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Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Revenue and Other Income    
Gross earned premiums $ 34,294 $ 32,764
Ceded earned premiums (12,342) (8,809)
Net earned premiums 21,952 23,955
Net investment income 1,307 507
Net realized investment gains (losses) 0 (69)
Change in fair value of equity securities 694 280
Other gains (losses) 0 (5)
Other income 626 698
Total revenue and other income 24,579 25,366
Expenses    
Losses and loss adjustment expenses, net 13,713 18,018
Policy acquisition costs 4,721 5,464
Operating expenses 4,279 4,160
Interest expense 686 711
Total expenses 23,399 28,353
Income (loss) before equity earnings in Affiliate and income taxes 1,180 (2,987)
Equity earnings (loss) in Affiliate, net of tax (179) 76
Income tax expense (benefit) 0 (41)
Net income (loss) $ 1,001 $ (2,870)
Earnings (loss) per common share, basic $ 0.08 $ (0.30)
Earnings (loss) per common share, diluted $ 0.08 $ (0.30)
Weighted average common shares outstanding, basic [1] 12,215,849 9,707,817
Weighted average common shares outstanding, diluted [1] 12,215,849 9,707,817
[1] The non-vested shares of the restricted stock units and stock options were anti-dilutive as of March 31, 2023 and 2022. Therefore, the basic and diluted weighted average common shares are equal for the three months ended March 31, 2023 and 2022.