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CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Revenue:        
Gross premiums written $ 92,032 $ 60,741 $ 280,487 $ 175,609
Gross premiums ceded (129,298) (49,936) (179,137) (78,179)
Net premiums written (37,266) 10,805 101,350 97,430
Increase in prepaid reinsurance premiums 80,013 29,318 86,900 29,870
Increase in unearned premiums (8,229) (12,762) (58,295) (57,981)
Net change in prepaid reinsurance premiums and unearned premiums 71,784 16,556 28,605 (28,111)
Net premiums earned 34,518 27,361 129,955 69,319
Commission income 1,173 637 3,350 1,989
Finance revenue 392 241 1,051 584
Direct written policy fees 2,238 1,632 6,417 4,594
Net investment income 1,450 800 3,758 2,382
Net realized investment gains 659 780 4,047 2,480
Other income 970 466 1,540 618
Quota-share profit sharing 1,750 0 1,750 0
Total revenue 43,150 31,917 151,868 81,966
Expenses:        
Losses and LAE 15,126 14,436 60,476 36,583
Operating and underwriting expenses 6,732 3,411 14,600 10,066
Salaries and wages 4,022 2,709 10,520 7,375
Amortization of deferred policy acquisition costs 5,815 6,576 23,095 15,370
Total expenses 31,695 27,132 108,691 69,394
Income before provision for income tax expense 11,455 4,785 43,177 12,572
Provision for income tax expense 4,228 1,504 15,973 4,411
Net income $ 7,227 $ 3,281 $ 27,204 $ 8,161
Net income per share - basic (in dollars per share) $ 0.57 $ 0.41 $ 2.35 $ 1.02
Net income per share - diluted (in dollars per share) $ 0.56 $ 0.39 $ 2.28 $ 0.99
Weighted average number of common shares outstanding - basic (in shares) 12,624,746 8,066,773 11,562,709 8,023,505
Weighted average number of common shares outstanding - diluted (in shares) 12,956,407 8,345,924 11,934,057 8,260,435
Dividends paid per share (in dollars per share) $ 0.03 $ 0.03 $ 0.09 $ 0.08