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STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Operating revenue        
Operating revenue $ 680,030 $ 657,019 $ 1,310,207 $ 1,273,756
Operating expenses        
Operating expenses 594,965 565,830 1,149,047 1,096,876
Operating income 85,065 91,189 161,160 176,880
Investment income        
Net investment income 13,650 5,044 30,747 9,708
Net realized investment gains (losses) 2,769 6,526 3,573 (4,280)
Net impairment (losses) recoveries recognized in earnings (1) (17) 86 (3,070)
Total investment income 16,418 11,553 34,406 2,358
Interest expense, net 1,039 2 2,048 5
Other expense 548 258 1,067 624
Income before income taxes 99,896 102,482 192,451 178,609
Income tax expense 20,867 20,505 39,856 37,306
Net income $ 79,029 $ 81,977 $ 152,595 $ 141,303
Earnings per share - Basic and diluted:        
Common stock - diluted (in dollars per share)     $ 491  
Weighted average shares outstanding – Diluted        
Common stock - diluted (in shares)     2,542  
Class A common stock        
Earnings per share - Basic and diluted:        
Common stock - basic (in dollars per share) $ 1.70 $ 1.76 $ 3.28 $ 3.03
Common stock - diluted (in dollars per share) $ 1.51 $ 1.57 $ 2.92 $ 2.70
Weighted average shares outstanding – Basic        
Common stock - basic (in shares) 46,188,289 46,187,808 46,188,573 46,188,299
Weighted average shares outstanding – Diluted        
Common stock - diluted (in shares) 52,302,370 52,302,981 52,309,163 52,313,667
Dividends declared per share        
Common stock (in dollars per share) $ 1.035 $ 0.965 $ 2.070 $ 1.930
Class B common stock        
Earnings per share - Basic and diluted:        
Common stock - basic (in dollars per share) 255 264 491 455
Common stock - diluted (in dollars per share) $ 255 $ 264 $ 491 $ 455
Weighted average shares outstanding – Basic        
Common stock - basic (in shares) 2,542 2,542 2,542 2,542
Weighted average shares outstanding – Diluted        
Common stock - diluted (in shares) 2,542 2,542 2,542 2,542
Dividends declared per share        
Common stock (in dollars per share) $ 155.25 $ 144.75 $ 310.50 $ 289.50
Management fee revenue - policy issuance and renewal services        
Operating revenue        
Operating revenue $ 502,271 $ 483,795 $ 957,989 $ 927,545
Operating expenses        
Operating expenses 437,775 413,865 838,324 793,357
Management fee revenue - administrative services        
Operating revenue        
Operating revenue 14,667 14,813 29,514 29,584
Administrative services reimbursement revenue        
Operating revenue        
Operating revenue 157,190 151,965 310,723 303,519
Operating expenses        
Operating expenses 157,190 151,965 310,723 303,519
Service agreement revenue        
Operating revenue        
Operating revenue $ 5,902 $ 6,446 $ 11,981 $ 13,108