TROY, Mich., Nov. 09, 2022 (GLOBE NEWSWIRE) — Conifer Holdings, Inc. (Nasdaq: CNFR) (“Conifer” or the “Company”) right this moment introduced outcomes for the third quarter ended September 30, 2022.
Third Quarter 2022 Financial Highlights (in comparison with the prior 12 months interval)
- Gross written premium down 1.8% quarter over quarter, excluding deemphasized traces (largely QSR and FL business), GWP elevated 8.9% over the prior 12 months interval
- Commercial Lines gross written premium for the third quarter, excluding deemphasized traces, elevated 4.0% to $27.4 million
- Personal Lines gross written premium elevated 41.5% to $5.5 million
- Net earned premium remained regular at $25.0 million
- Expense ratio decreased to 39.9%, down 240 foundation factors from Q3 2021
Subsequent to the top of the third quarter, the Company executed an asset buy settlement with Whitetail Insurance Services, LLC, a wholly-owned subsidiary of Acrisure, LLC (“Acrisure”). The sale of sure property of MGA Venture Agency Holdings, Inc. (“Venture”) closed on Friday, October 14, 2022, and was made efficient as of October 1, 2022.
The Company additionally accomplished a Loss Portfolio Transfer (LPT) reinsurance settlement with Fleming Reinsurance Ltd (“Fleming Re”) subsequent to the top of the third quarter. Through this transaction, Conifer secured $20 million of opposed growth cowl for accident years 2019 and prior.
Under the settlement, Fleming Re will cowl an combination restrict of $66.3 million of paid losses on $40.8 million of said internet reserves as of June 30, 2022, referring to accident years 2019 and prior. Within the combination restrict, there’s a $5.5 million loss hall by which the Company retains losses in extra of $40.8 million.
James Petcoff, Executive Chairman and Co-CEO, commented, “We are pleased to report the recent closing of two significant and strategic transactions that will make efficient use of our capital to support the Company’s profitable growth into the future.”
2022 Third Quarter Financial Results Overview
| At and for the Three Months Ended September 30, | At and for the Nine Months Ended September 30, | |||||||||||||||||||||
| 2022 | 2021 | % Change | 2022 | 2021 | % Change | |||||||||||||||||
| ({dollars} in hundreds, besides share and per share quantities) | ||||||||||||||||||||||
| Gross written premiums | $ | 33,088 | $ | 33,704 | -1.8 | % | $ | 103,470 | $ | 99,058 | 4.5 | % | ||||||||||
| Net written premiums | 23,693 | 26,069 | -9.1 | % | 68,980 | 79,084 | -12.8 | % | ||||||||||||||
| Net earned premiums | 24,958 | 24,941 | 0.1 | % | 73,489 | 72,614 | 1.2 | % | ||||||||||||||
| Net funding revenue | 860 | 514 | 67.3 | % | 1,931 | 1,549 | 24.7 | % | ||||||||||||||
| Net realized funding beneficial properties (losses) | – | (101 | ) | ** | (1,505 | ) | 3,883 | ** | ||||||||||||||
| Change in truthful worth of fairness investments | (151 | ) | (2,169 | ) | ** | 446 | (3,234 | ) | ||||||||||||||
| Other beneficial properties (losses) | 66 | 2,778 | ** | 60 | 11,688 | ** | ||||||||||||||||
| Net revenue (loss) | (1,523 | ) | (1,209 | ) | ** | (12,792 | ) | (293 | ) | ** | ||||||||||||
| Net revenue (loss) per share, diluted | $ | (0.14 | ) | $ | (0.12 | ) | $ | (1.26 | ) | $ | (0.03 | ) | ||||||||||
| Adjusted working revenue (loss)* | (1,438 | ) | (1,717 | ) | ** | (11,793 | ) | (12,630 | ) | ** | ||||||||||||
| Adjusted working revenue (loss) per share, diluted* | $ | (0.13 | ) | $ | (0.18 | ) | ** | $ | (1.16 | ) | $ | (1.30 | ) | ** | ||||||||
| Book worth per frequent share excellent | $ | 1.32 | $ | 4.34 | $ | 1.32 | $ | 4.34 | ||||||||||||||
| Weighted common shares excellent, primary and diluted | 11,101,194 | 9,692,150 | 10,178,975 | 9,686,874 | ||||||||||||||||||
| Underwriting ratios: | ||||||||||||||||||||||
