAE	3 Months Ended
	Mar. 31, 2016
Insurance Loss Reserves [Abstract]
Losses and Loss Adjustment Expense	Losses and Loss Adjustment Expense The following table shows our reserve for Mortgage Insurance losses and LAE by category at the end of each period indicated: (In thousands) March 31, December 31, Reserves for losses by category: Prime $ 438,598 $ 480,481 Alt-A 183,189 203,706 A minus and below 116,835 129,352 IBNR and other (1) 79,051 83,066 LAE 23,600 26,108 Reinsurance recoverable (2) 8,239 8,286 Total primary reserves 849,512 930,999 Pool 38,843 42,084 IBNR and other 1,050 1,118 LAE 1,227 1,335 Total pool reserves 41,120 44,537 Total First-lien reserves 890,632 975,536 Second-lien and other (3) 716 863 Total reserve for losses $ 891,348 $ 976,399 ______________________ (1) Primarily related to expected payments under the Freddie Mac Agreement. (2) Represents ceded losses on captive transactions, the QSR Transactions and the Single Premium QSR Transaction. (3) Does not include our Second-lien premium deficiency reserve that is included in other liabilities. The following table presents information relating to our reserve for losses, including our IBNR reserve and LAE but excluding Second-lien premium deficiency reserve, for the periods indicated: Three Months Ended (In thousands) 2016 2015 Balance at beginning of period $ 976,399 $ 1,560,032 Less reinsurance recoverables (1) 8,286 26,665 Balance at beginning of period, net of reinsurance recoverables 968,113 1,533,367 Add losses and LAE incurred in respect of default notices reported and unreported in: Current year (2) 56,171 80,437 Prior years (13,504 ) (35,360 ) Total incurred 42,667 45,077 Deduct paid claims and LAE related to: Current year (2) 65 — Prior years 127,606 207,095 Total paid 127,671 207,095 Balance at end of period, net of reinsurance recoverables 883,109 1,371,349 Add reinsurance recoverables (1) 8,239 13,365 Balance at end of period $ 891,348 $ 1,384,714 _________________________ (1) Related to ceded losses recoverable, on captive reinsurance transactions, the QSR Transactions and the Single Premium QSR Transaction, if any. See Note 7 for additional information. (2) Related to underlying defaulted loans with a most recent default notice dated in the year indicated. For example, if a loan had defaulted in a prior year, but then subsequently cured and later re-defaulted in the current year, that default would be considered a current year default. 2016 Activity Our loss reserves at March 31, 2016 declined as compared to December 31, 2015 , primarily as a result of the volume of paid claims and Cures continuing to outpace new default notices received. Reserves established for new default notices were the primary driver of our total incurred loss for the first three months of 2016 , and they were impacted primarily by the number of new primary default notices received in the quarter and our related gross Default to Claim Rate assumption applied to those new defaults, which was approximately 12.5% . The impact to incurred losses from default notices reported in the first quarter of 2016 was partially mitigated by favorable reserve development on prior year defaults, which was driven primarily by a reduction during the period in certain Default to Claim Rate assumptions for these prior year defaults. The reductions in Default to Claim Rate assumptions resulted primarily from observed trends, including higher Cures than were previously estimated. The positive development in prior year defaults was partially offset by an increase in estimated severity rates from those used at December 31, 2015. Total claims paid decreased for the three months ended March 31, 2016 , compared to the same period in 2015, primarily due to the claim payments associated with the BofA Settlement Agreement (discussed below) in 2015, which elevated claims paid from February 2015 through December 31, 2015. 2015 Activity During the first three months of 2015 , reserves established for new default notices were the primary driver of our total incurred loss, and they were impacted primarily by the number of new primary default notices received in the quarter and our related gross Default to Claim Rate assumption applied to those new defaults, which was approximately 15% during that period. In addition, we experienced favorable reserve development on prior year defaults due primarily to a reduction in certain Default to Claim Rate assumptions. Claims paid for the three months ended March 31, 2015 include $98.5 million related to the implementation of the BofA Settlement Agreement beginning in February 2015. Default to Claim Rate Our aggregate weighted average Default to Claim Rate assumption (net of Claim Denials and Rescissions) used in estimating our primary reserve for losses was 46% ( 43% excluding pending claims) at March 31, 2016 and December 31, 2015 . During the three months ended March 31, 2016 , our gross Default to Claim Rate assumption for new primary defaults was modestly reduced from approximately 13% as of December 31, 2015, to approximately 12.5% . As of March 31, 2016 , our gross Default to Claim Rates on our primary portfolio ranged from 12.5% for new defaults, up to approximately 65% for certain defaults not in Foreclosure Stage, and 81% for Foreclosure Stage Defaults. Our estimate of expected Rescissions and Claim Denials (net of expected Reinstatements) embedded in our Default to Claim Rate is generally based on our experience in the most recent nine months. Consideration is also given for differences in characteristics between those rescinded policies and denied claims and the loans remaining in our defaulted inventory, as well as the estimated impact of the BofA Settlement Agreement on the volume of future Rescissions and Claim Denials. Loss Mitigation For the three months ended March 31, 2016 , Rescissions and Claim Denials, net of Reinstatements for primary loans totaled $5.6 million . During the three months ended March 31, 2015 , the implementation of the BofA Settlement Agreement resulted in Reinstatements exceeding Rescissions and Claim Denials for claims on first-lien mortgage loans. Reinstatements, net of Rescissions and Claim Denials, totaled $14.7 million for the three months ended March 31, 2015 . Although our estimates of future Rescissions and Claim Denials have generally been declining, our Rescissions and Claim Denials continue to reduce our paid losses and have resulted in a reduction in our loss reserve. Our estimate of net future Rescissions and Claim Denials reduced our loss reserve as of March 31, 2016 and December 31, 2015 by approximately $67 million and $69 million , respectively. The amount of estimated Rescissions and Claim Denials incorporated into our reserve analysis at any point in time is affected by a number of factors, including not only our estimated rate of Rescissions and Claim Denials on future claims, but also the volume and attributes of our defaulted insured loans, our estimated Default to Claim Rate and our estimated Claim Severity, among other assumptions. Our assumptions also reflect the estimated future impact of the BofA Settlement Agreement, as further discussed below. As our Legacy Portfolio has become a smaller percentage of our overall insured portfolio, we have undertaken a reduced amount of Loss Mitigation Activity with respect to the claims we receive, and we expect this trend to continue. As a result, our future Loss Mitigation Activity is not expected to mitigate our paid losses to the same extent as in recent years. Our reported Rescission and Claim Denial activity in any given period is subject to challenge by our lender and servicer customers. We expect that a portion of previous Rescissions will be reinstated and previous Claim Denials will be resubmitted with the required documentation and ultimately paid; therefore, we have incorporated this expectation into our IBNR reserve estimate. Our IBNR reserve estimate of $22.8 million and $26.6 million at March 31, 2016 and December 31, 2015 , respectively, includes reserves for this expected activity. BofA Settlement Agreement On September 16, 2014, Radian Guaranty entered into the BofA Settlement Agreement in order to resolve various actual and potential claims or disputes related to the parties’ respective rights and duties as to mortgage insurance coverage on certain Subject Loans. Implementation of the BofA Settlement Agreement commenced on February 1, 2015 for Subject Loans held in portfolio by the Insureds or purchased by the GSEs as of that date and implementation was completed by December 31, 2015 . See Note 10 of Notes to Consolidated Financial Statements in our 2015 Form 10-K for additional information about the BofA Settlement Agreement. Freddie Mac Agreement At March 31, 2016 and December 31, 2015 , Radian Guaranty had $75.3 million and $74.7 million , respectively, in a collateral account pursuant to the Freddie Mac Agreement. Subject to certain conditions in the Freddie Mac Agreement, amounts in the collateral account may be released to Radian Guaranty over time to the extent that Loss Mitigation Activity becomes final in accordance with the terms of that agreement. If, as of August 29, 2017, the amount of additional Loss Mitigation Activity that has become final in accordance with the Freddie Mac Agreement is less than approximately $74.0 million , then any shortfall will be paid to Freddie Mac from the funds remaining in the collateral account, subject to certain adjustments designed to allow for any Loss Mitigation Activity that has not become final or any claims evaluation that has not been completed as of that date. As of March 31, 2016 , we have approximately $57.3 million , recorded in reserve for losses, that we expect to be paid to Freddie Mac from the funds expected to be remaining in the collateral account as of the August 29, 2017 measurement date.

Note 10 - Long-Term Debt

Note 10 - Long-Term Debt	3 Months Ended
	Mar. 31, 2016
Long-term Debt, Unclassified [Abstract]
Long-term Debt	Long-Term Debt The carrying value of our long-term debt at March 31, 2016 and December 31, 2015 was as follows: (In thousands) March 31, December 31, 9.000% Senior Notes due 2017 $ 192,783 $ 192,261 3.000% Convertible Senior Notes due 2017 19,931 46,115 2.250% Convertible Senior Notes due 2019 89,785 341,214 5.500% Senior Notes due 2019 296,033 295,751 5.250% Senior Notes due 2020 344,406 344,113 7.000% Senior Notes due 2021 343,528 — Total long-term debt $ 1,286,466 $ 1,219,454 Senior Notes due 2021 In March 2016, we issued $350 million aggregate principal amount of Senior Notes due 2021 and received net proceeds of approximately $343.5 million . These notes mature on March 15, 2021 and bear interest at a rate of 7.000% per annum, payable semi-annually on March 15 and September 15 of each year, commencing on September 15, 2016. We have the option to redeem these notes, in whole or in part, at any time or from time to time prior to maturity at a redemption price equal to the greater of: (i) 100% of the aggregate principal amount of the notes to be redeemed; and (ii) the make-whole amount, which is the sum of the present value of the remaining scheduled payments of principal and interest in respect of the notes, discounted at the applicable treasury rate plus 50 basis points, plus, in each case, accrued and unpaid interest thereon to, but excluding, the redemption date. The Senior Notes due 2021 have covenants customary for securities of this nature, including covenants related to the payments of the notes, reports, compliance certificates and modification of the covenants. Additionally, the indenture governing the Senior Notes due 2021 includes covenants restricting us from encumbering the capital stock of a designated subsidiary (as defined in the indenture for the notes) or disposing of any capital stock of any designated subsidiary unless either all of the stock is disposed of or we retain more than 80% of the stock. Convertible Senior Notes due 2017 and 2019 In March 2016, we entered into privately negotiated agreements to purchase, for cash or a combination of cash and shares of Radian Group common stock, aggregate principal amounts of $30.1 million and $288.4 million , respectively, of our outstanding Convertible Senior Notes due 2017 and 2019. We funded the purchases with $191.5 million in cash (plus accrued and unpaid interest due on the purchased notes) and by issuing to the sellers approximately 17.0 million shares of Radian Group common stock. These purchases of Convertible Senior Notes due 2017 and 2019 resulted in a pretax charge in the first quarter of 2016 of approximately $55.6 million . This charge represents: • the $39.7 million market premium representing the consideration paid to the sellers of the Convertible Senior Notes due 2017 and 2019 in excess of the conversion value of the purchased notes; • the $14.8 million difference between the fair value and the carrying value, net of unamortized issuance costs, of the liability component of the purchased notes; and • the $1.1 million impact of transaction costs on the purchased notes. In connection with our March 2016 purchases of Convertible Senior Notes due 2017, we terminated a corresponding portion of the capped call transactions we had entered into in 2010 related to the initial issuance of the Convertible Senior Notes due 2017. As a result of this termination, we received consideration of 0.2 million shares of Radian Group common stock, which was valued at $2.6 million based on a stock price on the closing date of $11.86 . In accordance with the accounting standards regarding equity and contracts in an entity’s own equity, the total consideration received was recorded as an increase to additional paid-in capital. The shares of Radian Group common stock received were retired, resulting in a decrease in shares issued and outstanding and a corresponding increase in unissued shares. See Note 16 for additional information regarding Radian Group common stock. Upon the original issuance of the Convertible Senior Notes due 2017 and 2019, in accordance with accounting standards related to convertible debt instruments that may be settled in cash upon conversion, the Company recorded a pretax equity component, net of the capped call transaction (with respect to the Convertible Senior Notes due 2017) and related issuance costs (with respect to the Convertible Senior Notes due 2017 and 2019). The pretax equity component is not subject to remeasurement, and therefore remains unchanged unless a reduction of outstanding principal occurs. As a result of our March 2016 purchases, the remaining pretax equity component associated with the Convertible Senior Notes due 2017 and 2019 decreased from $11.3 million and $75.1 million , respectively, at December 31, 2015 to $5.0 million and $19.6 million , respectively, at March 31, 2016. During the three-month period ended March 31, 2016 , our closing stock price did not exceed the thresholds required for the holders of our Convertible Senior Notes due 2017 or our Convertible Senior Notes due 2019 to be able to exercise their conversion rights during the three-month period ending June 30, 2016 . In any period when holders of the Convertible Senior Notes due 2017 are eligible to exercise their conversion option, the equity component related to these instruments would be classified as mezzanine (temporary) equity rather than permanent equity, because we are required to settle the aggregate principal amount of the notes in cash. This equity component is the difference between (1) the amount of cash deliverable upon conversion (i.e., par value of debt) and (2) the carrying value of the debt. Issuance and transaction costs incurred at the time of the original issuance of the convertible notes were allocated to the liability and equity components in proportion to the allocation of proceeds and are accounted for as debt issuance costs and equity issuance costs, respectively. The convertible notes are reflected on our condensed consolidated balance sheets as follows: Convertible Senior Notes due 2017 Convertible Senior Notes due 2019 (In thousands) March 31, December 31, March 31, December 31, Liability component: Principal $ 22,233 $ 52,370 $ 101,581 $ 389,992 Debt discount, net (1) (2,187 ) (5,941 ) (10,716 ) (44,313 ) Debt issuance costs (1) (115 ) (314 ) (1,080 ) (4,465 ) Net carrying amount $ 19,931 $ 46,115 $ 89,785 $ 341,214 __________________ (1) Included within long-term debt and is being amortized over the life of the convertible notes. The following tables set forth total interest expense recognized related to the convertible notes for the periods indicated: Convertible Senior Notes due 2017 Convertible Senior Notes due 2019 Three Months Ended Three Months Ended ($ in thousands) 2016 2015 2016 2015 Contractual interest expense $ 372 $ 3,375 $ 2,013 $ 2,250 Amortization of debt issuance costs 37 318 293 328 Amortization of debt discount 708 5,708 2,909 3,073 Total interest expense $ 1,117 $ 9,401 $ 5,215 $ 5,651

Note 11 - Accumulated Other Com

Note 11 - Accumulated Other Comprehensive Income	3 Months Ended
	Mar. 31, 2016
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income The following table shows the rollforward of AOCI as of the periods indicated: Three Months Ended March 31, 2016 (In thousands) Before Tax Tax Effect Net of Tax Balance at beginning of period $ (28,425 ) $ (9,948 ) $ (18,477 ) OCI: Unrealized gains on investments: Unrealized holding gains arising during the period 60,575 21,201 39,374 Less: Reclassification adjustment for net losses included in net income (1) (3,318 ) (1,161 ) (2,157 ) Net unrealized gains on investments 63,893 22,362 41,531 Net foreign currency translation adjustments (130 ) (45 ) (85 ) Net actuarial loss (274 ) (96 ) (178 ) OCI 63,489 22,221 41,268 Balance at end of period $ 35,064 $ 12,273 $ 22,791 Three Months Ended March 31, 2015 (In thousands) Before Tax Tax Effect Net of Tax Balance at beginning of period $ 79,208 $ 27,723 $ 51,485 OCI: Unrealized gains on investments: Unrealized holding gains arising during the period 9,929 3,475 6,454 Less: Reclassification adjustment for net losses included in net income (1) (51 ) (18 ) (33 ) Net unrealized gains on investments 9,980 3,493 6,487 Net foreign currency translation adjustments (194 ) (68 ) (126 ) Activity related to investments recorded as assets held for sale (2) 2,812 984 1,828 OCI 12,598 4,409 8,189 Balance at end of period $ 91,806 $ 32,132 $ 59,674 _________________________ (1) Included in net gains on investments and other financial instruments on our condensed consolidated statements of operations. (2) Represents the unrealized holding gains (losses) arising during the period on investments recorded as assets held for sale, net of reclassification adjustments for net gains (losses) included in net income from discontinued operations.

