XML 44 R26.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Quarterly Results for 2017 and 2016 | 12 Months Ended
--- | ---
Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Results for 2017 and 2016 | NOTE 18 – QUARTERLY RESULTS FOR 2017 AND 2016 (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, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Premiums earned, net |  | $ | 161,559 |  |  | $ | 169,009 |  |  | $ | 174,517 |  |  | $ | 183,708 |
Investment income |  |  | 2,704 |  |  |  | 3,223 |  |  |  | 3,085 |  |  |  | 4,448 |
Total revenues |  |  | 174,874 |  |  |  | 185,487 |  |  |  | 190,243 |  |  |  | 201,312 |
Total expenses |  |  | 127,503 |  |  |  | 137,564 |  |  |  | 173,644 |  |  |  | 142,721 |
Net income |  |  | 31,199 |  |  |  | 29,376 |  |  |  | 9,964 |  |  |  | 36,396 |
Basic earnings per share |  | $ | 0.89 |  |  | $ | 0.84 |  |  | $ | 0.29 |  |  | $ | 1.05 |
Diluted earnings per share |  | $ | 0.86 |  |  | $ | 0.82 |  |  | $ | 0.28 |  |  | $ | 1.03 |
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 |
Total revenues in the fourth quarter of 2017 exceeded 2016 principally driven by increased policy and premium counts year over year driven by organic growth in, and outside of Florida. The fourth quarter included a benefit within loss and LAE from Hurricane Irma due to reinsurance recoveries recognized during the quarter from our Other States Reinsurance Program, as well as additional income generated by our service company subsidiaries following Hurricane Irma. These benefits were largely offset by unfavorable reserve development for both current and prior accident years. The fourth quarter of 2016 was impacted by severe weather event losses of $26.6 million as a result of Hurricane Matthew. Net income for the fourth quarter of 2017 increased 166.5%, or $22.7 million, to $36.4 million, compared to net income of $13.7 million in the fourth quarter of 2016.

X
- References No definition available. + 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 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 -URI http://asc.fasb.org/topic&trid=2126967 + Details
Name: | us-gaap_QuarterlyFinancialInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration