CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
| Revenues |
|
|
|
|
| Net premiums earned |
$ 37,917
|
$ 26,041
|
$ 71,142
|
$ 45,848
|
| Net investment income |
3,908
|
3,342
|
7,715
|
6,573
|
| Net realized investment gains (losses) |
188
|
61
|
130
|
(824)
|
| Other revenues |
185
|
37
|
265
|
69
|
| Total revenues |
42,198
|
29,481
|
79,252
|
51,666
|
| Expenses |
|
|
|
|
| Insurance claims and claims expenses |
1,373
|
470
|
2,008
|
928
|
| Underwriting and operating expenses |
28,048
|
23,234
|
54,037
|
45,906
|
| Total expenses |
29,421
|
23,704
|
56,045
|
46,834
|
| Other (expense) income |
|
|
|
|
| Gain (loss) from change in fair value of warrant liability |
19
|
(59)
|
(177)
|
611
|
| Interest expense |
(3,300)
|
(3,707)
|
(6,794)
|
(7,339)
|
| Total other expense |
(3,281)
|
(3,766)
|
(6,971)
|
(6,728)
|
| Income (loss) before income taxes |
9,496
|
2,011
|
16,236
|
(1,896)
|
| Income tax expense |
3,484
|
0
|
4,732
|
0
|
| Net income (loss) |
$ 6,012
|
$ 2,011
|
$ 11,504
|
$ (1,896)
|
| Earnings (loss) per share |
|
|
|
|
| Basic earnings (loss) per share (in dollars per share) |
$ 0.10
|
$ 0.03
|
$ 0.19
|
$ (0.03)
|
| Diluted earnings (loss) per share (in dollars per share) |
$ 0.10
|
$ 0.03
|
$ 0.18
|
$ (0.03)
|
| Weighted average common shares outstanding |
|
|
|
|
| Basic weighted average shares outstanding (in shares) |
59,823,396
|
59,105,613
|
59,576,747
|
59,005,983
|
| Dilutive weighted average shares outstanding (in shares) |
63,010,362
|
59,830,899
|
62,688,563
|
59,005,983
|
| Other comprehensive income, net of tax: |
|
|
|
|
| Net unrealized gains in accumulated other comprehensive income, net of tax expense of $1,388 and $0 for the three months ended June 30, 2017 and 2016, respectively, and $2,073 and $0 for the six months ended June 30,2017 and 2016 |
$ 2,822
|
$ 8,670
|
$ 4,017
|
$ 17,771
|
| Reclassification adjustment for losses (gains) included in net income, net of tax expense of $66 and $0 for the three months ended June 30, 2017 and 2016, respectively, and $45 and $0 for the six months ended June 30,2017 and 2016 |
(122)
|
(61)
|
(84)
|
824
|
| Other comprehensive income, net of tax |
2,700
|
8,609
|
3,933
|
18,595
|
| Comprehensive income |
$ 8,712
|
$ 10,620
|
$ 15,437
|
$ 16,699
|