Note 12 - Income Taxes

Note 12 - Income Taxes	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We provide for income taxes in accordance with the provisions of the accounting standard regarding accounting for income taxes. As required under this standard, our DTAs and DTLs are recognized under the balance sheet method, which recognizes the future tax effect of temporary differences between the amounts recorded in our condensed consolidated financial statements and the tax bases of these amounts. DTAs and DTLs are measured using the enacted tax rates expected to apply to taxable income in the periods in which the DTA or DTL is expected to be realized or settled. Our provision for income taxes for interim financial periods is based on an estimate of our annual effective tax rate for continuing operations for the full year. When estimating our full year 2016 and 2015 annual effective tax rates, we accounted for the tax effects of gains and losses on our investments, changes as a result of the accounting standard regarding the accounting for uncertainty in income taxes and certain other adjustments, as discrete items at the federal applicable tax rate. For federal income tax purposes, as of March 31, 2016 , we had approximately $1.1 billion of NOL carryforwards and no foreign tax credit carryforward. To the extent not utilized, the NOL carryforwards will expire during tax years 2030 through 2032. We are required to establish a valuation allowance against our DTAs when it is more likely than not that all or some portion of our DTAs will not be realized. At each balance sheet date, we assess our need for a valuation allowance. Our assessment is based on all available evidence, both positive and negative. This requires management to exercise judgment and make assumptions regarding whether our DTAs will be realized in future periods. In making this assessment as of March 31, 2016 , we determined that certain state and local NOLs, relating to non-insurance entities within our consolidated group, may not be realized during their appropriate carryforward period. Therefore, we have recorded a valuation allowance of approximately $41.0 million , primarily relating to the DTAs associated with these state and local NOLs as of March 31, 2016 . Our March 2016 purchases of Convertible Senior Notes due 2017 and 2019 resulted in a pretax charge of approximately $55.6 million . This included approximately $39.7 million of market premium related to the purchases, of which approximately $28.6 million is estimated to be non-deductible for tax purposes and impacted our annualized effective tax rate. Overall, we recorded an income tax benefit of approximately $8.7 million related to these purchases as of March 31, 2016 . We are contesting adjustments resulting from the examination by the IRS of our 2000 through 2007 consolidated federal income tax returns. The IRS opposes the recognition of certain tax losses and deductions that were generated through our investment in a portfolio of non-economic REMIC residual interests and has proposed denying the associated tax benefits of these items. We appealed these proposed adjustments to Appeals and made “qualified deposits” with the U.S. Treasury of approximately $85 million in June 2008 relating to the 2000 through 2004 tax years and approximately $4 million in May 2010 relating to the 2005 through 2007 tax years, in order to avoid the accrual of incremental above-market-rate interest with respect to the proposed adjustments. We attempted to reach a compromised settlement with Appeals, but in September 2014 we received Notices of Deficiency covering the 2000 through 2007 tax years that assert unpaid taxes and penalties of approximately $157 million . The Deficiency Amount has not been reduced to reflect our NOL carryback ability. As of March 31, 2016 , there also would be interest of approximately $127 million related to these matters. Depending on the outcome, additional state income taxes, penalties and interest (estimated in the aggregate to be approximately $33 million as of March 31, 2016 ) also may become due when a final resolution is reached. The Notices of Deficiency also reflected additional amounts due of approximately $105 million , which are primarily associated with the disallowance of the previously filed carryback of our 2008 NOL to the 2006 and 2007 tax years. We currently believe that the disallowance of our 2008 NOL carryback is a precautionary position by the IRS and that we will ultimately maintain the benefit of this NOL carryback claim. On December 3, 2014, we petitioned the U.S. Tax Court to litigate the Deficiency Amount. On September 1, 2015, we received a notice that the case had been scheduled for trial. However, the parties have jointly filed, and the U.S. Tax Court has approved, motions for continuance in this matter to postpone the trial date. Also, in February 2016, the U.S. Tax Court approved a joint motion to consolidate for trial, briefing and opinion our case with a similar case involving MGIC Investment Corporation. The litigation could take several years to resolve and may result in substantial legal expenses. We can provide no assurance regarding the outcome of any such litigation or whether a compromised settlement with the IRS will ultimately be reached. We believe that an adequate provision for income taxes has been made for the potential liabilities that may result from this matter. However, if the ultimate resolution of this matter produces a result that differs materially from our current expectations, there could be a material impact on our effective tax rate, results of operations and cash flows.

Note 13 - Statutory Information

Note 13 - Statutory Information	3 Months Ended
	Mar. 31, 2016
Supplementary Insurance Information [Abstract]
Statutory Information	Statutory Information We prepare our statutory financial statements in accordance with the accounting practices required or permitted, if applicable, by the insurance departments of the respective states of domicile of our insurance subsidiaries. Required statutory accounting practices are established by a variety of publications of the NAIC as well as state laws, regulations and general administrative rules. In addition, insurance departments have the right to permit other specific practices that may deviate from prescribed practices. As of March 31, 2016 , we did not have any prescribed or permitted statutory accounting practices that resulted in reported statutory surplus or risk-based capital being significantly different from what would have been reported if NAIC statutory accounting practices had been followed. The state insurance regulations include various capital requirements and dividend restrictions based on our insurance subsidiaries’ statutory financial position and results of operations, as described below. Failure to maintain adequate levels of capital could lead to intervention by the various insurance regulatory authorities, which could materially and adversely affect our business, business prospects and financial condition. As of March 31, 2016 , the amount of restricted net assets held by our consolidated insurance subsidiaries (which represents our equity investment in those insurance subsidiaries) totaled $3.1 billion of our consolidated net assets. Radian Guaranty Under state insurance regulations, Radian Guaranty is required to maintain minimum surplus levels and, in certain states, a minimum Risk-to-capital ratio. The sixteen RBC States currently impose a Statutory RBC Requirement. The most common Statutory RBC Requirement is that a mortgage insurer’s Risk-to-capital may not exceed 25 to 1. In certain of the RBC States, a mortgage insurer must satisfy an MPP Requirement. The statutory capital requirements for the non-RBC States are de minimis (ranging from $1 million to $5 million ); however, the insurance laws of these states generally grant broad supervisory powers to state agencies or officials to enforce rules or exercise discretion affecting almost every significant aspect of the insurance business, including the power to revoke or restrict an insurance company’s ability to write new business. Unless an RBC State grants a waiver or other form of relief, if a mortgage insurer is not in compliance with the Statutory RBC Requirement of that state, the mortgage insurer may be prohibited from writing new mortgage insurance business in that state. Radian Guaranty’s domiciliary state, Pennsylvania, is not one of the RBC States. For the three months ended March 31, 2016 and the year ended December 31, 2015 , the RBC States accounted for approximately 56.0% and 55.8% , respectively of Radian Guaranty’s total primary NIW in each period. Radian Guaranty was in compliance with the Statutory RBC Requirements or MPP Requirements, as applicable, in each of the RBC States as of March 31, 2016 . The NAIC is in the process of developing a new Model Act for mortgage insurers, which is expected to include among other items, new capital adequacy requirements for mortgage insurers. While the outcome of this process is uncertain, the new Model Act, if and when finalized by the NAIC, has the potential to increase capital requirements in those states that adopt the Model Act. See also Note 1 for information regarding the PMIERs, which set requirements for private mortgage insurers to remain eligible insurers of loans purchased by the GSEs. Radian Guaranty’s Risk-to-capital calculation appears in the table below. For purposes of the Risk-to-capital calculation, as well as the Risk-to-capital requirements imposed by certain states, statutory capital is defined as the sum of statutory policyholders’ surplus (i.e., statutory capital and surplus) plus statutory contingency reserves. March 31, December 31, ($ in millions) RIF, net (1) $ 33,376.7 $ 36,396.1 Common stock and paid-in capital $ 2,041.4 $ 2,041.4 Surplus Note 325.0 325.0 Unassigned deficit (640.2 ) (679.9 ) Statutory policyholders’ surplus 1,726.2 1,686.5 Contingency reserve 949.3 860.9 Statutory capital $ 2,675.5 $ 2,547.4 Risk-to-capital 12.5:1 14.3:1 _______________________ (1) Excludes risk ceded through reinsurance contracts (to third parties and affiliates) and RIF on defaulted loans. The reduction in Radian Guaranty’s Risk-to-capital in the first three months of 2016 was primarily due to an increase in statutory capital, primarily as a result of statutory net income for the three months ended March 31, 2016 of $122.7 million , combined with a decrease in net RIF at Radian Guaranty, resulting from insurance ceded pursuant to the Single Premium QSR Transaction during the quarter. We have actively managed Radian Guaranty’s capital position in various ways, including: (1) through internal and external reinsurance arrangements; (2) by seeking opportunities to reduce our risk exposure through negotiated transactions; and (3) by contributing additional capital from Radian Group, including through the use of a Surplus Note.

Note 14 - Selected Financial In

Note 14 - Selected Financial Information of Registrant	3 Months Ended
	Mar. 31, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Selected Financial Information of Registrant - Radian Group - Parent Company Only	Selected Financial Information of Registrant—Radian Group—Parent Company Only (In thousands) March 31, December 31, 2015 Investment in subsidiaries, at equity in net assets $ 3,120,807 $ 3,001,846 Total assets 4,210,871 3,992,716 Long-term debt 1,286,466 1,219,454 Total liabilities 1,550,473 1,495,785 Total stockholders’ equity 2,660,398 2,496,931 Total liabilities and stockholders’ equity 4,210,871 3,992,716

Note 15 - Commitments and Conti

Note 15 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings See Note 17 of our 2015 Form 10-K for information regarding our accounting policies for contingencies. We are routinely involved in a number of legal actions, reviews and audits, as well as inquiries and investigations by various regulatory entities involving compliance with laws or other regulations, the outcome of which are uncertain. We are involved in litigation that has arisen in the normal course of our business. We are contesting the allegations in each such pending action and management believes, based on current knowledge and after consultation with counsel, that the outcome of such litigation will not have a material adverse effect on our consolidated financial condition. However, the outcome of litigation and other legal and regulatory matters is inherently uncertain, and it is possible that one or more of the matters currently pending or threatened could have an unanticipated adverse effect on our liquidity, financial condition or results of operations for any particular period. In June 2015, we and other mortgage insurers received a letter from the Office of the Commissioner of Insurance of the State of Wisconsin (“Wisconsin OCI”) requesting information pertaining to customized insurance rates and terms offered to mortgage insurance customers. We submitted a response to the Wisconsin OCI in June 2015, as requested. Although we believe we are in compliance with applicable Wisconsin state law requirements for mortgage guaranty insurance, we cannot predict the outcome of this matter or whether additional inquiries, actions or proceedings may be pursued against us by the Wisconsin OCI or other regulators. As described in Note 12, on September 4, 2014, we received formal Notices of Deficiency from the IRS related to certain losses and deductions resulting from our investment in a portfolio of non-economic REMIC residual interests. We believe that an adequate provision for income taxes has been made for the potential liabilities that may result from this matter. However, if the ultimate resolution of this matter produces a result that differs materially from our current expectations, there could be a material impact on our effective tax rate, results of operations and cash flows. Our Master Policies establish the timeline within which any suit or action arising from any right of an insured under the policy generally must be commenced. Although we believe that our Loss Mitigation activities are justified under our policies, we continue to face challenges from certain lender and servicer customers regarding our Loss Mitigation Activities, which have resulted in some reversals of our decisions regarding Rescissions, Claim Denials or Claim Curtailments. We are currently in discussions with these customers regarding our Loss Mitigation Activities and claim payment practices, which if not resolved, could result in arbitration or judicial proceedings and we may need to reassume the risk on, and increase loss reserves for, those policies or pay additional claims. See Note 9 for further information. Further, there are loans in our total defaulted portfolio (in particular, our older defaulted portfolio) for which actions or proceedings (such as foreclosure) may not have been commenced within the outermost deadline in our Prior Master Policy. We are evaluating these loans regarding this potential violation and our corresponding rights under the Prior Master Policy. While we can provide no assurance regarding the ultimate resolution of these issues, it is possible that arbitration or legal proceedings could result. Other Securities regulations became effective in 2005 that impose enhanced disclosure requirements on issuers of ABS (including mortgage-backed securities). To allow our customers to comply with these regulations at that time, we typically were required, depending on the amount of credit enhancement we were providing, to provide: (1) audited financial statements for the insurance subsidiary participating in the transaction; or (2) a full and unconditional holding company-level guarantee for our insurance subsidiaries’ obligations in such transactions. Radian Group has guaranteed two Structured Transactions for Radian Guaranty involving approximately $121.4 million of remaining credit exposure as of March 31, 2016 .

Note 16. Capital Stock (Notes)

Note 16. Capital Stock (Notes)	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	Capital Stock In the first quarter of 2016, we announced and completed a share repurchase program. Pursuant to this program, we purchased an aggregate of approximately 9.4 million shares of Radian Group common stock for $100.2 million , at a weighted average price per share of $10.62 , which includes commissions. No further purchase authority remains under this share repurchase program. In March 2016, we entered into privately negotiated agreements to purchase, for cash or a combination of cash and shares of Radian Group common stock, aggregate principal amounts of $30.1 million and $288.4 million , respectively, of our outstanding Convertible Senior Notes due 2017 and 2019. We funded the purchases with $191.5 million in cash (plus accrued and unpaid interest due on the purchased notes) and by issuing to the sellers approximately 17.0 million shares of Radian Group common stock. In connection with our purchases of Convertible Senior Notes due 2017, we terminated a corresponding portion of the capped call transactions we had entered into in 2010 related to the initial issuance of the Convertible Senior Notes due 2017. As a result of this termination, we received consideration of 0.2 million shares of Radian Group common stock, which was valued at $2.6 million based on a stock price on the closing date of $11.86 . See Note 10 for additional information regarding the purchases. All shares of Radian Group common stock received from the above transactions were retired, resulting in a decrease in shares issued and outstanding and a corresponding increase in unissued shares. We may from time to time purchase shares on the open market to meet option exercise obligations and to fund 401(k) matches and purchases under our Employee Stock Purchase Plan.