| Loss ratio (1) | 66.6 | % | 64.6 | % | 77.2 | % | 73.3 | % | ||||||||||||||
| Expense ratio (2) | 39.9 | % | 42.3 | % | 38.8 | % | 42.7 | % | ||||||||||||||
| Combined ratio (3) | 106.5 | % | 106.9 | % | 116.0 | % | 116.0 | % | ||||||||||||||
| * The “Definitions of Non-GAAP Measures” part of this launch defines and reconciles knowledge that aren’t primarily based on usually accepted accounting ideas. | ||||||||||||||||||||||
| ** Percentage shouldn’t be significant | ||||||||||||||||||||||
| (1) The loss ratio is the ratio, expressed as a share, of internet losses and loss adjustment bills to internet earned premiums and different revenue from underwriting operations. | ||||||||||||||||||||||
| (2) The expense ratio is the ratio, expressed as a share, of coverage acquisition prices and different underwriting bills to internet earned premiums and different revenue from underwriting operations. | ||||||||||||||||||||||
| (3) The mixed ratio is the sum of the loss ratio and the expense ratio. A mixed ratio below 100% signifies an underwriting revenue. A mixed ratio over 100% signifies an underwriting loss. | ||||||||||||||||||||||
2022 Third Quarter Premiums
Gross Written Premiums
Gross written premiums decreased 1.8% within the third quarter of 2022 to $33.1 million, in comparison with $33.7 million within the prior 12 months interval. However, excluding deemphasized traces of business (QSR, Commercial Auto, Florida business), gross written premium elevated 8.9% over the prior interval. Personal traces premium, particularly Conifer’s low-value dwelling line of business, continues to bolster Conifer’s worthwhile high line development.
Net Earned Premiums
Net earned premiums elevated 0.1% to $25.0 million for the third quarter of 2022, in comparison with $24.9 million for the prior 12 months interval. The Company expects internet earned premium to proceed its improve by way of the rest of 2022 as will increase in worthwhile gross written premium over the previous a number of quarters proceed to earn ratably by way of the 12 months.
Commercial Lines Financial and Operational Review
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
| 2022 | 2021 | % Change | 2022 | 2021 | % Change | |||||||||||||||||
| ({dollars} in hundreds) | ||||||||||||||||||||||
| Gross written premiums | $ | 27,635 | $ | 29,849 | -7.4 | % | $ | 88,297 | $ | 88,017 | 0.3 | % | ||||||||||
| Net written premiums | 18,730 | 22,456 | -16.6 | % | 55,456 | 68,685 | -19.3 | % | ||||||||||||||
| Net earned premiums | 20,789 | 21,975 | -5.4 | % | 62,097 | 64,869 | -4.3 | % | ||||||||||||||
| Underwriting ratios: | ||||||||||||||||||||||
| Loss ratio | 64.0 | % | 66.7 | % | 80.0 | % | 74.7 | % | ||||||||||||||
| Expense ratio | 39.6 | % | 42.7 | % | 38.0 | % | 42.9 | % | ||||||||||||||
| Combined ratio | 103.6 | % | 109.4 | % | 118.0 | % | 117.6 | % | ||||||||||||||
| Contribution to mixed ratio from internet | ||||||||||||||||||||||
| (favorable) opposed prior 12 months growth | 13.2 | % | 15.2 | % | 28.4 | % | 22.6 | % | ||||||||||||||
| Accident 12 months mixed ratio (1) | 90.4 | % | 94.2 | % | 89.6 | % | 95.0 | % | ||||||||||||||
| (1) The accident 12 months mixed ratio is the sum of the loss ratio and the expense ratio, much less modifications in internet final loss estimates from prior accident 12 months loss reserves. The accident 12 months mixed ratio supplies administration with an evaluation of the precise coverage 12 months’s profitability and assists administration of their analysis of product pricing ranges and high quality of business written. | ||||||||||||||||||||||
The Company’s industrial traces of business, representing 83.5% of whole gross written premium within the third quarter of 2022, primarily consists of property and legal responsibility protection supplied to owner-operated small- to mid-sized companies.
