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Quarterly Results for 2022 and 2021 (Unaudited) | 12 Months Ended
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Dec. 31, 2022
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Results for 2022 and 2021 (Unaudited) | QUARTERLY RESULTS FOR 2022 AND 2021 (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, 2022 |  |  |  |  |  |  |  |
Premiums earned, net |  | 269,064 |  |  | 277,061 |  |  | 290,631 |  |  | 291,870 |
Net investment income |  | 4,042 |  |  | 5,221 |  |  | 6,074 |  |  | 10,448 |
Total revenues |  | 287,482 |  |  | 292,006 |  |  | 312,810 |  |  | 330,360 |
Total expenses |  | 263,403 |  |  | 279,595 |  |  | 404,417 |  |  | 295,881 |
Net income (loss) |  | 17,537 |  |  | 7,370 |  |  | (72,275) |  |  | 25,111 |
Basic earnings (loss) per share |  | $ | 0.56 |  |  | $ | 0.24 |  |  | $ | (2.36) |  |  | $ | 0.83 |
Diluted earnings (loss) per share |  | $ | 0.56 |  |  | $ | 0.24 |  |  | $ | (2.36) |  |  | $ | 0.82 |
For the Year Ended December 31, 2021 |  |  |  |  |  |  |  |
Premiums earned, net |  | 243,305 |  |  | 256,172 |  |  | 264,654 |  |  | 271,332 |
Net investment income |  | 2,986 |  |  | 2,858 |  |  | 2,797 |  |  | 3,894 |
Total revenues |  | 262,757 |  |  | 279,181 |  |  | 287,254 |  |  | 292,659 |
Total expenses |  | 226,386 |  |  | 249,087 |  |  | 260,761 |  |  | 356,566 |
Net income (loss) |  | 26,408 |  |  | 21,941 |  |  | 20,183 |  |  | (48,125) |
Basic earnings (loss) per share |  | $ | 0.85 |  |  | $ | 0.70 |  |  | $ | 0.65 |  |  | $ | (1.54) |
Diluted earnings (loss) per share |  | $ | 0.84 |  |  | $ | 0.70 |  |  | $ | 0.64 |  |  | $ | (1.54) |
Total revenues in the fourth quarter of 2022 exceeded 2021 driven by an increase in premiums earned, net and increases in investment income. Increased premiums were the result of rate increases approved and implemented during 2021 and 2022 which are earning in as policies renew. Overall policy count decreased as part of managements efforts to manage exposures. Investment income increased as new investments in the investment portfolio are benefiting from increased market interest rates. The decrease in expenses was due to lower level of losses and LAE, a lower level of acquisition costs offset by a slightly higher level of other operating expenses. Benefiting the fourth quarter of 2022 losses and LAE were increased benefits from claim management fees associated with Hurricane Ian. Lower acquisition costs are a result of management lowering renewal commissions in 2022 to 8% from 10% in 2021 which are earned in over the renewed policy life.

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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 https://asc.fasb.org/topic&trid=2126967 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=126900988&loc=SL124452896-108306 + Details
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