Note 17 - Net Income Per Share

Note 17 - Net Income Per Share	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Net Income Per Share	Net Income Per Share Basic net income per share is computed by dividing net income by the weighted-average number of common shares outstanding, while diluted net income per share is computed by dividing net income attributable to common shareholders by the sum of the weighted average number of common shares outstanding and all dilutive potential common shares outstanding. Dilutive potential common shares relate to our stock-based compensation arrangements and our outstanding convertible senior notes. For all calculations, the determination of whether potential common shares are dilutive or anti-dilutive is based on net income from continuing operations. The calculation of the basic and diluted net income per share was as follows: Three Months Ended (In thousands, except share and per share amounts) 2016 2015 Net income from continuing operations: Net income from continuing operations - basic $ 66,249 $ 91,727 Adjustment for dilutive Convertible Senior Notes due 2019, net of tax (1) 3,390 3,673 Net income from continuing operations - diluted $ 69,639 $ 95,400 Net income: Net income from continuing operations - basic $ 66,249 $ 91,727 Income from discontinued operations, net of tax — 530 Net income - basic 66,249 92,257 Adjustment for dilutive Convertible Senior Notes due 2019, net of tax (1) 3,390 3,673 Net income - diluted $ 69,639 $ 95,930 Average common shares outstanding - basic 203,706 191,224 Dilutive effect of Convertible Senior Notes due 2017 (2) — 10,886 Dilutive effect of Convertible Senior Notes due 2019 33,583 37,736 Dilutive effect of stock-based compensation arrangements (2) 2,418 3,202 Adjusted average common shares outstanding - diluted 239,707 243,048 Net income per share: Basic: Net income from continuing operations $ 0.33 $ 0.48 Income from discontinued operations — — Net income $ 0.33 $ 0.48 Diluted: Net income from continuing operations $ 0.29 $ 0.39 Income from discontinued operations — — Net income $ 0.29 $ 0.39 ________________ (1) As applicable, includes coupon interest, amortization of discount and fees, and other changes in income or loss that would result from the assumed conversion. (2) The following number of shares of our common stock equivalents issued under our stock-based compensation arrangements and convertible debt were not included in the calculation of net income per share because they were anti-dilutive: Three Months Ended (in thousands) 2016 2015 Shares of common stock equivalents 709 540 Shares of Convertible Senior Notes due 2017 1,902 —

Note 1 - Condensed Consolidat25

Note 1 - Condensed Consolidated Financial Statements - Business Overview and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Our condensed consolidated financial statements are prepared in accordance with GAAP and include the accounts of all wholly-owned subsidiaries. All intercompany accounts and transactions, and intercompany profits and losses, have been eliminated.
Use of Estimates, Policy [Policy Text Block]	The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of our contingent assets and liabilities at the dates of the financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. While the amounts included in our condensed consolidated financial statements include our best estimates and assumptions, actual results may vary materially.
Debt, Policy [Policy Text Block]	We accounted for the March 2016 purchases of a portion of our outstanding convertible debt in exchange for cash and shares of Radian Group common stock as an induced conversion of convertible debt in accordance with the accounting standard regarding derecognition of debt with conversion and other options, and the accounting standard regarding debt modifications and extinguishments. The accounting standards require the recognition through earnings of an inducement charge equal to the fair value of the consideration delivered in excess of the consideration issuable under the original conversion terms. The remaining consideration delivered and transaction costs incurred are required to be allocated between the extinguishment of the liability component and the reacquisition of the equity component. As a result, we recognized a loss on induced conversion and debt extinguishment equal to: (i) the inducement charge; (ii) the difference between the fair value and the carrying value of the liability component of the purchased debt; (iii) transaction costs allocated to the debt component; and (iv) unamortized debt issuance costs related to the purchased debt.
Fair Value of Financial Instruments, Policy [Policy Text Block]	In accordance with GAAP, we established a three-level valuation hierarchy for disclosure of fair value measurements based on the transparency of inputs to the valuation of an asset or liability as of the measurement date. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level I measurements) and the lowest priority to unobservable inputs (Level III measurements). The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the measurement in its entirety. The three levels of the fair value hierarchy are defined below: Level I — Unadjusted quoted prices for identical assets or liabilities in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level II — Prices or valuations based on observable inputs other than quoted prices in active markets for identical assets and liabilities; and Level III — Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. Level III inputs are used to measure fair value only to the extent that observable inputs are not available. The level of market activity used to determine the fair value hierarchy is based on the availability of observable inputs market participants would use to price an asset or a liability, including market value price observations.
Income Tax, Policy [Policy Text Block]	We provide for income taxes in accordance with the provisions of the accounting standard regarding accounting for income taxes. As required under this standard, our DTAs and DTLs are recognized under the balance sheet method, which recognizes the future tax effect of temporary differences between the amounts recorded in our condensed consolidated financial statements and the tax bases of these amounts. DTAs and DTLs are measured using the enacted tax rates expected to apply to taxable income in the periods in which the DTA or DTL is expected to be realized or settled. Our provision for income taxes for interim financial periods is based on an estimate of our annual effective tax rate for continuing operations for the full year. When estimating our full year 2016 and 2015 annual effective tax rates, we accounted for the tax effects of gains and losses on our investments, changes as a result of the accounting standard regarding the accounting for uncertainty in income taxes and certain other adjustments, as discrete items at the federal applicable tax rate. We are required to establish a valuation allowance against our DTAs when it is more likely than not that all or some portion of our DTAs will not be realized. At each balance sheet date, we assess our need for a valuation allowance. Our assessment is based on all available evidence, both positive and negative. This requires management to exercise judgment and make assumptions regarding whether our DTAs will be realized in future periods.
New Accounting Pronouncements, Policy [Policy Text Block]	In May 2014, the FASB issued an update to the accounting standard regarding revenue recognition. This update is intended to provide a consistent approach in recognizing revenue. In accordance with the new standard, recognition of revenue occurs when a customer obtains control of promised goods or services, in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the new standard requires that reporting companies disclose the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. While this update is not expected to change revenue recognition principles related to our insurance products, this update may be applicable to revenues from our Services segment. In July 2015, the FASB delayed the effective date for this updated standard to interim and annual periods beginning after December 15, 2017, and in March and April 2016, issued clarifying updates. We are currently evaluating the impact to our financial statements and future disclosures as a result of these updates, if any. In April 2015, the FASB issued an update to the accounting standard for the accounting of internal-use software. The update provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with its treatment of the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The provisions of this update are effective for interim and annual periods beginning after December 15, 2015. The implementation of this update did not have a material impact to our financial position, results of operations or cash flows. In May 2015, the FASB issued an update to the accounting standard for the accounting of short-duration insurance contracts by insurance entities. The amendments in this update require insurance entities to disclose certain information about the liability for unpaid claims and claim adjustment expenses. The additional information required is focused on improvements in disclosures regarding insurance liabilities, including the timing, nature and uncertainty of future cash flows related to insurance liabilities and the effect of those cash flows on the statement of comprehensive income. The disclosures required by this update are effective for annual periods beginning after December 15, 2015, and interim periods within annual periods beginning after December 15, 2016; early adoption is permitted. We are currently evaluating the additional disclosures required in our financial statements as a result of this update. In January 2016, the FASB issued an update that makes certain changes to the standard for the accounting of financial instruments. Among other things, the update requires: (i) equity investments to be measured at fair value with changes in fair value recognized in net income; (ii) the use of an exit price (i.e., the price that would be received to sell the asset) when measuring the fair value of financial instruments for disclosure purposes; (iii) separate presentation of financial assets and financial liabilities by measurement category and form of financial asset; and (iv) separate presentation in other comprehensive income of the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk (also referred to as “own credit”) when the organization has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. The update also eliminates the requirement to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. This update is effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is not permitted, with the exception of the “own credit” provision. We are currently evaluating the impact to our financial statements and future disclosures as a result of this update. In February 2016, the FASB issued an update that replaces the existing accounting and disclosure requirements for leases of property, plant and equipment. The update requires lessees to recognize, as of the lease commencement date, assets and liabilities for all such leases with lease terms of more than 12 months, which is a change from the current GAAP requirement to recognize only capital leases on the balance sheet. Pursuant to the new standard, the liability initially recognized for the lease obligation is equal to the present value of the lease payments not yet made, discounted over the lease term at the implicit interest rate of the lease, if available, or otherwise at the lessee’s incremental borrowing rate. The lessee is also required to recognize an asset for its right to use the underlying asset for the lease term, based on the liability subject to certain adjustments, such as for initial direct costs. Leases are required to be classified as either operating or finance, with expense on operating leases recorded as a single lease cost on a straight-line basis. For finance leases, interest expense on the lease liability is required to be recognized separately from the straight-line amortization of the right-of-use asset. Quantitative disclosures are required for certain items, including the cost of leases, the weighted-average remaining lease term, the weighted-average discount rate and a maturity analysis of lease liabilities. Additional qualitative disclosures are also required regarding the nature of the leases, such as basis, terms and conditions of (i) variable interest payments; (ii) extension and termination options; and (iii) residual value guarantees. This update is effective for public companies for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The new standard must be adopted by applying the new guidance as of the beginning of the earliest comparative period presented, using a modified retrospective transition approach with certain optional practical expedients. We are currently evaluating the impact to our financial statements and future disclosures as a result of this update. In March 2016, the FASB issued an update seeking to reduce complexity in the accounting standards for share-based payment transactions, including (i) accounting for income taxes; (ii) classification of excess tax benefits on the statement of cash flows; (iii) forfeitures; (iv) minimum statutory tax withholding requirements; (v) classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax withholding purposes; (vi) the practical expedient for estimating the expected term; and (vii) intrinsic value. Among other things, the update requires: (i) all excess tax benefits and tax deficiencies to be recognized as income tax expense or benefit in the income statement as they occur; (ii) recognition of excess tax benefits, regardless of whether the benefits reduce taxes payable in the current period; and (iii) excess tax benefits to be classified along with other cash flows as an operating activity, rather than separated from other income tax cash flows as a financing activity. For companies with significant share-based compensation, these changes may result in more volatile effective tax rates and net earnings, and result in additional dilution in earnings per share calculations. This update is effective for public companies for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted in any annual or interim period; however, an entity electing early adoption must adopt all amendments in the same period. We are currently evaluating the impact to our financial statements, earnings per share and future disclosures as a result of this update.

Note 2 - Discontinued Operati26

Note 2 - Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations [Table Text Block]	The table below summarizes the components of income from discontinued operations, net of tax, for the period indicated. There was no activity for discontinued operations in the three months ended March 31, 2016 . Three Months Ended (In thousands) 2015 Net premiums earned $ 1,007 Net investment income 9,153 Net gains on investments and other financial instruments 13,668 Change in fair value of derivative instruments 2,625 Total revenues 26,453 Provision for losses 502 Policy acquisition costs (191 ) Other operating expenses 4,107 Total expenses 4,418 Equity in net loss of affiliates (13 ) Income from operations of businesses held for sale 22,022 Loss on sale (13,930 ) Income tax provision 7,562 Income from discontinued operations, net of tax $ 530

Note 3 - Segment Reporting (Tab

Note 3 - Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Summarized operating results for our segments as of and for the periods indicated, are as follows: Three Months Ended (In thousands) 2016 2015 Mortgage Insurance Net premiums written—insurance $ 26,310 (1) $ 241,908 Decrease (increase) in unearned premiums 194,640 (17,313 ) Net premiums earned—insurance 220,950 224,595 Net investment income 27,201 17,328 Other income 1,915 1,331 Total (2) 250,066 243,254 Provision for losses 43,275 45,851 Policy acquisition costs 6,389 7,750 Other operating expenses before corporate allocations 33,829 34,050 Total (3) 83,493 87,651 Adjusted pretax operating income before corporate allocations 166,573 155,603 Allocation of corporate operating expenses 9,329 9,758 Allocation of interest expense 17,112 19,953 Adjusted pretax operating income $ 140,132 $ 125,892 ____________ (1) Net of ceded premiums written under the Single Premium QSR Transaction of $197.6 million . (2) Excludes net gains on investments and other financial instruments of $31.3 million and $16.8 million for the three month periods ended March 31, 2016 and 2015, respectively, not included in adjusted pretax operating income. (3) Includes inter-segment expenses as follows: Three Months Ended (In thousands) 2016 2015 Inter-segment expenses $ 596 $ 902 Three Months Ended (In thousands) 2016 2015 Services Services revenue (1) $ 32,196 $ 31,532 Direct cost of services 22,053 19,253 Other operating expenses before corporate allocations 13,883 8,857 Total 35,936 28,110 Adjusted pretax operating (loss) income before corporate allocations (3,740 ) 3,422 Allocation of corporate operating expenses 1,751 981 Allocation of interest expense 4,422 4,432 Adjusted pretax operating loss $ (9,913 ) $ (1,991 ) ____________ (1) Includes inter-segment revenues as follows: Three Months Ended (In thousands) 2016 2015 Inter-segment revenues $ 596 $ 902 Selected balance sheet information for our segments as of the periods indicated, is as follows: At March 31, 2016 (In thousands) Mortgage Insurance Services Total Total assets $ 5,605,505 $ 363,886 $ 5,969,391 At December 31, 2015 (In thousands) Mortgage Insurance Services Total Total assets $ 5,281,597 $ 360,503 $ 5,642,100
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]	The reconciliation of adjusted pretax operating income to consolidated pretax income from continuing operations is as follows: Three Months Ended (In thousands) 2016 2015 Adjusted pretax operating income (loss): Mortgage Insurance (1) $ 140,132 $ 125,892 Services (1) (9,913 ) (1,991 ) Total adjusted pretax operating income 130,219 123,901 Net gains on investments and other financial instruments 31,286 16,779 Loss on induced conversion and debt extinguishment (55,570 ) — Acquisition-related expenses (205 ) (207 ) Amortization and impairment of intangible assets (3,328 ) (3,023 ) Consolidated pretax income from continuing operations $ 102,402 $ 137,450 ______________ (1) Includes inter-segment expenses and revenues as listed in the notes to the preceding tables.

