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Form 8-K HCI Group, Inc. For: Mar 08

March 8, 2022 4:33 PM EST

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Exhibit 99.1

 

img19850711_0.jpg 

 

HCI Group Reports Fourth Quarter and Full Year 2021 Results

 

Tampa, Fla. – March 8, 2022 – HCI Group, Inc. (NYSE: HCI), a holding company with operations in homeowners insurance, information technology services, real estate, and reinsurance, reported results for the three and twelve months ended December 31, 2021.

 

Fourth Quarter 2021 - Financial Results

Net income for the fourth quarter of 2021 totaled $1.4 million or $0.01 diluted earnings per share compared with net income of $2.7 million or $0.35 diluted earnings per share in the fourth quarter of 2020. Adjusted net loss (a non-GAAP measure which excludes net unrealized gains or losses on equity securities) for the fourth quarter of 2021 was $0.1 million or $0.14 diluted loss per share compared with adjusted net income of $1.8 million or $0.22 diluted earnings per share in the fourth quarter of 2020. This press release includes an explanation of adjusted net income as well as a reconciliation to net income and earnings per share calculated in accordance with generally accepted accounting principles (known as “GAAP”).

 

Consolidated gross written premiums of $189.3 million for the fourth quarter of 2021 increased 35.9% from $139.3 million in the fourth quarter of 2020. Homeowners Choice gross premiums written grew from $97.2 million to $103.4 million and TypTap Insurance Company gross premiums written grew from $42.1 million to $85.9 million.

 

Consolidated gross premiums earned of $156.8 million for the fourth quarter of 2021 increased 43.8% from $109.1 million in the fourth quarter of 2020. Homeowners Choice gross premiums earned grew from $85.1 million to $100.3 million and TypTap gross premiums earned grew from $24.0 million to $56.5 million.

 

Premiums ceded for reinsurance for the fourth quarter of 2021 increased to $54.6 million from $44.2 million in the fourth quarter of 2020 and represented 34.8% and 40.5%, respectively, of gross premiums earned. The increase was a result of the growth in both Homeowners Choice and TypTap.

 

Net investment income increased to $2.6 million in the fourth quarter of 2021 from $1.3 million in the fourth quarter of 2020. This increase was due to an increase in income from limited partnership investments, real estate investments and an investment in an unconsolidated joint venture offset by a decrease in interest income from fixed-maturity security investments.

 

Net unrealized investment gains were $2.0 million in the fourth quarter of 2021 compared with $1.3 million of net unrealized investment gains for the fourth quarter of 2020.

 

Losses and loss adjustment expenses for the fourth quarter of 2021 were $63.2 million compared with $40.4 million in the same period of 2020. The increase was attributable to the company’s growing premium base and storm related losses from events in its four northeastern states.

 

Policy acquisition and other underwriting expenses for the fourth quarter of 2021 were $24.2 million compared with $14.8 million in the same quarter of 2020. The increase relates to the growth of TypTap, and the amortization of costs associated with the quota share arrangements with United Property & Casualty.

 

General and administrative personnel expenses increased to $13.7 million in the fourth quarter of 2021 from $5.9 million for the fourth quarter of 2020 due to staffing increases to establish TypTap Insurance Group and increased stock-based compensation expense.

 

Full Year 2021 - Financial Results

Net income for the year ended December 31, 2021 totaled $7.2 million or $0.21 diluted earnings per share compared with $27.6 million or $3.49 diluted earnings per share for the year ended December 31, 2020. The decrease in net income was primarily attributable to a one-time gain of $37.0 million on an involuntary sale of real estate included in the company’s 2020 results offset somewhat by an increase in net income from the company’s investment portfolio in 2021.

 

1


 

Adjusted net income (a non-GAAP measure which excludes net unrealized gains or losses on equity securities) for the year ended December 31, 2021 was $6.2 million or $0.10 diluted earnings per share compared with $27.1 million or $3.44 diluted earnings per share in the same period of 2020. An explanation of this non-GAAP financial measure and reconciliations to the applicable GAAP numbers accompany this press release.

