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Quarterly Results for 2015 and 2014

12 Months Ended

Dec. 31, 2015

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results for 2015 and 2014

NOTE 17 – QUARTERLY RESULTS FOR 2015 AND 2014 (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, 2015
Net premiums earned		$	94,360			$	112,888			$	146,153			$	150,598
Investment income			862				1,207				1,307				1,779
Total revenues			103,810				123,591				157,043				162,100
Total expenses			65,787				82,371				109,143				114,220
Net income			22,330				24,704				30,298				29,152
Basic earnings per share		$	0.65			$	0.71			$	0.87			$	0.84
Diluted earnings per share		$	0.62			$	0.69			$	0.84			$	0.82
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

The improvement in the fourth quarter results for 2015 compared to 2014 includes an increase in revenues of $57.6 million offset by an increase in operating expenses of $46.7 million. The primary driver behind these increases was organic growth in, and outside of Florida and the elimination of quota-share reinsurance in June 2015. The Company also benefited from an overall decrease in the cost of certain reinsurance. The effective tax rate for the fourth quarter of 2015 decreased compared to the same period in 2014 primarily as a result of a reduction in non-deductible compensation.

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- References

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- 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=51655806&loc=d3e765-108305

Reference 2: 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=51825399&loc=d3e1280-108306

Reference 3: 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=51655806&loc=d3e725-108305

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

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