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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
REVENUE:        
Gross premiums written $ 162,582 $ 128,920 $ 269,198 $ 217,921
Increase in gross unearned premiums (41,600) (31,697) (33,034) (25,687)
Gross premiums earned 120,982 97,223 236,164 192,234
Ceded premiums earned (40,530) (33,039) (77,664) (64,016)
Net premiums earned 80,452 64,184 158,500 128,218
Investment income 2,239 1,617 4,312 3,084
Net realized gains (losses) (133) 31 (11) 45
Other revenue 2,782 1,872 4,935 3,864
Total revenue 85,340 67,704 167,736 135,211
EXPENSES:        
Losses and loss adjustment expenses 44,627 28,792 96,598 56,465
Policy acquisition costs 21,198 16,197 40,384 31,377
Operating expenses 4,809 2,858 8,350 5,367
General and administrative expenses 6,512 4,335 13,913 8,685
Interest expense 68 112 151 227
Total expenses 77,214 52,294 159,396 102,121
Income before other income 8,126 15,410 8,340 33,090
Other income 61 0 185 16
Income before income taxes 8,187 15,410 8,525 33,106
Provision for income taxes 2,912 5,820 3,052 12,127
Net income 5,275 9,590 5,473 20,979
OTHER COMPREHENSIVE INCOME:        
Change in net unrealized gains (losses) on investments (4,892) 3,323 (2,363) 5,650
Reclassification adjustment for net realized investment (gains) losses 133 (31) 11 (45)
Income tax benefit (expense) related to items of other comprehensive income 1,839 (1,272) 909 (2,166)
Total comprehensive income $ 2,355 $ 11,610 $ 4,030 $ 24,418
Weighted average shares outstanding        
Weighted-average shares outstanding (in shares) 21,255,496 20,735,135 21,145,624 19,105,666
Weighted-average diluted shares (in shares) 21,508,511 20,845,694 21,376,540 19,203,805
Earnings per share        
Basic earnings per share (in usd per share) $ 0.25 $ 0.46 $ 0.26 $ 1.10
Diluted earnings per share (in usd per share) 0.25 0.46 0.26 1.09
Dividends declared per share (in usd per share) $ 0.05 $ 0.04 $ 0.1 $ 0.08