 

Consolidated gross written premiums for the twelve-month periods increased 33.8% to $674.4 million in 2021 from $504.2 million in 2020. Homeowners Choice gross premiums written grew from $399.3 million to $426.9 million and TypTap gross premiums written grew from $104.9 million to $247.5 million.

 

Consolidated gross premiums earned for the year ended December 31, 2021 increased to $577.0 million from $415.9 million during the same period in 2020. Homeowners Choice gross premiums earned grew from $337.1 million to $401.1 million and TypTap gross premiums earned grew from $78.8 million to $175.9 million.

 

Premiums ceded for the year ended December 31, 2021 were $199.7 million or 34.6% of gross premiums earned compared with $153.5 million or 36.9% of gross premiums earned during the same period in 2020 as a result of the growth in both Homeowners Choice and TypTap.

 

Net investment income for the year ended December 31, 2021 was $12.3 million compared with $4.6 million for the year ended December 31, 2020. The $7.7 million increase was primarily due to an increase in income from limited partnership investments and an increase in net income from real estate investments.

 

Net realized investment gains for the year ended December 31, 2021 increased to $6.5 million from $1.0 million in the same period of 2020. This increase was primarily due to net gains from selling equity securities.

 

Losses and loss adjustment expenses for the years ended December 31, 2021 and 2020 were $227.5 million and $160.0 million, respectively. The increase was attributable to the company’s growing premium base and losses from the re-estimation of prior year storms Hurricane Sally and Tropical Storm Eta. The consolidated gross loss ratio was 39.4% in 2021 compared to 38.5% in 2020.

 

Policy acquisition and other underwriting expenses for the year ended December 31, 2021 were $93.7 million compared with $53.9 million in the same period in 2020. The increase relates to the growth of TypTap, and the amortization of increased costs associated with the quota share arrangements with United Property & Casualty.

 

Management Commentary

“In 2021 we grew our premiums by a third and we reported a profit for the year,” said HCI Group Chairman and Chief Executive Officer Paresh Patel. “Further, we deleveraged our balance sheet and grew book value by 24%. We enter 2022 poised for another year of profitable growth.”

 

Conference Call

HCI Group will hold a conference call tomorrow, March 9, 2022, to discuss these financial results. Chairman and Chief Executive Officer Paresh Patel, Chief Operating Officer Karin Coleman and Chief Financial Officer Mark Harmsworth will host the call starting at 8:30 a.m. Eastern time.

 

Interested parties can listen to the live presentation by dialing the listen-only number below or by clicking the webcast link available on the Investor Information section of the company's website at www.hcigroup.com.

 

Listen-only toll-free number: (888) 506-0062

Listen-only international number: (973) 528-0011

Entry Code: 823326

 

Please call the conference telephone number 10 minutes before the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at (949) 574-3860.

 

A replay of the call will be available by telephone after 8:00 p.m. Eastern time on the same day as the call and via the Investor Information section of the HCI Group website at www.hcigroup.com through April 8, 2022.

 

Toll-free replay number: (877) 481-4010

International replay number: (919) 882-2331

Replay ID: 44444

 

2


 

About HCI Group, Inc.

HCI Group, Inc. owns subsidiaries engaged in diverse, yet complementary business activities, including homeowners insurance, reinsurance, real estate and information technology services. HCI’s leading insurance operation, TypTap Insurance Company, is a rapidly growing, technology-driven insurance company that is expanding nationwide to provide homeowners and flood insurance. TypTap’s operations are powered in large part by insurance-related information technology developed by HCI’s software subsidiary, Exzeo USA, Inc. HCI’s largest subsidiary, Homeowners Choice Property & Casualty Insurance Company, Inc., provides homeowners’ insurance primarily in Florida. HCI’s real estate subsidiary, Greenleaf Capital, LLC, owns and operates multiple properties in Florida, including office buildings, retail centers and marinas.

