Thank you, Janelle, good morning and to everyone.
For of of the income per share of $XX.X and million XXXX, net $XX.X share. reported diluted diluted AMERISAFE or $X.XX $X or income operating fourth per net quarter million
net compared income driven lower as of fourth higher tax-exempt a the ratio less share. the interest certain was in net or was quarter $XX.X as tax share $X.XX diluted operating of or diluted income higher driving primarily XXXX. by quarter well expense rate driving the items with fourth income the million During The per XXXX, and million income of per $X.XX $XX.X quarter net
full operating income with the income compared $XX.X and in year, the million, million $XX.X million and was net $XX.X prior respectively. net was For year, $XX.X million
increase in compared resulted in wage The of $XX ratio primarily quarter, prior million an in were with increase was XXXX. of assessments. quarter expense in quarter. the underwriting with to XX.X% $XX.X total the and insurance-related a other the XX.X% due compared year X% the increase million increase recognized Our expenses in inflation This fourth and an
For was year, the ratio the in compared full XX.X% with XX.X% XXXX. expense
a with was of quarter our year the compared last in XX.X% to income to largely in due the the prior For the XX.X% year. tax-exempt tax compared income proportion lower year, rate versus underwriting
our quarter, in increased income fourth net investment investment from $X.X year $X.X to million prior portfolio. In the to Turning the million quarter. X.X%
yield full the investment exceeded roll-off investments, compared was previous basis yield income year. $XX.X or in points drove portfolio million points For million the by to net the of XXXX. and the on basis was driven XX new equivalent portfolio XXX with The increase tax approximately than year, higher which $XX.X by book X.XX% that
million of X.X Realized $X years. quality, the quarter AA- the sold The an in a quarter during carrying gains portfolio for portfolio on fourth of with investment average high were credit XXXX. $X.X compared million duration the rating with securities is
composition other investments. Approximately of XX% X% in and equity corporate in XX% bonds, bonds, treasuries in is portfolio held-to-maturity portfolio and X% municipal of XX% U.S. in and The is X% the our in securities. securities agencies, cash comprised bond of
noticeably lower, held-to-maturity the improved net from of quarter. moved unrealized to million rates position loss interest the $XX.X million $XX.X in securities quarter, fourth which the third During
gains our therefore, As these a value. reminder, or costs. book at carried these held-to-maturity securities securities are on unrealized losses not amortized are And reflected in
is with high-quality a Our balance strong sheet. position capital
additional year, the the were repurchased. and $X.X million dividends regular shareholders For through special returned combination plus company a to of million $XX.X of an shares
X.X% in of was the for decrease special on return dividend other quarter and for a $XX.XX December And was the a XXXX. year-end value topics. year. share couple Book after XX.X% paying And per XX.X% of from average full XXXX, the operating equity finally, just
XX-K be after market year-end, was we surplus million filing finally, from the And million our statutory XX, XXXX, Our $XXX.X SEC close. up February the year-end. prior $XXX.X at with at will tomorrow,
for I With call. to question-and-answer call would portion Operator? the open the of like that, the