XML 17 R4.htm IDEA: XBRL DOCUMENT v3.25.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues:            
Earned premiums, net $ 381,941   $ 398,467   $ 745,378 $ 745,777
Service and administrative fees 96,847   105,847   194,145 216,334
Ceding commissions 3,542   5,065   7,175 7,809
Net investment income 10,505   6,381   22,234 13,139
Net realized and unrealized gains (losses) 20,644   12,578   27,475 28,202
Other revenue 15,271   18,335   29,769 33,633
Total revenues 528,750   546,673   1,026,176 1,044,894
Expenses:            
Policy and contract benefits 226,472   233,975   435,785 441,639
Commission expense 140,486   173,279   292,086 330,227
Employee compensation and benefits 54,523   49,917   109,607 99,103
Interest expense 10,862   8,015   21,222 16,305
Depreciation and amortization 4,924   5,291   9,805 10,859
Other expenses 38,771   35,550   79,609 76,416
Total expenses 476,038   506,027   948,114 974,549
Income (loss) before taxes 52,712   40,646   78,062 70,345
Less: provision (benefit) for income taxes 21,608   18,673   33,990 32,491
Net income (loss) 31,104   21,973   44,072 37,854
Less: net income (loss) attributable to non-controlling interests 12,144   9,122   19,477 15,953
Net income (loss) attributable to common stockholders $ 18,960   $ 12,851   $ 24,595 $ 21,901
Net income (loss) per common share:            
Basic earnings per share (in dollars per share) $ 0.50   $ 0.35   $ 0.65 $ 0.59
Diluted earnings per share (in dollars per share) $ 0.37   $ 0.31   $ 0.53 $ 0.54
Weighted average number of common shares:            
Basic (in shares) 37,496,875   36,785,305   37,422,957 36,777,557
Diluted (in shares) 38,617,998   37,752,682   38,534,212 37,766,573
Dividends declared per common share (in dollars per share) $ 0.06 $ 0.06 $ 0.06 $ 0.06 $ 0.12 $ 0.12