Quarterly Results for 2016 and 2015

12 Months Ended

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.