AMERISAFE INC (AMSF) [Rocket]

In millions, except per share items	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15	Dec-31-14
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues	315.9	339.5	370.4	377.8	375.2	396.7	401.0	404.0
Revenue growth	-6.9%	-8.3%	-2.0%	0.7%	-5.4%	-1.1%	-0.8%	13.4%
Loss and loss adjustment expenses	160.8	157.2	176.3	204.9	209.3	199.0	214.6	244.9
Policy acquisition costs	38.5	41.6	44.6	45.8	43.0	44.3	44.8	43.8
Investment expenses	1.0	1.0	1.0	1.0	1.1	1.6	1.5	1.7
Other operating expenses	36.2	32.8	33.0	38.5	39.5	38.8	39.1	39.9
General and administrative	26.0	27.9	27.1	26.0	25.6	24.9
EBITDA	78.3	106.4	116.1	89.5	83.5	114.2	104.5	74.0
EBITDA margin	24.8%	31.4%	31.4%	23.7%	22.2%	28.8%	26.1%	18.3%
Depreciation	1.0	1.0	0.9	1.0	1.0	1.2	1.3	1.3
EBIT	77.3	105.4	115.2	88.5	82.5	113.0	103.1	72.7
EBIT margin	24.5%	31.1%	31.1%	23.4%	22.0%	28.5%	25.7%	18.0%
Interest and other income (expense), net	2.7	1.8		-0.3	0.4	0.3	-3.2	1.4
Other income (expense), net	2.2	1.5	0.3	-0.9	-0.2	-0.1	-2.2	1.1
Pre-tax income	79.4	106.9	115.5	87.6	82.2	112.8	101.0	73.7
Income taxes	13.7	20.3	22.8	15.9	36.0	35.0	30.5	20.1
Tax rate	17.2%	19.0%	19.8%	18.2%	43.8%	31.0%	30.2%	27.2%
Net income	65.8	86.6	92.7	71.6	46.2	77.9	70.5	53.7
Net margin	20.8%	25.5%	25.0%	19.0%	12.3%	19.6%	17.6%	13.3%

Basic EPS	$3.40	$4.49	$4.82	$3.73	$2.41	$4.08	$3.72	$2.88
Diluted EPS	$3.39	$4.47	$4.80	$3.71	$2.40	$4.05	$3.69	$2.84

Shares outstanding (basic)	19.3	19.3	19.2	19.2	19.2	19.1	18.9	18.6
Shares outstanding (diluted)	19.4	19.4	19.3	19.3	19.2	19.2	19.1	18.9

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.