XML 14 R4.htm IDEA: XBRL DOCUMENT v3.20.2
Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenues:        
Gross written premiums $ 83,807 $ 58,346 $ 155,301 $ 112,377
Ceded written premiums (30,198) (24,632) (59,693) (50,737)
Net written premiums 53,609 33,714 95,608 61,640
Change in unearned premiums (14,289) (10,506) (21,482) (20,081)
Net earned premiums 39,320 23,208 74,126 41,559
Net investment income 2,114 1,483 4,148 2,443
Net realized and unrealized gains on investments 778 493 1,219 2,904
Commission and other income 937 721 1,675 1,306
Total revenues 43,149 25,905 81,168 48,212
Expenses:        
Losses and loss adjustment expenses 3,978 643 5,841 959
Acquisition expenses 14,886 8,971 27,933 15,946
Other underwriting expenses (includes stock-based compensation of $464 and $306 for the three months ended June 30, 2020 and 2019, respectively and $907 and $23,267 for the six months ended June 30, 2020 and 2019, respectively) 8,976 7,165 16,928 36,017
Interest expense   639   1,068
Total expenses 27,840 17,418 50,702 53,990
Income (loss) before income taxes 15,309 8,487 30,466 (5,778)
Income tax expense 3,297 1,789 6,681 1,934
Net income (loss) 12,012 6,698 23,785 (7,712)
Other comprehensive income, net:        
Net unrealized gains on securities available for sale for the three and six months ended June 30, 2020 and 2019, respectively 10,676 3,298 4,843 5,485
Net comprehensive income (loss) $ 22,688 $ 9,996 $ 28,628 $ (2,227)
Per Share Data:        
Basic earnings per share $ 0.49 $ 0.30 $ 0.98 $ (0.40)
Diluted earnings per share $ 0.48 $ 0.30 $ 0.95 $ (0.40)
Weighted-average common shares outstanding:        
Weighted-average common shares outstanding, basic 24,343,425 21,975,962 24,231,344 19,501,727
Weighted-average common shares outstanding, diluted 25,057,029 22,105,009 24,922,630 19,501,727