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Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) (USD $)
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Revenues        
Net premiums earned $ 9,895,000 $ 6,125,584 $ 22,250,684 $ 15,425,081
Ceding commission revenue 3,278,319 3,611,544 10,365,651 8,239,686
Net investment income 463,513 294,348 1,294,216 852,666
Net realized gains on sales of investments 115,176 94,456 438,126 449,474
Other income 263,726 213,205 742,191 671,020
Total revenues 14,015,734 10,339,137 35,090,868 25,637,927
Expenses        
Loss and loss adjustment expenses 4,538,167 2,439,132 11,871,060 8,150,570
Commission expense 3,106,064 2,563,055 8,592,364 6,757,959
Other underwriting expenses 2,845,708 2,611,736 7,656,532 6,756,692
Other operating expenses 485,959 279,214 1,074,373 750,357
Depreciation and amortization 248,888 165,524 641,943 472,495
Interest expense 0 19,188 0 58,293
Total expenses 11,224,786 8,077,849 29,836,272 22,946,366
Income from operations before taxes 2,790,948 2,261,288 5,254,596 2,691,561
Income tax expense 907,267 599,064 1,689,280 770,228
Net income 1,883,681 1,662,224 3,565,316 1,921,333
Gross change in unrealized (losses) gains on available-for-sale-securities (525,622) (123,848) 891,093 (938,712)
Income tax benefit (expense) related to items of other comprehensive income (loss) 178,711 42,041 (302,972) 319,095
Comprehensive income $ 1,536,770 $ 1,580,417 $ 4,153,437 $ 1,301,716
Earnings per common share:        
Basic $ 0.26 $ 0.44 $ 0.49 $ 0.50
Diluted $ 0.26 $ 0.43 $ 0.48 $ 0.49
Weighted average common shares outstanding        
Basic 7,294,913 3,811,243 7,283,244 3,826,510
Diluted 7,378,097 3,887,840 7,360,294 3,903,427
Dividends declared and paid per common share $ 0.05 $ 0.04 $ 0.13 $ 0.12