UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
|
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2020
or
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
FOR THE TRANSITION PERIOD FROM TO
Commission File Number:
001-12251
AMERISAFE, INC.
(Exact Name of Registrant as Specified in Its Charter)
|
Texas |
|
75-2069407 |
|
(State of Incorporation) |
|
(I.R.S. Employer Identification Number) |
|
|
|
|
|
2301 Highway 190 West, DeRidder, Louisiana |
|
70634 |
|
(Address of Principal Executive Offices) |
|
(Zip Code) |
Registrant’s telephone number, including area code: (337) 463-9052
Securities registered pursuant to Section 12(b) of the Act:
|
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
|
Common |
|
AMSF |
|
NASDAQ |
Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
|
Large accelerated filer |
|
☒ |
|
Accelerated filer |
|
☐ |
|
Non-accelerated filer |
|
☐ |
|
Smaller reporting company |
|
☐ |
|
|
|
|
|
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. ☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of July 27, 2020, there were 19,331,059 shares of the Registrant’s common stock, par value $0.01 per share, outstanding.
TABLE OF CONTENTS
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3 |
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Item 1 |
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4 |
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Item 2 |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
24 |
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Item 3 |
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30 |
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Item 4 |
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30 |
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Item 2 |
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31 |
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Item 6 |
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31 |
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2
FORWARD-LOOKING STATEMENTS
This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and 21E of the Securities Exchange Act of 1934. You should not place undue reliance on these statements. These forward-looking statements include statements that reflect the current views of our senior management with respect to our financial performance and future events with respect to our business and the insurance industry in general. Statements that include the words “expect,” “intend,” “plan,” “believe,” “project,” “forecast,” “estimate,” “may,” “should,” “anticipate” and similar statements of a future or forward-looking nature identify forward-looking statements. Forward-looking statements address matters that involve risks and uncertainties. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those indicated in these statements. We believe that these factors include, but are not limited to, the following:
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• |
the impact of epidemics, pandemics and public health outbreaks, including the ongoing COVID-19 pandemic, could adversely affect our business operations; |
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• |
the cyclical nature of the workers’ compensation insurance industry; |
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• |
increased competition on the basis of types of insurance offered, premium rates, coverage availability, payment terms, claims management, safety services, policy terms, overall financial strength, financial ratings and reputation; |
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• |
changes in relationships with independent agencies; |
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• |
general economic conditions, including recession, inflation, performance of financial markets, interest rates, unemployment rates and fluctuating asset values; |
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• |
developments in capital markets that adversely affect the performance of our investments; |
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• |
technology breaches or failures, including those resulting from a malicious cyber attack on the Company or its policyholders and medical providers; |
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• |
decreased level of business activity of our policyholders caused by decreased business activity generally, and in particular in the industries we target; |
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|
• |
greater frequency or severity of claims and loss activity than our underwriting, reserving or investment practices anticipate based on historical experience or industry data; |
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|
• |
adverse developments in economic, competitive, judicial or regulatory conditions within the workers’ compensation insurance industry; |
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|
• |
loss of the services of any of our senior management or other key employees; |
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• |
changes in regulations, laws, rates, rating factors, or taxes applicable to the Company, its policyholders or the agencies that sell its insurance; |
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|
• |
changes in current accounting standards or new accounting standards; |
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• |
changes in legal theories of liability under our insurance policies; |
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• |
changes in rating agency policies, practices or ratings; |
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• |
changes in the availability, cost or quality of reinsurance and the failure of our reinsurers to pay claims in a timely manner or at all; |
|
|
• |
the effects of U.S. involvement in hostilities with other countries and large-scale acts of terrorism, or the threat of hostilities or terrorist acts; and |
|
|
• |
other risks and uncertainties described from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). |
The foregoing factors should not be construed as exhaustive and should be read together with the other cautionary statements in this report, and under the caption “Risk Factors” in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2019. Actual results may differ materially from the results expressed or implied in these statements if the underlying assumptions prove to be incorrect or as the results of risks, uncertainties and other factors including the impact of the COVID-19 pandemic on the business and operations of the Company and our policyholders and the market value of the securities in our investment portfolio.
3
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
AMERISAFE, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
|
|
|
June 30, 2020 |
|
|
December 31, 2019 |
|
||
|
|
|
(unaudited) |
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
Fixed maturity securities—held-to-maturity, at amortized cost net of allowance for credit losses of $357 and $0 in 2020 and 2019, respectively, (fair value $609,281 and $621,343 in 2020 and 2019, respectively) |
|
$ |
576,191 |
|
|
$ |
599,421 |
|
|
Fixed maturity securities—available-for-sale, at fair value (amortized cost $392,117, allowance for credit losses of $0 in 2020 and amortized cost $425,698, allowance for credit losses of $0 in 2019) |
|
|
416,240 |
|
|
|
441,146 |
|
|
Equity securities, at fair value (cost $33,227 and $24,457 in 2020 and 2019, respectively) |
|
|
33,480 |
|
|
|
27,903 |
|
|
Short-term investments |
|
|
72,849 |
|
|
|
56,548 |
|
|
Total investments |
|
|
1,098,760 |
|
|
|
1,125,018 |
|
|
Cash and cash equivalents |
|
|
110,281 |
|
|
|
43,813 |
|
|
Amounts recoverable from reinsurers (net of allowance for credit losses of $388 and $0 in 2020 and 2019, respectively) |
|
|
103,524 |
|
|
|
95,913 |
|
|
Premiums receivable (net of allowance for credit losses of $5,277 and $5,112 in 2020 and 2019, respectively) |
|
|
175,241 |
|
|
|
157,953 |
|
|
Deferred income taxes |
|
|
16,704 |
|
|
|
17,513 |
|
|
Accrued interest receivable |
|
|
9,297 |
|
|
|
9,730 |
|
|
Property and equipment, net |
|
|
6,385 |
|
|
|
6,331 |
|
|
Deferred policy acquisition costs |
|
|
19,765 |
|
|
|
19,048 |
|
|
Other assets |
|
|
10,016 |
|
|
|
17,587 |
|
|
Total assets |
|
$ |
1,549,973 |
|
|
$ |
1,492,906 |
|
|
Liabilities and shareholders’ equity |
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
Reserves for loss and loss adjustment expenses |
|
$ |
768,767 |
|
|
$ |
772,887 |
|
|
Unearned premiums |
|
|
147,824 |
|
|
|
140,873 |
|
|
Amounts held for others |
|
|
41,501 |
|
|
|
37,937 |
|
|
Policyholder deposits |
|
|
43,285 |
|
|
|
44,718 |
|
|
Insurance-related assessments |
|
|
25,955 |
|
|
|
22,967 |
|
|
Federal income tax payable |
|
|
12,098 |
|
|
|
3,220 |
|
|
Accounts payable and other liabilities |
|
|
40,712 |
|
|
|
40,089 |
|
|
Payable for investments purchased |
|
|
7,035 |
|
|
|
— |
|
|
Total liabilities |
|
|
1,087,177 |
|
|
|
1,062,691 |
|
|
Shareholders’ equity: |
|
|
|
|
|
|
|
|
|
Common stock: voting—$0.01 par value authorized shares—50,000,000 in 2020 and 2019; 20,589,309 and 20,560,833 shares issued and 19,331,059 and 19,302,583 shares outstanding in 2020 and 2019, respectively |
|
|
206 |
|
|
|
205 |
|
|
Additional paid-in capital |
|
|
214,894 |
|
|
|
213,004 |
|
|
Treasury stock, at cost (1,258,250 shares in 2020 and 2019) |
|
|
(22,370 |
) |
|
|
(22,370 |
) |
|
Accumulated earnings |
|
|
250,888 |
|
|
|
227,165 |
|
|
Accumulated other comprehensive income, net |
|
|
19,178 |
|
|
|
12,211 |
|
|
Total shareholders’ equity |
|
|
462,796 |
|
|
|
430,215 |
|
|
Total liabilities and shareholders’ equity |
|
$ |
1,549,973 |
|
|
$ |
1,492,906 |
|
See accompanying notes.
