EX-99.1 2 cnfr-ex99_1.htm EX-99.1 EX-99.1

 

img218339982_0.jpg

News Release

 

For Further Information:

Jessica Gulis, 248.559.0840

[email protected]

 

Conifer Holdings Reports 2024 Third Quarter Financial Results

 

Troy, MI, November 13, 2024 – Conifer Holdings, Inc. (Nasdaq: CNFR) (“Conifer” or the “Company”) today announced results for the third quarter ended September 30, 2024. This quarter, the Company reported a $61 million gain on the sale of its insurance agency operations, completed in August of this year, along with an adjusted operating loss of over $7 million in the period.

 

Third Quarter 2024 Financial Highlights

•
$61 Million gain on sale of insurance agency operations
•
Adjusted operating loss of $7.4 million or ($0.60) a share
•
Net income of $53.3 million for the period

Management Comments

Brian Roney, CEO of Conifer, commented, "Third quarter results reflect the successful culmination of the sale of our insurance agency operations to Bishop Street Underwriters. With the sale, and the majority of our commercial lines production in runoff, we are focusing underwriting efforts on select personal lines, particularly in Texas and Midwest homeowners.”

 

Reduction of Commercial Lines Business

For the period, total Gross Written Premium was down almost 61% overall, and net earned premium was down 39%. As a result of the sale completed in August 2024, we no longer have any insurance agency operations, and we expect a significant decline in revenue. We expect commercial lines business to represent 10% or less of our written premiums going forward. As a result, we expect any future premiums will primarily consist of personal lines business, notably our homeowner’s insurance portfolio in Texas and the Midwest. As detailed in the personal lines results overview below, gross written premium for those lines of business for the third quarter of 2024 increased 10% from the prior year period.

 

 

 

Conifer Holdings, Inc. Page 2

November 13, 2024

 

2024 Third Quarter Financial Results Overview

 

 

At and for the
Three Months Ended September 30,

 

 

At and for the
Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

 

%
Change

 

 

2024

 

 

2023

 

 

%
Change

 

 

 

(dollars in thousands, except share and per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross written premiums

 

$

15,086

 

 

$

38,548

 

 

 

-60.9

%

 

$

58,370

 

 

$

119,436

 

 

 

-51.1

%

Net written premiums

 

 

11,174

 

 

 

5,689

 

 

 

96.4

%

 

 

39,812

 

 

 

53,359

 

 

 

-25.4

%

Net earned premiums

 

 

14,601

 

 

 

23,979

 

 

 

-39.1

%

 

 

48,154

 

 

 

69,114

 

 

 

-30.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

1,391

 

 

 

1,439

 

 

 

-3.3

%

 

 

4,411

 

 

 

4,036

 

 

 

9.3

%

Net realized investment
gains (losses)

 

 

(7

)

 

 

-

 

 

**

 

 

 

(125

)

 

 

-

 

 

**

 

Change in fair value of equity securities

 

 

(29

)

 

 

(87

)

 

 

66.7

%

 

 

(182

)

 

 

595

 

 

 

-130.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) allocable to common shareholders

 

 

52,788

 

 

 

(2,706

)

 

 

 

 

 

48,912

 

 

 

(6,444

)

 

 

 

Net income (loss) allocable to common shareholders
per share, diluted

 

$

4.32

 

 

$

(0.22

)

 

 

 

 

$

4.00

 

 

$

(0.53

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted operating income
(loss)*

 

 

(7,352

)

 

 

(4,275

)

 

 

 

 

 

(9,554

)

 

 

(8,456

)

 

 

 

Adjusted operating income (loss) per share,
diluted*

 

$

(0.60

)

 

$

(0.35

)

 

 

 

 

$

(0.78

)

 

$

(0.69

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book value per common
share outstanding

 

$

4.01

 

 

$

0.24

 

 

 

 

 

$

4.01

 

 

$

0.24

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding, basic and
diluted

 

 

12,222,881

 

 

 

12,222,881

 

 

 

 

 

 

12,222,881

 

 

 

12,219,713

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Underwriting ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss ratio (1)

 

 

103.8

%

 

 

86.9

%

 

 

 

 

 

