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CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Title revenues:        
Direct operations $ 216,830 $ 241,109 $ 635,921 $ 664,128
Agency operations 268,545 282,269 736,301 732,320
Ancillary services 12,674 22,059 45,096 65,276
Operating revenues 498,049 545,437 1,417,318 1,461,724
Investment income 4,567 4,520 14,179 14,445
Investment and other (losses) gains – net (1,047) 3,253 (1,436) 4,706
Total revenues 501,569 553,210 1,430,061 1,480,875
Expenses        
Amounts retained by agencies 221,460 231,586 605,192 598,915
Employee costs 140,054 154,529 419,184 457,166
Other operating expenses 88,489 94,043 255,593 268,210
Title losses and related claims 25,428 26,365 70,591 66,612
Depreciation and amortization 6,578 7,082 19,397 22,728
Interest 963 797 2,492 2,237
Total expenses 482,972 514,402 1,372,449 1,415,868
Income before taxes and noncontrolling interests 18,597 38,808 57,612 65,007
Income tax expense 4,686 9,041 15,536 16,779
Net income 13,911 29,767 42,076 48,228
Less net income attributable to noncontrolling interests 2,967 3,392 8,475 9,450
Net income attributable to Stewart 10,944 26,375 33,601 38,778
Net income 13,911 29,767 42,076 48,228
Other comprehensive income (loss), net of taxes:        
Foreign currency translation adjustments 4,141 (1,808) 8,670 (216)
Change in net unrealized gains on investments 63 (263) 2,885 11,708
Reclassification of adjustment for gains included in net income (331) (865) (792) (1,044)
Other comprehensive income (loss), net of taxes 3,873 (2,936) 10,763 10,448
Comprehensive income 17,784 26,831 52,839 58,676
Less net income attributable to noncontrolling interests 2,967 3,392 8,475 9,450
Comprehensive income attributable to Stewart $ 14,817 $ 23,439 $ 44,364 $ 49,226
Basic average shares outstanding (000) 23,448 23,371 23,442 23,362
Basic earnings per share attributable to Stewart (in usd per share) $ 0.47 $ 1.13 $ 1.43 $ 1.15
Diluted average shares outstanding (000) 23,564 23,611 23,571 23,596
Diluted earnings per share attributable to Stewart (in usd per share) $ 0.46 $ 1.12 $ 1.43 $ 1.13