PRHI 8-K
Presurance Holdings, Inc. (PRHI)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event Reported):
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(Commission File Number) |
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Registrant's telephone number, including area code: (
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On November 12, 2025, Presurance Holdings, Inc. (the "Company") publicly announced results for the third quarter of 2025. A copy of the Company's news release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The information in this Item 2.02 and the attached exhibit shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act except as shall be expressly stated by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
Exhibit 99.1 |
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Exhibit 104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Presurance Holdings, Inc. |
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Date: November 17, 2025 |
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By: |
/s/ BRIAN J. RONEY |
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Brian J. Roney |
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Chief Executive Officer |
News Release
For Further Information:
Jessica Gulis, 248.559.0840
Presurance Holdings Reports 2025 Third Quarter Financial Results
Troy, MI, November 12, 2025 – Presurance Holdings, Inc. (Nasdaq: PRHI) (“Presurance” or the “Company”) today announced results for the third quarter ended September 30, 2025.
Third Quarter 2025 Financial Highlights
Management Comments
Brian Roney, CEO of Presurance, commented, "This past year has been one of transformation and re-definition. While the runoff of legacy commercial lines continues as expected, we are building an insurance carrier defined by data, knowledge, and focus."
Presurance Holdings, Inc. Page 2
November 12, 2025
2025 Third Quarter Financial Results Overview
Presurance Holdings, Inc. Page 3
November 12, 2025
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At and for the |
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At and for the |
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2025 |
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2024 |
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% |
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2025 |
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2024 |
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% |
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(dollars in thousands, except share and per share amounts) |
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Gross written premiums |
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$ |
14,642 |
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$ |
15,086 |
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-2.9 |
% |
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$ |
51,894 |
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$ |
58,370 |
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-11.1 |
% |
Net written premiums |
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5,427 |
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11,174 |
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-51.4 |
% |
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17,650 |
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39,812 |
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-55.7 |
% |
Net earned premiums |
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6,821 |
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14,601 |
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-53.3 |
% |
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26,700 |
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48,154 |
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-44.6 |
% |
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Net investment income |
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1,301 |
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1,391 |
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-6.5 |
% |
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3,888 |
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4,411 |
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-11.9 |
% |
Net realized investment |
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4 |
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(7 |
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** |
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(21 |
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(125 |
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-83.2 |
% |
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Change in fair value of equity securities |
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13 |
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(29 |
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** |
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(244 |
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(182 |
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34.1 |
% |
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Net income (loss) allocable to common shareholders |
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(3,970 |
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52,788 |
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** |
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(1,397 |
) |
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48,912 |
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** |
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Net income (loss) allocable to common shareholders |
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$ |
(0.32 |
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$ |
4.32 |
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** |
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$ |
(0.11 |
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$ |
4.00 |
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** |
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Adjusted operating income |
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(2,706 |
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(6,850 |
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** |
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(8,460 |
) |
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(8,737 |
) |
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-3.2 |
% |
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Adjusted operating income (loss) per share, |
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$ |
(0.22 |
) |
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$ |
(0.56 |
) |
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** |
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$ |
(0.69 |
) |
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$ |
(0.71 |
) |
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-2.8 |
% |
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Book value per common |
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$ |
2.07 |
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$ |
4.01 |
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$ |
2.07 |
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$ |
4.01 |
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Weighted average shares outstanding, basic and |
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12,222,881 |
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12,222,881 |
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12,222,881 |
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12,222,881 |
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Underwriting ratios: |
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Loss ratio (1) |
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93.7 |
% |
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103.8 |
% |
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83.2 |
% |
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84.8 |
% |
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Expense ratio (2) |
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47.5 |
% |
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39.3 |
% |
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50.5 |
% |
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35.2 |
% |
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Combined ratio (3) |
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141.2 |
% |
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143.1 |
% |
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133.7 |
% |
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120.0 |
% |
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* The "Definitions of Non-GAAP Measures" section of this release defines and reconciles data that are not based on generally accepted accounting principles. |
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** Percentage is not meaningful |
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(1) The loss ratio is the ratio, expressed as a percentage, of net losses and loss adjustment expenses to net earned premiums and other income from underwriting operations. |
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(2) The expense ratio is the ratio, expressed as a percentage, of policy acquisition costs and other underwriting expenses to net earned premiums and other income from underwriting operations. |
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(3) The combined ratio is the sum of the loss ratio and the expense ratio. A combined ratio under 100% indicates an underwriting profit. A combined ratio over 100% indicates an underwriting loss. |
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2025 Third Quarter Gross Written Premium
Presurance Holdings, Inc. Page 4
November 12, 2025
Gross written premiums fell slightly year over year in the third quarter of 2025 to $14.6 million, compared to $15.1 million in the prior year period. This modest decrease reflects a deliberate recalibration, as we streamline our book of business to emphasize personal lines that deliver stronger risk-adjusted returns and align within our long-term strategy.