Note 4 - Fair Value of Financ28

Note 4 - Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	The following is a list of assets that are measured at fair value by hierarchy level as of March 31, 2016 : (In thousands) Level I Level II Level III Total Assets at Fair Value Investment Portfolio: U.S. government and agency securities $ 316,621 $ 7,500 $ — $ 324,121 State and municipal obligations — 386,939 — 386,939 Money market instruments 579,874 — — 579,874 Corporate bonds and notes — 1,713,117 — 1,713,117 RMBS — 376,820 — 376,820 CMBS — 636,071 — 636,071 Other ABS — 406,969 — 406,969 Foreign government and agency securities — 38,661 — 38,661 Equity securities — — 500 500 Other investments (1) — 5,518 — 5,518 Total Investments at Fair Value (2) 896,495 3,571,595 500 4,468,590 Total Assets at Fair Value $ 896,495 $ 3,571,595 $ 500 $ 4,468,590 ______________________ (1) Comprising short-term certificates of deposit and commercial paper. (2) Does not include certain other invested assets ( $1.6 million ), primarily invested in limited partnerships, accounted for as cost-method investments and not measured at fair value. At March 31, 2016 , total Level III assets of $0.5 million accounted for less than 0.01% of total assets measured at fair value. This investment was purchased during the three months ended June 30, 2015, and there were no related gains or losses recorded during the quarter. There were no Level III liabilities at March 31, 2016. The following is a list of assets that are measured at fair value by hierarchy level as of December 31, 2015 : (In thousands) Level I Level II Level III Total Assets at Fair Value Investment Portfolio: U.S. government and agency securities $ 670,328 $ 8,000 $ — $ 678,328 State and municipal obligations — 341,845 — 341,845 Money market instruments 443,272 — — 443,272 Corporate bonds and notes — 1,383,186 — 1,383,186 RMBS — 297,097 — 297,097 CMBS — 544,588 — 544,588 Other ABS — 371,625 — 371,625 Foreign government and agency securities — 37,576 — 37,576 Equity securities 74,930 25,016 500 100,446 Other investments (1) — 99,009 — 99,009 Total Investments at Fair Value (2) 1,188,530 3,107,942 500 4,296,972 Total Assets at Fair Value $ 1,188,530 $ 3,107,942 $ 500 $ 4,296,972 ______________________ (1) Comprising short-term certificates of deposit and commercial paper. (2) Does not include certain other invested assets ( $1.7 million ), primarily invested in limited partnerships, accounted for as cost-method investments and not measured at fair value.
Fair Value, by Balance Sheet Grouping [Table Text Block]	The carrying value and estimated fair value of other selected assets and liabilities not carried at fair value on our condensed consolidated balance sheets were as follows as of the dates indicated: March 31, 2016 December 31, 2015 (In thousands) Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets: Other invested assets $ 1,582 $ 4,759 $ 1,714 $ 4,901 Liabilities: Long-term debt 1,286,466 1,371,684 1,219,454 1,414,875

Note 5 - Investments (Tables)

Note 5 - Investments (Tables)	3 Months Ended
	Mar. 31, 2016
Investments [Abstract]
Unrealized Gain (Loss) on Investments [Table Text Block]	Our available for sale securities within our investment portfolio consisted of the following as of the dates indicated: March 31, 2016 (In thousands) Amortized Cost Fair Value Gross Unrealized Gains Gross Unrealized Losses Fixed-maturities available for sale: U.S. government and agency securities $ 152,233 $ 153,303 $ 1,072 $ 2 State and municipal obligations 72,249 75,289 3,160 120 Corporate bonds and notes 1,027,955 1,056,504 34,065 5,516 RMBS 304,401 307,516 3,227 112 CMBS 504,978 509,070 7,926 3,834 Other ABS 399,936 396,461 968 4,443 Foreign government and agency securities 25,693 25,192 232 733 Total fixed-maturities available for sale 2,487,445 2,523,335 50,650 14,760 Equity securities available for sale 500 500 — — Total debt and equity securities $ 2,487,945 $ 2,523,835 $ 50,650 $ 14,760 December 31, 2015 (In thousands) Amortized Cost Fair Value Gross Unrealized Gains Gross Unrealized Losses Fixed-maturities available for sale: U.S. government and agency securities $ 13,773 $ 13,752 $ — $ 21 State and municipal obligations 36,920 37,900 1,100 120 Corporate bonds and notes 815,024 802,193 4,460 17,291 RMBS 226,744 224,905 625 2,464 CMBS 415,780 406,910 69 8,939 Other ABS 359,452 355,494 16 3,974 Foreign government and agency securities 25,663 24,307 27 1,383 Total fixed-maturities available for sale 1,893,356 1,865,461 6,297 34,192 Equity securities available for sale (1) 75,538 75,430 — 108 Total debt and equity securities $ 1,968,894 $ 1,940,891 $ 6,297 $ 34,300 _____________________ (1) Comprising primarily a multi-sector exchange-traded fund.
Trading Securities (and Certain Trading Assets) [Table Text Block]	The trading securities within our investment portfolio, which are recorded at fair value, consisted of the following as of the dates indicated: (In thousands) March 31, December 31, Trading securities: U.S. government and agency securities $ 98,869 $ 129,913 State and municipal obligations 311,650 303,946 Corporate bonds and notes 582,035 580,993 RMBS 69,304 72,192 CMBS 124,851 137,678 Other ABS 8,911 16,131 Foreign government and agency securities 13,469 13,268 Equity securities — 25,016 Total $ 1,209,089 $ 1,279,137
Gain (Loss) on Investments [Table Text Block]	Net realized and unrealized gains (losses) on investments and other financial instruments consisted of: Three Months Ended (In thousands) 2016 2015 Net realized losses: Fixed-maturities available for sale $ (3,148 ) $ (51 ) Equities available for sale (170 ) — Trading securities (2,240 ) (4,568 ) Short-term investments (39 ) — Other gains 18 105 Net realized losses on investments (5,579 ) (4,514 ) Unrealized gains on trading securities 35,231 20,701 Total net gains on investments 29,652 16,187 Net gains on other financial instruments 1,634 592 Net gains on investments and other financial instruments $ 31,286 $ 16,779
Schedule Of Unrealized Losses [Table Text Block]	The following tables show the gross unrealized losses and fair value of our securities deemed “available for sale” aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of the dates indicated: March 31, 2016: ($ in thousands) Description of Securities Less Than 12 Months 12 Months or Greater Total # of securities Fair Value Unrealized Losses # of securities Fair Value Unrealized Losses # of securities Fair Value Unrealized Losses U.S. government and agency securities 1 $ 2,296 $ 2 — $ — $ — 1 $ 2,296 $ 2 State and municipal obligations 3 18,579 120 — — — 3 18,579 120 Corporate bonds and notes 40 124,360 4,449 18 34,388 1,067 58 158,748 5,516 RMBS 5 91,117 112 — — — 5 91,117 112 CMBS 42 186,024 3,834 — — — 42 186,024 3,834 Other ABS 85 226,645 2,682 14 42,875 1,761 99 269,520 4,443 Foreign government and agency securities 9 9,958 468 4 3,011 265 13 12,969 733 Total 185 $ 658,979 $ 11,667 36 $ 80,274 $ 3,093 221 $ 739,253 $ 14,760 December 31, 2015: ($ in thousands) Description of Securities Less Than 12 Months 12 Months or Greater Total # of securities Fair Value Unrealized Losses # of securities Fair Value Unrealized Losses # of securities Fair Value Unrealized Losses U.S. government and agency securities 1 $ 5,752 $ 21 — $ — $ — 1 $ 5,752 $ 21 State and municipal obligations 2 11,674 120 — — — 2 11,674 120 Corporate bonds and notes 117 510,807 16,773 6 8,700 518 123 519,507 17,291 RMBS 12 168,415 2,464 — — — 12 168,415 2,464 CMBS 58 387,268 8,939 — — — 58 387,268 8,939 Other ABS 96 284,998 2,559 14 43,225 1,415 110 328,223 3,974 Foreign government and agency securities 18 18,733 1,095 3 2,278 288 21 21,011 1,383 Equity securities 1 74,930 108 — — — 1 74,930 108 Total 305 $ 1,462,577 $ 32,079 23 $ 54,203 $ 2,221 328 $ 1,516,780 $ 34,300
Investments Classified by Contractual Maturity Date [Table Text Block]	The contractual maturities of fixed-maturity investments are as follows: March 31, 2016 Available for Sale (In thousands) Amortized Cost Fair Value Due in one year or less (1) $ 9,618 $ 9,629 Due after one year through five years (1) 323,427 326,269 Due after five years through ten years (1) 564,211 578,151 Due after ten years (1) 380,874 396,239 RMBS (2) 304,401 307,516 CMBS (2) 504,978 509,070 Other ABS (2) 399,936 396,461 Total $ 2,487,445 $ 2,523,335 ______________________ (1) Actual maturities may differ as a result of calls before scheduled maturity. (2) RMBS, CMBS and Other ABS are shown separately, as they are not due at a single maturity date.

Note 6 - Goodwill and Other I30

Note 6 - Goodwill and Other Intangible Assets, Net (Tables)	3 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill [Table Text Block]	All of our goodwill and intangible assets relate to our Services segment, as a result of our acquisition of Clayton and its subsequent acquisitions of Red Bell and ValuAmerica. The following table shows the changes in the carrying amount of goodwill as of and for the year-to-date periods ended March 31, 2016 and December 31, 2015 : (In thousands) Goodwill Accumulated Impairment Losses Net Balance at December 31, 2014 $ 194,027 $ (2,095 ) $ 191,932 Goodwill acquired 3,238 — 3,238 Impairment losses — — — Balance at December 31, 2015 197,265 (2,095 ) 195,170 Goodwill acquired — — — Impairment losses — — — Balance at March 31, 2016 $ 197,265 $ (2,095 ) $ 195,170
Schedule of Finite-Lived Intangible Assets [Table Text Block]	The following is a summary of the gross and net carrying amounts and accumulated amortization of our other intangible assets as of and for the year-to-date periods indicated: As of March 31, 2016 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Client relationships $ 83,447 $ (13,233 ) $ 70,214 Technology 15,100 (3,575 ) 11,525 Trade name and trademarks 8,340 (1,463 ) 6,877 Client backlog 6,680 (4,447 ) 2,233 Non-competition agreements 185 (135 ) 50 Total $ 113,752 $ (22,853 ) $ 90,899 As of December 31, 2015 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Client relationships $ 83,471 $ (11,038 ) $ 72,433 Technology 15,100 (2,949 ) 12,151 Trade name and trademarks 8,340 (1,243 ) 7,097 Client backlog 6,680 (4,184 ) 2,496 Non-competition agreements 185 (115 ) 70 Total $ 113,776 $ (19,529 ) $ 94,247
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	The estimated aggregate amortization expense for the remainder of 2016 and thereafter is as follows (in thousands): 2016 $ 9,895 2017 12,632 2018 12,037 2019 10,776 2020 9,167 2021 7,360 Thereafter 29,032

Note 7 - Reinsurance (Tables)

Note 7 - Reinsurance (Tables)	3 Months Ended
	Mar. 31, 2016
Reinsurance Disclosures [Abstract]
Reinsurance, Premiums Written And Earned [Table Text Block]	The effect of reinsurance on net premiums written and earned is as follows: Three Months Ended (In thousands) 2016 2015 Net premiums written-insurance: Direct $ 233,926 $ 255,248 Assumed — 47 Ceded (207,616 ) (13,387 ) Net premiums written-insurance $ 26,310 $ 241,908 Net premiums earned-insurance: Direct $ 240,330 $ 242,164 Assumed 9 13 Ceded (19,389 ) (17,582 ) Net premiums earned-insurance $ 220,950 $ 224,595
Reinsurance Transaction Details [Table Text Block]	The following tables show the amounts related to the QSR Transactions and the Single Premium QSR Transaction for the periods indicated: QSR Transactions Single Premium QSR Transaction Three Months Ended Three Months Ended (In thousands) 2016 2015 2016 2015 Ceded RIF $ 2,018,468 $ 2,575,060 $ 3,308,057 $ — Ceded premiums written 7,962 10,596 197,593 — Ceded premiums earned 11,325 14,786 5,994 — Ceding commissions written 2,270 3,165 50,932 — Ceding commissions earned 5,739 6,664 3,032 —

Note 8 - Other Assets (Tables)

Note 8 - Other Assets (Tables)	3 Months Ended
	Mar. 31, 2016
Other Assets [Abstract]
Schedule of Other Assets [Table Text Block]	The following table shows the components of other assets for the periods indicated: (In thousands) March 31, December 31, Deposit with the IRS (Note 12) $ 88,557 $ 88,557 Corporate-owned life insurance 83,098 82,543 Property and equipment (1) 51,003 46,802 Accrued investment income 27,710 25,620 Deferred policy acquisition costs 11,597 14,267 Reinsurance recoverables 9,066 11,044 Other 54,098 45,096 Total other assets $ 325,129 $ 313,929 ______________________ (1) Property and equipment, at cost less accumulated depreciation of $109.2 million and $106.9 million at March 31, 2016 and December 31, 2015 , respectively.

Note 9 - Losses and LAE (Tables

Note 9 - Losses and LAE (Tables)	3 Months Ended
	Mar. 31, 2016
Insurance Loss Reserves [Abstract]
Schedule of Liability for Future Policy Benefits, by Product Segment [Table Text Block]	The following table shows our reserve for Mortgage Insurance losses and LAE by category at the end of each period indicated: (In thousands) March 31, December 31, Reserves for losses by category: Prime $ 438,598 $ 480,481 Alt-A 183,189 203,706 A minus and below 116,835 129,352 IBNR and other (1) 79,051 83,066 LAE 23,600 26,108 Reinsurance recoverable (2) 8,239 8,286 Total primary reserves 849,512 930,999 Pool 38,843 42,084 IBNR and other 1,050 1,118 LAE 1,227 1,335 Total pool reserves 41,120 44,537 Total First-lien reserves 890,632 975,536 Second-lien and other (3) 716 863 Total reserve for losses $ 891,348 $ 976,399 ______________________ (1) Primarily related to expected payments under the Freddie Mac Agreement. (2) Represents ceded losses on captive transactions, the QSR Transactions and the Single Premium QSR Transaction. (3) Does not include our Second-lien premium deficiency reserve that is included in other liabilities.
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block]	The following table presents information relating to our reserve for losses, including our IBNR reserve and LAE but excluding Second-lien premium deficiency reserve, for the periods indicated: Three Months Ended (In thousands) 2016 2015 Balance at beginning of period $ 976,399 $ 1,560,032 Less reinsurance recoverables (1) 8,286 26,665 Balance at beginning of period, net of reinsurance recoverables 968,113 1,533,367 Add losses and LAE incurred in respect of default notices reported and unreported in: Current year (2) 56,171 80,437 Prior years (13,504 ) (35,360 ) Total incurred 42,667 45,077 Deduct paid claims and LAE related to: Current year (2) 65 — Prior years 127,606 207,095 Total paid 127,671 207,095 Balance at end of period, net of reinsurance recoverables 883,109 1,371,349 Add reinsurance recoverables (1) 8,239 13,365 Balance at end of period $ 891,348 $ 1,384,714 _________________________ (1) Related to ceded losses recoverable, on captive reinsurance transactions, the QSR Transactions and the Single Premium QSR Transaction, if any. See Note 7 for additional information. (2) Related to underlying defaulted loans with a most recent default notice dated in the year indicated. For example, if a loan had defaulted in a prior year, but then subsequently cured and later re-defaulted in the current year, that default would be considered a current year default.

