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Consolidated Statements of Income (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
REVENUE:        
Gross premiums written $ 103,303 $ 77,928 $ 191,049 $ 135,924
Increase in gross unearned premiums (28,403) (23,479) (46,273) (30,799)
Gross premiums earned 74,900 54,449 144,776 105,125
Ceded premiums earned (28,929) (24,727) (56,508) (47,613)
Net premiums earned 45,971 29,722 88,268 57,512
Net investment income 831 777 1,555 1,524
Net realized gains (149) 37 (161) 118
Other revenue 1,999 1,028 3,160 1,913
Total revenue 48,652 31,564 92,822 61,067
EXPENSES:        
Losses and loss adjustment expenses 23,007 12,969 43,554 22,451
Policy acquisition costs 12,169 8,878 23,452 17,131
Operating expenses 2,620 1,757 4,679 3,190
General and administrative expenses 3,530 2,300 6,654 5,093
Interest expense 80 129 153 212
Total expenses 41,406 26,033 78,492 48,077
Income before other income 7,246 5,531 14,330 12,990
Other income 0 (293) 0 (269)
Income before income taxes 7,246 5,238 14,330 12,721
Provision for income taxes 2,737 2,247 5,470 4,982
Net income 4,509 2,991 8,860 7,739
OTHER COMPREHENSIVE INCOME:        
Change in net unrealized gain on investments (4,745) 966 (4,376) 1,600
Reclassification adjustment for net realized investment (gains) losses 149 (37) 161 (118)
Income tax expense related to items of other comprehensive income 1,775 (359) 1,626 (572)
Total comprehensive income $ 1,688 $ 3,561 $ 6,271 $ 8,649
Weighted average shares outstanding        
Basic 16,115,099 10,361,849 16,072,047 10,361,849
Diluted 16,199,489 10,361,849 16,157,729 10,361,849
Earnings per share        
Basic $ 0.28 $ 0.29 $ 0.55 $ 0.75
Diluted $ 0.28 $ 0.29 $ 0.55 $ 0.75
Dividends declared per share $ 0.03 $ 0 $ 0.06 $ 0.05