 

The company's common shares trade on the New York Stock Exchange under the ticker symbol "HCI" and are included in the Russell 2000 and S&P SmallCap 600 Index. HCI Group, Inc. regularly publishes financial and other information in the Investor Information section of the company’s website. For more information about HCI Group and its subsidiaries, visit www.hcigroup.com.

 

Forward-Looking Statements

This news release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "estimate," "expect," "intend," "plan," "confident," "prospects" and "project" and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions, but rather are subject to various risks and uncertainties. For example, the estimation of reserves for losses and loss adjustment expenses is an inherently imprecise process involving many assumptions and considerable management judgment. Some of these risks and uncertainties are identified in the company's filings with the Securities and Exchange Commission. Should any risks or uncertainties develop into actual events, these developments could have material adverse effects on the company's business, financial condition and results of operations. HCI Group, Inc. disclaims all obligations to update any forward-looking statements.

 

Investor Relations Contact:

Matt Glover

Gateway Group, Inc.

Tel (949) 574-3860

[email protected]

 

Media Contact:

Catherine Adcock

Gateway Group, Inc.

Tel (949) 574-6860

[email protected]

 

- Tables to follow -

 

3


 

HCI GROUP, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Dollar amounts in thousands)

 

 

 

December 31, 2021

 

 

December 31, 2020

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

Fixed-maturity securities, available for sale, at fair value (amortized cost: $41,953 and $70,265, respectively and allowance for credit losses: $0 and $588, respectively)

 

$

42,583

 

 

$

71,722

 

Equity securities, at fair value (cost: $46,276 and $47,029, respectively)

 

 

51,740

 

 

 

51,130

 

Limited partnership investments

 

 

28,133

 

 

 

27,691

 

Investment in unconsolidated joint venture, at equity

 

 

363

 

 

 

705

 

Real estate investments

 

 

73,896

 

 

 

74,472

 

Total investments

 

 

196,715

 

 

 

225,720

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

628,943

 

 

 

431,341

 

Restricted cash

 

 

2,400

 

 

 

2,400

 

Accrued interest and dividends receivable

 

 

353

 

 

 

588

 

Income taxes receivable

 

 

4,084

 

 

 

4,554

 

Premiums receivable, net (allowance: $1,750 and $2,053, respectively)

 

 

68,157

 

 

 

68,382

 

Prepaid reinsurance premiums

 

 

26,355

 

 

 

36,376

 

Reinsurance recoverable, net of allowance for credit losses:

 

 

 

 

 

 

Paid losses and loss adjustment expenses (allowance: $0 in 2021 and 2020)

 

 

11,985

 

 

 

14,127

 

Unpaid losses and loss adjustment expenses (allowance: $90 and $85, respectively)

 

 

64,665

 

 

 

71,019

 

Deferred policy acquisition costs

 

 

57,695

 

 

 

43,858

 

Property and equipment, net

 

 

14,232

 

 

 

12,767

 

Right-of-use-assets - operating leases

 

 

2,204

 

 

 

4,002

 

Intangible assets, net

 

 

10,636

 

 

 

3,568

 

Funds withheld for assumed business

 

 

73,716

 

 

 

 

Other assets

 

 

14,717

 

 

 

22,611

 

 

 

 

 

 

 

 

Total assets

 

$

1,176,857

 

 

$

941,313

 

 

 

 

 

 

 

 

Liabilities and Equity

 

 

 

 

 

 

Losses and loss adjustment expenses

 

$

237,165

 

 

$

212,169

 

Unearned premiums

 

 

366,744

 

 

 

269,399

 

Advance premiums

 

 

13,771

 

 

 

11,370

 

Assumed reinsurance balances payable

 

 

 

 

 

87

 

Reinsurance payable on paid losses and loss adjustment expenses

 

 

4,017

 

 

 

 

Ceded reinsurance premiums payable

 

 

19,318

 

 

 

9,764

 

Accrued expenses

 

 

15,453

 

 

 

10,181

 

Deferred income taxes, net

 

 

11,739

 

 

 

11,925

 

