Virtual particles in Feynman diagrams

[Phys12]

In the first diagram above, if I understand it correctly, the photon turns into an electron positron pair and then back again to a photon. However, what exactly is happening in the second diagram at the bottom left hand corner? Is the electron being converted to an electron photon pair?

 

[Nugatory]

To the extent that a Feynman diagram shows something "happening" (which is to say, not much at all) the electron is emitting and then reabsorbing a photon.