XML 15 R4.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated Statements of Income - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenue        
Gross premiums earned $ 106,694 $ 86,002 $ 306,862 $ 251,914
Premiums ceded (44,231) (31,568) (109,304) (94,298)
Net premiums earned 62,463 54,434 197,558 157,616
Net investment income 1,832 3,621 3,244 11,125
Net realized investment gains (losses) 177 (30) (632) (535)
Net unrealized investment gains (losses) 1,340 642 (581) 7,261
Credit losses on investments (70) 0 (596) 0
Policy fee income 895 811 2,571 2,406
Gain on involuntary conversion 36,969 0 36,969 0
Other 421 501 1,591 1,370
Total revenue 104,027 59,979 240,124 179,243
Expenses        
Losses and loss adjustment expenses 51,743 27,327 119,664 78,616
Policy acquisition and other underwriting expenses 14,210 10,988 39,027 30,738
General and administrative personnel expenses 9,871 7,951 27,969 23,313
Interest expense 2,856 2,907 8,846 10,128
Loss on repurchases of convertible senior notes 0 0 150 0
Loss on extinguishment of debt 98 0 98 0
Other operating expenses 3,713 3,087 10,354 9,131
Total expenses 82,491 52,260 206,108 151,926
Income before income taxes 21,536 7,719 34,016 27,317
Income tax expense 6,146 1,866 9,143 7,173
Net income $ 15,390 $ 5,853 $ 24,873 $ 20,144
Basic earnings per share $ 1.97 $ 0.73 $ 3.21 $ 2.49
Diluted earnings per share $ 1.70 $ 0.73 $ 3.03 $ 2.49