Note 10 - Long-Term Debt (Table

Note 10 - Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Long-term Debt, Unclassified [Abstract]
Schedule of Long-term Debt Instruments [Table Text Block]	The carrying value of our long-term debt at March 31, 2016 and December 31, 2015 was as follows: (In thousands) March 31, December 31, 9.000% Senior Notes due 2017 $ 192,783 $ 192,261 3.000% Convertible Senior Notes due 2017 19,931 46,115 2.250% Convertible Senior Notes due 2019 89,785 341,214 5.500% Senior Notes due 2019 296,033 295,751 5.250% Senior Notes due 2020 344,406 344,113 7.000% Senior Notes due 2021 343,528 — Total long-term debt $ 1,286,466 $ 1,219,454
Schedule of Liability and Equity Components of Convertible Debt [Table Text Block]	The convertible notes are reflected on our condensed consolidated balance sheets as follows: Convertible Senior Notes due 2017 Convertible Senior Notes due 2019 (In thousands) March 31, December 31, March 31, December 31, Liability component: Principal $ 22,233 $ 52,370 $ 101,581 $ 389,992 Debt discount, net (1) (2,187 ) (5,941 ) (10,716 ) (44,313 ) Debt issuance costs (1) (115 ) (314 ) (1,080 ) (4,465 ) Net carrying amount $ 19,931 $ 46,115 $ 89,785 $ 341,214 __________________ (1) Included within long-term debt and is being amortized over the life of the convertible notes.
Schedule of Interest Expense Recognized Related to Convertible Debt [Table Text Block]	The following tables set forth total interest expense recognized related to the convertible notes for the periods indicated: Convertible Senior Notes due 2017 Convertible Senior Notes due 2019 Three Months Ended Three Months Ended ($ in thousands) 2016 2015 2016 2015 Contractual interest expense $ 372 $ 3,375 $ 2,013 $ 2,250 Amortization of debt issuance costs 37 318 293 328 Amortization of debt discount 708 5,708 2,909 3,073 Total interest expense $ 1,117 $ 9,401 $ 5,215 $ 5,651

Note 11 - Accumulated Other C35

Note 11 - Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2016
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	The following table shows the rollforward of AOCI as of the periods indicated: Three Months Ended March 31, 2016 (In thousands) Before Tax Tax Effect Net of Tax Balance at beginning of period $ (28,425 ) $ (9,948 ) $ (18,477 ) OCI: Unrealized gains on investments: Unrealized holding gains arising during the period 60,575 21,201 39,374 Less: Reclassification adjustment for net losses included in net income (1) (3,318 ) (1,161 ) (2,157 ) Net unrealized gains on investments 63,893 22,362 41,531 Net foreign currency translation adjustments (130 ) (45 ) (85 ) Net actuarial loss (274 ) (96 ) (178 ) OCI 63,489 22,221 41,268 Balance at end of period $ 35,064 $ 12,273 $ 22,791 Three Months Ended March 31, 2015 (In thousands) Before Tax Tax Effect Net of Tax Balance at beginning of period $ 79,208 $ 27,723 $ 51,485 OCI: Unrealized gains on investments: Unrealized holding gains arising during the period 9,929 3,475 6,454 Less: Reclassification adjustment for net losses included in net income (1) (51 ) (18 ) (33 ) Net unrealized gains on investments 9,980 3,493 6,487 Net foreign currency translation adjustments (194 ) (68 ) (126 ) Activity related to investments recorded as assets held for sale (2) 2,812 984 1,828 OCI 12,598 4,409 8,189 Balance at end of period $ 91,806 $ 32,132 $ 59,674 _________________________ (1) Included in net gains on investments and other financial instruments on our condensed consolidated statements of operations. (2) Represents the unrealized holding gains (losses) arising during the period on investments recorded as assets held for sale, net of reclassification adjustments for net gains (losses) included in net income from discontinued operations.

Note 13 - Statutory Informati36

Note 13 - Statutory Information (Tables)	3 Months Ended
	Mar. 31, 2016
Supplementary Insurance Information [Abstract]
Risk To Capital Calculation [Table Text Block]	Radian Guaranty’s Risk-to-capital calculation appears in the table below. For purposes of the Risk-to-capital calculation, as well as the Risk-to-capital requirements imposed by certain states, statutory capital is defined as the sum of statutory policyholders’ surplus (i.e., statutory capital and surplus) plus statutory contingency reserves. March 31, December 31, ($ in millions) RIF, net (1) $ 33,376.7 $ 36,396.1 Common stock and paid-in capital $ 2,041.4 $ 2,041.4 Surplus Note 325.0 325.0 Unassigned deficit (640.2 ) (679.9 ) Statutory policyholders’ surplus 1,726.2 1,686.5 Contingency reserve 949.3 860.9 Statutory capital $ 2,675.5 $ 2,547.4 Risk-to-capital 12.5:1 14.3:1 _______________________ (1) Excludes risk ceded through reinsurance contracts (to third parties and affiliates) and RIF on defaulted loans.

Note 14 - Selected Financial 37

Note 14 - Selected Financial Information of Registrant (Tables)	3 Months Ended
	Mar. 31, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Selected Financial Information Of Registrant [Table Text Block]	(In thousands) March 31, December 31, 2015 Investment in subsidiaries, at equity in net assets $ 3,120,807 $ 3,001,846 Total assets 4,210,871 3,992,716 Long-term debt 1,286,466 1,219,454 Total liabilities 1,550,473 1,495,785 Total stockholders’ equity 2,660,398 2,496,931 Total liabilities and stockholders’ equity 4,210,871 3,992,716

Note 17 - Net Income Per Share

Note 17 - Net Income Per Share (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	The calculation of the basic and diluted net income per share was as follows: Three Months Ended (In thousands, except share and per share amounts) 2016 2015 Net income from continuing operations: Net income from continuing operations - basic $ 66,249 $ 91,727 Adjustment for dilutive Convertible Senior Notes due 2019, net of tax (1) 3,390 3,673 Net income from continuing operations - diluted $ 69,639 $ 95,400 Net income: Net income from continuing operations - basic $ 66,249 $ 91,727 Income from discontinued operations, net of tax — 530 Net income - basic 66,249 92,257 Adjustment for dilutive Convertible Senior Notes due 2019, net of tax (1) 3,390 3,673 Net income - diluted $ 69,639 $ 95,930 Average common shares outstanding - basic 203,706 191,224 Dilutive effect of Convertible Senior Notes due 2017 (2) — 10,886 Dilutive effect of Convertible Senior Notes due 2019 33,583 37,736 Dilutive effect of stock-based compensation arrangements (2) 2,418 3,202 Adjusted average common shares outstanding - diluted 239,707 243,048 Net income per share: Basic: Net income from continuing operations $ 0.33 $ 0.48 Income from discontinued operations — — Net income $ 0.33 $ 0.48 Diluted: Net income from continuing operations $ 0.29 $ 0.39 Income from discontinued operations — — Net income $ 0.29 $ 0.39 ________________ (1) As applicable, includes coupon interest, amortization of discount and fees, and other changes in income or loss that would result from the assumed conversion. (2) The following number of shares of our common stock equivalents issued under our stock-based compensation arrangements and convertible debt were not included in the calculation of net income per share because they were anti-dilutive: Three Months Ended (in thousands) 2016 2015 Shares of common stock equivalents 709 540 Shares of Convertible Senior Notes due 2017 1,902 —

Note 1 - Condensed Consolidat39

Note 1 - Condensed Consolidated Financial Statements - Business Overview and Significant Accounting Policies Business Overview and Significant Accounting Policies(Details) $ in Thousands, shares in Millions	3 Months Ended
	Mar. 31, 2016USD ($)segmentshares	Mar. 31, 2015USD ($)
Basis of Presentation and Business Overview [Line Items]
Net cash provided by operating activities, continuing operations	$ 41,869	$ 666
Net cash used in operating activities, discontinued operations	0	(1,759)
Net cash provided by investing activities, discontinued operations	0	4,999
Cash and Cash Equivalents, Period Increase Including Discontinued Operations		29,979
Net Cash Provided by (Used in) Discontinued Operations	$ 0	3,240
Business Overview [Abstract]
Number of Operating Segments | segment	2
Mortgage Insurance [Abstract]
Stock Repurchased During Period, Shares | shares	9.4
Payments for Repurchase of Common Stock	$ 100,188	0
Loss on induced conversion and debt extinguishment (Note 10)	$ 55,570	0
Mortgage Insurance Segment
Mortgage Insurance [Abstract]
Private Mortgage Insurance Protects Lenders For Loans Made With Less Than This Maximum Down Payment Percentage	20.00%
Percentage Of Primary Insurance On Domestic First-Lien Mortgages To Total Risk In Force	97.60%
First Lien Primary Mortgage Insurance Risk In Force	$ 45,800,000
Percentage Of Pool Insurance On Domestic First-Lien Mortgages To Total Risk In Force	2.30%
Senior Notes Due 2021
Mortgage Insurance [Abstract]
Long-term debt, Gross	$ 350,000
Convertible Senior Notes Due 2017
Mortgage Insurance [Abstract]
Debt Instrument, Repurchase Amount	30,100
Convertible Senior Notes Due 2019
Mortgage Insurance [Abstract]
Debt Instrument, Repurchase Amount	288,400
Convertible Debt [Member]
Mortgage Insurance [Abstract]
Loss on induced conversion and debt extinguishment (Note 10)	$ 55,600
Scenario, Previously Reported [Member]
Basis of Presentation and Business Overview [Line Items]
Net cash provided by operating activities, continuing operations		80
Net cash used in operating activities, discontinued operations		(12,168)
Net cash provided by investing activities, discontinued operations		9,514
Cash and Cash Equivalents, Period Increase Including Discontinued Operations		23,499
Net Cash Provided by (Used in) Discontinued Operations		$ (3,240)

Note 2 - Discontinued Operati40

Note 2 - Discontinued Operations Discontinued Operations (Details) - USD ($)	Apr. 01, 2015	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net investment income		$ 27,201,000	$ 17,328,000
Net gains on investments and other financial instruments		31,286,000	16,779,000
Other income		1,915,000	1,331,000
Total revenues		312,952,000	290,663,000
Other operating expenses		58,989,000	53,774,000
Total expenses		210,550,000	153,213,000
Income from discontinued operations, net of tax		0	530,000
Discontinued Operations, Disposed of by Sale [Member] | Radian Asset Assurance [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale of Stock, Percentage of Ownership before Transaction	100.00%
Disposal Group, Including Discontinued Operation, Consideration	$ 810,000,000
Income from discontinued operations, net of tax		0
Discontinued Operations, Held-for-sale [Member] | Radian Asset Assurance [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total Operating Expenses Allocated to Subsidiaries From Parent Company		0	0
Total Interest Expense Allocated to Subsidiaries From Parent Company		$ 0	0
Net premiums earned			1,007,000
Net investment income			9,153,000
Net gains on investments and other financial instruments			13,668,000
Change in fair value of derivative instruments			2,625,000
Total revenues			26,453,000
Provision for losses			502,000
Policy acquisition costs			(191,000)
Other operating expenses			4,107,000
Total expenses			4,418,000
Equity in net (loss) of affiliates			(13,000)
Income from operations of businesses held for sale			22,022,000
Loss on sale			(13,930,000)	$ (467,500,000)
Income tax provision			7,562,000
Income from discontinued operations, net of tax			$ 530,000

Note 3 - Segment Reporting Sche

Note 3 - Segment Reporting Schedule of Segment Reporting Information by Segment (Details) $ in Thousands		3 Months Ended
		Mar. 31, 2016USD ($)segment		Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Segment Reporting Information [Line Items]
Number of Operating Segments | segment		2
Net premiums earned-insurance		$ 220,950		$ 224,595
Services revenue		31,600		30,630
Net investment income		27,201		17,328
Other income		1,915		1,331
Provision for losses		42,991		45,028
Policy acquisition costs		6,389		7,750
Direct cost of services		21,749		19,253
Other operating expenses before corporate allocations		58,989		53,774
Net gains on investments and other financial instruments		31,286		16,779
Total assets		5,969,391			$ 5,642,100
Mortgage Insurance Segment
Segment Reporting Information [Line Items]
Net premiums written—insurance		26,310	[1]	241,908
Decrease (increase) in unearned premiums		194,640		(17,313)
Net premiums earned-insurance		220,950		224,595
Net investment income		27,201		17,328
Other income		1,915		1,331
Total	[2]	250,066		243,254
Provision for losses		43,275		45,851
Policy acquisition costs		6,389		7,750
Other operating expenses before corporate allocations		33,829		34,050
Total	[3]	83,493		87,651
Adjusted pretax operating income (loss) before corporate allocations		166,573		155,603
Allocation of corporate operating expenses		9,329		9,758
Allocation of interest expense		17,112		19,953
Adjusted pretax operating income (loss)	[4]	140,132		125,892
Ceded Premiums Written		207,616		13,387
Net gains on investments and other financial instruments		31,300		16,800
Inter-segment expenses		596		902
Total assets		5,605,505			5,281,597
Mortgage and Real Estate Services Segment [Member]
Segment Reporting Information [Line Items]
Services revenue	[5]	32,196		31,532
Direct cost of services		22,053		19,253
Other operating expenses before corporate allocations		13,883		8,857
Total		35,936		28,110
Adjusted pretax operating income (loss) before corporate allocations		(3,740)		3,422
Allocation of corporate operating expenses		1,751		981
Allocation of interest expense		4,422		4,432
Adjusted pretax operating income (loss)	[4]	(9,913)		(1,991)
Inter-segment revenues		596		902
Total assets		363,886			$ 360,503
Single Premium QSR Transaction [Member] | Reinsurer Concentration Risk [Member] | Radian Guaranty [Member]
Segment Reporting Information [Line Items]
Ceded Premiums Written		$ 197,593		$ 0
[1]	Net of ceded premiums written under the Single Premium QSR Transaction of $197.6 million.
[2]	Excludes net gains on investments and other financial instruments of $31.3 million and $16.8 million for the three month periods ended March 31, 2016 and 2015, respectively, not included in adjusted pretax operating income.
[3]	Includes inter-segment expenses as follows: Three Months EndedMarch 31,(In thousands)2016 2015Inter-segment expenses$596 $902
[4]	Includes inter-segment expenses and revenues as listed in the notes to the preceding tables.
[5]	Includes inter-segment revenues as follows: Three Months EndedMarch 31,(In thousands)2016 2015Inter-segment revenues$596 $902

Note 3 - Segment Reporting Reco

Note 3 - Segment Reporting Reconciliation of Segment to Consolidated Results Pretax (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net gains on investments and other financial instruments		$ 31,286	$ 16,779
Loss on induced conversion and debt extinguishment		(55,570)	0
Acquisition-related expenses		(205)	(207)
Amortization and impairment of intangible assets		(3,328)	(3,023)
Consolidated pretax income from continuing operations		102,402	137,450
Mortgage Insurance Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Adjusted pretax operating income (loss)	[1]	140,132	125,892
Net gains on investments and other financial instruments		31,300	16,800
Mortgage and Real Estate Services Segment [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Adjusted pretax operating income (loss)	[1]	(9,913)	(1,991)
Mortgage Insurance and Mortgage and Real Estate Services Segments [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Adjusted pretax operating income (loss)		$ 130,219	$ 123,901
[1]	Includes inter-segment expenses and revenues as listed in the notes to the preceding tables.