4
AMERISAFE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share and per share data)
(unaudited)
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||
|
|
|
June 30, |
|
|
June 30, |
|
||||||||||
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
||||
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross premiums written |
|
$ |
80,289 |
|
|
$ |
87,018 |
|
|
$ |
167,360 |
|
|
$ |
180,125 |
|
|
Ceded premiums written |
|
|
(2,672 |
) |
|
|
(2,204 |
) |
|
|
(5,455 |
) |
|
|
(4,634 |
) |
|
Net premiums written |
|
$ |
77,617 |
|
|
$ |
84,814 |
|
|
$ |
161,905 |
|
|
$ |
175,491 |
|
|
Net premiums earned |
|
$ |
75,964 |
|
|
$ |
82,951 |
|
|
$ |
154,954 |
|
|
$ |
167,899 |
|
|
Net investment income |
|
|
7,324 |
|
|
|
8,169 |
|
|
|
15,073 |
|
|
|
16,184 |
|
|
Net realized gains (losses) on investments |
|
|
163 |
|
|
|
(82 |
) |
|
|
1,155 |
|
|
|
(23 |
) |
|
Net unrealized gains (losses) on equity securities |
|
|
5,570 |
|
|
|
642 |
|
|
|
(3,193 |
) |
|
|
2,800 |
|
|
Loss on disposal of assets |
|
|
(29 |
) |
|
|
— |
|
|
|
(29 |
) |
|
|
— |
|
|
Fee and other income |
|
|
90 |
|
|
|
73 |
|
|
|
291 |
|
|
|
83 |
|
|
Total revenues |
|
|
89,082 |
|
|
|
91,753 |
|
|
|
168,251 |
|
|
|
186,943 |
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss and loss adjustment expenses incurred |
|
|
37,530 |
|
|
|
48,868 |
|
|
|
81,177 |
|
|
|
98,482 |
|
|
Underwriting and certain other operating costs |
|
|
7,786 |
|
|
|
7,416 |
|
|
|
16,003 |
|
|
|
14,968 |
|
|
Commissions |
|
|
5,812 |
|
|
|
6,243 |
|
|
|
11,867 |
|
|
|
12,611 |
|
|
Salaries and benefits |
|
|
7,533 |
|
|
|
6,059 |
|
|
|
14,545 |
|
|
|
12,806 |
|
|
Policyholder dividends |
|
|
948 |
|
|
|
998 |
|
|
|
1,971 |
|
|
|
2,098 |
|
|
Provision for investment related credit loss expense |
|
|
82 |
|
|
|
— |
|
|
|
56 |
|
|
|
— |
|
|
Total expenses |
|
|
59,691 |
|
|
|
69,584 |
|
|
|
125,619 |
|
|
|
140,965 |
|
|
Income before income taxes |
|
|
29,391 |
|
|
|
22,169 |
|
|
|
42,632 |
|
|
|
45,978 |
|
|
Income tax expense |
|
|
5,443 |
|
|
|
4,279 |
|
|
|
7,884 |
|
|
|
8,688 |
|
|
Net income |
|
$ |
23,948 |
|
|
$ |
17,890 |
|
|
$ |
34,748 |
|
|
$ |
37,290 |
|
|
Earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.24 |
|
|
$ |
0.93 |
|
|
$ |
1.80 |
|
|
$ |
1.94 |
|
|
Diluted |
|
$ |
1.24 |
|
|
$ |
0.93 |
|
|
$ |
1.80 |
|
|
$ |
1.93 |
|
|
Shares used in computing earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
19,280,684 |
|
|
|
19,245,592 |
|
|
|
19,273,347 |
|
|
|
19,237,401 |
|
|
Diluted |
|
|
19,335,707 |
|
|
|
19,306,953 |
|
|
|
19,335,748 |
|
|
|
19,316,276 |
|
|
Cash dividends declared per common share |
|
$ |
0.27 |
|
|
$ |
0.25 |
|
|
$ |
0.54 |
|
|
$ |
0.50 |
|
See accompanying notes.
5
AMERISAFE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
(unaudited)
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||
|
|
|
June 30, |
|
|
June 30, |
|
||||||||||
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
||||
|
Net income |
|
$ |
23,948 |
|
|
$ |
17,890 |
|
|
$ |
34,748 |
|
|
$ |
37,290 |
|
|
Other comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain on debt securities, net of tax |
|
|
5,483 |
|
|
|
4,980 |
|
|
|
6,967 |
|
|
|
10,972 |
|
|
Change in deferred tax valuation allowance |
|
|
— |
|
|
|
198 |
|
|
|
— |
|
|
|
— |
|
|
Comprehensive income |
|
$ |
29,431 |
|
|
$ |
23,068 |
|
|
$ |
41,715 |
|
|
$ |
48,262 |
|
See accompanying notes.