Commercial traces gross written premium fell barely within the third quarter of 2022 to
$27.6 million. Excluding the Company’s deemphasized traces of business, industrial traces gross written premium rose 4.0% within the quarter. This displays the Company’s continued emphasis on growth in its most worthwhile specialty traces.
The industrial traces mixed ratio was 103.6% for the three months ended September 30, 2022, in comparison with 109.4% within the prior 12 months interval. The loss ratio was 64.0% for the third quarter of 2022, in contrast with 66.7% within the prior 12 months interval. The Company anticipates continued enchancment within the close to time period as deemphasized traces of business roll off the Company’s books. Moreover, the completion of the Loss Portfolio Transfer reinsurance settlement in mid-October 2022 is anticipated to considerably profit the Company’s backside line within the months to come back.
The industrial traces expense ratio for the third quarter was 39.6%, down from 42.7% throughout the prior 12 months interval, reflecting the Company’s dedication to sustained expense administration and worthwhile high line development.
The industrial traces accident 12 months mixed ratio was 90.4% for the third quarter of 2022.
Personal Lines Financial and Operational Review
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
| 2022 | 2021 | % Change | 2022 | 2021 | % Change | |||||||||||||||||
| ({dollars} in hundreds) | ||||||||||||||||||||||
| Gross written premiums | $ | 5,453 | $ | 3,855 | 41.5 | % | $ | 15,173 | $ | 11,041 | 37.4 | % | ||||||||||
| Net written premiums | 4,963 | 3,613 | 37.4 | % | 13,524 | 10,399 | 30.1 | % | ||||||||||||||
| Net earned premiums | 4,169 | 2,966 | 40.6 | % | 11,392 | 7,745 | 47.1 | % | ||||||||||||||
| Underwriting ratios: | ||||||||||||||||||||||
| Loss ratio | 79.2 | % | 48.8 | % | 61.8 | % | 61.8 | % | ||||||||||||||
| Expense ratio | 41.3 | % | 39.2 | % | 43.1 | % | 41.4 | % | ||||||||||||||
| Combined ratio | 120.5 | % | 88.0 | % | 104.9 | % | 103.2 | % | ||||||||||||||
| Contribution to mixed ratio from internet | ||||||||||||||||||||||
| (favorable) opposed prior 12 months growth | 9.1 | % | 9.7 | % | 3.8 | % | 11.8 | % | ||||||||||||||
| Accident 12 months mixed ratio | 111.4 | % | 78.3 | % | 101.1 | % | 91.4 | % | ||||||||||||||
Personal traces, representing 16.5% of whole gross written premium for the third quarter of 2022, consists largely of low-value dwelling house owner’s insurance.
Personal traces gross written premium elevated 41.5% to $5.5 million within the third quarter of 2022 in comparison with $3.9 million within the prior 12 months interval. This improve was led by development within the Company’s low-value dwelling line of business in Oklahoma and Texas.
The private traces mixed ratio was 120.5% for the three months ended September 30, 2022, in comparison with 88.0% within the prior 12 months interval. Personal traces loss ratio was 79.2%, in comparison with 48.8% within the prior 12 months interval.
The private traces accident 12 months mixed ratio was 111.4% for the third quarter of 2022.
Combined Ratio Analysis
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||
| Underwriting ratios: | |||||||||||||
| Loss ratio | 66.6 | % | 64.6 | % | 77.2 | % | 73.3 | % | |||||
| Expense ratio | 39.9 | % | 42.3 | % | 38.8 | % | 42.7 | % | |||||
| Combined ratio | 106.5 | % | 106.9 | % | 116.0 | % | 116.0 | % | |||||
| Contribution to mixed ratio from internet (favorable) | |||||||||||||
| opposed prior 12 months growth | 12.6 | % | 14.6 | % | 24.6 | % | 21.4 | % | |||||
| Accident 12 months mixed ratio | 93.9 | % | 92.3 | % | 91.4 | % | 94.6 | % | |||||
Combined Ratio
The Company’s mixed ratio was 106.5% for the quarter ended September 30, 2022, in comparison with 106.9% for a similar interval in 2021. The Company’s accident 12 months mixed ratio for the quarter ended September 30, 2022 was 93.9%, in comparison with 92.3% within the prior 12 months interval.
Loss Ratio:
The Company’s losses and loss adjustment bills have been $16.7 million for the three months ended September 30, 2022, in comparison with $16.2 million within the prior 12 months interval. This resulted in a loss ratio of 66.6%, in comparison with 64.6% within the prior 12 months interval.
The accident 12 months loss ratio for the third quarter of 2022 was 54.0%, which aligns with the Company’s goal loss ratio in its choose specialty traces of business. As deemphasized business continues to roll off the books, and as statutes expire in tough jurisdictions, the Company absolutely anticipates that the loss ratio will enhance correspondingly.
Moreover, the Company has taken necessary steps to limit the bottom-line results of opposed prior 12 months growth from these deemphasized traces of business, and expects to see the useful outcomes of those initiatives within the close to time period.
Expense Ratio:
The expense ratio was 39.9% for the third quarter of 2022, in comparison with 42.3% within the prior 12 months interval.
Net Investment Income
Net funding revenue was $860,000 throughout the quarter ended September 30, 2022, in comparison with $514,000 within the prior 12 months interval.
Net Realized Investment Income
Net realized funding revenue was flat throughout the third quarter of 2022, in comparison with internet realized funding losses of $101,000 within the prior 12 months interval.
Change in Fair Value of Equity Securities
During the third quarter, the Company reported a lack of $151,000 from the change in truthful worth of fairness investments, in comparison with a lack of $2.2 million within the prior 12 months interval.
Net Income
In the third quarter of 2022, the Company reported a internet lack of $1.5 million, or $0.14 per share, in comparison with internet lack of $1.2 million, or $0.12 per share, within the prior 12 months interval.
Adjusted Operating Income
In the third quarter of 2022, the Company reported an adjusted working lack of $1.4 million, or $0.13 per share, in comparison with an adjusted working lack of $1.7 million, or $0.18 per share, for a similar interval in 2021. See Definitions of Non-GAAP Measures.
Earnings Conference Call and Webcast with Accompanying Slide Presentation
The Company will maintain a convention name/webcast on Thursday, November 10, 2022 at 8:30 a.m. ET to debate outcomes for the third quarter ended September 30, 2022.
Investors, analysts, staff and most people are invited to take heed to the convention name through:
| Webcast: | On the Event Calendar at IR.CNFRH.com | |
| Conference Call: | 844-868-8843 (home) or 412-317-6589 (worldwide) |
The webcast will likely be archived on the Conifer Holdings web site and accessible for replay for not less than one 12 months.
About the Company
Conifer Holdings, Inc. is a specialty insurance holding firm, providing personalized protection options tailor-made to the wants of our insureds. Nationwide, Conifer markets largely by way of impartial brokers, and is traded on the NASDAQ change below the image “CNFR”. Additional info is out there on the Company’s web site at www.CNFRH.com.
Definitions of Non-GAAP Measures
Conifer prepares its public monetary statements in conformity with accounting ideas usually accepted within the United States of America (GAAP). Statutory knowledge is ready in accordance with statutory accounting guidelines as outlined by the National Association of Insurance Commissioners’ (NAIC) Accounting Practices and Procedures Manual, and subsequently shouldn’t be reconciled to GAAP knowledge.
We consider that buyers’ understanding of Conifer’s efficiency is enhanced by our disclosure of adjusted working revenue. Our technique for calculating this measure might differ from that utilized by different corporations and subsequently comparability could also be restricted. We outline adjusted working revenue (loss), a non-GAAP measure, as internet revenue (loss) excluding after-tax internet realized funding beneficial properties and losses, excluding after-tax different beneficial properties and losses, excluding the after-tax change in truthful worth of fairness securities. We use adjusted working revenue as an inside efficiency measure within the administration of our operations as a result of we consider it offers our administration and different customers of our monetary info helpful perception into our outcomes of operations and our underlying business efficiency.
Reconciliations of adjusted working revenue and adjusted working revenue per share:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| (greenback in hundreds, besides share and per share quantities) | ||||||||||||||||
| Net revenue (loss) | $ | (1,523 | ) | $ | (1,209 | ) | $ | (12,792 | ) | $ | (293 | ) | ||||
| Less: | ||||||||||||||||
| Net realized funding beneficial properties (losses), internet of tax | – | (101 | ) | (1,505 | ) | 3,883 | ||||||||||
| Other beneficial properties (losses), internet of tax | 66 | 2,778 | 60 | 11,688 | ||||||||||||
| Change in truthful worth of fairness securities, internet of tax | (151 | ) | (2,169 | ) | 446 | (3,234 | ) | |||||||||
| Adjusted working revenue (loss) | $ | (1,438 | ) | $ | (1,717 | ) | $ | (11,793 | ) | $ | (12,630 | ) | ||||
| Weighted common frequent shares, diluted | 11,101,194 | 9,692,150 | 10,178,975 | 9,686,874 | ||||||||||||
| Diluted revenue (loss) per frequent share: | ||||||||||||||||
| Net revenue (loss) | $ | (0.14 | ) | $ | (0.12 | ) | $ | (1.26 | ) | $ | (0.03 | ) | ||||
| Less: | ||||||||||||||||
| Net realized funding beneficial properties (losses), internet of tax | – | (0.01 | ) | (0.15 | ) | 0.40 | ||||||||||
| Other beneficial properties (losses), internet of tax | – | 0.29 | 0.01 | 1.20 | ||||||||||||
| Change in truthful worth of fairness securities, internet of tax | (0.01 | ) | (0.22 | ) | 0.04 | (0.33 | ) | |||||||||
| Adjusted working revenue (loss), per share | $ | (0.13 | ) | $ | (0.18 | ) | $ | (1.16 | ) | (1.30 | ) | |||||
Forward-Looking Statement
This press launch incorporates forward-looking statements made pursuant to the secure harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give present expectations or forecasts of future occasions or our future monetary or working efficiency, and embody Conifer’s expectations relating to premiums, earnings, its capital place, growth, and development methods. The forward-looking statements contained on this press launch are primarily based on administration’s good-faith perception and cheap judgment primarily based on present info. The forward-looking statements are certified by necessary elements, dangers and uncertainties, a lot of that are past our management, that might trigger our precise outcomes to vary materially from these within the forward-looking statements, together with these described in our kind 10-Ok (“Item 1A Risk Factors”) filed with the SEC on March 10, 2022 and subsequent reviews filed with or furnished to the SEC. Any forward-looking assertion made by us on this report speaks solely as of the date hereof or as of the date specified herein. We undertake no obligation to publicly replace any forward-looking assertion, whether or not because of new info, future developments or in any other case, besides as could also be required by any relevant legal guidelines or laws.
For Further Information:
Jessica Gulis, 248.559.0840
[email protected]
| Conifer Holdings, Inc. and Subsidiaries | |||||||||||
| Consolidated Balance Sheets | |||||||||||
| ({dollars} in hundreds) | |||||||||||
| September 30, | December 31, | ||||||||||
| 2022 | 2021 | ||||||||||
| Assets | (Unaudited) | ||||||||||
| Investment securities: | |||||||||||
| Debt securities, at truthful worth (amortized price of $129,372 and | $ | 111,847 | $ | 149,783 | |||||||
| $150,732, respectively) | |||||||||||
| Equity securities, at truthful worth (price of $1,906 and $10,972, respectively) | 1,312 | 9,931 | |||||||||
| Short-term investments, at truthful worth | 30,562 | 23,013 | |||||||||
| Total investments | 143,721 | 182,727 | |||||||||
| Cash and money equivalents | 35,413 | 9,913 | |||||||||
