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Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Revenues        
Net premiums earned $ 13,129,604 $ 9,895,000 $ 34,381,118 $ 22,250,684
Ceding commission revenue 2,643,531 3,278,319 9,388,457 10,365,651
Net investment income 649,441 463,513 1,850,069 1,294,216
Net realized (losses) gains on sales of investments (40,487) 115,176 (105,718) 438,126
Other income 275,280 263,726 1,299,511 742,191
Total revenues 16,657,369 14,015,734 46,813,437 35,090,868
Expenses        
Loss and loss adjustment expenses 5,050,194 4,538,167 16,884,224 11,871,060
Commission expense 4,021,383 3,106,064 11,033,874 8,592,364
Other underwriting expenses 3,389,024 2,845,708 9,349,842 7,656,532
Other operating expenses 468,352 485,959 1,174,693 1,074,373
Depreciation and amortization 267,424 248,888 749,658 641,943
Total expenses 13,196,377 11,224,786 39,192,291 29,836,272
Income from operations before taxes 3,460,992 2,790,948 7,621,146 5,254,596
Income tax expense 1,115,338 907,267 2,513,811 1,689,280
Net income 2,345,654 1,883,681 5,107,335 3,565,316
Other comprehensive income (loss), net of tax        
Gross change in unrealized gains (losses) on available-for-sale-securities (92,097) (410,446) (699,619) 1,329,219
Reclassification adjustment for gains included in net income 40,487 (115,176) 105,718 (438,126)
Net change in unrealized gains (losses) (51,610) (525,622) (593,901) 891,093
Income tax benefit (expense) related to items of other comprehensive income (loss) 17,547 178,711 201,926 (302,972)
Other comprehensive income (loss), net of tax (34,063) (346,911) (391,975) 588,121
Comprehensive income $ 2,311,591 $ 1,536,770 $ 4,715,360 $ 4,153,437
Earnings per common share:        
Basic $ 0.32 $ 0.26 $ 0.70 $ 0.49
Diluted $ 0.32 $ 0.26 $ 0.69 $ 0.48
Weighted average common shares outstanding        
Basic 7,334,269 7,294,913 7,330,178 7,283,244
Diluted 7,381,626 7,378,097 7,367,714 7,360,294
Dividends declared and paid per common share $ 0.05 $ 0.05 $ 0.15 $ 0.13