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Consolidated Statements of Comprehensive 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 written $ 439,651 $ 449,762 $ 774,834 $ 768,321
Change in gross unearned premiums (95,512) (119,737) (86,076) (126,483)
Gross premiums earned 344,139 330,025 688,758 641,838
Ceded premiums earned (158,657) (139,621) (311,680) (270,712)
Net premiums earned 185,482 190,404 377,078 371,126
Investment Income, Net 5,907 7,570 12,824 14,865
Net realized gains (losses) 59 (13) (9) 168
Unrealized Gain (Loss) on Securities 20,552 2,737 (5,904) 12,910
Other revenue 4,397 4,078 8,712 8,028
Total revenue 216,397 204,776 392,701 407,097
EXPENSES:        
Losses and loss adjustment expenses 101,693 116,252 204,530 220,799
Policy acquisition costs 52,573 61,622 111,448 116,868
Operating Costs and Expenses 13,977 11,199 23,681 21,410
General and administrative expenses 16,121 16,802 34,422 34,383
Interest expense 2,565 2,527 4,984 4,936
Total expenses 186,929 208,402 379,065 398,396
Income (loss) before other income 29,468 (3,626) 13,636 8,701
Other income 14 21 42 27
Income (loss) before income taxes 29,482 (3,605) 13,678 8,728
Provision for income taxes 5,040 (808) 1,752 1,947
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest 24,442 (2,797) 11,926 6,781
Net income (loss) 24,274 (2,903) 11,551 6,566
Net Income (Loss) Attributable to Noncontrolling Interest 168 106 375 215
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest 549 205 523 436
OTHER COMPREHENSIVE INCOME:        
Change in net unrealized gains (losses) on investments 28,332 10,633 24,222 24,955
Reclassification adjustment for net realized investment (gains) losses (59) 13 9 (168)
Income tax benefit (expense) related to items of other comprehensive income (6,858) (2,429) (5,875) (5,888)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest 45,857 5,420 30,282 25,680
Total comprehensive income $ 45,308 $ 5,215 $ 29,759 $ 25,244
Weighted-average shares outstanding        
Weighted-average shares outstanding 42,860,922 42,762,417 42,833,225 42,729,730
Weighted-average diluted shares 43,055,115 42,762,417 43,041,623 43,097,244
Earnings Per Share        
Basic earnings per share $ 0.57 $ (0.07) $ 0.27 $ 0.15
Diluted earnings per share $ 0.56 $ (0.07) $ 0.27 $ 0.15