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Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Premiums        
Gross earned premiums $ 25,082 $ 27,856 $ 50,632 $ 55,581
Ceded earned premiums (3,733) (3,918) (7,596) (7,842)
Net earned premiums 21,349 23,938 43,036 47,739
Net investment income 1,051 838 1,961 1,639
Net realized investment gains 715 12 734 173
Change in fair value of equity securities (915) 29 350 (268)
Other income 581 450 1,003 807
Total revenue 22,781 25,267 47,084 50,090
Expenses        
Losses and loss adjustment expenses, net 14,382 15,067 28,838 28,396
Policy acquisition costs 6,210 6,472 11,799 12,985
Operating expenses 4,340 4,303 8,663 8,489
Interest expense 725 617 1,435 1,236
Total expenses 25,657 26,459 50,735 51,106
Income (loss) before equity earnings of affiliates and income taxes (2,876) (1,192) (3,651) (1,016)
Equity earnings of affiliates, net of tax (8) 89 98 144
Income tax expense 0 10 11 28
Net income (loss) $ (2,884) $ (1,113) $ (3,564) $ (900)
Earnings (loss) per common share, basic and diluted (in dollars per share) $ (0.34) $ (0.13) $ (0.42) $ (0.11)
Weighted average common shares outstanding, basic and diluted (in shares) 8,370,782 8,520,328 8,411,835 8,520,328