HCI Group Inc. expects its EPS to increase 8 cents to 12 cents per quarter, or 32 cents to 48 cents annually, after it repaid certain convertible senior notes.

The company spent approximately $90 million to repay all of its 3.875% convertible senior notes that matured on March 15. The debt was settled in cash and as a result, the company's share count will decrease by about 1,476,500.

The earnings increases are expected to begin in the second quarter.