• Filing Date: 2020-03-06
  • Form Type: 10-K
  • Description: Annual report
v3.19.3.a.u2
Quarterly Results of Operations
12 Months Ended
Dec. 31, 2019
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 2019, 2018 and 2017.

 

 

 

Three Months Ended

 

 

 

03/31/19

 

 

06/30/19

 

 

09/30/19

 

 

12/31/19

 

Net premiums earned

 

$

51,184

 

 

$

51,998

 

 

$

54,434

 

 

$

58,698

 

Total revenue

 

 

60,634

 

 

 

58,630

 

 

 

59,979

 

 

 

63,231

 

Losses and loss adjustment expenses

 

 

26,996

 

 

 

24,293

 

 

 

27,327

 

 

 

28,898

 

Policy acquisition and other underwriting expenses

 

 

9,673

 

 

 

10,077

 

 

 

10,988

 

 

 

11,759

 

Interest expense

 

 

4,337

 

 

 

2,884

 

 

 

2,907

 

 

 

2,927

 

Total expenses

 

 

51,351

 

 

 

48,315

 

 

 

52,260

 

 

 

54,455

 

Income (loss) before income taxes

 

 

9,283

 

 

 

10,315

 

 

 

7,719

 

 

 

8,776

 

Net income (loss)

 

 

6,738

 

 

 

7,553

 

 

 

5,853

 

 

 

6,432

 

Comprehensive income (loss)

 

 

8,732

 

 

 

8,767

 

 

 

6,189

 

 

 

6,519

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.82

 

 

$

0.93

 

 

$

0.73

 

 

$

0.84

 

Diluted*

 

$

0.82

 

 

$

0.90

 

 

$

0.73

 

 

$

0.82

 

 

*

During the quarters ended March 31, 2019 and September 30, 2019, the convertible senior notes were antidilutive.

 

 

 

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.