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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, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Revenues        
Investment income $ 5,155 $ 5,247 $ 9,879 $ 9,951
Investment and other gains – net 422 2,393 3,826 722
Revenues 472,075 492,869 870,595 930,099
Expenses        
Amounts retained by agencies 191,091 203,793 367,586 399,000
Employee costs 139,896 146,278 269,151 285,101
Other operating expenses 86,051 85,953 163,207 166,220
Title losses and related claims 18,786 18,697 34,473 37,678
Depreciation and amortization 5,775 6,154 11,764 12,388
Interest 1,124 673 2,288 1,646
Total expenses 442,723 461,548 848,469 902,033
Income before taxes and noncontrolling interests 29,352 31,321 22,126 28,066
Income tax expense (7,027) (5,601) (4,585) (4,307)
Net income 22,325 25,720 17,541 23,759
Less net income attributable to noncontrolling interests 3,019 3,342 5,001 5,161
Net income attributable to Stewart 19,306 22,378 12,540 18,598
Net income 22,325 25,720 17,541 23,759
Other comprehensive income (loss), net of taxes:        
Foreign currency translation adjustments 2,475 (4,038) 7,063 (5,630)
Change in net unrealized gains and losses on investments 5,371 (2,428) 14,382 (10,434)
Reclassification adjustment for net losses (gains) included in net income 50 (231) 212 (480)
Other comprehensive income (loss) 7,896 (6,697) 21,657 (16,544)
Comprehensive income 30,221 19,023 39,198 7,215
Less net income attributable to noncontrolling interests 3,019 3,342 5,001 5,161
Comprehensive income attributable to Stewart $ 27,202 $ 15,681 $ 34,197 $ 2,054
Basic average shares outstanding (in shares) 23,614 23,546 23,605 23,527
Basic earnings per share attributable to Stewart (in usd per share) $ 0.82 $ 0.95 $ 0.53 $ 0.79
Diluted average shares outstanding (in shares) 23,758 23,625 23,750 23,607
Diluted earnings per share attributable to Stewart (in usd per share) $ 0.81 $ 0.95 $ 0.53 $ 0.79
Title - Direct operations        
Revenues        
Revenues $ 227,883 $ 224,240 $ 389,130 $ 409,752
Title - Agency operations        
Revenues        
Revenues 230,817 247,257 445,680 484,111
Ancillary services        
Revenues        
Revenues 7,798 13,732 22,080 25,563
Operating revenues        
Revenues        
Revenues $ 466,498 $ 485,229 $ 856,890 $ 919,426