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Quarterly Financial Data (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]  
Summary of Quarterly Financial Results
The following is a summary of quarterly results of operations for 2018 and 2017 (in thousands, except per share and ratio data). The fluctuations between periods and changes in reserves, as disclosed in Note 5, are due to the normal fluctuations in operations from quarter to quarter.
 
1st Quarter
 
2nd Quarter
 
3rd Quarter
 
4th Quarter
2018
 
 
 
 
 
 
 
Gross written premiums
$
23,737

 
$
26,562

 
$
26,629

 
$
27,440

Net written premiums
$
19,845

 
$
22,595

 
$
22,846

 
$
23,800

Net earned premiums
$
23,800

 
$
23,938

 
$
23,450

 
$
22,623

Net investment income
802

 
837

 
786

 
911

Net realized gains (losses)
161

 
12

 
(21
)
 
(91
)
Change in fair value of equity securities (1)
(297
)
 
29

 
152

 
237

Other income
357

 
450

 
405

 
370

Losses and loss adjustment expenses, net
13,328

 
15,068

 
16,554

 
17,565

Policy acquisition costs
6,513

 
6,472

 
6,452

 
6,097

Operating expenses
4,187

 
4,303

 
4,786

 
4,407

Interest expense
619

 
617

 
598

 
810

Income tax expense (benefit)
18

 
10

 
24

 
—

Equity earnings (losses) in affiliates, net of tax
55

 
89

 
93

 
53

Net income (loss)
$
213

 
$
(1,113
)
 
$
(3,551
)
 
$
(4,776
)
Diluted earnings (loss) per common share (2)
$
0.02

 
$
(0.13
)
 
$
(0.42
)
 
$
(0.56
)
Combined ratio
99.5
%
 
106.0
%
 
116.5
%
 
122.1
%
 
 
 
 
 
 
 
 
2017
 
 
 
 
 
 
 
Gross written premiums
$
26,474

 
$
26,981

 
$
29,581

 
$
31,247

Net written premiums
$
22,324

 
$
23,082

 
$
18,395

 
$
27,439

Net earned premiums
$
24,140

 
$
24,497

 
$
17,659

 
$
25,433

Net investment income
577

 
663

 
768

 
720

Net realized gains (losses)
(8
)
 
—

 
39

 
39

Other gains (losses)
—

 
750

 
—

 
—

Other income
354

 
372

 
477

 
357

Losses and loss adjustment expenses, net
15,733

 
16,674

 
26,468

 
15,042

Policy acquisition costs
6,472

 
6,428

 
6,655

 
6,690

Operating expenses
4,530

 
4,370

 
4,474

 
3,993

Interest expense
224

 
219

 
303

 
616

Income tax (benefit) expense
6

 
(282
)
 
(135
)
 
(36
)
Equity earnings (losses) in affiliates, net of tax
104

 
60

 
(76
)
 
(23
)
Net income (loss)
$
(1,798
)
 
$
(1,067
)
 
$
(18,898
)
 
$
221

Diluted earnings (loss) per common share (2)
$
(0.24
)
 
$
(0.14
)
 
$
(2.46
)
 
$
0.03

Combined ratio
109.1
%
 
110.4
%
 
207.3
%
 
99.7
%
(1) Effective January 1, 2018, the Company adopted ASU No. 2016-01. As a result, equity securities are no longer classified as available-for-sale. Prior periods have not been recast to conform to the current presentation. Refer to Note 1 ~ Summary of
Significant Accounting Policies for further details.

(2) Due to the changes in the equity structure of the Company (Note ~ 10 Shareholders' Equity) the weighted average common shares outstanding has fluctuated over the past two years and therefore the quarterly diluted earnings (loss) per common share does not total the full-year earnings (loss) per common share stated on the face of the Consolidated Statements of Operations.