ODYSSEY RE HOLDINGS CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued Due to changes in the number of weighted average common shar es outstanding during 2004 and 2003, quarterly earnings per common share amounts do not add to the total for the year. Diluted net income per common share for the first three quarters of 2004 and each quarter in 2003 has been restated for the  effect of EITF Issue 4-08, “The Effect of Contingently Convertible Debt on Diluted Earnings Per Share” (see note 2(k)). 90 Quarters Ended March 31, June 30, September 30, December 31, 2003 2003 2003 2003 Year Gross premiums written $563,841 $609,876 $702,953 $681,486 $2,558,156 Net premiums written 489,929 542,714 582,157 538,780 2,153,580 Net premiums earned 447,323 481,148 513,842 522,780 1,965,093 Net investment income 32,400 26,740 31,839 43,136 134,115 Net realized investment gains 38,264 131,551 17,263 15,664 202,742 Other expense, net (2,967) (730) (1,558) (2,657) (7,912) Income before income taxes 70,392 171,891 63,680 72,331 378,294 Net income 46,579 112,687 42,328 47,631 249,225 Net income per common share: Basic $ 0.72 $ 1.74 $ 0.65 $ 0.74 $ 3.85 Diluted $ 0.67 $ 1.61 $ 0.61 $ 0.69 $ 3.59