Note 4 - Fair Value of Financ43

Note 4 - Fair Value of Financial Instruments Fair Value Assets Liabilities by Hierarchy Level (Details) - USD ($)	3 Months Ended			12 Months Ended
	Mar. 31, 2016		Mar. 31, 2015	Dec. 31, 2015
Carrying (Reported) Amount, Fair Value Disclosure [Member]
Fair Value by Hierarchy Level [Line Items]
Cost Method Investments	$ 1,582,000			$ 1,714,000
Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value	4,468,590,000	[1]		4,296,972,000	[2]
Total Assets at Fair Value	4,468,590,000			4,296,972,000
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount	0		$ 0
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount	0		0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0		0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net	0		$ 0
US government and agency securities | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value	324,121,000			678,328,000
State and municipal obligations | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value	386,939,000			341,845,000
Money market instruments | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value	579,874,000			443,272,000
Corporate bonds and notes | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value	1,713,117,000			1,383,186,000
RMBS | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value	376,820,000			297,097,000
CMBS | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value	636,071,000			544,588,000
Other ABS | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value	406,969,000			371,625,000
Foreign government securities | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value	38,661,000			37,576,000
Equity securities | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value	500,000			100,446,000
Other investments | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value	5,518,000	[3]		99,009,000	[4]
Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value	896,495,000	[1]		1,188,530,000	[2]
Total Assets at Fair Value	896,495,000			1,188,530,000
Fair Value, Inputs, Level 1 | US government and agency securities | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value	316,621,000			670,328,000
Fair Value, Inputs, Level 1 | State and municipal obligations | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value	0			0
Fair Value, Inputs, Level 1 | Money market instruments | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value	579,874,000			443,272,000
Fair Value, Inputs, Level 1 | Corporate bonds and notes | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value	0			0
Fair Value, Inputs, Level 1 | RMBS | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value	0			0
Fair Value, Inputs, Level 1 | CMBS | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value	0			0
Fair Value, Inputs, Level 1 | Other ABS | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value	0			0
Fair Value, Inputs, Level 1 | Foreign government securities | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value	0			0
Fair Value, Inputs, Level 1 | Equity securities | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value	0			74,930,000
Fair Value, Inputs, Level 1 | Other investments | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value	0	[3]		0	[4]
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value	3,571,595,000	[1]		3,107,942,000	[2]
Total Assets at Fair Value	3,571,595,000			3,107,942,000
Fair Value, Inputs, Level 2 | US government and agency securities | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value	7,500,000			8,000,000
Fair Value, Inputs, Level 2 | State and municipal obligations | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value	386,939,000			341,845,000
Fair Value, Inputs, Level 2 | Money market instruments | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value	0			0
Fair Value, Inputs, Level 2 | Corporate bonds and notes | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value	1,713,117,000			1,383,186,000
Fair Value, Inputs, Level 2 | RMBS | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value	376,820,000			297,097,000
Fair Value, Inputs, Level 2 | CMBS | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value	636,071,000			544,588,000
Fair Value, Inputs, Level 2 | Other ABS | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value	406,969,000			371,625,000
Fair Value, Inputs, Level 2 | Foreign government securities | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value	38,661,000			37,576,000
Fair Value, Inputs, Level 2 | Equity securities | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value	0			25,016,000
Fair Value, Inputs, Level 2 | Other investments | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value	5,518,000	[3]		99,009,000	[4]
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value	500,000	[1]		500,000	[2]
Total Assets at Fair Value	500,000			500,000
Variable Interest Entity Debt	0			0
Fair Value, Inputs, Level 3 | US government and agency securities | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value	0			0
Fair Value, Inputs, Level 3 | State and municipal obligations | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value	0			0
Fair Value, Inputs, Level 3 | Money market instruments | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value	0			0
Fair Value, Inputs, Level 3 | Corporate bonds and notes | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value	0			0
Fair Value, Inputs, Level 3 | RMBS | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value	0			0
Fair Value, Inputs, Level 3 | CMBS | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value	0			0
Fair Value, Inputs, Level 3 | Other ABS | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value	0			0
Fair Value, Inputs, Level 3 | Foreign government securities | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value	0			0
Fair Value, Inputs, Level 3 | Equity securities | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value	500,000			500,000
Gain (Loss) on Investments	0			0
Fair Value, Inputs, Level 3 | Other investments | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value	$ 0	[3]		$ 0	[4]
Maximum [Member] | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Level III Assets as a Percentage of Total Assets Measured at Fair Value	0.01%			0.01%
[1]	Does not include certain other invested assets ($1.6 million), primarily invested in limited partnerships, accounted for as cost-method investments and not measured at fair value.
[2]	Does not include certain other invested assets ($1.7 million), primarily invested in limited partnerships, accounted for as cost-method investments and not measured at fair value.
[3]	Comprising short-term certificates of deposit and commercial paper.
[4]	Comprising short-term certificates of deposit and commercial paper.

Note 4 - Fair Value of Financ44

Note 4 - Fair Value of Financial Instruments Other Fair Value Disclosure (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 1,286,466	$ 1,219,454
Carrying (Reported) Amount, Fair Value Disclosure [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cost Method Investments	1,582	1,714
Long-term debt	1,286,466	1,219,454
Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cost Method Investments, Fair Value Disclosure	4,759	4,901
Long-term Debt, Fair Value	$ 1,371,684	$ 1,414,875

Note 5 - Investments Unrealized

Note 5 - Investments Unrealized Gain (Loss) on Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Debt Securities, Amortized Cost Basis	$ 2,487,445	$ 1,893,356
Available-for-sale Securities	2,523,835	1,940,891
Available-for-sale Equity Securities, Amortized Cost Basis	500	75,538
Available-for-sale Securities, Equity Securities	500	75,430
Amortized Cost Debt and Equity Securities	2,487,945	1,968,894
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	50,650	6,297
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	14,760	34,300
US government and agency securities
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Debt Securities, Amortized Cost Basis	152,233	13,773
Available-for-sale Securities	153,303	13,752
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax	1,072	0
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax	2	21
US States and Political Subdivisions Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Debt Securities, Amortized Cost Basis	72,249	36,920
Available-for-sale Securities	75,289	37,900
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax	3,160	1,100
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax	120	120
Corporate bonds and notes
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Debt Securities, Amortized Cost Basis	1,027,955	815,024
Available-for-sale Securities	1,056,504	802,193
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax	34,065	4,460
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax	5,516	17,291
RMBS
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Debt Securities, Amortized Cost Basis	304,401	226,744
Available-for-sale Securities	307,516	224,905
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax	3,227	625
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax	112	2,464
CMBS
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Debt Securities, Amortized Cost Basis	504,978	415,780
Available-for-sale Securities	509,070	406,910
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax	7,926	69
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax	3,834	8,939
Other ABS
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Debt Securities, Amortized Cost Basis	399,936	359,452
Available-for-sale Securities	396,461	355,494
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax	968	16
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax	4,443	3,974
Foreign government securities
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Debt Securities, Amortized Cost Basis	25,693	25,663
Available-for-sale Securities	25,192	24,307
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax	232	27
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax	733	1,383
Debt Securities
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Debt Securities, Amortized Cost Basis	2,487,445	1,893,356
Available-for-sale Securities	2,523,335	1,865,461
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax	50,650	6,297
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax	14,760	34,192
Equity securities
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Equity Securities, Amortized Cost Basis	500	75,538	[1]
Available-for-sale Securities, Equity Securities	500	75,430	[1]
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax	0	0	[1]
Available-for-sale Equity Securities, Accumulated Gross Unrealized Loss, before Tax	$ 0	$ 108	[1]
[1]	Comprising primarily a multi-sector exchange-traded fund.

Note 5 - Investments Investment

Note 5 - Investments Investments Trading Securities (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Schedule of Trading Securities and Other Trading Assets [Line Items]
Trading Securities	$ 1,209,089	$ 1,279,137
Marketable Securities, Unrealized Gain (Loss)	32,300	(25,200)
US government and agency securities
Schedule of Trading Securities and Other Trading Assets [Line Items]
Trading Securities	98,869	129,913
State and municipal obligations
Schedule of Trading Securities and Other Trading Assets [Line Items]
Trading Securities	311,650	303,946
Corporate bonds and notes
Schedule of Trading Securities and Other Trading Assets [Line Items]
Trading Securities	582,035	580,993
RMBS
Schedule of Trading Securities and Other Trading Assets [Line Items]
Trading Securities	69,304	72,192
CMBS
Schedule of Trading Securities and Other Trading Assets [Line Items]
Trading Securities	124,851	137,678
Other ABS
Schedule of Trading Securities and Other Trading Assets [Line Items]
Trading Securities	8,911	16,131
Foreign government securities
Schedule of Trading Securities and Other Trading Assets [Line Items]
Trading Securities	13,469	13,268
Equity securities
Schedule of Trading Securities and Other Trading Assets [Line Items]
Trading Securities	$ 0	$ 25,016

Note 5 - Investments Gain (Loss

Note 5 - Investments Gain (Loss) on Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Gain (Loss) on Investments [Line Items]
Other gains	$ 18	$ 105
Net realized losses on investments	(5,579)	(4,514)
Unrealized gains on trading securities	35,231	20,701
Total net gains on investments	29,652	16,187
Net gains on other financial instruments	1,634	592
Net gains on investments and other financial instruments	31,286	16,779
Fixed Maturities [Member]
Gain (Loss) on Investments [Line Items]
Available-for-sale Securities, Gross Realized (Loss) Gain, Excluding Other than Temporary Impairments	(3,148)	(51)
Equity securities
Gain (Loss) on Investments [Line Items]
Available-for-sale Securities, Gross Realized (Loss) Gain, Excluding Other than Temporary Impairments	(170)	0
Trading Securities [Member]
Gain (Loss) on Investments [Line Items]
Trading securities	(2,240)	(4,568)
Short-term Investments [Member]
Gain (Loss) on Investments [Line Items]
Short-term investments	$ (39)	$ 0

Note 5 - Investments Schedule o

Note 5 - Investments Schedule of Unrealized Losses (Details) $ in Thousands	Mar. 31, 2016USD ($)security	Dec. 31, 2015USD ($)security
Continuous Loss Position Less Than Twelve Months [Abstract]
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | security	185	305
Fair value available-for-sale securities	$ 658,979	$ 1,462,577
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss	$ 11,667	$ 32,079
Continuous Unrealized Loss Position, Twelve Months Or Greater
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | security	36	23
Fair value available-for-sale securities	$ 80,274	$ 54,203
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	$ 3,093	$ 2,221
Continuous Loss Position, Total
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | security	221	328
Fair value available-for-sale securities	$ 739,253	$ 1,516,780
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	$ 14,760	$ 34,300
US government and agency securities
Continuous Loss Position Less Than Twelve Months [Abstract]
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | security	1	1
Fair value available-for-sale securities	$ 2,296	$ 5,752
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss	$ 2	$ 21
Continuous Unrealized Loss Position, Twelve Months Or Greater
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | security	0	0
Fair value available-for-sale securities	$ 0	$ 0
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	$ 0	$ 0
Continuous Loss Position, Total
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | security	1	1
Fair value available-for-sale securities	$ 2,296	$ 5,752
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	$ 2	$ 21
US States and Political Subdivisions Debt Securities [Member]
Continuous Loss Position Less Than Twelve Months [Abstract]
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | security	3	2
Fair value available-for-sale securities	$ 18,579	$ 11,674
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss	$ 120	$ 120
Continuous Unrealized Loss Position, Twelve Months Or Greater
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | security	0	0
Fair value available-for-sale securities	$ 0	$ 0
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	$ 0	$ 0
Continuous Loss Position, Total
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | security	3	2
Fair value available-for-sale securities	$ 18,579	$ 11,674
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	$ 120	$ 120
Corporate bonds and notes
Continuous Loss Position Less Than Twelve Months [Abstract]
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | security	40	117
Fair value available-for-sale securities	$ 124,360	$ 510,807
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss	$ 4,449	$ 16,773
Continuous Unrealized Loss Position, Twelve Months Or Greater
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | security	18	6
Fair value available-for-sale securities	$ 34,388	$ 8,700
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	$ 1,067	$ 518
Continuous Loss Position, Total
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | security	58	123
Fair value available-for-sale securities	$ 158,748	$ 519,507
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	$ 5,516	$ 17,291
RMBS
Continuous Loss Position Less Than Twelve Months [Abstract]
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | security	5	12
Fair value available-for-sale securities	$ 91,117	$ 168,415
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss	$ 112	$ 2,464
Continuous Unrealized Loss Position, Twelve Months Or Greater
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | security	0	0
Fair value available-for-sale securities	$ 0	$ 0
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	$ 0	$ 0
Continuous Loss Position, Total
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | security	5	12
Fair value available-for-sale securities	$ 91,117	$ 168,415
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	$ 112	$ 2,464
CMBS
Continuous Loss Position Less Than Twelve Months [Abstract]
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | security	42	58
Fair value available-for-sale securities	$ 186,024	$ 387,268
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss	$ 3,834	$ 8,939
Continuous Unrealized Loss Position, Twelve Months Or Greater
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | security	0	0
Fair value available-for-sale securities	$ 0	$ 0
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	$ 0	$ 0
Continuous Loss Position, Total
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | security	42	58
Fair value available-for-sale securities	$ 186,024	$ 387,268
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	$ 3,834	$ 8,939
Other ABS
Continuous Loss Position Less Than Twelve Months [Abstract]
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | security	85	96
Fair value available-for-sale securities	$ 226,645	$ 284,998
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss	$ 2,682	$ 2,559
Continuous Unrealized Loss Position, Twelve Months Or Greater
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | security	14	14
Fair value available-for-sale securities	$ 42,875	$ 43,225
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	$ 1,761	$ 1,415
Continuous Loss Position, Total
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | security	99	110
Fair value available-for-sale securities	$ 269,520	$ 328,223
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	$ 4,443	$ 3,974
Foreign government securities
Continuous Loss Position Less Than Twelve Months [Abstract]
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | security	9	18
Fair value available-for-sale securities	$ 9,958	$ 18,733
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss	$ 468	$ 1,095
Continuous Unrealized Loss Position, Twelve Months Or Greater
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | security	4	3
Fair value available-for-sale securities	$ 3,011	$ 2,278
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	$ 265	$ 288
Continuous Loss Position, Total
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | security	13	21
Fair value available-for-sale securities	$ 12,969	$ 21,011
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	$ 733	$ 1,383
Equity securities
Continuous Loss Position Less Than Twelve Months [Abstract]
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | security		1
Fair value available-for-sale securities		$ 74,930
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss		$ 108
Continuous Unrealized Loss Position, Twelve Months Or Greater
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | security		0
Fair value available-for-sale securities		$ 0
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss		$ 0
Continuous Loss Position, Total
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | security		1
Fair value available-for-sale securities		$ 74,930
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss		$ 108

Note 5 - Investments Schedule49

Note 5 - Investments Schedule of Contractual Maturities (Details) - USD ($) $ in Thousands		Mar. 31, 2016	Dec. 31, 2015
Available-for-sale Securities, Amortized Cost
Available-for-sale Debt Securities, Amortized Cost Basis		$ 2,487,445	$ 1,893,356
Available-for-sale Securities, Fair Value
Available-for-sale Securities, Debt Securities		2,523,335	1,865,461
Debt Securities
Available-for-sale Securities, Amortized Cost
Available-for-sale Debt Securities, Amortized Cost Basis		2,487,445
Available-for-sale Securities, Fair Value
Available-for-sale Securities, Debt Securities		2,523,335
Non Asset Backed Security Investments, Contractual Maturities
Available-for-sale Securities, Amortized Cost
Due in one year or less	[1]	9,618
Due after one year through five years	[1]	323,427
Due after five years through ten years	[1]	564,211
Due after ten years	[1]	380,874
Available-for-sale Securities, Fair Value
Due in one year or less	[1]	9,629
Due after one year through five years	[1]	326,269
Due after five years through ten years	[1]	578,151
Due after ten years	[1]	396,239
RMBS
Available-for-sale Securities, Amortized Cost
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Amortized Cost Basis	[2]	304,401
Available-for-sale Securities, Fair Value
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Fair Value	[2]	307,516
CMBS
Available-for-sale Securities, Amortized Cost
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Amortized Cost Basis	[2]	504,978
Available-for-sale Securities, Fair Value
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Fair Value	[2]	509,070
Other ABS
Available-for-sale Securities, Amortized Cost
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Amortized Cost Basis	[2]	399,936
Available-for-sale Securities, Fair Value
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Fair Value	[2]	396,461
2013 Freddie Mac Agreement [Member] | Radian Guaranty Inc [Member]
Available-for-sale Securities, Fair Value
Restricted Investments Held as Collateral for Master Transaction Agreement, Net		$ 75,300	$ 74,700
[1]	Actual maturities may differ as a result of calls before scheduled maturity.
[2]	RMBS, CMBS and Other ABS are shown separately, as they are not due at a single maturity date.