Metrics across the portfolio are beginning to line up with expected targets, and the Company anticipates continued positive performance due to refined underwriting focus, prioritizing quality over volume in pursuit of more sustainable, profitable growth.
Commercial Lines Financial and Operational Review
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2025 |
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2024 |
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% Change |
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2025 |
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2024 |
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% Change |
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(dollars in thousands) |
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Gross written premiums |
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$ |
3,483 |
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$ |
4,018 |
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-13.3 |
% |
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$ |
8,720 |
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$ |
23,562 |
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-63.0 |
% |
Net written premiums |
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495 |
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1,481 |
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-66.6 |
% |
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(1,541 |
) |
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14,053 |
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** |
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Net earned premiums |
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771 |
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6,428 |
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-88.0 |
% |
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2,570 |
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23,906 |
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-89.2 |
% |
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Underwriting ratios: |
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Loss ratio |
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420.4 |
% |
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168.0 |
% |
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224.1 |
% |
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102.1 |
% |
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Expense ratio |
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80.4 |
% |
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29.1 |
% |
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44.8 |
% |
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29.1 |
% |
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Combined ratio |
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500.8 |
% |
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197.1 |
% |
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268.9 |
% |
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131.2 |
% |
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Contribution to combined |
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335.7 |
% |
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123.4 |
% |
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81.5 |
% |
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41.9 |
% |
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Accident year combined |
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165.1 |
% |
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73.7 |
% |
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187.4 |
% |
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89.3 |
% |
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** Percentage is not meaningful |
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(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. |
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The Company’s commercial lines of business represented 23.8% of total gross written premium in the third quarter of 2025. As reflected above, premiums decreased considerably year over year as Presurance continues to focus its underwriting efforts on Personal Lines business – notably our homeowners’ insurance portfolio in Texas and the Midwest.
Presurance Holdings, Inc. Page 5
November 12, 2025
Personal Lines Financial and Operational Review
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2025 |
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2024 |
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% Change |
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2025 |
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2024 |
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% Change |
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(dollars in thousands) |
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Gross written premiums |
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$ |
11,159 |
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$ |
11,068 |
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0.8 |
% |
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$ |
43,174 |
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$ |
34,808 |
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24.0 |
% |
Net written premiums |
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4,932 |
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9,693 |
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-49.1 |
% |
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19,191 |
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25,759 |
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-25.5 |
% |
Net earned premiums |
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6,050 |
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8,173 |
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-26.0 |
% |
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24,130 |
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24,248 |
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-0.5 |
% |
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Underwriting ratios: |
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Loss ratio |
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51.9 |
% |
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53.3 |
% |
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68.2 |
% |
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67.8 |
% |
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Expense ratio |
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43.3 |
% |
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47.4 |
% |
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51.1 |
% |
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41.2 |
% |
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Combined ratio |
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95.2 |
% |
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100.7 |
% |
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119.3 |
% |
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109.0 |
% |
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Contribution to combined |
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4.4 |
% |
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-0.7 |
% |
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6.0 |
% |
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0.6 |
% |
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Accident year combined |
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90.8 |
% |
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101.4 |
% |
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113.3 |
% |
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108.4 |
% |
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Personal lines premium, representing 76.2% of total gross written premium for the third quarter of 2025, increased slightly from the prior year period to $11.2 million. Personal lines premium for the period was led by logical growth in the Company’s low-value dwelling line of business.
