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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenue        
Gross premiums earned $ 107,803 $ 83,315 $ 200,168 $ 165,912
Premiums ceded (34,354) (31,317) (65,073) (62,730)
Net premiums earned 73,449 51,998 135,095 103,182
Net investment income 1,604 4,226 1,412 7,504
Net realized investment gains (losses) 1,435 (133) (809) (505)
Net unrealized investment gains (losses) 2,884 1,326 (1,921) 6,619
Credit losses on investments (87) 0 (526) 0
Policy fee income 847 800 1,676 1,595
Other 585 413 1,170 869
Total revenue 80,717 58,630 136,097 119,264
Expenses        
Losses and loss adjustment expenses 39,843 24,293 67,921 51,289
Policy acquisition and other underwriting expenses 12,991 10,077 24,817 19,750
General and administrative personnel expenses 9,731 7,998 18,098 15,362
Interest expense 3,020 2,884 5,990 7,221
Loss on repurchases of convertible senior notes 150 0 150 0
Other operating expenses 3,159 3,063 6,641 6,044
Total expenses 68,894 48,315 123,617 99,666
Income before income taxes 11,823 10,315 12,480 19,598
Income tax expense 2,887 2,762 2,997 5,307
Net income $ 8,936 $ 7,553 $ 9,483 $ 14,291
Basic earnings per share $ 1.16 $ 0.93 $ 1.23 $ 1.75
Diluted earnings per share $ 1.08 $ 0.90 $ 1.23 $ 1.72