Earnings Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

Note 20 -- Earnings Per Share

U.S. GAAP requires the Company to use the two-class method in computing basic earnings (loss) per share since holders of the Company’s restricted stock have the right to share in dividends, if declared, equally with common stockholders. These participating securities affect the computation of both basic and diluted earnings (loss) per share during periods of net income or loss. For a majority-owned subsidiary, its basic and diluted earnings (loss) per share are first computed separately. Then, the Company’s proportionate share in that majority-owned subsidiary’s earnings is added to the computation of both basic and diluted earnings (loss) per share at a consolidated level.

A summary of the numerator and denominator of the basic and diluted earnings per common share is presented below:

	Income (Numerator)			Shares (a) (Denominator)		Per Share Amount
Year Ended December 31, 2023
Net income	$	89,257
Less: Net income attributable to redeemable    noncontrolling interest		(9,370	)
Less: TypTap Group’s net income attributable to    non-HCI common stockholders and TypTap    Group’s participating securities		(853	)
Net income attributable to HCI		79,034
Less: Income attributable to participating securities		(2,625	)
Basic Earnings Per Share:
Income allocated to common stockholders		76,409			8,367	$	9.13
Effect of Dilutive Securities:
Stock options		—			83
Convertible senior notes		7,732			2,538
Warrants		—			56
Diluted Earnings Per Share:
Income available to common stockholders and    assumed conversions	$	84,141			11,044	$	7.62

(a)Shares in thousands.

	Loss (Numerator)			Shares (a) (Denominator)		Per Share Amount
Year Ended December 31, 2022
Net loss	$	(54,603	)
Less: Net income attributable to redeemable    noncontrolling interest		(9,106	)
Less: TypTap Group’s net loss attributable to    non-HCI common stockholders and TypTap    Group’s participating securities		5,198
Net loss attributable to HCI		(58,511	)
Less: Loss attributable to participating securities		3,463
Basic Loss Per Share:
Loss allocated to common stockholders		(55,048	)		8,817	$	(6.24	)
Effect of Dilutive Securities: *
Stock options		—			—
Convertible senior notes		—			—
Warrants		—			—
Diluted Loss Per Share:
Loss available to common stockholders and    assumed conversions	$	(55,048	)		8,817	$	(6.24	)

(a)Shares in thousands.

* Convertible senior notes, stock options, and warrants were excluded due to antidilutive effect.

	Income (Numerator)			Shares (a) (Denominator)		Per Share Amount
Year Ended December 31, 2021
Net income	$	7,242
Less: Net income attributable to redeemable    noncontrolling interest		(7,399	)
Less: TypTap Group’s net loss attributable to    non-HCI common stockholders and TypTap    Group’s participating securities		2,013
Net income attributable to HCI		1,856
Less: Income attributable to participating securities		(24	)
Basic Earnings Per Share:
Income allocated to common stockholders		1,832			8,092	$	0.23
Effect of Dilutive Securities:
Stock options		—			207
Convertible senior notes		—			—
Warrants		—			281
Diluted Earnings Per Share:
Income available to common stockholders and    assumed conversions	$	1,832			8,580	$	0.21

(a)Shares in thousands.

* Convertible senior notes were excluded due to antidilutive effect.