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Quarterly Results for 2020 and 2019 (Unaudited) | 12 Months Ended
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Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Results for 2020 and 2019 (Unaudited) | QUARTERLY RESULTS FOR 2020 AND 2019 (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, 2020 |  |  |  |  |  |  |  |
Premiums earned, net |  | $ | 220,829 |  |  | $ | 226,370 |  |  | $ | 234,191 |  |  | $ | 242,173 |
Net investment income |  | 6,834 |  |  | 6,179 |  |  | 4,557 |  |  | 2,823 |
Total revenues |  | 235,275 |  |  | 252,704 |  |  | 311,665 |  |  | 273,126 |
Total expenses |  | 207,691 |  |  | 225,266 |  |  | 315,457 |  |  | 300,125 |
Net income (loss) |  | 20,067 |  |  | 19,882 |  |  | (3,169) |  |  | (17,675) |
Basic earnings (loss) per share |  | $ | 0.62 |  |  | $ | 0.62 |  |  | $ | (0.10) |  |  | $ | (0.57) |
Diluted earnings (loss) per share |  | $ | 0.61 |  |  | $ | 0.62 |  |  | $ | (0.10) |  |  | $ | (0.57) |
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) |
Total revenues in the fourth quarter of 2020 exceeded 2019 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 2020 compared to 2019 which was due primarily to an increase in volume of policies and a higher loss experience in the 2020 accident year due to increased weather events in the current year offset by a reduction in adverse prior year development.

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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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