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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, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
REVENUE:        
Gross premiums written $ 128,920 $ 103,303 $ 217,921 $ 191,049
Increase in gross unearned premiums (31,697) (28,403) (25,687) (46,273)
Gross premiums earned 97,223 74,900 192,234 144,776
Ceded Premiums Earned (33,039) (28,929) (64,016) (56,508)
Net premiums earned 64,184 45,971 128,218 88,268
Net investment income 1,617 831 3,084 1,555
Net realized gains 31 (149) 45 (161)
Other revenue 1,872 1,999 3,864 3,160
Total revenue 67,704 48,652 135,211 92,822
EXPENSES:        
Losses and loss adjustment expenses 28,792 23,007 56,465 43,554
Policy acquisition costs 16,197 12,169 31,377 23,452
Operating expenses 2,858 2,620 5,367 4,679
General and administrative expenses 4,335 3,530 8,685 6,654
Interest expense 112 80 227 153
Total expenses 52,294 41,406 102,121 78,492
Income before other income 15,410 7,246 33,090 14,330
Other income 0 0 16 0
Income before income taxes 15,410 7,246 33,106 14,330
Provision for income taxes 5,820 2,737 12,127 5,470
Net income 9,590 4,509 20,979 8,860
OTHER COMPREHENSIVE INCOME:        
Change in net unrealized gain on investments 3,323 (4,745) 5,650 (4,376)
Reclassification adjustment for net realized investment (gains) losses (31) 149 (45) 161
Income tax expense related to items of other comprehensive income (1,272) 1,775 (2,166) 1,626
Total comprehensive income $ 11,610 $ 1,688 $ 24,418 $ 6,271
Weighted average shares outstanding        
Weighted Average Number of Shares Outstanding, Basic 20,735,135 16,115,099 19,105,666 16,072,047
Weighted Average Number of Shares Outstanding, Diluted 20,845,694 16,199,489 19,203,805 16,157,729
Earnings per share        
Earnings Per Share, Basic $ 0.46 $ 0.28 $ 1.10 $ 0.55
Earnings Per Share, Diluted $ 0.46 $ 0.28 $ 1.09 $ 0.55
Dividends declared per share $ 0.04 $ 0.03 $ 0.08 $ 0.06