XML 35 R25.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Quarterly Results for 2014 and 2013 | 12 Months Ended
--- | ---
Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Results for 2014 and 2013 | NOTE 17 – QUARTERLY RESULTS FOR 2014 AND 2013 (UNAUDITED) The following table provides a summary of quarterly results for the periods presented (in thousands except per share data):
|  | First |  |  | Second |  |  | Third |  |  | Fourth |
|  | Quarter |  |  | Quarter |  |  | Quarter |  |  | Quarter |
For the year ended December 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net premiums earned |  | $ | 63,807 |  |  | $ | 73,362 |  |  | $ | 94,288 |  |  | $ | 95,420 |
Investment income |  |  | 518 |  |  |  | 412 |  |  |  | 644 |  |  |  | 801 |
Total revenues |  |  | 74,305 |  |  |  | 86,989 |  |  |  | 103,500 |  |  |  | 104,482 |
Total expenses |  |  | 51,188 |  |  |  | 56,580 |  |  |  | 66,348 |  |  |  | 67,556 |
Net income |  |  | 13,549 |  |  |  | 17,126 |  |  |  | 21,341 |  |  |  | 20,972 |
Basic earnings per share |  | $ | 0.41 |  |  | $ | 0.50 |  |  | $ | 0.64 |  |  | $ | 0.63 |
Diluted earnings per share |  | $ | 0.38 |  |  | $ | 0.49 |  |  | $ | 0.61 |  |  | $ | 0.59 |
For the year ended December 31, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net premiums earned |  | $ | 65,409 |  |  | $ | 66,867 |  |  | $ | 68,927 |  |  | $ | 66,452 |
Investment income |  |  | 12 |  |  |  | 137 |  |  |  | 382 |  |  |  | 1,397 |
Total revenues |  |  | 67,455 |  |  |  | 77,756 |  |  |  | 78,368 |  |  |  | 77,580 |
Total expenses |  |  | 47,693 |  |  |  | 48,068 |  |  |  | 53,255 |  |  |  | 51,587 |
Net income |  |  | 11,959 |  |  |  | 17,029 |  |  |  | 14,407 |  |  |  | 15,582 |
Basic earnings per share |  | $ | 0.30 |  |  | $ | 0.47 |  |  | $ | 0.43 |  |  | $ | 0.46 |
Diluted earnings per share |  | $ | 0.29 |  |  | $ | 0.44 |  |  | $ | 0.40 |  |  | $ | 0.44 |
The improvement in the fourth quarter results for 2014 compared to 2013 includes an increase in revenues of $26.9 million offset by an increase in operating expenses of $16.0 million. The primary driver behind these increases was the reduction of the quota-share cession rate from 45% to 30% in June of 2014. The Company has also benefited from an overall decrease in the cost of certain reinsurance and operational initiatives to expedite the settlement of claims. These initiatives have reduced both the severity of claims as well as the time to settle them, thereby reducing losses and loss adjustment expenses as a percent of earned premium.

X
- Details
Name: | us-gaap_QuarterlyFinancialInformationDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=35737889&loc=d3e1280-108306 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
Name: | us-gaap_QuarterlyFinancialInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration