• Filing Date: 2019-03-08
  • Form Type: 10-K
  • Description: Annual report
v3.10.0.1
Quarterly Results of Operations
12 Months Ended
Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Results of Operations
Note 24 — Quarterly Results of Operations (Unaudited)
The tables below summarize unaudited quarterly results of operations for 2018, 2017 and 2016.

 
 
 
Three Months Ended
 
 
 
03/31/18
 
 
06/30/18
 
 
09/30/18
 
 
12/31/18
 
Net premiums earned
 
$
53,522
 
 
$
52,965
 
 
$
54,177
 
 
$
52,758
 
Total revenue
 
 
57,739
 
 
 
58,813
 
 
 
61,743
 
 
 
52,997
 
Losses and loss adjustment expenses
 
 
19,655
 
 
 
21,803
 
 
 
25,769
 
 
 
42,101
 
Policy acquisition and other underwriting expenses
 
 
9,360
 
 
 
9,959
 
 
 
9,829
 
 
 
9,795
 
Interest expense
 
 
4,470
 
 
 
4,505
 
 
 
4,552
 
 
 
4,569
 
Total expenses
 
 
42,935
 
 
 
47,293
 
 
 
49,820
 
 
 
64,342
 
Income (loss) before income taxes
 
 
14,804
 
 
 
11,520
 
 
 
11,923
 
 
 
(11,345
)
Net income (loss)
 
 
10,791
 
 
 
6,403
 
 
 
8,997
 
 
 
(8,466
)
Comprehensive income (loss)
 
 
8,340
 
 
 
6,413
 
 
 
8,955
 
 
 
(8,818
)
Earnings (loss) per share:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
 
$
1.25
 
 
$
0.96
 
 
$
1.08
 
 
$
(0.95
)
Diluted*
 
$
1.11
 
 
$
0.92
 
 
$
1.00
 
 
$
(0.95
)
 
*
During the quarter ended December 31, 2018, the convertible senior notes and stock options were antidilutive.
 
 
 
Three Months Ended
 
 
 
03/31/17
 
 
06/30/17
 
 
09/30/17
 
 
12/31/17
 
Net premiums earned
 
$
63,036
 
 
$
61,847
 
 
$
43,964
 
 
$
55,771
 
Total revenue
 
 
67,713
 
 
 
67,580
 
 
 
47,490
 
 
 
61,623
 
Losses and loss adjustment expenses
 
 
25,529
 
 
 
27,665
 
 
 
89,231
 
 
 
23,204
 
Policy acquisition and other underwriting expenses
 
 
9,649
 
 
 
10,070
 
 
 
9,926
 
 
 
10,018
 
Interest expense
 
 
3,542
 
 
 
4,378
 
 
 
4,408
 
 
 
4,439
 
Total expenses
 
 
48,571
 
 
 
53,275
 
 
 
113,508
 
 
 
44,676
 
Income (loss) before income taxes
 
 
19,142
 
 
 
14,305
 
 
 
(66,018
)
 
 
16,947
 
Net income (loss)
 
 
12,020
 
 
 
9,542
 
 
 
(40,546
)
 
 
12,091
 
Comprehensive income (loss)
 
 
12,949
 
 
 
8,959
 
 
 
(38,792
)
 
 
11,914
 
Earnings (loss) per share:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
 
$
1.27
 
 
$
1.05
 
 
$
(4.44
)
 
$
1.37
 
Diluted*
 
$
1.15
 
 
$
0.93
 
 
$
(4.44
)
 
$
1.14
 
 
*
During the quarter ended September 30, 2017, the convertible senior notes and stock options were antidilutive.
 
 
 
Three Months Ended
 
 
 
03/31/16
 
 
06/30/16
 
 
09/30/16
 
 
12/31/16
 
Net premiums earned
 
$
58,447
 
 
$
58,528
 
 
$
63,300
 
 
$
63,352
 
Total revenue
 
 
60,747
 
 
 
61,520
 
 
 
69,808
 
 
 
72,371
 
Losses and loss adjustment expenses
 
 
27,080
 
 
 
26,272
 
 
 
25,909
 
 
 
45,406
 
Policy acquisition and other underwriting expenses
 
 
11,110
 
 
 
10,879
 
 
 
10,536
 
 
 
10,117
 
Interest expense
 
 
2,829
 
 
 
2,611
 
 
 
2,672
 
 
 
2,967
 
Total expenses
 
 
51,050
 
 
 
50,291
 
 
 
49,779
 
 
 
66,470
 
Income before income taxes
 
 
9,697
 
 
 
11,229
 
 
 
20,029
 
 
 
5,901
 
Net income
 
 
6,056
 
 
 
7,024
 
 
 
11,333
 
 
 
4,608
 
Comprehensive income
 
 
7,846
 
 
 
10,742
 
 
 
12,487
 
 
 
2,380
 
Earnings per share:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
 
$
0.60
 
 
$
0.71
 
 
$
1.17
 
 
$
0.47
 
Diluted*
 
$
0.60
 
 
$
0.71
 
 
$
1.10
 
 
$
0.47
 
 
*
During the quarters ended March 31, 2016, June 30, 2016 and December 31, 2016, the convertible senior notes were antidilutive.