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CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenues        
Investment income $ 4,752 $ 4,781 $ 14,631 $ 14,732
Investment and other gains – net 46,905 3,623 50,730 4,345
Revenues 559,508 507,640 1,430,102 1,437,739
Expenses        
Amounts retained by agencies 208,973 224,966 576,559 623,967
Employee costs 143,815 138,288 412,967 423,389
Other operating expenses 87,826 90,811 251,030 257,029
Title losses and related claims 21,059 21,503 55,532 59,181
Depreciation and amortization 5,694 6,221 17,458 18,609
Interest 1,080 1,076 3,369 2,722
Total expenses 468,447 482,865 1,316,915 1,384,897
Income before taxes and noncontrolling interests 91,061 24,775 113,187 52,842
Income tax expense (21,393) (4,371) (25,978) (8,679)
Net income 69,668 20,404 87,209 44,163
Less net income attributable to noncontrolling interests 3,560 2,851 8,561 8,012
Net income attributable to Stewart 66,108 17,553 78,648 36,151
Net income 69,668 20,404 87,209 44,163
Other comprehensive (loss) income, net of taxes:        
Foreign currency translation adjustments (5,135) 1,140 1,928 (4,490)
Change in net unrealized gains and losses on investments 3,603 (1,910) 17,985 (12,344)
Reclassification adjustment for net losses (gains) included in net income (92) (137) 120 (617)
Other comprehensive (loss) income, net of taxes: (1,624) (907) 20,033 (17,451)
Comprehensive income 68,044 19,497 107,242 26,712
Less net income attributable to noncontrolling interests 3,560 2,851 8,561 8,012
Comprehensive income attributable to Stewart $ 64,484 $ 16,646 $ 98,681 $ 18,700
Basic average shares outstanding (in shares) 23,616 23,556 23,608 23,537
Basic earnings per share attributable to Stewart (in usd per share) $ 2.80 $ 0.75 $ 3.33 $ 1.54
Diluted average shares outstanding (in shares) 23,773 23,699 23,780 23,677
Diluted earnings per share attributable to Stewart (in usd per share) $ 2.78 $ 0.74 $ 3.31 $ 1.53
Title - Direct operations        
Revenues        
Revenues $ 245,068 $ 213,134 $ 634,198 $ 622,886
Title - Agency operations        
Revenues        
Revenues 254,155 272,875 699,835 756,986
Ancillary services        
Revenues        
Revenues 8,628 13,227 30,708 38,790
Operating revenues        
Revenues        
Revenues $ 507,851 $ 499,236 $ 1,364,741 $ 1,418,662