84.8

%

 

 

77.8

%

 

 

 

Expense ratio (2)

 

 

39.3

%

 

 

33.9

%

 

 

 

 

 

35.2

%

 

 

36.3

%

 

 

 

Combined ratio (3)

 

 

143.1

%

 

 

120.8

%

 

 

 

 

 

120.0

%

 

 

114.1

%

 

 

 

 

2024 Third Quarter Gross Written Premium

Gross written premiums decreased significantly in the third quarter of 2024 to $15 million, compared to $38.5 million in the prior year period. This decrease reflects the Company’s fundamental shift away from commercial lines insurance business. We expect this to continue to decrease following the sale of our insurance agency operations, as the commercial lines business produced in the future by our former insurance agency operations will be written by other carriers.

 

 

 

Conifer Holdings, Inc. Page 3

November 13, 2024

 

Commercial Lines Financial and Operational Review

 

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

 

% Change

 

 

2024

 

 

2023

 

 

% Change

 

 

 

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross written premiums

 

$

4,018

 

 

$

28,492

 

 

 

-85.9

%

 

$

23,562

 

 

$

92,228

 

 

 

-74.5

%

Net written premiums

 

 

1,481

 

 

 

(3,155

)

 

 

146.9

%

 

 

14,053

 

 

 

29,571

 

 

 

-52.5

%

Net earned premiums

 

 

6,428

 

 

 

17,315

 

 

 

-62.9

%

 

 

23,906

 

 

 

51,925

 

 

 

-54.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Underwriting ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss ratio

 

 

168.0

%

 

 

88.8

%

 

 

 

 

 

102.1

%

 

 

76.0

%

 

 

 

Expense ratio

 

 

29.1

%

 

 

31.7

%

 

 

 

 

 

29.1

%

 

 

35.1

%

 

 

 

Combined ratio

 

 

197.1

%

 

 

120.5

%

 

 

 

 

 

131.2

%

 

 

111.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contribution to combined
   ratio from net (favorable)
   adverse prior year
   development

 

 

123.4

%

 

 

23.3

%

 

 

 

 

 

41.9

%

 

 

7.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accident year combined
   ratio (1)

 

 

73.7

%

 

 

97.2

%

 

 

 

 

 

89.3

%

 

 

103.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) The accident year combined ratio is the sum of the loss ratio and the expense ratio, less changes in net ultimate loss estimates from prior accident year loss reserves. The accident year combined ratio provides management with an assessment of the specific policy year's profitability and assists management in their evaluation of product pricing levels and quality of business written.

 

 

The Company’s commercial lines production was down almost 86% in the quarter and represented roughly 27% of total gross written premium in the third quarter of 2024. Commercial lines net earned premium was down 63% for the same period. In the quarter, the commercial lines loss ratio was up significantly, as we further focused on strengthening reserves overall.

 

 

 

Conifer Holdings, Inc. Page 4

November 13, 2024

 

Personal Lines Financial and Operational Review

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

 

% Change

 

 

2024

 

 

2023

 

 

% Change

 

 

 

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross written premiums

 

$

11,068

 

 

$

10,056

 

 

 

10.1

%

 

$

34,808

 

 

$

27,208

 

 

 

27.9

%

Net written premiums

 

 

9,693

 

 

 

8,844

 

 

 

9.6

%

 

 

25,759

 

 

 

23,788

 

 

 

8.3

%

Net earned premiums

 

 

8,173

 

 

 

6,664

 

 

 

22.6

%

 

 

24,248

 

 

 

17,189

 

 

 

41.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Underwriting ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss ratio

 

 

53.3

%

 

 

82.0

%

 

 

 

 

 

67.8

%

 

 

83.3

%

 

 

 

Expense ratio

 

 

47.4

%

 

 

39.7

%

 

 

 

 

 

41.2

%

 

 

39.9

%

 

 

 

Combined ratio

 

 

100.7

%

 

 

121.7

%

 

 

 

 

 

109.0

%

 

 

123.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contribution to combined
   ratio from net (favorable)
   adverse prior year
   development

 

 

-0.7

%

 

 

-6.3

%

 

 

 

 

 

0.6

%

 

 

-6.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accident year combined
   ratio

 

 

101.4

%

 

 

128.0

%

 

 

 

 

 

108.4

%

 

 

130.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personal lines premium represented 73% of total gross written premium for the quarter. Personal lines gross written premium increased 10% from the prior year period to just over $11 million for the third quarter of 2024, led by growth in the Company’s low-value dwelling line of business in Texas and the Midwest. Despite significant storm activity in the period and for the year, the combined ratio for personal lines business improved compared to the same period in 2023.

Combined Ratio Analysis

 

 

Three Months Ended
September 30,

 

 

 

Nine Months Ended
September 30,

 

 

2024

 

 

2023

 

 

 

2024

 

 

2023

 

 

 

 

 

 

 

Underwriting ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss ratio

 

 

103.8

%

 

 

86.9

%

 

 

 

84.8

%

 

 

77.8

%

 

Expense ratio

 

 

39.3

%

 

 

33.9

%

 

 

 

35.2

%

 

 

36.3

%

 

Combined ratio

 

 

143.1

%

 

 

120.8

%

 

 

 

120.0

%

 

 

114.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contribution to combined ratio from net (favorable)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

adverse prior year development

 

 

53.9

%

 

 

15.0

%

 

 

 

21.1

%

 

 

4.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accident year combined ratio

 

 

89.2

%

 

 

105.8

%

 

 

 

98.9

%

 

 

109.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income

Net investment income was $1.4 million for both the quarter ended September 30, 2024 and the quarter ended September 30, 2023.

 

 

 

Conifer Holdings, Inc. Page 5

November 13, 2024

 

Change in Fair Value of Equity Securities

During the quarter, the Company reported a loss from the change in fair value of equity investments of $29,000, compared to a $87,000 loss in the prior year period.

Net Income (Loss) allocable to common shareholders

The Company reported net income allocable to common shareholders of $52.8 million, or $4.32 per share, for the third quarter of 2024.

Adjusted Operating Income (Loss)

In the third quarter of 2024, the Company reported an adjusted operating loss of $7.4 million, or $0.60 per share. See Definitions of Non-GAAP Measures.

About Conifer Holdings

Conifer Holdings, Inc. is a Michigan-based property and casualty holding company. Through its subsidiaries, Conifer offers specialty insurance coverage for both commercial and personal lines, marketing through independent agents The Company is traded on the Nasdaq Capital Market under the symbol CNFR. Additional information is available on the Company's website at www.ir.cnfrh.com.

Forward-Looking Statement

This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give current expectations or forecasts of future events or our future financial or operating performance, and include Conifer’s expectations regarding future revenue, premiums, earnings, its capital position, expansion, and business strategies. The forward-looking statements contained in this press release are based on management’s good-faith belief and reasonable judgment based on current information. The forward-looking statements are qualified by important factors, risks and uncertainties, many of which are beyond our control, that could cause our actual results to differ materially from those in the forward-looking statements, including those described in our Form 10-K (“Item 1A Risk Factors”) filed with the SEC on April 1, 2024, the Form 10-Q filed with the SEC on November 13, 2024 and subsequent reports filed with or furnished to the SEC. Any forward-looking statement made by us in this press release speaks only as of the date hereof or as of the date specified herein. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable laws or regulations.

Definitions of Non-GAAP Measures

Conifer prepares its public financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP). Statutory data is prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners' (NAIC) Accounting Practices and Procedures Manual, and therefore is not reconciled to GAAP data.

 

 

 

Conifer Holdings, Inc. Page 6

November 13, 2024

 

We believe that investors’ understanding of Conifer’s performance is enhanced by our disclosure of adjusted operating income. Our method for calculating this measure may differ from that used by other companies and therefore comparability may be limited. We define adjusted operating income (loss), a non-GAAP measure, as net income (loss) excluding: 1) net realized investment gains and losses, 2) change in fair value of equity securities and 3) net income from discontinued operations. We use adjusted operating income as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance.

 

Reconciliations of adjusted operating income (loss) and adjusted operating income (loss) per share:

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(dollar in thousands, except share and per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) allocable to common shareholders

 

$

52,788

 

 

$

(2,706

)

 

$

48,912

 

 

$

(6,444

)

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Net realized investment gains (losses)

 

 

(7

)

 

 

-

 

 

 

(125

)

 

 

-

 

Change in fair value of equity securities

 

 

(29

)

 

 

(87

)

 

 

(182

)

 

 

595

 

Net income from discontinued operations

 

 

60,176

 

 

 

1,656

 

 

 

58,773

 

 

 

1,417

 

Impact of fincome tax expense (benefit) from adjustments *

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Adjusted operating income (loss)

 

$

(7,352

)

 

$

(4,275

)

 

$

(9,554

)

 

$

(8,456

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares, diluted

 

 

12,222,881

 

 

 

12,222,881

 

 

 

12,222,881

 

 

 

12,219,713

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted income (loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) allocable to common shareholders

 

$

4.32

 

 

$

(0.22

)

 

$

4.00

 

 

$

(0.53

)

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Net realized investment gains (losses)

 

 

-

 

 

 

-

 

 

 

(0.01

)

 

 

-

 

Change in fair value of equity securities

 

 

-

 

 

 

(0.01

)

 

 

(0.02

)

 

 

0.05

 

Net income from discontinued operations

 

 

4.92

 

 

 

0.14

 

 

 

4.81

 

 

 

0.11

 

Impact of income tax expense (benefit) from adjustments *

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Adjusted operating income (loss), per share

 

$

(0.60

)

 

$

(0.35

)

 

$

(0.78

)

 

$

(0.69

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* The Company has recorded a full valuation allowance against its deferred tax assets as of September 30, 2024 and September 30, 2023, respectively. As a result, there were no taxable impacts to adjusted operating income from the adjustments to net income (loss) in the table above after taking into account the use of NOLs and the change in the valuation allowance.

 

 

 

 

Conifer Holdings, Inc. Page 7

November 13, 2024

 

 

 

September 30,

 

 

 

 

December 31,

 

 

 

2024

 

 

 

2023

 

Assets

 

 

 

 

 

 

 

Investment securities:

 

 

 

 

 

 

 

Debt securities, at fair value (amortized cost of $125,257 and $135,370,
   respectively)

 

$

115,161

 

 

 

$

122,113

 

Equity securities, at fair value (cost of $1,838 and $2,385, respectively)

 

 

1,625

 

 

 

 

2,354

 

Short-term investments, at fair value

 

 

21,255

 

 

 

 

20,838

 

Total investments

 

 

138,041

 

 

 

 

145,305

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

32,389

 

 

 

 

10,663

 

Premiums and agents' balances receivable, net

 

 

12,753

 

 

 

 

29,364

 

Receivable from Affiliate

 

 

-

 

 

 

 

1,047

 

Reinsurance recoverables on unpaid losses

 

 

65,860

 

 

 

 

70,807

 

Reinsurance recoverables on paid losses

 

 

12,919

 

 

 

 

12,619

 

Prepaid reinsurance premiums

 

 

9,545

 

 

 

 

28,908

 

Deferred policy acquisition costs

 

 

6,590

 

 

 

 

6,405

 

Receivable from contingent considerations

 

 

12,924

 

 

 

 

-

 

Other assets

 

 

8,831

 

 

 

 

7,036

 

Assets from discontinued operations

 

 

-

 

 

 

 

3,452

 

Total assets

 

$

299,852

 

 

 

$

315,606

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders' Equity

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

Unpaid losses and loss adjustment expenses

 

$

160,905

 

 

 

$

174,612

 

Unearned premiums

 

 

36,628

 

 

 

 

65,150

 

Reinsurance premiums payable

 

 

-

 

 

 

 

246

 

Debt

 

 

16,473

 

 

 

 

25,061

 

Funds held under reinsurance agreements

 

 

23,495

 

 

 

 

24,550

 

Premiums payable to other insureds

 

 

-

 

 

 

 

13,986

 

Liabilities from discontinued operations

 

 

-

 

 

 

 

4,083

 

Accounts payable and accrued expenses

 

 

13,300

 

 

 

 

5,029

 

Total liabilities

 

 

250,801

 

 

 

 

312,717

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

—

 