Note 6 - Goodwill and Other I50

Note 6 - Goodwill and Other Intangible Assets, Net Schedule of Goodwill (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Oct. 31, 2015	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Mortgage and Real Estate Services Segment [Member]
Goodwill [Line Items]
Goodwill, Gross, Beginning of Period		$ 197,265	$ 194,027	$ 194,027
Goodwill, Acquired During Period		0		3,238
Goodwill, Gross, End of Period		197,265		197,265
Goodwill, Impaired, Accumulated Impairment Loss, Beginning of Period		(2,095)	(2,095)	(2,095)
Goodwill, Impairment Loss		0		0
Goodwill, Impaired, Accumulated Impairment Loss, End of Period		(2,095)		(2,095)
Goodwill, Net		$ 195,170		$ 195,170	$ 191,932
Clayton Holdings, LLC [Member] | Series of Individually Immaterial Business Acquisitions [Member]
Goodwill [Line Items]
Goodwill, Acquired During Period	$ 800		$ 2,400

Note 6 - Goodwill and Other I51

Note 6 - Goodwill and Other Intangible Assets, Net Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 113,752	$ 113,776
Accumulated amortization	(22,853)	(19,529)
Net carrying amount	90,899	94,247
Client Relationships
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	83,447	83,471
Accumulated amortization	(13,233)	(11,038)
Net carrying amount	70,214	72,433
Technology
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	15,100	15,100
Accumulated amortization	(3,575)	(2,949)
Net carrying amount	11,525	12,151
Trade name and trademarks
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	8,340	8,340
Accumulated amortization	(1,463)	(1,243)
Net carrying amount	6,877	7,097
Client backlog
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	6,680	6,680
Accumulated amortization	(4,447)	(4,184)
Net carrying amount	2,233	2,496
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	185	185
Accumulated amortization	(135)	(115)
Net carrying amount	$ 50	$ 70

Note 6 - Goodwill and Other I52

Note 6 - Goodwill and Other Intangible Assets, Net Schedule of Future Amortization Expense for Finite Lived Assets (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year	$ 9,895
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	12,632
Finite-Lived Intangible Assets, Amortization Expense, Year Two	12,037
Finite-Lived Intangible Assets, Amortization Expense, Year Three	10,776
Finite-Lived Intangible Assets, Amortization Expense, Year Four	9,167
Finite-Lived Intangible Assets, Amortization Expense, Year Five	7,360
Finite-Lived Intangible Assets, Amortization Expense, after Year Five	$ 29,032
Finite-Lived Intangible Assets, Remaining Amortization Period	15 years

Note 7 - Reinsurance Reinsuranc

Note 7 - Reinsurance Reinsurance Premiums Written and Earned (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016		Mar. 31, 2015
Premiums Earned, Net [Abstract]
Net premiums earned-insurance	$ 220,950		$ 224,595
Mortgage Insurance Segment
Premiums Written, Net [Abstract]
Direct Premiums Written	233,926		255,248
Assumed Premiums Written	0		47
Ceded Premiums Written	(207,616)		(13,387)
Net premiums written	26,310	[1]	241,908
Premiums Earned, Net [Abstract]
Direct Premiums Earned	240,330		242,164
Assumed Premiums Earned	9		13
Ceded Premiums Earned	(19,389)		(17,582)
Net premiums earned-insurance	$ 220,950		$ 224,595
[1]	Net of ceded premiums written under the Single Premium QSR Transaction of $197.6 million.

Note 7 - Reinsurance Reinsura54

Note 7 - Reinsurance Reinsurance Transactions (Details) - Reinsurer Concentration Risk [Member] - Radian Guaranty [Member] $ in Thousands	3 Months Ended		12 Months Ended	15 Months Ended	24 Months Ended	33 Months Ended
	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2015	Mar. 31, 2013	Dec. 31, 2017USD ($)	Dec. 31, 2015	Dec. 31, 2012transaction
Quota Share Reinsurance Transactions [Member]
Ceded Credit Risk [Line Items]
First Lien Primary Mortgage Insurance Risk In Force Ceded	$ 2,018,468	$ 2,575,060
Ceded Premiums Written	7,962	10,596
Ceded Premiums Earned	11,325	14,786
Accrued Liabilities for Commissions, Expense and Taxes	2,270	3,165
Fees and Commissions	$ 5,739	6,664
Number of Quota Share Reinsurance Agreements | transaction							2
Ceded Insurance Commission Percentage	30.00%		35.00%
Single Premium QSR Transaction [Member]
Ceded Credit Risk [Line Items]
First Lien Primary Mortgage Insurance Risk In Force Ceded	$ 3,308,057	0
Ceded Premiums Written	197,593	0
Ceded Premiums Earned	5,994	0
Accrued Liabilities for Commissions, Expense and Taxes	50,932	0
Fees and Commissions	$ 3,032	$ 0
Ceded Insurance Commission Percentage	25.00%
Percentage of NIW Able to be Ceded under QSA				20.00%		35.00%
Scenario, Forecast [Member] | Single Premium QSR Transaction [Member]
Ceded Credit Risk [Line Items]
Ceded Premiums Written					$ 195,000
Percentage of NIW Able to be Ceded under QSA					35.00%
Maximum [Member] | Single Premium QSR Transaction [Member]
Ceded Credit Risk [Line Items]
Loss Ratio	55.00%

Note 8 - Other Assets (Details)

Note 8 - Other Assets (Details) - USD ($) $ in Thousands		Mar. 31, 2016	Dec. 31, 2015
Deposit with the IRS (Note 12)		$ 88,557	$ 88,557
Corporate-owned life insurance		83,098	82,543
Property and equipment	[1]	51,003	46,802
Accrued investment income		27,710	25,620
Deferred policy acquisition costs		11,597	14,267
Reinsurance recoverables		9,066	11,044
Other		54,098	45,096
Total other assets		325,129	313,929
Property and Equipment, Owned, Accumulated Depreciation		$ 109,200	$ 106,900
[1]	Property and equipment, at cost less accumulated depreciation of $109.2 million and $106.9 million at March 31, 2016 and December 31, 2015, respectively.

Note 9 - Losses and LAE Mortgag

Note 9 - Losses and LAE Mortgage Insurance Reserves by Product (Details) - USD ($) $ in Thousands		Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Liability for Future Policy Benefit, by Product Segment [Line Items]
Liability for Claims and Claims Adjustment Expense		$ 891,348	$ 976,399
Mortgage Insurance Segment
Liability for Future Policy Benefit, by Product Segment [Line Items]
Reinsurance recoverables	[1]	8,239	8,286	$ 13,365	$ 26,665
Liability for Claims and Claims Adjustment Expense		891,348	976,399	$ 1,384,714	$ 1,560,032
Prime Mortgage Insurance Product [Member] | Mortgage Insurance Segment
Liability for Future Policy Benefit, by Product Segment [Line Items]
Liability for Unpaid Claims		438,598	480,481
Alt A Mortgage Insurance Product [Member] | Mortgage Insurance Segment
Liability for Future Policy Benefit, by Product Segment [Line Items]
Liability for Unpaid Claims		183,189	203,706
A Minus and Below Mortgage Insurance Product [Member] | Mortgage Insurance Segment
Liability for Future Policy Benefit, by Product Segment [Line Items]
Liability for Unpaid Claims		116,835	129,352
Primary Mortgage Product [Member] | Mortgage Insurance Segment
Liability for Future Policy Benefit, by Product Segment [Line Items]
Liability for Incurred but Not Reported Claims	[2]	79,051	83,066
Liability for Claims Adjustment Expense		23,600	26,108
Reinsurance recoverables	[3]	8,239	8,286
Total Primary Insurance Mortgage Insurance Products [Member] | Mortgage Insurance Segment
Liability for Future Policy Benefit, by Product Segment [Line Items]
Liability for Claims and Claims Adjustment Expense		849,512	930,999
Pool Insurance Mortgage Insurance Product [Member] | Mortgage Insurance Segment
Liability for Future Policy Benefit, by Product Segment [Line Items]
Liability for Unpaid Claims		38,843	42,084
Liability for Incurred but Not Reported Claims		1,050	1,118
Liability for Claims Adjustment Expense		1,227	1,335
Liability for Claims and Claims Adjustment Expense		41,120	44,537
First Lien Mortgage Insurance Products [Member] | Mortgage Insurance Segment
Liability for Future Policy Benefit, by Product Segment [Line Items]
Liability for Claims and Claims Adjustment Expense		890,632	975,536
Second Lien Mortgage Insurance Product [Member] | Mortgage Insurance Segment
Liability for Future Policy Benefit, by Product Segment [Line Items]
Liability for Claims and Claims Adjustment Expense	[4]	$ 716	$ 863
[1]	Related to ceded losses recoverable, on captive reinsurance transactions, the QSR Transactions and the Single Premium QSR Transaction, if any. See Note 7 for additional information.
[2]	Primarily related to expected payments under the Freddie Mac Agreement.
[3]	Represents ceded losses on captive transactions, the QSR Transactions and the Single Premium QSR Transaction.
[4]	Does not include our Second-lien premium deficiency reserve that is included in other liabilities.

Note 9 - Losses and LAE Mortg57

Note 9 - Losses and LAE Mortgage Insurance Loss Reserves Rollforward (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Loss reserve [Roll Forward]
Balance at January 1		$ 976,399
Deduct paid claims and LAE related to [Abstract]
Balance at March 31		891,348
Mortgage Insurance Segment
Loss reserve [Roll Forward]
Balance at January 1		976,399	$ 1,560,032
Less reinsurance recoverables	[1]	8,286	26,665
Balance at beginning of period, net of reinsurance recoverables		968,113	1,533,367
Add losses and LAE incurred in respect of default notices reported and unreported in [Abstract]
Current year	[2]	56,171	80,437
Prior years		(13,504)	(35,360)
Total incurred losses and LAE		42,667	45,077
Deduct paid claims and LAE related to [Abstract]
Paid Losses and LAE Current year	[2]	65	0
Paid losses and LAE Prior years		127,606	207,095
Total paid losses and LAE		127,671	207,095
Balance at end of period, net of reinsurance recoverables		883,109	1,371,349
Add reinsurance recoverables	[1]	8,239	13,365
Balance at March 31		$ 891,348	$ 1,384,714
Default To Claim Rate Detail [Abstract]
Default To Claim Rate Estimate, Gross, For New Defaults		12.50%	15.00%	13.00%
Mortgage Insurance Segment | Primary Mortgage Product [Member]
Loss reserve [Roll Forward]
Less reinsurance recoverables	[3]	$ 8,286
Deduct paid claims and LAE related to [Abstract]
Add reinsurance recoverables	[3]	$ 8,239
Default To Claim Rate Detail [Abstract]
Weighted Average Default To Claim Rate Assumption Net Of Denials Rescissions and Reinstatements		46.00%
Weighted Average Default To Claim Rate Assumption Excluding Pending Claims Net Of Denials And Rescissions		43.00%
Default To Claim Rate Estimate, Gross, For Pre-Foreclosure Stage Defaults		65.00%
Gross Default To Claim Rate Estimate		81.00%
Bank of America Settlement Agreement [Member] | Mortgage Insurance Segment
Deduct paid claims and LAE related to [Abstract]
Total paid losses and LAE		$ 98,500
[1]	Related to ceded losses recoverable, on captive reinsurance transactions, the QSR Transactions and the Single Premium QSR Transaction, if any. See Note 7 for additional information.
[2]	Related to underlying defaulted loans with a most recent default notice dated in the year indicated. For example, if a loan had defaulted in a prior year, but then subsequently cured and later re-defaulted in the current year, that default would be considered a current year default.
[3]	Represents ceded losses on captive transactions, the QSR Transactions and the Single Premium QSR Transaction.

Note 9 - Losses and LAE Resciss

Note 9 - Losses and LAE Rescissions And Denials (Details) - USD ($) $ in Thousands	Aug. 29, 2017	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Rescissions And Denials [Line Items]
Reserve for losses and loss adjustment expense (“LAE”) (Note 9)		$ 891,348		$ 976,399
2013 Freddie Mac Agreement [Member]
Rescissions And Denials [Line Items]
Reserve for losses and loss adjustment expense (“LAE”) (Note 9)		57,300
2013 Freddie Mac Agreement [Member] | Radian Guaranty Inc [Member]
Rescissions And Denials [Line Items]
Restricted Investments Held as Collateral for Master Transaction Agreement, Net		75,300		74,700
2013 Freddie Mac Agreement [Member] | Radian Guaranty Inc [Member] | Maximum [Member] | Scenario, Forecast [Member]
Rescissions And Denials [Line Items]
Not Final Loss Mitigation Activity	$ 74,000
Mortgage Insurance Segment
Rescissions And Denials [Line Items]
Claim Rescissions And Denials, Net of Reinstatements		5,600	$ (14,700)
Decrease To Our Loss Reserves Due To Estimated Rescissions And Denials		67,000		69,000
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred but Not Reported (IBNR) Claims, Amount		22,800		26,600
Reserve for losses and loss adjustment expense (“LAE”) (Note 9)		$ 891,348	$ 1,384,714	$ 976,399	$ 1,560,032

Note 10 - Long-Term Debt Schedu

Note 10 - Long-Term Debt Schedule of Long Term Debt (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	1 Months Ended	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Debt Instrument [Line Items]
Long-term debt	$ 1,286,466	$ 1,286,466		$ 1,219,454
Loss on induced conversion and debt extinguishment		$ (55,570)	$ 0
Senior Notes Due 2017
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	9.00%	9.00%
Long-term debt	$ 192,783	$ 192,783		192,261
Convertible Senior Notes Due 2017
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.00%	3.00%
Long-term debt	$ 19,931	$ 19,931		46,115
Debt Instrument, Repurchase Amount	$ 30,100	$ 30,100
Convertible Debt, Termination of Capped Call Transaction, Number of Shares Received	0.2
Convertible Debt, Termination of Capped Call Transaction, Total Consideration	$ 2,600
Convertible Debt, Termination of Capped Call Transaction, Closing Stock Price	$ 11.86	$ 11.86
Convertible Debt [Member]
Debt Instrument [Line Items]
Loss on induced conversion and debt extinguishment		$ (55,600)
Loss on induced conversion and debt extinguishment (Note 10)		$ 39,700
Losses on Extinguishment of Debt	$ (14,800)
Write off of Deferred Debt Issuance Cost	$ 1,100
Convertible Senior Notes Due 2019
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.25%	2.25%
Long-term debt	$ 89,785	$ 89,785		341,214
Debt Instrument, Repurchase Amount	$ 288,400	$ 288,400
Senior Notes Due 2019
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.50%	5.50%
Long-term debt	$ 296,033	$ 296,033		295,751
Senior Notes Due 2020
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.25%	5.25%
Long-term debt	$ 344,406	$ 344,406		344,113
Senior Notes Due 2021
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	7.00%	7.00%
Long-term debt	$ 343,528	$ 343,528		0
Long-term debt, Gross	$ 350,000	350,000
Proceeds from Issuance of Long-term Debt		$ 343,500
Debt Instrument, Redemption Price, Percentage		100.00%
Debt Instrument, Basis Spread on Variable Rate		0.50%
Percent of Stock With Ordinary Voting Rights That Company Must Retain In Order To Make Any Capital Stock Transactions Under Debt Covenant Agreement	80.00%	80.00%
Convertible Debt [Member]
Debt Instrument [Line Items]
Payments of Debt Extinguishment Costs	$ 191,500
Debt Conversion, Converted Instrument, Shares Issued	17
Convertible Debt [Member] | Convertible Senior Notes Due 2017
Debt Instrument [Line Items]
Long-term debt	$ 19,931	$ 19,931		46,115
Long-term debt, Gross	22,233	22,233		52,370
Debt Instrument, Repurchase Amount	30,100	30,100
Convertible Debt [Member] | Convertible Senior Notes Due 2019
Debt Instrument [Line Items]
Long-term debt	89,785	89,785		341,214
Long-term debt, Gross	101,581	101,581		$ 389,992
Debt Instrument, Repurchase Amount	$ 288,400	$ 288,400