Combined Ratio Analysis
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Three Months Ended |
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Nine Months Ended |
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2025 |
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2024 |
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2025 |
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2024 |
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Underwriting ratios: |
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Loss ratio |
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93.7 |
% |
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103.8 |
% |
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83.2 |
% |
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84.8 |
% |
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Expense ratio |
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47.5 |
% |
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39.3 |
% |
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50.5 |
% |
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35.2 |
% |
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Combined ratio |
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141.2 |
% |
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143.1 |
% |
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133.7 |
% |
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120.0 |
% |
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Contribution to combined ratio from net (favorable) |
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adverse prior year development |
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41.9 |
% |
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53.9 |
% |
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13.3 |
% |
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21.1 |
% |
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Accident year combined ratio |
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99.3 |
% |
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89.2 |
% |
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120.4 |
% |
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98.9 |
% |
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Net Investment Income
Net investment income was $1.3 million for the quarter ended September 30, 2025, compared to
$1.4 million in the prior year period.
Presurance Holdings, Inc. Page 6
November 12, 2025
Change in Fair Value of Equity Securities
During the quarter, the Company reported a modest gain from the change in fair value of equity investments of $13,000, compared to a $29,000 loss in the prior year period.
Net Income (Loss) allocable to common shareholders
The Company reported net loss allocable to common shareholders of $4.0 million, or $0.32 per share, for the third quarter of 2025.
Adjusted Operating Income (Loss)
The Company reported an adjusted operating loss of $2.7 million, or $0.22 per share, for the third quarter ended September 30, 2025. See Definitions of Non-GAAP Measures.
About Presurance Holdings
Presurance Holdings, Inc. is a Michigan-based property and casualty holding company. Through its subsidiaries, the Company provides specialty insurance coverage designed to protect individuals, businesses, and communities, with a focus on disciplined growth and long-term value creation. The Company trades on the Nasdaq Capital Market under the symbol PRHI. Additional information can be found on the Company’s website at ir.PREHLD.com.
Definitions of Non-GAAP Measures
Presurance 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.
We believe that investors’ understanding of the Company’s performance is enhanced by our disclosure of adjusted operating income. Our method of 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 (losses), 2) change in fair value of equity securities, 3) Change in fair value of contingent considerations, 4) Change in contingent consideration bonus expense and 5) net income (loss) 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 the results of our operations and underlying business performance.
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,
Presurance Holdings, Inc. Page 7
November 12, 2025
