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STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Operating revenue        
Operating revenue $ 687,839 $ 653,481 $ 1,998,046 $ 1,927,237
Operating expenses        
Operating expenses 592,736 557,256 1,741,783 1,654,132
Operating income 95,103 96,225 256,263 273,105
Investment income        
Net investment income 18,858 10,645 49,605 20,353
Net realized investment gains 1,610 5,915 5,183 1,635
Net impairment recoveries (losses) recognized in earnings 130 (122) 216 (3,192)
Total investment income 20,598 16,438 55,004 18,796
Interest expense, net 1,034 3 3,082 8
Other expense 541 964 1,608 1,588
Income before income taxes 114,126 111,696 306,577 290,305
Income tax expense 23,903 22,480 63,759 59,786
Net income $ 90,223 $ 89,216 $ 242,818 $ 230,519
Class A common stock        
Earnings per share - Basic and diluted:        
Common stock - basic (in dollars per share) $ 1.94 $ 1.92 $ 5.21 $ 4.95
Common stock - diluted (in dollars per share) $ 1.72 $ 1.71 $ 4.64 $ 4.41
Weighted average shares outstanding – Basic        
Common stock - basic (in shares) 46,189,035 46,189,030 46,188,729 46,188,544
Weighted average shares outstanding – Diluted        
Common stock - diluted (in shares) 52,305,245 52,310,429 52,307,859 52,312,588
Dividends declared per share        
Common stock (in dollars per share) $ 1.035 $ 0.965 $ 3.105 $ 2.895
Class B common stock        
Earnings per share - Basic and diluted:        
Common stock - basic (in dollars per share) 291 287 782 742
Common stock - diluted (in dollars per share) $ 291 $ 287 $ 782 $ 742
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 $ 465.75 $ 434.25
Management fee revenue - policy issuance and renewal services        
Operating revenue        
Operating revenue $ 504,891 $ 484,551 $ 1,462,880 $ 1,412,096
Operating expenses        
Operating expenses 430,326 409,546 1,268,650 1,202,903
Management fee revenue - administrative services        
Operating revenue        
Operating revenue 14,471 14,910 43,985 44,494
Administrative services reimbursement revenue        
Operating revenue        
Operating revenue 162,410 147,710 473,133 451,229
Operating expenses        
Operating expenses 162,410 147,710 473,133 451,229
Service agreement revenue        
Operating revenue        
Operating revenue $ 6,067 $ 6,310 $ 18,048 $ 19,418