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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, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenues        
Investment income $ 4,285 $ 5,155 $ 9,503 $ 9,879
Net realized and unrealized gains (losses) 5,064 422 (6,027) 3,826
Revenues 516,105 472,075 956,005 870,595
Expenses        
Amounts retained by agencies 228,720 191,091 428,086 367,586
Employee costs 137,528 139,896 273,180 269,151
Other operating expenses 74,613 86,051 146,473 163,207
Title losses and related claims 21,541 18,786 40,172 34,473
Depreciation and amortization 4,061 5,775 8,292 11,764
Interest 622 1,124 1,513 2,288
Total expenses 467,085 442,723 897,716 848,469
Income before taxes and noncontrolling interests 49,020 29,352 58,289 22,126
Income tax expense (11,340) (7,027) (13,235) (4,585)
Net income 37,680 22,325 45,054 17,541
Less net income attributable to noncontrolling interests 3,534 3,019 5,731 5,001
Net income attributable to Stewart 34,146 19,306 39,323 12,540
Net income 37,680 22,325 45,054 17,541
Other comprehensive income (loss), net of taxes:        
Foreign currency translation adjustments 4,194 2,475 (7,248) 7,063
Change in net unrealized gains and losses on investments 16,715 5,371 14,135 14,382
Reclassification adjustment for realized gains and losses on investments (21) 50 (101) 212
Other comprehensive income, net of taxes: 20,888 7,896 6,786 21,657
Comprehensive income 58,568 30,221 51,840 39,198
Less net income attributable to noncontrolling interests 3,534 3,019 5,731 5,001
Comprehensive income attributable to Stewart $ 55,034 $ 27,202 $ 46,109 $ 34,197
Basic average shares outstanding (in shares) 23,656 23,614 23,647 23,605
Basic earnings per share attributable to Stewart (in usd per share) $ 1.44 $ 0.82 $ 1.66 $ 0.53
Diluted average shares outstanding (in shares) 23,756 23,758 23,757 23,750
Diluted earnings per share attributable to Stewart (in usd per share) $ 1.44 $ 0.81 $ 1.66 $ 0.53
Title - Direct operations        
Revenues        
Revenues $ 218,214 $ 227,883 $ 416,496 $ 389,130
Title - Agency operations        
Revenues        
Revenues 277,387 230,817 519,417 445,680
Ancillary services        
Revenues        
Revenues 11,155 7,798 16,616 22,080
Operating revenues        
Revenues        
Revenues $ 506,756 $ 466,498 $ 952,529 $ 856,890