6
AMERISAFE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
Three Months Ended June 30, 2020 and 2019
(in thousands, except share data)
(unaudited)
|
|
|
Common Stock |
|
|
Additional Paid-In |
|
|
Treasury Stock |
|
|
Accumulated |
|
|
Accumulated Other Comprehensive |
|
|
|
|
|
|||||||||||||
|
|
|
Shares |
|
|
Amounts |
|
|
Capital |
|
|
Shares |
|
|
Amounts |
|
|
Earnings |
|
|
Income |
|
|
Total |
|
||||||||
|
Balance at March 31, 2020 |
|
|
20,561,034 |
|
|
$ |
205 |
|
|
$ |
213,267 |
|
|
|
(1,258,250 |
) |
|
$ |
(22,370 |
) |
|
$ |
232,159 |
|
|
$ |
13,695 |
|
|
$ |
436,956 |
|
|
Comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
23,948 |
|
|
|
— |
|
|
|
23,948 |
|
|
Other comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in unrealized gains, net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,483 |
|
|
|
5,483 |
|
|
Comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29,431 |
|
|
Common stock issued |
|
|
28,275 |
|
|
|
1 |
|
|
|
1,359 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,360 |
|
|
Share-based compensation |
|
|
— |
|
|
|
— |
|
|
|
268 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
268 |
|
|
Dividends to shareholders |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5,219 |
) |
|
|
— |
|
|
|
(5,219 |
) |
|
Balance at June 30, 2020 |
|
|
20,589,309 |
|
|
$ |
206 |
|
|
$ |
214,894 |
|
|
|
(1,258,250 |
) |
|
$ |
(22,370 |
) |
|
$ |
250,888 |
|
|
$ |
19,178 |
|
|
$ |
462,796 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
|
Additional Paid-In |
|
|
Treasury Stock |
|
|
Accumulated |
|
|
Accumulated Other Comprehensive |
|
|
|
|
|
|||||||||||||
|
|
|
Shares |
|
|
Amounts |
|
|
Capital |
|
|
Shares |
|
|
Amounts |
|
|
Earnings |
|
|
Income |
|
|
Total |
|
||||||||
|
Balance at March 31, 2019 |
|
|
20,533,230 |
|
|
$ |
205 |
|
|
$ |
211,700 |
|
|
|
(1,258,250 |
) |
|
$ |
(22,370 |
) |
|
$ |
235,908 |
|
|
$ |
4,962 |
|
|
$ |
430,405 |
|
|
Comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
17,890 |
|
|
|
— |
|
|
|
17,890 |
|
|
Other comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in unrealized gains, net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,980 |
|
|
|
4,980 |
|
|
Change in deferred tax valuation allowance |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
198 |
|
|
|
198 |
|
|
Comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,068 |
|
|
Common stock issued |
|
|
23,281 |
|
|
|
— |
|
|
|
560 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
560 |
|
|
Share-based compensation |
|
|
— |
|
|
|
— |
|
|
|
233 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
233 |
|
|
Dividends to shareholders |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4,823 |
) |
|
|
— |
|
|
|
(4,823 |
) |
|
Balance at June 30, 2019 |
|
|
20,556,511 |
|
|
$ |
205 |
|
|
$ |
212,493 |
|
|
|
(1,258,250 |
) |
|
$ |
(22,370 |
) |
|
$ |
248,975 |
|
|
$ |
10,140 |
|
|
$ |
449,443 |
|
See accompanying notes.
7
AMERISAFE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
Six Months Ended June 30, 2020 and 2019
(in thousands, except share data)
(unaudited)
|
|
|
Common Stock |
|
|
Additional Paid-In |
|
|
Treasury Stock |
|
|
Accumulated |
|
|
Accumulated Other Comprehensive |
|
|
|
|
|
|||||||||||||
|
|
|
Shares |
|
|
Amounts |
|
|
Capital |
|
|
Shares |
|
|
Amounts |
|
|
Earnings |
|
|
Income |
|
|
Total |
|
||||||||
|
Balance at December 31, 2019 |
|
|
20,560,833 |
|
|
$ |
205 |
|
|
$ |
213,004 |
|
|
|
(1,258,250 |
) |
|
$ |
(22,370 |
) |
|
$ |
227,165 |
|
|
$ |
12,211 |
|
|
$ |
430,215 |
|
|
Impact of adoption of ASU 2016-13 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(594 |
) |
|
|
— |
|
|
|
(594 |
) |
|
Comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
34,748 |
|
|
|
— |
|
|
|
34,748 |
|
|
Other comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in unrealized gains, net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,967 |
|
|
|
6,967 |
|
|
Comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
41,715 |
|
|
Common stock issued |
|
|
28,476 |
|
|
|
1 |
|
|
|
1,359 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,360 |
|
|
Share-based compensation |
|
|
— |
|
|
|
— |
|
|
|
531 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
531 |
|
|
Dividends to shareholders |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(10,431 |
) |
|
|
— |
|
|
|
(10,431 |
) |
|
Balance at June 30, 2020 |
|
|
20,589,309 |
|
|
$ |
206 |
|
|
$ |
214,894 |
|
|
|
(1,258,250 |
) |
|
$ |
(22,370 |
) |
|
$ |
250,888 |
|
|
$ |
19,178 |
|
|
|||