Quarterly Results for 2018 and 2017 (Unaudited)

12 Months Ended

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results for 2018 and 2017 (Unaudited)

QUARTERLY RESULTS FOR 2018 AND 2017 (UNAUDITED)

The following table provides a summary of quarterly results for the periods presented (in thousands except per share data):

	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
For the Year Ended December 31, 2018
Premiums earned, net	$	182,577	$	192,272	$	188,938	$	204,595
Net investment income	4,785		5,786		6,642		7,603
Total revenues	191,500		209,788		206,155		216,373
Total expenses	139,801		148,540		154,988		227,614
Net income (loss)	40,055		46,084		37,380		(6,468		)
Basic earnings (loss) per share	$	1.15	$	1.32	$	1.07	$	(0.19	)
Diluted earnings (loss) per share	$	1.12	$	1.29	$	1.04	$	(0.18	)
For the Year Ended December 31, 2017
Premiums earned, net	$	161,559	$	169,009	$	174,517	$	183,708
Investment income	2,704		3,223		3,085		4,448
Total revenues	174,874		185,487		190,243		201,312
Total expenses	127,503		137,564		173,644		142,721
Net income (loss)	31,199		29,376		9,964		36,396
Basic earnings per share	$	0.89	$	0.84	$	0.29	$	1.05
Diluted earnings per share	$	0.86	$	0.82	$	0.28	$	1.03

Total revenues in the fourth quarter of 2018 exceeded 2017 principally driven by increased rates, policy counts and earned premium year over year driven by organic growth in, and outside of Florida. The fourth quarter net (loss) was from higher claim costs which was the result of adverse development on prior accident years loss and LAE estimated claims and to a lesser extent the impact of

hurricane Michael also recorded in the fourth quarter. Also during the fourth quarter unrealized losses on equity securities were $8 million. Net loss for the fourth quarter of 2018 was $6.5 million compared to net income of $36.4 million in the fourth quarter of 2017.