Schedule of quarterly financial information |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2022 Quarters | | 2022 | | | First | | Second | | Third | | Fourth | | Year | | | (In Thousands, except per share data) | | | | | | | | | | | | | Net premiums earned | $ | 116,495 | | | $ | 120,870 | | | $ | 118,317 | | | $ | 119,584 | | | $ | 475,266 | | | Net investment income | 10,199 | | | 10,921 | | | 11,945 | | | 13,341 | | | 46,406 | | | Net realized investment gains | 408 | | | 53 | | | 14 | | | 6 | | | 481 | | | Other revenues | 339 | | | 376 | | | 301 | | | 176 | | | 1,192 | | | | | | | | | | | | | | Insurance claims and claim (benefit) expenses | (619) | | | (3,036) | | | (3,389) | | | 3,450 | | | (3,594) | | | | | | | | | | | | | | Underwriting and operating expenses | 32,935 | | | 30,700 | | | 27,144 | | | 26,711 | | | 117,490 | | | Service expenses | 430 | | | 336 | | | 197 | | | 131 | | | 1,094 | | | Interest expense | 8,041 | | | 8,051 | | | 8,036 | | | 8,035 | | | 32,163 | | | Gain from change in fair value of warrant liability | (93) | | | (1,020) | | | — | | | — | | | (1,113) | | | Income before income taxes | 86,747 | | | 97,189 | | | 98,589 | | | 94,780 | | | 377,305 | | | Income tax expense | 19,067 | | | 21,745 | | | 21,751 | | | 21,840 | | | 84,403 | | | Net income | $ | 67,680 | | | $ | 75,444 | | | $ | 76,838 | | | $ | 72,940 | | | $ | 292,902 | | | | | | | | | | | | | | Basic earnings per share (1) | $ | 0.79 | | | $ | 0.88 | | | $ | 0.91 | | | $ | 0.87 | | | $ | 3.45 | | | Diluted earnings per share (1) | $ | 0.77 | | | $ | 0.86 | | | $ | 0.90 | | | $ | 0.86 | | | $ | 3.39 | | | | | | | | | | | | | | Weighted average common shares outstanding - basic | 85,953 | | | 85,734 | | | 84,444 | | | 83,592 | | | 84,921 | | Weighted average common shares outstanding - diluted | 87,310 | | | 86,577 | | | 85,485 | | | 84,809 | | | 85,999 | |
(1) Due to the use of weighted average shares outstanding when calculating EPS, the sum of quarterly per share data may not equal the per share data for the year. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2021 Quarters | | 2021 | | | First | | Second | | Third | | Fourth | | Year | | | (In Thousands, except per share data) | | | | | | | | | | | | | Net premiums earned | $ | 105,879 | | | $ | 110,888 | | | $ | 113,594 | | | $ | 113,933 | | | $ | 444,294 | | | Net investment income | 8,814 | | | 9,382 | | | 9,831 | | | 10,045 | | | 38,072 | | | Net realized investment gains | — | | | 12 | | | 3 | | | 714 | | | 729 | | | Other revenues | 501 | | | 483 | | | 613 | | | 380 | | | 1,977 | | | | | | | | | | | | | | Insurance claims and claim expenses (benefits) | 4,962 | | | 4,640 | | | 3,204 | | | (500) | | | 12,305 | | (2) | Underwriting and operating expenses | 34,065 | | | 34,725 | | | 34,669 | | | 38,843 | | | 142,303 | | (2) | Service expenses | 591 | | | 481 | | | 787 | | | 650 | | | 2,509 | | | Interest expense | 7,915 | | | 7,922 | | | 7,930 | | | 8,029 | | | 31,796 | | | Loss (gain) from change in fair value of warrant liability | 205 | | | (658) | | | — | | | (112) | | | (566) | | (2) | Income before income taxes | 67,456 | | | 73,655 | | | 77,451 | | | 78,162 | | | 296,725 | | (2) | Income tax expense | 14,565 | | | 16,133 | | | 17,258 | | | 17,639 | | | 65,595 | | | Net income | $ | 52,891 | | | $ | 57,522 | | | $ | 60,193 | | | $ | 60,523 | | | $ | 231,130 | | (2) | | | | | | | | | | | | Basic earnings per share (1) | $ | 0.62 | | | $ | 0.67 | | | $ | 0.70 | | | $ | 0.71 | | | $ | 2.70 | | | Diluted earnings per share (1) | $ | 0.61 | | | $ | 0.65 | | | $ | 0.69 | | | $ | 0.69 | | | $ | 2.65 | | | | | | | | | | | | | | Weighted average common shares outstanding - basic | 85,317 | | | 85,647 | | | 85,721 | | | 85,757 | | | 85,620 | | | Weighted average common shares outstanding - diluted | 86,487 | | | 86,819 | | | 86,880 | | | 87,117 | | | 86,885 | | | | | | | | | | | | | |
(1) Due to the use of weighted average shares outstanding when calculating EPS, the sum of quarterly per share data may not equal the per share data for the year. (2) May not foot by summing up the quarterly results due to rounding.
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