Note 10 - Long-Term Debt Sche60

Note 10 - Long-Term Debt Schedule of Liability and Equity Components of Convertible Debt (Details) - USD ($) $ in Thousands		Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Long-term debt, net		$ 1,286,466	$ 1,219,454
Convertible Senior Notes Due 2017
Debt Instrument [Line Items]
Equity component of currently redeemable convertible senior notes		5,000	11,300
Long-term debt, net		19,931	46,115
Convertible Senior Notes Due 2019
Debt Instrument [Line Items]
Equity component of currently redeemable convertible senior notes		19,600	75,100
Long-term debt, net		89,785	341,214
Convertible Debt [Member] | Convertible Senior Notes Due 2017
Debt Instrument [Line Items]
Principal amount of convertible debt in liabilities		22,233	52,370
Less: Debt discount, net (1)	[1]	(2,187)	(5,941)
Less: Debt issuance costs (1)	[1]	(115)	(314)
Long-term debt, net		19,931	46,115
Convertible Debt [Member] | Convertible Senior Notes Due 2019
Debt Instrument [Line Items]
Principal amount of convertible debt in liabilities		101,581	389,992
Less: Debt discount, net (1)	[1]	(10,716)	(44,313)
Less: Debt issuance costs (1)	[1]	(1,080)	(4,465)
Long-term debt, net		$ 89,785	$ 341,214
[1]	Included within long-term debt and is being amortized over the life of the convertible notes.

Note 10 - Long-Term Debt Intere

Note 10 - Long-Term Debt Interest Expense Recognized Related to Convertible Debt (Details) - Convertible Debt [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Convertible Senior Notes Due 2017
Schedule of Interest Expense Recognized Related to Convertible Debt [Line Items]
Contractual interest expense of convertible debt	$ 372	$ 3,375
Amortization of debt issuance costs	37	318
Amortization of debt discount	708	5,708
Total interest expense for convertible debt	1,117	9,401
Convertible Senior Notes Due 2019
Schedule of Interest Expense Recognized Related to Convertible Debt [Line Items]
Contractual interest expense of convertible debt	2,013	2,250
Amortization of debt issuance costs	293	328
Amortization of debt discount	2,909	3,073
Total interest expense for convertible debt	$ 5,215	$ 5,651

Note 11 - Accumulated Other C62

Note 11 - Accumulated Other Comprehensive Income Rollforward of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Other Comprehensive Income, Net of Tax [Abstract]
Accumulated Other Comprehensive Income, Net of Tax, beginning balance		$ (18,477)
Unrealized holding gains arising during the period		39,374	$ 6,454
Less: Reclassification adjustment for net losses included in net income		(2,157)	(33)
Other Comprehensive Income (Loss), Net of Tax, Unrealized Gains (Losses) on Investments Continuing Operations		41,531	6,487
Net foreign currency translation adjustments		(85)	(126)
Activity related to investments recorded as assets held for sale		0	1,828
Net actuarial loss		(178)	0
Other comprehensive income		41,268	8,189
Accumulated Other Comprehensive Income, Net of Tax, ending balance		22,791
Other Comprehensive Income
Other Comprehensive Income, before Tax [Abstract]
Accumulated Other Comprehensive Income, before Tax, beginning balance		(28,425)	79,208
Unrealized holding (losses) gains arising during the period, before tax		60,575	9,929
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax	[1]	(3,318)	(51)
Other Comprehensive Income (Loss), Before Tax, Unrealized Gains Losses on Investments Continuing Operations		63,893	9,980
Net foreign currency translation adjustments, before tax		(130)	(194)
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax		(274)
Other Comprehensive Income (Loss), Before Tax, Unrealized Holding Gains (Losses) Arising During the Period on Investments Recorded as Assets Held for Sale, Net of Reclassification Adjustments	[2]		2,812
Other comprehensive income, before tax		63,489	12,598
Accumulated Other Comprehensive Income, before Tax, ending balance		35,064	91,806
Other Comprehensive Income, Tax [Abstract]
Accumulated Other Comprehensive Income, Tax, beginning balance		(9,948)	27,723
Unrealized holding (losses) gains arising during the period, tax		21,201	3,475
Less: Reclassification adjustment for net (losses) gains included in net income, tax	[1]	(1,161)	(18)
Other Comprehensive Income (Loss), Tax Effect, Unrealized Gains (Losses) on Investments Continuing Operations		22,362	3,493
Net foreign currency translation adjustments, tax		(45)	(68)
Other Comprehensive Income (Loss), Tax Effect, Unrealized Gains (Losses) on Investments Recorded as Assets Held for Sale	[2]		984
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Tax		(96)
Other Comprehensive Income, Tax		22,221	4,409
Accumulated Other Comprehensive Income, Tax, ending balance		12,273	32,132
Other Comprehensive Income, Net of Tax [Abstract]
Accumulated Other Comprehensive Income, Net of Tax, beginning balance		(18,477)	51,485
Unrealized holding gains arising during the period		39,374	6,454
Less: Reclassification adjustment for net losses included in net income	[1]	(2,157)	(33)
Other Comprehensive Income (Loss), Net of Tax, Unrealized Gains (Losses) on Investments Continuing Operations		41,531	6,487
Net foreign currency translation adjustments		(85)	(126)
Activity related to investments recorded as assets held for sale	[2]		1,828
Net actuarial loss		(178)
Other comprehensive income		41,268	8,189
Accumulated Other Comprehensive Income, Net of Tax, ending balance		$ 22,791	$ 59,674
[1]	Included in net gains on investments and other financial instruments on our condensed consolidated statements of operations.
[2]	Represents the unrealized holding gains (losses) arising during the period on investments recorded as assets held for sale, net of reclassification adjustments for net gains (losses) included in net income from discontinued operations.

Note 12 - Income Taxes Income T

Note 12 - Income Taxes Income Tax (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	$ 1,100,000,000
Deferred Tax Assets, Tax Credit Carryforwards, Foreign	0
Loss on induced conversion and debt extinguishment (Note 10)	55,570,000	$ 0
State and Local NOL Carryforwards [Member]
Operating Loss Carryforwards [Line Items]
Valuation Allowance, Amount	41,000,000
Convertible Debt [Member]
Operating Loss Carryforwards [Line Items]
Loss on induced conversion and debt extinguishment (Note 10)	55,600,000
Loss on induced conversion and debt extinguishment (Note 10)	39,700,000
Convertible Senior Notes Due 2017
Operating Loss Carryforwards [Line Items]
Effective Income Tax Rate Reconciliation, Deduction, Other, Amount	28,600,000
Extinguishment of Debt, Gain (Loss), Income Tax	$ 8,700,000

Note 12 - Income Taxes Summary

Note 12 - Income Taxes Summary of Income Tax Examinations (Details) - Internal Revenue Service (IRS) [Member] - USD ($) $ in Millions	Mar. 31, 2016	Sep. 04, 2014	May. 31, 2010	Jun. 30, 2008
Income Tax Examination [Line Items]
Income Tax Examination, Amount of Claimed Income Tax Refund Being Disallowed for Tax Years 2006 and 2007		$ 105
REMIC Residual [Member]
Income Tax Examination [Line Items]
Qualified Deposit With The U.S. Department Of Treasury Relating to Tax Years 2000 Through 2004				$ 85
Qualified Deposit With The U.S. Department Of Treasury Relating To Tax Years 2005 Through 2007			$ 4
Income Tax Examination, Notice of Deficiency, Amounts Related to Unpaid Taxes and Penalties		$ 157
Income Tax Examination, Estimated Interest on Notice of Deficiency Amounts	$ 127
Income Tax Examination, Proposed State Liabilities Resulting from IRS Examination of Tax Years 2000 Through 2007	$ 33

Note 13 - Statutory Informati65

Note 13 - Statutory Information Statutory Information (Details) $ in Billions	Mar. 31, 2016USD ($)
Consolidated Insurance Subsidiaries [Member]
Statutory Accounting Practices [Line Items]
Restricted Net Assets Held by Consolidated Subsidiaries	$ 3.1

Note 13 - Statutory Informati66

Note 13 - Statutory Information Risk To Capital Calculation (Details) $ in Millions		3 Months Ended	12 Months Ended
		Mar. 31, 2016USD ($)state	Dec. 31, 2015USD ($)
Risk to Capital Line Items [Line Items]
Risk To Capital Ratio, Regulatory Maximum		25
Radian Guaranty [Member]
Risk to Capital Line Items [Line Items]
Percentage of New Insurance Written Attributable To States With Statutory Or Regulatory Risk Based Capital Requirements		56.00%	55.80%
RIF, net (1)	[1]	$ 33,376.7	$ 36,396.1
Common stock and paid-in capital		2,041.4	2,041.4
Surplus Note		325	325
Unassigned deficit		(640.2)	(679.9)
Statutory policyholders’ surplus		1,726.2	1,686.5
Contingency reserve		949.3	860.9
Statutory capital		$ 2,675.5	$ 2,547.4
Risk-to-capital		12.5	14.3
Statutory Accounting Practices, Statutory Net Income Amount		$ 122.7
State Insurance Regulations [Member]
Risk to Capital Line Items [Line Items]
Number Of States That Have A Statutory Or Regulatory Risk Based Capital Requirement | state		16
Non RBC States [Member] | Minimum [Member]
Risk to Capital Line Items [Line Items]
Capital Required for Capital Adequacy		$ 1
Non RBC States [Member] | Maximum [Member]
Risk to Capital Line Items [Line Items]
Capital Required for Capital Adequacy		$ 5
[1]	Excludes risk ceded through reinsurance contracts (to third parties and affiliates) and RIF on defaulted loans.

Note 14 - Selected Financial 67

Note 14 - Selected Financial Information of Registrant Selected Financial Information of Registrant (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Condensed Financial Statements, Captions [Line Items]
Total assets	$ 5,969,391	$ 5,642,100
Long-term debt	1,286,466	1,219,454
Total liabilities	3,308,993	3,145,169
Total stockholders' equity	2,660,398	2,496,931
Total liabilities and stockholders' equity	5,969,391	5,642,100
Parent Company
Condensed Financial Statements, Captions [Line Items]
Investments in subsidiaries, at equity in net assets	3,120,807	3,001,846
Total assets	4,210,871	3,992,716
Long-term debt	1,286,466	1,219,454
Total liabilities	1,550,473	1,495,785
Total stockholders' equity	2,660,398	2,496,931
Total liabilities and stockholders' equity	$ 4,210,871	$ 3,992,716

Note 15 - Commitments and Con68

Note 15 - Commitments and Contingencies Legal Proceedings (Details)	Mar. 31, 2016matter
Minimum [Member]
Loss Contingencies [Line Items]
Minimum Number of Pending or Threatened Matters That Could Affect Our Results	1

Note 15 - Commitments and Con69

Note 15 - Commitments and Contingencies Guarantor Obligations (Details) - Guaranteed Structured Transactions [Member] $ in Millions	Mar. 31, 2016USD ($)transaction
Guarantees [Abstract]
Number of Guaranteed Structured Transactions | transaction	2
Guarantor Obligations, Maximum Exposure, Undiscounted | $	$ 121.4

Note 16. Capital Stock (Details

Note 16. Capital Stock (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	1 Months Ended	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2016	Mar. 31, 2015
Class of Stock [Line Items]
Stock Repurchased During Period, Shares		9.4
Payments for Repurchase of Common Stock		$ 100,188	$ 0
Accelerated Share Repurchases, Final Price Paid Per Share		$ 10.62
Convertible Senior Notes Due 2017
Class of Stock [Line Items]
Debt Instrument, Repurchase Amount	$ 30,100	$ 30,100
Convertible Debt, Termination of Capped Call Transaction, Number of Shares Received	0.2
Convertible Debt, Termination of Capped Call Transaction, Total Consideration	$ 2,600
Convertible Debt, Termination of Capped Call Transaction, Closing Stock Price	$ 11.86	$ 11.86
Convertible Senior Notes Due 2019
Class of Stock [Line Items]
Debt Instrument, Repurchase Amount	$ 288,400	$ 288,400
Convertible Debt [Member]
Class of Stock [Line Items]
Repayments of Convertible Debt	$ 191,500
Debt Conversion, Converted Instrument, Shares Issued	17
Convertible Debt [Member] | Convertible Senior Notes Due 2017
Class of Stock [Line Items]
Debt Instrument, Repurchase Amount	$ 30,100	30,100
Convertible Debt [Member] | Convertible Senior Notes Due 2019
Class of Stock [Line Items]
Debt Instrument, Repurchase Amount	$ 288,400	$ 288,400

Note 17 - Net Income Per Shar71

Note 17 - Net Income Per Share Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income from continuing operations - basic		$ 66,249	$ 91,727
Net income From continuing operations - diluted		69,639	95,400
Income from discontinued operations, net of tax		0	530
Net income - basic		66,249	92,257
Net income - diluted		$ 69,639	$ 95,930
Average common shares outstanding - basic		203,706	191,224
Dilutive effect of stock-based compensation arrangements (2)	[1]	2,418	3,202
Adjusted average common shares outstanding - diluted		239,707	243,048
Net income from continuing operations, per basic share		$ 0.33	$ 0.48
Income from discontinued operations and disposal of discontinued operations, net of tax, per basic share		0	0
Net income per share - basic		0.33	0.48
Net income from continuing operations, per diluted share		0.29	0.39
Income from discontinued operations and disposal of discontinued operations, net of tax, per diluted share		0	0
Net income per share - diluted		$ 0.29	$ 0.39
Stock Compensation Plan [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		709	540
Convertible Debt Securities [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		1,902	0
Convertible Debt [Member] | Convertible Senior Notes Due 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Adjustment for dilutive Convertible Senior Notes due 2019, net of tax (1)	[2]	$ 3,390	$ 3,673
Dilutive effect of Convertible Senior Notes		33,583	37,736
Convertible Debt [Member] | Convertible Senior Notes Due 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive effect of Convertible Senior Notes	[1]	0	10,886
[1]	The following number of shares of our common stock equivalents issued under our stock-based compensation arrangements and convertible debt were not included in the calculation of net income per share because they were anti-dilutive: Three Months EndedMarch 31,(in thousands)2016 2015Shares of common stock equivalents709 540Shares of Convertible Senior Notes due 20171,902 —
[2]	As applicable, includes coupon interest, amortization of discount and fees, and other changes in income or loss that would result from the assumed conversion.