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Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Revenue and Other Income        
Gross earned premiums $ 31,770 $ 26,872 $ 90,245 $ 78,884
Ceded earned premiums (6,829) (4,645) (17,631) (12,882)
Net earned premiums 24,941 22,227 72,614 66,002
Net investment income 514 776 1,549 2,593
Net realized investment gains (losses) (101) 3,316 3,883 4,489
Change in fair value of equity securities (2,169) (356) (3,234) (1,866)
Other gains 2,778   11,688 260
Other income 752 642 1,974 2,013
Total revenue and other income 26,715 26,605 88,474 73,491
Expenses        
Losses and loss adjustment expenses, net 16,159 14,553 53,447 40,767
Policy acquisition costs 7,173 6,483 20,819 19,181
Operating expenses 4,077 4,537 12,768 14,441
Interest expense 701 723 2,154 2,185
Total expenses 28,110 26,296 89,188 76,574
Income (loss) before equity earnings in Affiliate and income taxes (1,395) 309 (714) (3,083)
Equity earnings in Affiliate, net of tax 184 188 612 417
Income tax expense (benefit) (2) (44) 191 13
Net income (loss) $ (1,209) $ 541 $ (293) $ (2,679)
Earnings (loss) per common share, basic and diluted $ (0.12) $ 0.06 $ (0.03) $ (0.28)
Weighted average common shares outstanding, basic and diluted [1] 9,692,150 9,630,600 9,686,874 9,606,436
[1] The non-vested shares of the restricted stock units and stock options were anti-dilutive as of September 30, 2021 and 2020.  Therefore, the basic and diluted weighted average common shares are equal for the three and nine months ended September 30, 2021 and 2020