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Quarterly Results for 2023 and 2022 (Unaudited) | 12 Months Ended
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Dec. 31, 2023
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Results for 2023 and 2022 (Unaudited) | QUARTERLY RESULTS FOR 2023 AND 2022 (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, 2023 |  |  |  |  |  |  |  |
Premiums earned, net |  | 282,224 |  |  | 303,274 |  |  | 331,040 |  |  | 335,398 |
Net investment income |  | 10,698 |  |  | 11,282 |  |  | 12,755 |  |  | 13,714 |
Total revenues |  | 316,508 |  |  | 339,570 |  |  | 360,048 |  |  | 375,456 |
Total expenses |  | 282,081 |  |  | 300,402 |  |  | 366,294 |  |  | 347,925 |
Net income (loss) |  | 24,173 |  |  | 28,566 |  |  | (5,915) |  |  | 19,999 |
Basic earnings (loss) per share |  | $ | 0.80 |  |  | $ | 0.94 |  |  | $ | (0.20) |  |  | $ | 0.69 |
Diluted earnings (loss) per share |  | $ | 0.79 |  |  | $ | 0.93 |  |  | $ | (0.20) |  |  | $ | 0.68 |
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 |
Direct premiums written increased by $16.5 million, or 4.0%, to $432.6 million for the quarter ended December 31, 2023, driven by premium growth within our Florida business of $2.0 million, or 0.6%, and premium growth in our other states business of $14.6 million, or 18.6%, as compared to the prior year fourth quarter. Rate increases approved in 2022 and 2023 for Florida and for certain other states and policy inflation adjustments were the principal driver of higher written premiums, in addition to an increase in policies in force. In total, policies in force increased by 2,379 or 0.3% during the fourth quarter, and declined by 38,924 or 4.6% over the last 12 months. Expense ratio excluding interest decreased to 21.8% from 25.1%.

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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://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147482964/270-10-50-1B Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 270 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//270/tableOfContent + Details
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