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Quarterly Results for 2018 and 2017 (Unaudited) | 12 Months Ended
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Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Results for 2018 and 2017 (Unaudited) | QUARTERLY RESULTS FOR 2018 AND 2017 (UNAUDITED) The following table provides a summary of quarterly results for the periods presented (in thousands except per share data):
|  | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter
For the Year Ended December 31, 2018 |  |  |  |  |  |  |  |
Premiums earned, net |  | $ | 182,577 |  |  | $ | 192,272 |  |  | $ | 188,938 |  |  | $ | 204,595 |
Net investment income |  | 4,785 |  |  | 5,786 |  |  | 6,642 |  |  | 7,603 |
Total revenues |  | 191,500 |  |  | 209,788 |  |  | 206,155 |  |  | 216,373 |
Total expenses |  | 139,801 |  |  | 148,540 |  |  | 154,988 |  |  | 227,614 |
Net income (loss) |  | 40,055 |  |  | 46,084 |  |  | 37,380 |  |  | (6,468 | )
Basic earnings (loss) per share |  | $ | 1.15 |  |  | $ | 1.32 |  |  | $ | 1.07 |  |  | $ | (0.19 | )
Diluted earnings (loss) per share |  | $ | 1.12 |  |  | $ | 1.29 |  |  | $ | 1.04 |  |  | $ | (0.18 | )
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 (loss) |  | 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 |
Total revenues in the fourth quarter of 2018 exceeded 2017 principally driven by increased rates, policy counts and earned premium year over year driven by organic growth in, and outside of Florida. The fourth quarter net (loss) was from higher claim costs which was the result of adverse development on prior accident years loss and LAE estimated claims and to a lesser extent the impact of hurricane Michael also recorded in the fourth quarter. Also during the fourth quarter unrealized losses on equity securities were $8 million. Net loss for the fourth quarter of 2018 was $6.5 million compared to net income of $36.4 million in the fourth quarter of 2017.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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