Revolving credit facility

 

 

15,000

 

 

 

23,750

 

Long-term debt

 

 

45,504

 

 

 

156,511

 

Lease liabilities - operating leases

 

 

2,203

 

 

 

4,014

 

Other liabilities

 

 

31,485

 

 

 

31,007

 

 

 

 

 

 

 

 

Total liabilities

 

 

762,399

 

 

 

740,177

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

Redeemable noncontrolling interest

 

 

89,955

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

Common stock, (no par value, 40,000,000 shares authorized, 10,131,399 and 7,785,617
shares issued and outstanding in 2021 and 2020, respectively)

 

 

 

 

 

 

Additional paid-in capital

 

 

76,077

 

 

 

 

Retained income

 

 

246,790

 

 

 

199,592

 

Accumulated other comprehensive income, net of taxes

 

 

498

 

 

 

1,544

 

Total stockholders' equity

 

 

323,365

 

 

 

201,136

 

Noncontrolling interests

 

 

1,138

 

 

 

 

Total equity

 

 

324,503

 

 

 

201,136

 

 

 

 

 

 

 

 

Total liabilities, redeemable noncontrolling interest, and equity

 

$

1,176,857

 

 

$

941,313

 

 

4


 

HCI GROUP, INC. AND SUBSIDIARIES

Consolidated Statements of Income

(Unaudited)

(Dollar amounts in thousands, except per share amounts)

 

 

 

Three Months Ended

 

 

 

Years Ended

 

 

 

December 31,

 

 

 

December 31,

 

 

 

2021

 

 

2020

 

 

 

2021

 

 

2020

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross premiums earned

 

$

156,853

 

 

$

109,056

 

 

 

$

577,044

 

 

 

 

$

415,918

 

Premiums ceded

 

 

(54,629

)

 

 

(44,154

)

 

 

 

(199,741

)

 

 

 

 

(153,458

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net premiums earned

 

 

102,224

 

 

 

64,902

 

 

 

 

377,303

 

 

 

 

 

262,460

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

2,586

 

 

 

1,320

 

 

 

 

12,335

 

 

 

 

 

4,564

 

Net realized investment gains (losses)

 

 

1,520

 

 

 

1,632

 

 

 

 

6,472

 

 

 

 

 

1,000

 

Net unrealized investment gains

 

 

2,012

 

 

 

1,260

 

 

 

 

1,363

 

 

 

 

 

679

 

Credit losses on investments

 

 

 

 

 

(15

)

 

 

 

 

 

 

 

 

(611

)

Policy fee income

 

 

1,033

 

 

 

951

 

 

 

 

3,995

 

 

 

 

 

3,522

 

Gain on involuntary conversion

 

 

 

 

 

 

 

 

 

 

 

 

 

 

36,969

 

Other

 

 

2,945

 

 

 

263

 

 

 

 

6,447

 

 

 

 

 

1,854

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

 

 

112,320

 

 

 

70,313

 

 

 

 

407,915

 

 

 

 

 

310,437

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Losses and loss adjustment expenses

 

 

63,193

 

 

 

40,372

 

 

 

 

227,525

 

 

 

 

 

160,036

 

Policy acquisition and other underwriting expenses

 

 

24,158

 

 

 

14,832

 

 

 

 

93,732

 

 

 

 

 

53,859

 

General and administrative personnel expenses

 

 

13,695

 

 

 

5,860

 

 

 

 

45,428

 

 

 

 

 

33,829

 

Interest expense

 

 

657

 

 

 

2,888

 

 

 

 

6,400

 

 

 

 

 

11,734

 

Loss on repurchases of convertible senior notes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

150

 

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

98

 

Debt conversion expense

 

 

481

 

 

 

 

 

 

 

1,754

 

 

 

 

 

 

Other operating expenses

 

 

7,598

 

 

 

3,449

 

 

 

 

21,843

 

 

 

 

 

13,803

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total expenses

 

 

109,782

 

 

 

67,401

 

 

 

 

396,682

 

