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Condensed Consolidated Statements of Operations and Other Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
REVENUES:        
Gross premiums written $ 278,242 $ 237,303 $ 797,776 $ 702,491
Change in gross unearned premiums (23,260) (5,686) (66,287) (12,326)
Gross premiums earned 254,982 231,617 731,489 690,165
Ceded premiums (116,752) (107,755) (338,197) (342,529)
Net premiums earned 138,230 123,862 393,292 347,636
Net investment income 2,817 3,655 9,783 11,157
Net realized and unrealized gains 20,355 805 20,377 3,132
Other revenue 3,717 3,377 10,385 10,878
Total revenues 165,119 131,699 433,837 372,803
EXPENSES:        
Losses and loss adjustment expenses 119,718 70,052 266,769 206,490
Policy acquisition costs, net of ceding commission income of $10.6 and $32.3 [1] 31,960 26,686 92,243 79,793
General and administrative expenses, net of ceding commission income of $3.5 and $10.6 [1] 17,923 21,477 59,583 58,465
Total expenses 169,601 118,215 418,595 344,748
Operating (loss) income (4,482) 13,484 15,242 28,055
Interest expense, net 2,251 2,401 5,939 6,502
Other non-operating loss, net       48
(Loss) Income before income taxes (6,733) 11,083 9,303 21,505
(Benefit) provision for income taxes (1,500) 2,950 2,784 5,687
Net (loss) income (5,233) 8,133 6,519 15,818
OTHER COMPREHENSIVE (LOSS) INCOME        
Change in net unrealized gains on investments 2,480 4,429 19,330 19,533
Reclassification adjustment for net realized investment (gains) losses (20,355) (103) (20,377) 291
Income tax (expense) benefit related to items of other comprehensive income 4,137 (1,035) 242 (4,747)
Total comprehensive (loss) income $ (18,971) $ 11,424 $ 5,714 $ 30,895
Weighted average shares outstanding        
Basic 27,739,839 29,109,962 28,053,959 29,329,742
Diluted 27,739,839 29,168,392 28,073,570 29,352,756
(Loss) Earnings per share        
Basic $ (0.19) $ 0.28 $ 0.23 $ 0.54
Diluted $ (0.19) $ 0.28 $ 0.23 $ 0.54
[1] Parenthetical values are presented in millions for the three and nine months ended September 30, 2020