and include the Company’s expectations regarding premiums, earnings, its capital position, expansion, and growth 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 March 28, 2025, and subsequent reports filed with or furnished to the SEC. Any forward-looking statement made by us in this report 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.
Reconciliations of adjusted operating income (loss) and adjusted operating income (loss) per share:
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
(dollar in thousands, except share and per share amounts) |
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income (loss) |
|
$ |
(3,970 |
) |
|
$ |
53,290 |
|
|
$ |
(1,397 |
) |
|
$ |
49,729 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net realized investment gains (losses) |
|
|
4 |
|
|
|
(7 |
) |
|
|
(21 |
) |
|
|
(125 |
) |
Change in fair value of equity securities |
|
|
13 |
|
|
|
(29 |
) |
|
|
(244 |
) |
|
|
(182 |
) |
Change in fair value of contingent considerations |
|
|
(1,500 |
) |
|
|
- |
|
|
|
8,250 |
|
|
|
- |
|
Change in contingent consideration bonus expense |
|
|
219 |
|
|
|
- |
|
|
|
(922 |
) |
|
|
- |
|
Net income (loss) from discontinued operations |
|
|
- |
|
|
|
60,176 |
|
|
|
- |
|
|
|
58,773 |
|
Impact of fincome tax expense (benefit) from adjustments * |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Adjusted operating income (loss) |
|
$ |
(2,706 |
) |
|
$ |
(6,850 |
) |
|
$ |
(8,460 |
) |
|
$ |
(8,737 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average common shares, diluted |
|
|
12,222,881 |
|
|
|
12,222,881 |
|
|
|
12,222,881 |
|
|
|
12,222,881 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Diluted income (loss) per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income (loss) |
|
$ |
(0.32 |
) |
|
$ |
4.36 |
|
|
$ |
(0.11 |
) |
|
$ |
4.07 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net realized investment gains (losses) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(0.01 |
) |
Change in fair value of equity securities |
|
|
- |
|
|
|
- |
|
|
|
(0.02 |
) |
|
|
(0.02 |
) |
Change in fair value of contingent considerations |
|
|
(0.12 |
) |
|
|
- |
|
|
|
0.67 |
|
|
|
- |
|
Change in contingent consideration bonus expense |
|
|
0.02 |
|
|
|
- |
|
|
|
(0.07 |
) |
|
|
- |
|
Net income (loss) from discontinued operations |
|
|
- |
|
|
|
4.92 |
|
|
|
- |
|
|
|
4.81 |
|
Impact of income tax expense (benefit) from adjustments * |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Adjusted operating income (loss), per share |
|
$ |
(0.22 |
) |
|
$ |
(0.56 |
) |
|
$ |
(0.69 |
) |
|
$ |
(0.71 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
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Presurance Holdings, Inc. Page 8
November 12, 2025
Presurance Holdings, Inc. and Subsidiaries |
|
|||||||
Condensed Consolidated Balance Sheets |
|
|||||||
(dollars in thousands) |
|
|||||||
|
|
|
|
|
|
|
||
|
|
September 30, |
|
|
December 31, |
|
||
|
|
2025 |
|
|
2024 |
|
||
Assets |
|
(Unaudited) |
|
|
|
|
||
Investment securities: |
|
|
|
|
|
|
||
Debt securities, at fair value (amortized cost of $103,629 and $117,827, |
|
$ |
94,576 |
|
|
$ |
105,665 |
|
Equity securities, at fair value (cost of $1,819 and $1,836, respectively) |
|
|
1,342 |
|
|
|
1,603 |
|
Short-term investments, at fair value |
|
|
54,914 |
|
|
|
21,151 |
|
Total investments |
|
|
150,832 |
|
|
|
128,419 |
|
|
|
|
|
|
|
|
||
Cash and cash equivalents |
|
|
7,414 |
|
|
|
27,654 |
|
Premiums and agents' balances receivable, net |
|
|
7,503 |
|
|
|
9,901 |
|
Reinsurance recoverables on unpaid losses |
|
|
76,161 |
|
|
|
84,490 |
|
Reinsurance recoverables on paid losses |
|
|
12,957 |
|
|
|
6,919 |
|
Prepaid reinsurance premiums |
|
|
17,200 |
|
|
|
6,088 |
|
Deferred policy acquisition costs |
|
|
2,992 |
|
|
|
6,380 |
|
Receivable from contingent considerations |
|
|
6,320 |
|
|
|
8,070 |
|
Other assets |
|
|
3,616 |
|
|
|
3,735 |
|
Total assets |
|
$ |
284,995 |
|
|
$ |
281,656 |
|
|
|
|
|
|
|
|
||
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
||
Liabilities: |
|
|
|
|
|
|
||
Unpaid losses and loss adjustment expenses |
|
$ |
154,330 |
|
|
$ |
189,285 |
|
Unearned premiums |
|
|
32,867 |
|
|
|
30,590 |
|
Reinsurance premiums payable |
|
|
12,774 |
|
|
|
1 |
|
Debt |
|
|
12,123 |
