Earnings Per Share

6 Months Ended

Jun. 30, 2018

Earnings Per Share [Abstract]

Earnings Per Share

20. Earnings Per Share

As described in Note 1, the conversion of the mutual company to a stock company resulted in the issuance of NI Holdings common shares on March 13, 2017. Earnings per share are computed by dividing net income available to common shareholders for the period by the weighted average number of common shares outstanding for the same period. The weighted average number of common shares outstanding was 22,377,421 and 22,369,632, respectively, during the three and six months ended June 30, 2018, and 22,663,280 and 22,711,373, respectively, during the three and six months ended June 30, 2017. For the period prior to the date of the conversion, we assumed that the net common shares issued in the initial public offering of 22,760,000 shares were outstanding since January 1, 2017.

Unearned ESOP shares are not considered outstanding until they are released and allocated to plan participants. Unearned RSU and PSU shares are not considered outstanding until they are earned by award participants.

The following table presents a reconciliation of the numerators and denominators we used in the basic and diluted per share computations for our common stock:

	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
Basic earnings per common share:
Numerator:
Net income attributable to NI Holdings, Inc.	$	226	$	129	$	6,348	$	4,818
Denominator:
Weighted average shares outstanding		22,377,421		22,663,280		22,369,632		22,711,373
Basic earnings per common share	$	0.01	$	0.01	$	0.28	$	0.21
Diluted earnings per common share:
Numerator:
Net income attributable to NI Holdings, Inc.	$	226	$	129	$	6,348	$	4,818
Denominator:
Number of shares used in basic computation		22,377,421		22,663,280		22,369,632		22,711,373
Weighted average effect of dilutive securities
Add: Restricted stock units and performance share units		19,537		—		15,939		—
Number of shares used in per share computations		22,396,958		22,663,280		22,385,571		22,711,373
Diluted earnings per common share	$	0.01	$	0.01	$	0.28	$	0.21