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Condensed Consolidated Statements of Earnings and Comprehensive Earnings (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Net premiums earned $ 19,233,517 $ 17,724,441 $ 55,528,867 $ 50,765,760
Net investment income 1,342,258 1,027,631 3,798,432 2,896,901
Net realized investment gains 199,928 41,206 268,375 785,600
Net unrealized gains (losses) on equity securities (1,062,332) (1,084,289) 279,100 (6,181,492)
Other income 51,000 85,402 160,714 333,059
Consolidated revenues 19,764,371 17,794,391 60,035,488 48,599,828
Losses and settlement expenses 13,436,464 10,386,524 36,698,631 34,390,330
Policy acquisition costs and other operating expenses 7,029,218 6,360,896 20,823,605 18,136,104
Interest expense on debt 46,409 46,409 137,713 149,661
General corporate expenses 220,092 189,708 616,304 563,626
Total expenses 20,732,183 16,983,537 58,276,253 53,239,721
(Loss) earnings before income taxes (967,812) 810,854 1,759,235 (4,639,893)
Total income tax (benefit) expense (198,850) 181,114 363,164 (980,726)
Net (loss) earnings (768,962) 629,740 1,396,071 (3,659,167)
Other comprehensive loss, net of tax (3,025,254) (3,408,937) (2,193,230) (12,370,138)
Comprehensive loss $ (3,794,216) $ (2,779,197) $ (797,159) $ (16,029,305)
Basic:        
Basic net (loss) earnings per share (in dollars per share) $ (0.26) $ 0.21 $ 0.47 $ (1.2)
Diluted:        
Diluted net (loss) earnings per share (in dollars per share) $ (0.26) $ 0.2 $ 0.47 $ (1.19)
Weighted average number of common shares outstanding:        
Basic (in shares) 2,945,199 3,060,693 2,945,686 3,061,961
Diluted (in shares) 2,968,808 3,074,236 2,969,295 3,075,504
Net premiums earned $ 19,233,517 $ 17,724,441 $ 55,528,867 $ 50,765,760
Net investment income 1,342,258 1,027,631 3,798,432 2,896,901
Net realized investment gains 199,928 41,206 268,375 785,600
Net unrealized gains (losses) on equity securities (1,062,332) (1,084,289) 279,100 (6,181,492)
Other income 51,000 85,402 160,714 333,059
Consolidated revenues 19,764,371 17,794,391 60,035,488 48,599,828
Losses and settlement expenses 13,436,464 10,386,524 36,698,631 34,390,330
Policy acquisition costs and other operating expenses 7,029,218 6,360,896 20,823,605 18,136,104
Interest expense on debt 46,409 46,409 137,713 149,661
General corporate expenses 220,092 189,708 616,304 563,626
Total expenses 20,732,183 16,983,537 58,276,253 53,239,721
(Loss) earnings before income taxes (967,812) 810,854 1,759,235 (4,639,893)
Total income tax (benefit) expense (198,850) 181,114 363,164 (980,726)
Net (loss) earnings (768,962) 629,740 1,396,071 (3,659,167)
Other comprehensive loss, net of tax (3,025,254) (3,408,937) (2,193,230) (12,370,138)
Comprehensive loss $ (3,794,216) $ (2,779,197) $ (797,159) $ (16,029,305)