XML 16 R4.htm IDEA: XBRL DOCUMENT v3.20.2
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenues        
Net premiums earned $ 27,521,081 $ 34,220,010 $ 81,099,387 $ 95,017,178
Ceding commission revenue 3,448,774 1,029,582 10,760,087 2,982,960
Net investment income 1,494,086 1,856,553 4,771,936 5,200,034
Net gains (losses) on investments 2,107,876 998,162 (1,638,674) 3,712,180
Other income 250,654 343,391 772,672 998,927
Total revenues 34,822,471 38,447,698 95,765,408 107,911,279
Expenses        
Loss and loss adjustment expenses 20,117,975 24,781,318 49,317,427 71,587,850
Commission expense 8,036,298 7,722,825 23,652,765 21,866,420
Other underwriting expenses 6,346,846 6,430,734 19,434,110 17,983,174
Other operating expenses 1,038,453 609,924 3,364,483 2,647,221
Depreciation and amortization 710,181 646,201 2,070,435 1,876,202
Interest expense 456,545 456,545 1,369,635 1,369,635
Total expenses 36,706,298 40,647,547 99,208,855 117,330,502
Income (loss) from operations before income taxes (1,883,827) (2,199,849) (3,443,447) (9,419,223)
Income tax expense (benefit) (655,971) (474,687) (1,379,578) (1,998,251)
Net income (loss) (1,227,856) (1,725,162) (2,063,869) (7,420,972)
Other comprehensive income, net of tax        
Gross change in unrealized gains on available-for-sale-securities 1,778,478 1,323,626 5,938,600 9,191,817
Reclassification adjustment for gains included in net income (loss) (606,969) 46,841 (560,696) 81,636
Net change in unrealized gains 1,171,509 1,370,467 5,377,904 9,273,453
Income tax expense related to items of other comprehensive income (246,017) (287,798) (1,129,359) (1,947,424)
Other comprehensive income, net of tax 925,492 1,082,669 4,248,545 7,326,029
Comprehensive income $ (302,364) $ (642,493) $ 2,184,676 $ (94,943)
Earnings (loss) per share :        
Basic $ (0.12) $ (0.16) $ (0.19) $ (0.69)
Diluted $ (0.12) $ (0.16) $ (0.19) $ 0.69
Weighted average common shares outstanding        
Basic 10,673,077 10,779,641 10,737,853 10,769,817
Diluted 10,673,077 10,779,641 10,737,853 10,769,817
Dividends declared and paid per common share $ 0.0400 $ 0.0625 $ 0.1425 $ 0.2625