Rendering
| Component: (Network and Table) |
|---|
| Network | 00000031 - Disclosure - Income Taxes (Tables) (http://1347pih.com/role/IncomeTaxesTables) |
| Table | (Implied) |
Slicers (applies to each fact value in each table cell)
| Reporting Entity [Axis] | 0001591890 (http://www.sec.gov/CIK) |
| Income Tax Disclosure [Abstract] | Period [Axis] |
|---|
2016-01-01 - 2016-12-31 |
|---|
Income Tax Disclosure [Abstract] | |
Summary of income tax expense (benefit) | A
summary of income tax expense (benefit) is as follows:
| |
|
Year
Ended December 31, |
|
| |
|
2016 |
|
|
2015 |
|
| Current
income tax expense (benefit) |
|
$ |
20 |
|
|
$ |
(452 |
) |
| Deferred
income tax expense (benefit) |
|
|
88 |
|
|
|
(211 |
) |
| Total
income tax expense (benefit) |
|
$ |
108 |
|
|
$ |
(663 |
) |
|
Schedule of reconciliation effective tax rates | Actual
income tax expense (benefit) differs from the income tax expense computed by applying the applicable effective federal and state
tax rates to income before income tax expense (benefit) as follows:
| |
|
Year
ended December 31, |
|
| |
|
2016 |
|
|
2015 |
|
| |
|
|
$ |
|
|
|
% |
|
|
|
$ |
|
|
|
% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Provision
for taxes at U.S. statutory marginal income tax rate of 34% |
|
$ |
40 |
|
|
|
34.0 |
% |
|
$ |
(794 |
) |
|
|
34.0 |
% |
| Nondeductible
expenses |
|
|
15 |
|
|
|
12.4 |
% |
|
|
20 |
|
|
|
(0.8 |
)% |
| State
tax (net of federal benefit) |
|
|
53 |
|
|
|
44.4 |
% |
|
|
105 |
|
|
|
(4.5 |
)% |
| Other |
|
|
— |
|
|
|
— |
% |
|
|
6 |
|
|
|
(0.3 |
)% |
| Income
tax expense (benefit) |
|
$ |
108 |
|
|
|
90.8 |
% |
|
$ |
(663 |
) |
|
|
28.4 |
% |
|
Schedule of deferred income taxes | Deferred
income taxes reflect the net tax effects of temporary differences between carrying amounts of assets and liabilities for financial
reporting purposes as compared to the amounts used for income tax purposes. Significant components of the Company’s net
deferred tax assets are as follows:
| |
|
As
of December 31, |
|
| |
|
2016 |
|
|
2015 |
|
| Deferred
income tax assets: |
|
|
|
|
|
|
|
|
| Loss
and loss adjustment expense reserves |
|
$ |
35 |
|
|
$ |
22 |
|
| Unearned
premium reserves |
|
|
1,503 |
|
|
|
1,462 |
|
| Net
operating loss carryforwards |
|
|
235 |
|
|
|
284 |
|
| Share-based
compensation |
|
|
316 |
|
|
|
264 |
|
| Other |
|
|
270 |
|
|
|
278 |
|
| Deferred
income tax assets |
|
$ |
2,359 |
|
|
$ |
2,310 |
|
| |
|
|
|
|
|
|
|
|
| Deferred
income tax liabilities: |
|
|
|
|
|
|
|
|
| Deferred
policy acquisition costs |
|
$ |
1,492 |
|
|
$ |
1,370 |
|
| State
deferred taxes |
|
|
397 |
|
|
|
378 |
|
| Other |
|
|
50 |
|
|
|
56 |
|
| Deferred
income tax liabilities |
|
$ |
1,939 |
|
|
$ |
1,804 |
|
| |
|
|
|
|
|
|
|
|
| Net
deferred income tax assets |
|
$ |
420 |
|
|
$ |
506 |
|
|
Summary of net operating loss carryforwards | The
amount and expiration date of the NOL carryforwards are as follows:
| Year
of Occurrence |
|
|
Year
of
Expiration |
|
|
Amount |
|
| 2013 |
|
|
|
2032 |
|
|
$ |
684 |
|
| 2014 |
|
|
|
2033 |
|
|
|
7 |
|
| Total |
|
|
|
|
|
|
$ |
691 |
|
| |
|
|
|
|
|
|
|
|
|
|
|