 

 

 

 

273,509

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

2,538

 

 

 

2,912

 

 

 

 

11,233

 

 

 

 

 

36,928

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

1,103

 

 

 

205

 

 

 

 

3,991

 

 

 

 

 

9,348

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

1,435

 

 

$

2,707

 

 

 

$

7,242

 

 

 

 

$

27,580

 

Net income attributable to redeemable noncontrolling interest

 

 

(2,224

)

 

 

 

 

 

 

(7,399

)

 

 

 

 

 

Net loss attributable to noncontrolling interests

 

 

817

 

 

 

 

 

 

 

2,013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income after noncontrolling interests

 

$

28

 

 

$

2,707

 

 

 

$

1,856

 

 

 

 

$

27,580

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.01

 

 

$

0.35

 

 

 

$

0.23

 

 

 

 

$

3.55

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share

 

$

0.01

 

 

$

0.35

 

 

 

$

0.21

 

 

 

 

$

3.49

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends per share

 

$

0.40

 

 

$

0.40

 

 

 

$

1.60

 

 

 

 

$

1.60

 

 

5


 

HCI GROUP, INC. AND SUBSIDIARIES

(Amounts in thousands, except per share amounts)

 

A summary of the numerator and denominator of basic and diluted income per common share calculated in accordance with GAAP is presented below.

 

 

 

Three Months Ended

 

 

Year Ended

 

GAAP

 

December 31, 2021

 

 

December 31, 2021

 

 

 

Loss

 

 

Shares (a)

 

 

Per Share

 

 

Income

 

 

Shares (a)

 

 

Per Share

 

 

 

(Numerator)

 

 

(Denominator)

 

 

Amount

 

 

(Numerator)

 

 

(Denominator)

 

 

Amount

 

Net income

 

$

1,435

 

 

 

 

 

 

 

 

$

7,242

 

 

 

 

 

 

 

Less: Net income attributable to redeemable noncontrolling interest

 

 

(2,224

)

 

 

 

 

 

 

 

 

(7,399

)

 

 

 

 

 

 

Less: TypTap Group's net loss attributable to non-HCI common stockholders and TypTap Group's participating securities

 

 

882

 

 

 

 

 

 

 

 

 

2,013

 

 

 

 

 

 

 

Net income attributable to HCI

 

 

93

 

 

 

 

 

 

 

 

 

1,856

 

 

 

 

 

 

 

Less: (loss) income attributable to participating securities

 

 

1

 

 

 

 

 

 

 

 

 

(24

)

 

 

 

 

 

 

Basic Earnings Per Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income allocated to common stockholders

 

 

94

 

 

 

9,326

 

 

$

0.01

 

 

 

1,832

 

 

 

8,092

 

 

$

0.23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effect of Dilutive Securities:*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock options

 

 

 

 

 

260

 

 

 

 

 

 

 

 

 

207

 

 

 

 

Warrants

 

 

 

 

 

400

 

 

 

 

 

 

 

 

 

281

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Earnings Per Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income available to common stockholders and assumed conversions

 

$

94

 

 

 

9,986

 

 

$

0.01

 

 

$

1,832

 

 

 

8,580

 

 

$

0.21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Shares in thousands.

 

* Convertible senior notes were excluded due to anti-dilutive effect.

 

 

Non-GAAP Financial Measures

Adjusted net (loss) income is a non-GAAP financial measure that removes from net income of HCI's portion of the effect of unrealized gains or losses on equity securities required to be included in results of operations in accordance with Accounting Standards Codification 321. HCI Group believes net income without the effect of volatility in equity prices more accurately depicts operating results. This financial measurement is not recognized in accordance with accounting principles generally accepted in the United States of America ("GAAP") and should not be viewed as an alternative to GAAP measures of performance. A reconciliation of GAAP Net income to Non-GAAP Adjusted net (loss) income and GAAP diluted earnings per share to non-GAAP Adjusted diluted (loss) earnings per share is provided below.

