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STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Operating revenue        
Total operating revenue $ 999,886 $ 858,938 $ 2,871,025 $ 2,451,273
Operating expenses        
Total operating expenses 819,761 710,467 2,361,880 2,058,101
Operating income 180,125 148,471 509,145 393,172
Investment income        
Net investment income 17,322 14,642 49,235 30,360
Net realized and unrealized investment gains (losses) 2,925 (2,227) 2,983 (9,246)
Net impairment losses recognized in earnings (698) (113) (3,763) (1,917)
Total investment income 19,549 12,302 48,455 19,197
Other income 1,168 3,001 7,871 9,643
Income before income taxes 200,842 163,774 565,471 422,012
Income tax expense 41,012 32,734 117,186 86,879
Net income $ 159,830 $ 131,040 $ 448,285 $ 335,133
Class A common stock        
Earnings per share - Basic and diluted:        
Common stock - basic (in dollars per share) $ 3.43 $ 2.81 $ 9.63 $ 7.20
Common stock - diluted (in dollars per share) $ 3.06 $ 2.51 $ 8.57 $ 6.41
Weighted average shares outstanding – Basic        
Common stock - basic (in shares) 46,189,059 46,189,037 46,189,038 46,188,962
Weighted average shares outstanding – Diluted        
Common stock - diluted (in shares) 52,306,514 52,299,369 52,301,001 52,298,655
Dividends declared per share        
Dividends declared (in dollars per share) $ 1.275 $ 1.19 $ 3.825 $ 3.57
Class B common stock        
Earnings per share - Basic and diluted:        
Common stock - basic (in dollars per share) 515 422 1,444 1,079
Common stock - diluted (in dollars per share) $ 515 $ 422 $ 1,444 $ 1,079
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        
Dividends declared (in dollars per share) $ 191.25 $ 178.50 $ 573.75 $ 535.50
Management fee revenue - policy issuance and renewal services        
Operating revenue        
Total operating revenue $ 769,162 $ 649,049 $ 2,195,734 $ 1,840,478
Operating expenses        
Total operating expenses 613,007 523,349 1,757,531 1,513,690
Management fee revenue - administrative services        
Operating revenue        
Total operating revenue 17,154 16,151 51,139 46,976
Administrative services reimbursement revenue        
Operating revenue        
Total operating revenue 206,754 187,118 604,349 544,411
Operating expenses        
Total operating expenses 206,754 187,118 604,349 544,411
Service agreement revenue        
Operating revenue        
Total operating revenue $ 6,816 $ 6,620 $ 19,803 $ 19,408