 

 

 

—

 

 

 

 

 

 

 

 

 

Shareholders' equity:

 

 

 

 

 

 

 

Preferred stock, no par value (10,000,000 shares authorized; 0 and 1,000 issued and outstanding, respectively)

 

 

-

 

 

 

 

6,000

 

Common stock, no par value (100,000,000 shares authorized;
   12,222,881 issued and outstanding, respectively)

 

 

98,162

 

 

 

 

98,100

 

Accumulated deficit

 

 

(37,771

)

 

 

 

(86,683

)

Accumulated other comprehensive income (loss)

 

 

(11,340

)

 

 

 

(14,528

)

Total shareholders' equity

 

 

49,051

 

 

 

 

2,889

 

Total liabilities and shareholders' equity

 

$

299,852

 

 

 

$

315,606

 

 

 

 

 

Conifer Holdings, Inc. Page 8

November 13, 2024

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue and Other Income

 

 

 

 

 

 

 

 

 

 

 

 

Premiums

 

 

 

 

 

 

 

 

 

 

 

 

Gross earned premiums

 

$

23,278

 

 

$

38,150

 

 

$

86,891

 

 

$

108,457

 

Ceded earned premiums

 

 

(8,677

)

 

 

(14,171

)

 

 

(38,737

)

 

 

(39,343

)

Net earned premiums

 

 

14,601

 

 

 

23,979

 

 

 

48,154

 

 

 

69,114

 

Net investment income

 

 

1,391

 

 

 

1,439

 

 

 

4,411

 

 

 

4,036

 

Net realized investment gains (losses)

 

 

(7

)

 

 

—

 

 

 

(125

)

 

 

-

 

Change in fair value of equity securities

 

 

(29

)

 

 

(87

)

 

 

(182

)

 

 

595

 

Other income

 

 

61

 

 

 

109

 

 

 

287

 

 

 

408

 

Total revenue and other income

 

 

16,017

 

 

 

25,440

 

 

 

52,545

 

 

 

74,153

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

Losses and loss adjustment expenses, net

 

 

15,152

 

 

 

20,911

 

 

 

40,953

 

 

 

53,943

 

Policy acquisition costs

 

 

3,249

 

 

 

4,400

 

 

 

9,800

 

 

 

13,405

 

Operating expenses

 

 

3,594

 

 

 

4,093

 

 

 

8,666

 

 

 

12,769

 

Interest expense

 

 

2,275

 

 

 

855

 

 

 

4,021

 

 

 

2,361

 

Total expenses

 

 

24,270

 

 

 

30,259

 

 

 

63,440

 

 

 

82,478

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before equity earnings in Affiliate and
   income taxes

 

 

(8,253

)

 

 

(4,819

)

 

 

(10,895

)

 

 

(8,325

)

Income tax expense (benefit)

 

 

(1,367

)

 

 

(457

)

 

 

(1,851

)

 

 

(464

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) from continuing operations

 

 

(6,886

)

 

 

(4,362

)

 

 

(9,044

)

 

 

(7,861

)

Net income (loss) from discontinued operations

 

 

60,176

 

 

 

1,656

 

 

 

58,773

 

 

 

1,417

 

Net income (loss)

 

 

53,290

 

 

 

(2,706

)

 

 

49,729

 

 

 

(6,444

)

Preferred stock dividends

 

 

502

 

 

 

-

 

 

 

817

 

 

 

-

 

Net income (loss) allocable to common shareholders

 

 

52,788

 

 

 

(2,706

)

 

 

48,912

 

 

 

(6,444

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per common share,
   basic and diluted

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) from continuing operations

 

$

(0.60

)

 

$

(0.36

)

 

$

(0.81

)

 

$

(0.64

)

Net income (loss) from discontinued operations

 

$

4.92

 

 

$

0.14

 

 

$

4.81

 

 

$

0.12

 

Net income (loss) allocable to common shareholders

 

$

4.32

 

 

$

(0.22

)

 

$

4.00

 

 

$

(0.53

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares
   outstanding, basic and diluted

 

 

12,222,881

 

 

 

12,222,881

 

 

 

12,222,881

 

 

 

12,219,713