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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Revenues        
Net premiums earned $ 83,249 $ 61,615 $ 157,118 $ 116,529
Net investment income 7,629 5,735 15,012 10,309
Net realized investment (losses) gains (113) 59 (300) 59
Other revenues 415 44 456 108
Total revenues 91,180 67,453 172,286 127,005
Expenses        
Insurance claims and claim expenses 2,923 643 5,666 2,212
Underwriting and operating expenses 32,543 29,020 63,392 57,473
Total expenses 35,466 29,663 69,058 59,685
Other expense        
(Loss) gain from change in fair value of warrant liability (1,685) 109 (7,164) 529
Interest expense (3,071) (5,560) (6,132) (8,979)
Total other expense (4,756) (5,451) (13,296) (8,450)
Income before income taxes 50,958 32,339 89,932 58,870
Income tax expense 11,858 7,098 17,933 11,274
Net income $ 39,100 $ 25,241 $ 71,999 $ 47,596
Earnings per share        
Basic earnings per share (in dollars per share) $ 0.58 $ 0.38 $ 1.07 $ 0.74
Diluted earnings per share (in dollars per share) $ 0.56 $ 0.37 $ 1.04 $ 0.70
Weighted average common shares outstanding        
Basic weighted average shares outstanding (in shares) 67,590 65,664 67,143 63,891
Dilutive weighted average shares outstanding (in shares) 69,590 68,616 69,348 67,171
Comprehensive income:        
Net income $ 39,100 $ 25,241 $ 71,999 $ 47,596
Other comprehensive income (loss), net of tax:        
Unrealized gains (losses) in accumulated other comprehensive income, net of tax expense (benefit) of $3,662 and ($2,879) for the three months ended June 30, 2019 and 2018 and $7,615 and ($3,304) for the six months ended June 30, 2019 and 2018, respectively 13,779 (1,464) 28,647 (12,429)
Reclassification adjustment for realized losses (gains) included in net income, net of tax (benefit) expense of ($24) and $12 for the three months ended June 30, 2019 and 2018 and ($63) and $10 for the six months ended June 30, 2019 and 2018, respectively 89 (46) 237 (37)
Other comprehensive income (loss), net of tax 13,868 (1,510) 28,884 (12,466)
Comprehensive income $ 52,968 $ 23,731 $ 100,883 $ 35,130