• Filing Date: 2014-03-12
  • Form Type: 10-K
  • Description: Annual report
v2.4.0.8
Consolidated Statements of Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Revenue      
Gross premiums earned $ 337,113 $ 233,607 $ 143,606
Premiums ceded (102,865) (75,939) (55,525)
Net premiums earned 234,248 157,668 88,081
Net investment income 1,469 980 2,061
Policy fee income 3,098 2,538 1,438
Net realized investment gains 80 276 290
Gain on bargain purchase   179 936
Other 2,193 1,424 1,003
Total revenue 241,088 163,065 93,809
Expenses      
Losses and loss adjustment expenses 65,123 66,310 48,243
Policy acquisition and other underwriting expenses 31,619 25,930 18,129
Interest expense 3,607    
Goodwill impairment loss   161  
Other operating expenses 34,286 21,084 11,032
Total expenses 134,635 113,485 77,404
Income before income taxes 106,453 49,580 16,405
Income tax expense 40,891 19,423 6,441
Net income 65,562 30,157 9,964
Preferred stock dividends (104) (322) (815)
Income available to common stockholders $ 65,458 $ 29,835 $ 9,149
Basic earnings per common share $ 5.82 $ 3.45 $ 1.49
Diluted earnings per common share $ 5.63 $ 3.02 $ 1.34
Dividends per common share $ 0.95 $ 0.88 $ 0.53