|
|
|
11,932 |
|
Mandatorily redeemable preferred stock |
|
|
6,127 |
|
|
|
- |
|
Funds held under reinsurance agreements |
|
|
21,297 |
|
|
|
25,829 |
|
Payables for investments purchased |
|
|
15,903 |
|
|
|
- |
|
Accounts payable and other liabilities |
|
|
4,271 |
|
|
|
2,494 |
|
Total liabilities |
|
|
259,692 |
|
|
|
260,131 |
|
|
|
|
|
|
|
|
||
Commitments and contingencies |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
Shareholders' equity: |
|
|
|
|
|
|
||
Common stock, no par value (100,000,000 shares authorized; |
|
|
100,145 |
|
|
|
98,178 |
|
Accumulated deficit |
|
|
(64,550 |
) |
|
|
(63,153 |
) |
Accumulated other comprehensive income (loss) |
|
|
(10,292 |
) |
|
|
(13,500 |
) |
Total shareholders' equity |
|
|
25,303 |
|
|
|
21,525 |
|
Total liabilities and shareholders' equity |
|
$ |
284,995 |
|
|
$ |
281,656 |
|
Presurance Holdings, Inc. Page 9
November 12, 2025
Presurance Holdings, Inc. and Subsidiaries |
||||||||||||||||||
Condensed Consolidated Statements of Operations (Unaudited) |
||||||||||||||||||
(dollars in thousands, except share and per share data) |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
||||||||||
|
|
|
September 30, |
|
|
September 30, |
|
|
||||||||||
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
|
2024 |
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Revenue and Other Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Premiums |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Gross earned premiums |
|
$ |
17,015 |
|
|
$ |
23,278 |
|
|
$ |
49,617 |
|
|
$ |
86,891 |
|
|
|
Ceded earned premiums |
|
|
(10,194 |
) |
|
|
(8,677 |
) |
|
|
(22,917 |
) |
|
|
(38,737 |
) |
|
|
Net earned premiums |
|
|
6,821 |
|
|
|
14,601 |
|
|
|
26,700 |
|
|
|
48,154 |
|
|
|
Net investment income |
|
|
1,301 |
|
|
|
1,391 |
|
|
|
3,888 |
|
|
|
4,411 |
|
|
|
Net realized investment gains (losses) |
|
|
4 |
|
|
|
(7 |
) |
|
|
(21 |
) |
|
|
(125 |
) |
|
|
Change in fair value of equity securities |
|
|
13 |
|
|
|
(29 |
) |
|
|
(244 |
) |
|
|
(182 |
) |
|
|
Other income |
|
|
40 |
|
|
|
61 |
|
|
|
115 |
|
|
|
287 |
|
|
|
Change in fair value of contingent considerations |
|
|
(1,500 |
) |
|
|
- |
|
|
|
8,250 |
|
|
|
- |
|
|
|
Total revenue and other income |
|
|
6,679 |
|
|
|
16,017 |
|
|
|
38,688 |
|
|
|
52,545 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Losses and loss adjustment expenses, net |
|
|
6,389 |
|
|
|
15,152 |
|
|
|
22,227 |
|
|
|
40,953 |
|
|
|
Policy acquisition costs |
|
|
1,895 |
|
|
|
3,249 |
|
|
|
6,859 |
|
|
|
9,800 |
|
|
|
Operating and other expenses |
|
|
1,491 |
|
|
|
3,594 |
|
|
|
8,720 |
|
|
|
8,666 |
|
|
|
Interest expense |
|
|
874 |
|
|
|
2,275 |
|
|
|
2,279 |
|
|
|
4,021 |
|
|
|
Total expenses |
|
|
10,649 |
|
|
|
24,270 |
|
|
|
40,085 |
|
|
|
63,440 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Income (loss) from continuing operations before income taxes |
|
|
(3,970 |
) |
|
|
(8,253 |
) |
|
|
(1,397 |
) |
|
|
(10,895 |
) |
|
|
Income tax expense (benefit) |
|
|
- |
|
|
|
(1,367 |
) |
|
|
- |
|
|
|
(1,851 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net income (loss) from continuing operations |
|
$ |
(3,970 |
) |
|
$ |
(6,886 |
) |
|
$ |
(1,397 |
) |
|
$ |
(9,044 |
) |
|
|
Net income (loss) from discontinued operations |
|
|
- |
|
|
|
60,176 |
|
|
|
- |
|
|
|
58,773 |
|
|
|
Net income (loss) |
|
|
(3,970 |
) |
|
|
53,290 |
|
|
|
(1,397 |
) |
|
|
49,729 |
|
|
|
Series A Preferred Stock dividends |
|
|
- |
|
|
|
502 |
|
|
|
- |
|
|
|
817 |
|
|
|
Net income (loss) allocable to common shareholders |
|
|
(3,970 |
) |
|
|
52,788 |
|
|
|
(1,397 |
) |
|
|
48,912 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Earnings (loss) per common share, |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net income (loss) from continuing operations |
|
$ |
(0.32 |
) |
|
$ |
(0.60 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.81 |
) |
|
|
Net income (loss) from discontinued operations |
|
$ |
- |
|
|
$ |
4.92 |
|
|
$ |
- |
|
|
$ |
4.81 |
|
|
|
Net income (loss) allocable to common shareholders |
|
$ |
(0.32 |
) |
|
$ |
4.32 |
|
|
$ |
(0.11 |
) |
|
$ |
4.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Weighted average common shares |
|
|
12,222,881 |
|
|
|
12,222,881 |
|
|
|
12,222,881 |
|
|
|
12,222,881 |
|
|