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Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Revenue    
Gross earned premiums $ 28,247 $ 26,053
Ceded earned premiums (5,412) (4,036)
Net earned premiums 22,835 22,017
Net investment income 532 954
Net realized investment gains 2,924 928
Change in fair value of equity securities (540) (3,086)
Other gains   115
Other income 556 658
Total revenue 26,307 21,586
Expenses    
Losses and loss adjustment expenses, net 19,362 14,269
Policy acquisition costs 6,750 6,303
Operating expenses 4,349 5,045
Interest expense 721 731
Total expenses 31,182 26,348
Income (loss) before equity earnings in Affiliate and income taxes (4,875) (4,762)
Equity earnings in Affiliate, net of tax 248 50
Income tax expense 9 13
Net income (loss) $ (4,636) $ (4,725)
Earnings (loss) per common share, basic and diluted $ (0.48) $ (0.49)
Weighted average common shares outstanding, basic and diluted [1] 9,681,728 9,592,774
[1] *The nonvested shares of the restricted stock units and stock options were anti-dilutive as of March 31, 2021 and 2020. Therefore, the basic and diluted weighted average common shares are equal for the three months ended March 31, 2021 and 2020