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Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Revenues        
Net premiums earned $ 10,865,715 $ 6,429,373 $ 21,251,514 $ 12,355,684
Ceding commission revenue 3,655,522 3,706,049 6,744,926 7,087,332
Net investment income 625,972 451,915 1,200,628 830,703
Net realized gains (losses) on sales of investments 2,263 134,602 (65,231) 322,950
Other income 393,040 250,908 1,024,231 478,465
Total revenues 15,542,512 10,972,847 30,156,068 21,075,134
Expenses        
Loss and loss adjustment expenses 4,770,813 3,007,939 11,834,030 7,332,893
Commission expense 3,600,164 2,903,792 7,012,491 5,486,300
Other underwriting expenses 2,961,663 2,529,075 5,960,818 4,810,824
Other operating expenses 377,843 338,379 706,341 588,414
Depreciation and amortization 246,572 209,935 482,234 393,055
Total expenses 11,957,055 8,989,120 25,995,914 18,611,486
Income from operations before taxes 3,585,457 1,983,727 4,160,154 2,463,648
Income tax expense 1,206,275 629,225 1,398,473 782,013
Net income 2,379,182 1,354,502 2,761,681 1,681,635
Other comprehensive income (loss), net of tax        
Gross change in unrealized (lossses) gains on available-for-sale-securities (1,313,096) 870,921 (607,522) 1,739,665
Reclassification adjustment for (gains) losses included in net income (2,263) (134,602) 65,231 (322,950)
Net change in unrealized gains (losses) (1,315,359) 736,319 (542,291) 1,416,715
Income tax benefit (expense) related to items of other comprehensive income (loss) 447,222 (250,348) 184,379 (481,683)
Other comprehensive income (loss), net of tax (868,137) 485,971 (357,912) 935,032
Comprehensive income $ 1,511,045 $ 1,840,473 $ 2,403,769 $ 2,616,667
Earnings per common share:        
Basic $ 0.32 $ 0.19 $ 0.38 $ 0.23
Diluted $ 0.32 $ 0.18 $ 0.38 $ 0.23
Weighted average common shares outstanding        
Basic 7,337,817 7,287,935 7,328,098 7,277,313
Diluted 7,362,988 7,358,280 7,355,908 7,352,609
Dividends declared and paid per common share $ 0.05 $ 0.04 $ 0.10 $ 0.08