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Quarterly Results for 2016 and 2015 | 12 Months Ended
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Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Results for 2016 and 2015 | NOTE 18 – QUARTERLY RESULTS FOR 2016 AND 2015 (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, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Premiums earned, net |  | $ | 152,448 |  |  | $ | 156,461 |  |  | $ | 159,534 |  |  | $ | 163,973 |
Investment income |  |  | 1,605 |  |  |  | 2,142 |  |  |  | 2,304 |  |  |  | 3,489 |
Total revenues |  |  | 164,446 |  |  |  | 169,802 |  |  |  | 172,436 |  |  |  | 178,605 |
Total expenses |  |  | 123,347 |  |  |  | 114,908 |  |  |  | 128,273 |  |  |  | 155,878 |
Net income |  |  | 25,226 |  |  |  | 33,647 |  |  |  | 26,882 |  |  |  | 13,655 |
Basic earnings per share |  | $ | 0.73 |  |  | $ | 0.96 |  |  | $ | 0.77 |  |  | $ | 0.39 |
Diluted earnings per share |  | $ | 0.71 |  |  | $ | 0.94 |  |  | $ | 0.75 |  |  | $ | 0.38 |
For the Year Ended December 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Premiums earned, net |  | $ | 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 |
Total revenues for each quarter in 2016 exceeded 2015 whereby net income improved only during the first two quarters of 2016 versus 2015. In the fourth quarter of 2016 the company recorded losses and LAE for weather events including Hurricane Matthew which was the principal impact to reduced profitability offset somewhat by lower expense ratio in 2016 versus 2015. Net income for the fourth quarter of 2016 decreased 53.2%, or $15.5 million, to $13.7 million compared to net income of $29.2 in the fourth quarter of 2015. The primary drivers behind the increases in revenue were increased policy and premium counts year over year driven by organic growth in, and outside of Florida and the elimination of quota-share reinsurance in June 2015.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=68076893&loc=d3e1570-108306 Reference 2: 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=68064558&loc=d3e765-108305 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=68064558&loc=d3e725-108305 + Details
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