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CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Revenue:        
Gross premiums written $ 107,353 $ 69,534 $ 188,455 $ 114,868
Gross premiums ceded (46,533) (25,409) (49,840) (28,244)
Net premiums written 60,820 44,125 138,615 86,624
Increase in prepaid reinsurance premiums 23,682 10,466 6,887 552
Increase in unearned premiums (33,069) (30,932) (50,065) (45,218)
Net change in prepaid reinsurance premiums and unearned premiums (9,387) (20,466) (43,178) (44,666)
Net premiums earned 51,433 23,659 95,437 41,958
Commission income 1,223 844 2,177 1,351
Finance revenue 348 198 659 343
Direct written policy fees 2,352 1,780 4,179 2,963
Net investment income 1,302 788 2,308 1,582
Net realized investment gains 2,056 887 3,388 1,700
Other income 289 27 570 152
Total revenue 59,003 28,183 108,718 50,049
Expenses:        
Losses and LAE 24,522 12,819 45,350 22,147
Operating and underwriting expenses 4,201 3,934 7,868 6,655
Salaries and wages 3,448 2,333 6,498 4,666
Amortization of deferred policy acquisition costs 8,838 5,042 17,280 8,794
Total expenses 41,009 24,128 76,996 42,262
Income before provision for income tax expense 17,994 4,055 31,722 7,787
Provision for income tax expense 6,440 1,511 11,745 2,908
Net income $ 11,554 $ 2,544 $ 19,977 $ 4,879
Net income per share - basic (in dollars per share) $ 1.04 $ 0.32 $ 1.81 $ 0.61
Net income per share - diluted (in dollars per share) $ 1.01 $ 0.31 $ 1.75 $ 0.60
Weighted average number of common shares outstanding - basic (in shares) 11,096,317 8,019,887 11,022,889 8,001,513
Weighted average number of common shares outstanding - diluted (in shares) 11,481,319 8,273,974 11,407,576 8,210,792
Dividends paid per share (in dollars per share) $ 0.03 $ 0.03 $ 0.06 $ 0.05