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.