Quarterly Results for 2019 and 2018 (Unaudited)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results for 2019 and 2018 (Unaudited)

QUARTERLY RESULTS FOR 2019 AND 2018 (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, 2019
Premiums earned, net	$	209,727	$	210,357	$	206,599	$	215,819
Net investment income	8,142		7,410		7,613		7,578
Total revenues	236,586		233,722		229,641		239,402
Total expenses	182,842		182,792		201,745		308,455
Net income (loss)	40,148		37,293		20,146		(51,073		)
Basic earnings (loss) per share	$	1.16	$	1.09	$	0.60	$	(1.55	)
Diluted earnings (loss) per share	$	1.14	$	1.08	$	0.59	$	(1.55	)

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	$	(0.19	)

Total revenues in the fourth quarter of 2019 exceeded 2018 driven by an increase in premium rates, organic growth in policy counts in, and outside of Florida partially offset by an increase in ceded earned premium reflecting both an increase in the exposures covered by reinsurance and its pricing. The increase in expenses was due to a higher amount of net losses and loss adjustment expenses recorded in the fourth quarter of 2019 compared to 2018 which was due primarily to an increase in volume of policies and a higher loss experience in the 2019 accident year, increased weather events in the current year offset by a reduction in adverse prior year development.