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Consolidated Statements of Income (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
REVENUE:        
Gross premiums written $ 105,065 $ 83,601 $ 322,986 $ 274,650
Increase in gross unearned premiums (4,214) (3,463) (29,901) (49,736)
Gross premiums earned 100,851 80,138 293,085 224,914
Ceded Premiums Earned (35,741) (31,317) (99,757) (87,825)
Net premiums earned 65,110 48,821 193,328 137,089
Net investment income 1,807 1,089 4,891 2,644
Net realized gains (69) (38) (24) (199)
Other revenue 1,999 1,945 5,863 5,105
Total revenue 68,847 51,817 204,058 144,639
EXPENSES:        
Losses and loss adjustment expenses 30,140 25,578 86,605 69,132
Policy acquisition costs 17,291 13,115 48,668 36,567
Operating expenses 3,086 2,265 8,453 6,944
General and administrative expenses 4,709 4,034 13,394 10,688
Interest expense 98 102 325 255
Total expenses 55,324 45,094 157,445 123,586
Income before other income 13,523 6,723 46,613 21,053
Other income 0 1 16 1
Income before income taxes 13,523 6,724 46,629 21,054
Provision for income taxes 4,883 2,593 17,010 8,063
Net income 8,640 4,131 29,619 12,991
OTHER COMPREHENSIVE INCOME:        
Change in net unrealized gain on investments (1,249) 365 4,401 (4,011)
Reclassification adjustment for net realized investment (gains) losses 69 38 24 199
Income tax expense related to items of other comprehensive income 456 (156) (1,710) 1,470
Total comprehensive income $ 7,916 $ 4,378 $ 32,334 $ 10,649
Weighted average shares outstanding        
Weighted Average Number of Shares Outstanding, Basic 20,745,245 16,129,247 19,658,199 16,091,323
Weighted Average Number of Shares Outstanding, Diluted 20,843,603 16,186,178 19,756,411 16,167,316
Earnings per share        
Earnings Per Share, Basic $ 0.42 $ 0.26 $ 1.51 $ 0.81
Earnings Per Share, Diluted $ 0.41 $ 0.26 $ 1.50 $ 0.80
Dividends declared per share $ 0.04 $ 0.03 $ 0.12 $ 0.09