 

Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net (Loss) Income

 

 

 

Three Months Ended

 

Year Ended

 

 

December 31, 2021

 

December 31, 2021

GAAP Net income

 

 

 

 

$

1,435

 

 

 

 

 

 

 

$

7,242

 

 

 

Net unrealized investment gains

 

$

(2,012

)

 

 

 

 

 

 

$

(1,363

)

 

 

 

 

 

Less: Tax effect at 23.79265%

 

$

479

 

 

 

 

 

 

 

$

324

 

 

 

 

 

 

Net adjustment to Net income

 

 

 

 

$

(1,533

)

 

 

 

 

 

 

$

(1,039

)

 

 

Non-GAAP Adjusted Net (loss) income

 

 

 

 

$

(98

)

 

 

 

 

 

 

$

6,203

 

 

 

 

6


 

HCI GROUP, INC. AND SUBSIDIARIES

(Amounts in thousands, except per share amounts)

 

A summary of the numerator and denominator of the basic and diluted (loss) income per common share calculated with the Non-GAAP financial measure Adjusted net (loss) income is presented below.

 

 

 

Three Months Ended

 

 

Year Ended

 

Non-GAAP

 

December 31, 2021

 

 

December 31, 2021

 

 

 

Loss

 

 

Shares (a)

 

 

Per Share

 

 

Income

 

 

Shares (a)

 

 

Per Share

 

 

 

(Numerator)

 

 

(Denominator)

 

 

Amount

 

 

(Numerator)

 

 

(Denominator)

 

 

Amount

 

Adjusted net (loss) income (non-GAAP)

 

$

(98

)

 

 

 

 

 

 

 

$

6,203

 

 

 

 

 

 

 

Less: Net income attributable to redeemable noncontrolling interest

 

 

(2,224

)

 

 

 

 

 

 

 

$

(7,399

)

 

 

 

 

 

 

Less: TypTap Group's net loss attributable to non-HCI common stockholders and TypTap Group's participating securities

 

 

892

 

 

 

 

 

 

 

 

 

2,024

 

 

 

 

 

 

 

Net (loss) income attributable to HCI

 

 

(1,430

)

 

 

 

 

 

 

 

 

828

 

 

 

 

 

 

 

Less: Income attributable to participating securities

 

 

105

 

 

 

 

 

 

 

 

 

55

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Earnings Per Share before unrealized gains/losses on equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) income allocated to common stockholders

 

 

(1,325

)

 

 

9,326

 

 

$

(0.14

)

 

 

883

 

 

 

8,092

 

 

$

0.11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effect of Dilutive Securities:*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock options**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

207

 

 

 

 

Warrants**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

281

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Earnings Per Share before unrealized gains/losses on equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) income available to common stockholders and assumed conversions

 

$

(1,325

)

 

$

9,326

 

 

$

(0.14

)

 

$

883

 

 

$

8,580

 

 

$

0.10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Shares in thousands.

 

* Convertible senior notes were excluded due to anti-dilutive effect.
**For the three months ended December 31, 2021, stock options and warrants were excluded due to anti-dilutive effect.

 

 

Reconciliation of GAAP Diluted EPS to Non-GAAP Adjusted Diluted EPS

 

 

 

Three Months Ended

 

Year Ended

 

 

December 31, 2021

 

December 31, 2021

GAAP diluted Earnings Per Share

 

 

 

 

$

0.01

 

 

 

 

 

 

 

$

0.21

 

 

 

Net unrealized investment gains

 

$

(0.21

)

 

 

 

 

 

 

$

(0.16

)

 

 

 

 

 

Less: Tax effect at 23.79265%

 

$

0.06

 

 

 

 

 

 

 

$

0.05

 

 

 

 

 

 

Net adjustment to GAAP diluted EPS

 

 

 

 

$

(0.15

)

 

 

 

 

 

 

$

(0.11

)

 

 

Non-GAAP Adjusted diluted EPS

 

 

 

 

$

(0.14

)

 

 

 

 

 

 

$

0.10

 

 

 

 

7




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