NMI Holdings, Inc. 10-K

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Our common stock is listed on the NASDAQ under the symbol "NMIH." On February 22, 2021, there were 85,302,579 shares of our Class A common stock outstanding and approximately twelve holders of record. There are no shares of our Class B common stock outstanding. The closing price of our common stock on NASDAQ on February 22, 2021 was $23.10. No dividends on our common stock have previously been declared or paid, and we do not expect to declare or pay dividends in the near future. For information on our ability to pay dividends, see Item 7, " Management's Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources " and Item 8, " Financial Statements and Supplementary Data - Notes to Consolidated Financial Statements - Note16, Regulatory Information - Dividend Restrictions. " Issuer Purchases of Equity Securities We did not repurchase any shares of our common stock during 2020. Common Stock Performance Graph The following graph compares the cumulative total stockholder return on our Class A common stock from December 31, 2015 until December 31, 2020, with the cumulative total stockholder return on the Russell 2000 Index, S&P Small Cap 600 Index and an index of selected mortgage insurance companies (Peer Index). The Peer Index includes Essent, MGIC and Radian. The total stockholder's returns are not necessarily indicative of future returns. Information contained or referenced in the stock performance graph below is being furnished with this report and will not be deemed "filed" for purposes of Section 18 of the Exchange Act or deemed to be incorporated by reference into any filing under the Exchange Act or the Securities Act. 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 NMI Holdings, Inc. $ 100 $ 157 $ 251 $ 264 $ 490 $ 335 Russell 2000 Index 100 121 139 124 155 186 S&P Small Cap 600 100 127 143 131 161 179 Peer Index (ESNT, MTG, RDN) 100 141 182 144 222 190 54 Item 6. Selected Financial Data The information in the following table should be read in conjunction with the information included in Item 7 , " Management's Discussion and Analysis of Financial Condition and Results of Operations " and the consolidated financial statements and notes thereto included in Item 8, " Financial Statements and Supplementary Data. " For the years ended December 31, 2020 2019 2018 2017 2016 Consolidated statements of operations (In Thousands, except for per share data) Net premiums earned $ 397,172 $ 345,015 $ 251,197 $ 165,740 $ 110,481 Net investment income 31,897 30,856 23,538 16,273 13,751 Net realized investment gains (losses) 930 45 57 208 (693) Total revenues 433,283 378,771 275,025 182,743 123,815 Insurance claims & claim expenses 59,247 12,507 5,452 5,339 2,392 Underwriting and operating expenses (1) 131,610 126,621 116,966 106,362 92,731 Net income 171,566 171,957 107,927 22,050 64,001 Basic earnings per share $ 2.20 $ 2.54 $ 1.66 $ 0.37 $ 1.08 Basic weighted average shares outstanding 78,023 67,573 65,019 59,816 59,071 2020 2019 2018 2017 2016 Consolidated balance sheets (In Thousands, except for ratios) Total investments $ 1,804,286 $ 1,140,940 $ 911,490 $ 715,875 $ 628,969 Cash and cash equivalents 126,937 41,089 25,294 19,196 47,746 Total assets 2,166,666 1,364,818 1,092,043 894,848 839,897 Term loan 393,301 145,764 146,757 143,882 144,353 Unearned premiums 118,817 136,642 158,893 163,166 152,906 Reserve for insurance claims and claim expenses 90,567 23,752 12,811 8,761 3,001 Shareholders' equity 1,369,591 930,420 701,500 509,077 475,509 Book value per share $ 16.08 $ 13.61 $ 10.58 $ 8.41 $ 8.04 Selected ratios Loss ratio (2) 14.9 % 3.6 % 2.2 % 3.2 % 2.2 % Expense ratio (3) 33.1 % 36.7 % 46.6 % 64.2 % 83.9 % Combined ratio 48.1 % 40.3 % 48.8 % 67.4 % 86.1 % Risk-to-capital ratio 11.7:1 15.8:1 13.1:1 13.2:1 11.6:1 2019 2019 2018 2017 2016 Other data (In Millions, except for noted below) New primary insurance written $ 62,702 45,141 $ 27,295 $ 21,587 $ 21,189 New primary risk written 15,602 11,715 6,909 5,271 5,086 Direct primary insurance in force 111,252 94,754 68,551 48,465 32,168 Direct primary risk in force 28,164 24,173 17,091 11,843 7,790 Direct pool risk in force 93 93 93 93 93 Available Assets (4) ($ thousand) 1,750,668 1,016,387 733,762 527,897 453,523 Net Risk-Based Required Assets (4) ($ thousand) 984,372 773,474 511,268 446,226 366,584 (1) Prior periods have been reclassified for consistency and presentation purposes. (2) Loss ratio is calculated by dividing the provision for insurance claims and claim expenses by net premiums earned. (3) Expense ratio is calculated by dividing other underwriting and operating expenses by net premiums earned. (4) As reported by NMIC under the PMIERs financial requirements, which took effect as of December 31, 2015 and further amended by the GSEs that became applicable to NMIC on March 31, 2019. 55