Quarterly Results for 2020 and 2019 (Unaudited)

12 Months Ended

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.