Quarterly Results of Operations (Tables)

12 Months Ended

Dec. 31, 2023

Quarterly Financial Information Disclosure [Abstract]

Summary of Unaudited Quarterly Results of Operations

The tables below summarize unaudited quarterly results of operations for 2023, 2022 and 2021.

	Three Months Ended
	03/31/23		06/30/23		09/30/23		12/31/23
Net premiums earned	$	109,559	$	115,556	$	122,156	$	148,614
Total revenue		129,029		127,327		131,644		162,670
Losses and loss adjustment expenses		60,565		61,890		66,726		65,398
Policy acquisition and other underwriting expenses		22,720		22,618		22,768		22,716
Interest expense		2,801		2,667		2,827		2,822
Total expenses		105,893		107,061		111,556		108,510
Income before income taxes		23,136		20,266		20,088		54,160
Net income		17,793		14,882		15,669		40,913
Comprehensive income		22,756		13,202		16,421		43,839
Earnings per share:
Basic	$	1.78	$	1.45	$	1.53	$	4.31
Diluted*	$	1.54	$	1.28	$	1.34	$	3.40

* During the quarter ended March 31, 2023, warrants were antidilutive.

	Three Months Ended
	03/31/22		06/30/22			09/30/22			12/31/22
Net premiums earned	$	125,763	$	124,919		$	106,972		$	105,918
Total revenue		127,040		125,926			126,654			119,943
Losses and loss adjustment expenses		72,704		86,830			139,794			72,135
Policy acquisition and other underwriting expenses		29,408		26,863			24,678			24,028
Interest expense		601		1,515			2,813			2,839
Total expenses		123,039		137,486			190,256			117,200
Income (loss) before income taxes		4,001		(11,560	)		(63,602	)		2,743
Net income (loss)		2,791		(8,542	)		(51,503	)		2,651
Comprehensive income (loss)		7		(10,171	)		(58,804	)		3,593
Earnings (loss) per share:
Basic	$	0.09	$	(1.04	)	$	(5.66	)	$	0.18
Diluted**	$	0.09	$	(1.04	)	$	(5.66	)	$	0.18

** During the quarter ended March 31, 2022, the convertible senior notes were antidilutive. During the quarters ended June 30, 2022, September 30, 2022 and December 31, 2022, the convertible senior notes, stock options and warrants were antidilutive.

	Three Months Ended
	03/31/21		06/30/21		09/30/21			12/31/21
Net premiums earned	$	87,843	$	93,004	$	94,232		$	102,224
Total revenue		94,874		101,504		99,217			112,320
Losses and loss adjustment expenses		45,751		55,917		62,664			63,193
Policy acquisition and other underwriting expenses		23,065		23,169		23,340			24,158
Interest expense		2,079		2,000		1,664			657
Total expenses		84,772		96,407		105,721			109,782
Income (loss) before income taxes		10,102		5,097		(6,504	)		2,538
Net income (loss)		6,845		3,830		(4,868	)		1,435
Comprehensive income (loss)		6,705		3,470		(5,129	)		1,128
Earnings (loss) per share:
Basic	$	0.82	$	0.25	$	(0.72	)	$	0.01
Diluted***	$	0.75	$	0.24	$	(0.72	)	$	0.01

*** During the quarters ended June 30, 2021 and December 31, 2021, the convertible senior notes were antidilutive. During the quarter ended September 30, 2021, the convertible senior notes, stock options and warrants were antidilutive.