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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Revenue:        
Premiums and policy fees $ 2,539,905 $ 2,670,468 $ 5,189,876 $ 5,373,222
Ceded reinsurance premiums and policy fees (773,198) (843,636) (1,512,163) (1,570,290)
Net investment income 3,618,978 2,816,417 6,687,096 5,852,901
Other income 119,622 95,578 180,557 211,537
Revenue before net investment gains (losses) 5,505,307 4,738,827 10,545,366 9,867,370
Net investment gains (losses):        
Other-than-temporary impairments 0 0 0 0
Other realized investment gains, net 115,204 1,042,751 649,446 544,060
Change in fair value of equity securities 11,231,720 0 15,360,956 0
Total net investment gains (losses) [1] 11,346,924 1,042,751 16,010,402 544,060
Total revenue 16,852,231 5,781,578 26,555,768 10,411,430
Benefits, claims and settlement expenses:        
Life 4,369,689 4,860,950 8,538,483 9,828,602
Ceded reinsurance benefits and claims (262,738) (703,666) (951,150) (989,776)
Annuity 274,580 294,813 531,464 538,210
Dividends to policyholders 97,291 107,914 224,290 221,200
Commissions and amortization of deferred policy acquisition costs (35,885) (41,103) (76,456) (77,084)
Amortization of cost of insurance acquired 201,517 209,777 403,033 419,553
Operating expenses 1,784,832 1,758,608 3,870,651 3,804,665
Total benefits and other expenses 6,429,286 6,487,293 12,540,315 13,745,370
Income (loss) before income taxes 10,422,945 (705,715) 14,015,453 (3,333,940)
Income tax expense (benefit) 2,151,209 (196,624) 3,056,972 (710,214)
Net income (loss) 8,271,736 (509,091) 10,958,481 (2,623,726)
Net (income) loss attributable to noncontrolling interests (122,987) (45,632) (152,487) 95,602
Net income (loss) attributable to common shareholders $ 8,148,749 $ (554,723) $ 10,805,994 $ (2,528,124)
Amounts attributable to common shareholders        
Basic income (loss) per share (in dollars per share) $ 2.46 $ (0.17) $ 3.26 $ (0.75)
Diluted income (loss) per share (in dollars per share) $ 2.46 $ (0.17) $ 3.26 $ (0.75)
Basic weighted average shares outstanding (in shares) 3,311,319 3,355,850 3,318,167 3,353,416
Diluted weighted average shares outstanding (in shares) 3,311,319 3,355,850 3,318,167 3,353,416
[1] Effective January 1, 2018, the Company adopted ASU No. 2016-01. As a result, equity securities are no longer classified as available-for-sale with unrealized gains and losses recognized in other comprehensive income; rather, all changes in the fair value of equity securities are now recognized in net income. Prior periods have not been restated to conform to the current presentation. See note 2.