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Quarterly Results of Operations (unaudited) (Tables)
12 Months Ended
Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]  
Schedule of quarterly results of operations (unaudited)
 
 
Year ended December 31, 2017
(in thousands, except per share data)
 
First
quarter
 
Second
quarter
 
Third
quarter
 
Fourth
quarter
 
Year
Operating revenue
 
$
399,316

 
$
448,564

 
$
442,492

 
$
401,402

 
$
1,691,774

Operating expenses
 
332,782

 
365,520

 
361,656

 
343,444

 
1,403,402

Investment income
 
6,586

 
6,448

 
8,406

 
7,121

 
28,561

Interest expense, net
 
166

 
257

 
377

 
438

 
1,238

Income before income taxes
 
72,954

 
89,235

 
88,865

 
64,641

 
315,695

Net income
 
$
47,876

 
$
58,527

 
$
58,543

 
$
32,053

 
$
196,999

 
 
 
 
 
 
 
 
 
 
 
Earnings per share (1)
 
 
 
 
 
 
 
 
 
 
Net income per share
 
 
 
 
 
 
 
 
 
 
Class A common stock – basic
 
$
1.03

 
$
1.26

 
$
1.26

 
$
0.69

 
$
4.23

Class A common stock – diluted (2)
 
$
0.91

 
$
1.12

 
$
1.12

 
$
0.61

 
$
3.76

Class B common stock – basic
 
$
154

 
$
189

 
$
189

 
$
103

 
$
635

Class B common stock – diluted
 
$
154

 
$
188

 
$
189

 
$
103

 
$
634

 
(1)       
The cumulative sum of quarterly basic and diluted net income per share amounts may not equal total basic and diluted net income per share for the year due to differences in weighted average shares and equivalent shares outstanding for each of the periods presented.
(2)
Class A diluted earnings per share was reduced by $0.19 for the fourth quarter and total year as a result of increased income tax expense from enactment of the TCJA of $10.1 million. See Note 3, "Earnings Per Share" and Note 10, "Income Taxes".
 
 
 
Year ended December 31, 2016
(in thousands, except per share data)
 
First
quarter
 
 Second
  quarter
 
 Third
 quarter
 
 Fourth
 quarter
 
Year
Operating revenue
 
$
374,728

 
$
423,884

 
$
418,406

 
$
379,613

 
$
1,596,631

Operating expenses
 
307,063

 
338,125

 
336,151

 
322,928

 
1,304,267

Investment income
 
2,559

 
7,404

 
4,326

 
13,539

 
27,828

Interest expense, net
 

 

 

 
101

 
101

Income before income taxes
 
70,224

 
93,163

 
86,581

 
70,123

 
320,091

Net income
 
$
45,895

 
$
61,309

 
$
57,376

 
$
45,786

 
$
210,366

 
 
 
 
 
 
 
 
 
 
 
Earnings per share (1)
 
 
 
 
 
 
 
 
 
 
Net income per share
 
 
 
 
 
 
 
 
 
 
Class A common stock – basic
 
$
0.99

 
$
1.32

 
$
1.23

 
$
0.98

 
$
4.52

Class A common stock – diluted
 
$
0.87

 
$
1.17

 
$
1.09

 
$
0.87

 
$
4.01

Class B common stock – basic
 
$
148

 
$
197

 
$
185

 
$
147

 
$
678

Class B common stock – diluted
 
$
148

 
$
197

 
$
185

 
$
147

 
$
677

 
(1)       
The cumulative sum of quarterly basic and diluted net income per share amounts may not equal total basic and diluted net income per share for the year due to differences in weighted average shares and equivalent shares outstanding for each of the periods presented.