| Premiums and brokers’ balances receivable, internet | 21,856 | 21,197 | |||||||||
| Receivable from Affiliate | 5,862 | 5,784 | |||||||||
| Reinsurance recoverables on unpaid losses | 41,749 | 40,344 | |||||||||
| Reinsurance recoverables on paid losses | 2,489 | 1,347 | |||||||||
| Prepaid reinsurance premiums | 15,333 | 8,301 | |||||||||
| Deferred coverage acquisition prices | 10,483 | 12,267 | |||||||||
| Other property | 9,096 | 8,524 | |||||||||
| Total property | $ | 286,002 | $ | 290,404 | |||||||
| Liabilities and Shareholders’ Equity | |||||||||||
| Liabilities: | |||||||||||
| Unpaid losses and loss adjustment bills | $ | 144,557 | $ | 139,085 | |||||||
| Unearned premiums | 67,792 | 65,269 | |||||||||
| Reinsurance premiums payable | 3,352 | 5,318 | |||||||||
| Debt | 48,298 | 33,564 | |||||||||
| Accounts payable and accrued bills | 5,838 | 6,665 | |||||||||
| Total liabilities | 269,837 | 249,901 | |||||||||
| Commitments and contingencies | – | – | |||||||||
| Shareholders’ fairness: | |||||||||||
| Common inventory, no par worth (100,000,000 shares licensed; 12,215,324 and | |||||||||||
| 9,707,817 issued and excellent, respectively) | 97,857 | 92,692 | |||||||||
| Accumulated deficit | (62,871 | ) | (50,079 | ) | |||||||
| Accumulated different complete revenue (loss) | (18,821 | ) | (2,110 | ) | |||||||
| Total shareholders’ fairness | 16,165 | 40,503 | |||||||||
| Total liabilities and shareholders’ fairness | $ | 286,002 | $ | 290,404 | |||||||
| Conifer Holdings, Inc. and Subsidiaries | |||||||||||||||||||
| Consolidated Statements of Operations (Unaudited) | |||||||||||||||||||
| ({dollars} in hundreds, besides share and per share knowledge) | |||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||
| Revenue and Other Income | |||||||||||||||||||
| Premiums | |||||||||||||||||||
| Gross earned premiums | $ | 34,401 | $ | 31,770 | $ | 100,947 | $ | 90,245 | |||||||||||
| Ceded earned premiums | (9,443 | ) | (6,829 | ) | (27,458 | ) | (17,631 | ) | |||||||||||
| Net earned premiums | 24,958 | 24,941 | 73,489 | 72,614 | |||||||||||||||
| Net funding revenue | 860 | 514 | 1,931 | 1,549 | |||||||||||||||
| Net realized funding beneficial properties (losses) | – | (101 | ) | (1,505 | ) | 3,883 | |||||||||||||
| Change in truthful worth of fairness securities | (151 | ) | (2,169 | ) | 446 | (3,234 | ) | ||||||||||||
| Other beneficial properties (losses) | 66 | 2,778 | 60 | 11,688 | |||||||||||||||
| Other revenue | 603 | 752 | 1,964 | 1,974 | |||||||||||||||
| Total income and different revenue | 26,336 | 26,715 | 76,385 | 88,474 | |||||||||||||||
| Expenses | |||||||||||||||||||
| Losses and loss adjustment bills, internet | 16,671 | 16,159 | 56,940 | 53,447 | |||||||||||||||
| Policy acquisition prices | 6,230 | 7,173 | 17,419 | 20,819 | |||||||||||||||
| Operating bills | 4,380 | 4,077 | 13,010 | 12,768 | |||||||||||||||
| Interest expense | 778 | 701 | 2,216 | 2,154 | |||||||||||||||
| Total bills | 28,059 | 28,110 | 89,585 | 89,188 | |||||||||||||||
| Income (loss) earlier than fairness earnings in Affiliate and revenue taxes | (1,723 | ) | (1,395 | ) | (13,200 | ) | (714 | ) | |||||||||||
| Equity earnings in Affiliate, internet of tax | 199 | 184 | 368 | 612 | |||||||||||||||
| Income tax expense (profit) | (1 | ) | (2 | ) | (40 | ) | 191 | ||||||||||||
| Net revenue (loss) | (1,523 | ) | (1,209 | ) | (12,792 | ) | (293 | ) | |||||||||||
| Earnings (loss) per frequent share, | |||||||||||||||||||
| primary and diluted | $ | (0.14 | ) | $ | (0.12 | ) | $ | (1.26 | ) | $ | (0.03 | ) | |||||||
| Weighted common frequent shares excellent, | |||||||||||||||||||
| primary and diluted | 11,101,194 | 9,692,150 | 10,178,975 | 9,686,874 | |||||||||||||||
