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CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Revenues        
Investment income $ 5,247 $ 4,941 $ 9,951 $ 9,613
Investment and other gains (losses) – net 2,393 (676) 722 (389)
Revenues 492,869 485,452 930,099 928,493
Expenses        
Amounts retained by agencies 203,793 192,558 399,000 383,733
Employee costs 146,278 139,346 285,101 279,131
Other operating expenses 85,953 88,786 166,220 167,103
Title losses and related claims 18,697 24,462 37,678 45,163
Depreciation and amortization 6,154 6,441 12,388 12,819
Interest 673 712 1,646 1,529
Total expenses 461,548 452,305 902,033 889,478
Income before taxes and noncontrolling interests 31,321 33,147 28,066 39,015
Income tax expense 5,602 10,993 4,307 10,850
Net income 25,719 22,154 23,759 28,165
Less net income attributable to noncontrolling interests 3,342 3,586 5,161 5,508
Net income attributable to Stewart 22,377 18,568 18,598 22,657
Net income 25,719 22,154 23,759 28,165
Other comprehensive (loss) income, net of taxes:        
Foreign currency translation adjustments (4,038) 3,204 (5,630) 4,529
Change in net unrealized gains and losses on investments (2,428) 355 (10,434) 2,822
Reclassification adjustment for net gains included in net income (231) (94) (480) (461)
Other comprehensive (loss) income, net of taxes (6,697) 3,465 (16,544) 6,890
Comprehensive income 19,022 25,619 7,215 35,055
Less net income attributable to noncontrolling interests 3,342 3,586 5,161 5,508
Comprehensive income attributable to Stewart $ 15,680 $ 22,033 $ 2,054 $ 29,547
Basic average shares outstanding (000) 23,546 23,444 23,527 23,438
Basic earnings per share attributable to Stewart (in usd per share) $ 0.95 $ 0.79 $ 0.79 $ 0.97
Diluted average shares outstanding (000) 23,625 23,620 23,607 23,613
Diluted earnings per share attributable to Stewart (in usd per share) $ 0.95 $ 0.79 $ 0.79 $ 0.96
Title - Direct operations        
Revenues        
Revenues $ 224,240 $ 231,662 $ 409,752 $ 419,091
Title - Agency operations        
Revenues        
Revenues 247,257 234,407 484,111 467,756
Ancillary services        
Revenues        
Revenues 13,732 15,118 25,563 32,422
Operating revenues        
Revenues        
Revenues $ 485,229 $ 481,187 $ 919,426 $ 919,269