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Quarterly Results for 2022 and 2021 (Unaudited)
 12 Months Ended
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, net269,064 277,061 290,631 291,870 
Net investment income4,042 5,221 6,074 10,448 
Total revenues287,482 292,006 312,810 330,360 
Total expenses263,403 279,595 404,417 295,881 
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, net243,305 256,172 264,654 271,332 
Net investment income2,986 2,858 2,797 3,894 
Total revenues262,757 279,181 287,254 292,659 
Total expenses226,386 249,087 260,761 356,566 
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.