XML 47 R2.htm IDEA: XBRL DOCUMENT v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenues        
Revenues $ 590,676 $ 507,851 $ 1,543,206 $ 1,364,741
Investment income 5,027 4,752 14,530 14,631
Net realized and unrealized (losses) gains (7) 46,905 (6,035) 50,730
Revenues 595,696 559,508 1,551,701 1,430,102
Expenses        
Amounts retained by agencies 231,051 208,973 659,138 576,559
Employee costs 155,638 143,815 428,817 412,967
Other operating expenses 98,531 87,826 245,003 251,030
Title losses and related claims 28,427 21,059 68,600 55,532
Depreciation and amortization 5,144 5,694 13,436 17,458
Interest 562 1,080 2,075 3,369
Total expenses 519,353 468,447 1,417,069 1,316,915
Income before taxes and noncontrolling interests 76,343 91,061 134,632 113,187
Income tax expense (16,058) (21,393) (29,293) (25,978)
Net income 60,285 69,668 105,339 87,209
Less net income attributable to noncontrolling interests 4,376 3,560 10,107 8,561
Net income attributable to Stewart 55,909 66,108 95,232 78,648
Net income 60,285 69,668 105,339 87,209
Other comprehensive income (loss), net of taxes:        
Foreign currency translation adjustments 3,844 (5,135) (3,404) 1,928
Change in net unrealized gains and losses on investments 920 3,603 15,055 17,985
Reclassification adjustment for realized gains and losses on investments (175) (92) (276) 120
Other comprehensive income (loss), net of taxes: 4,589 (1,624) 11,375 20,033
Comprehensive income 64,874 68,044 116,714 107,242
Less net income attributable to noncontrolling interests 4,376 3,560 10,107 8,561
Comprehensive income attributable to Stewart $ 60,498 $ 64,484 $ 106,607 $ 98,681
Basic average shares outstanding (in shares) 25,148 23,616 24,151 23,608
Basic earnings per share attributable to Stewart (in usd per share) $ 2.22 $ 2.80 $ 3.94 $ 3.33
Diluted average shares outstanding (in shares) 25,297 23,773 24,256 23,780
Diluted earnings per share attributable to Stewart (in usd per share) $ 2.21 $ 2.78 $ 3.93 $ 3.31
Direct operations        
Revenues        
Revenues $ 280,114 $ 245,068 $ 696,611 $ 634,198
Agency operations        
Revenues        
Revenues 282,605 254,155 802,022 699,835
Ancillary services        
Revenues        
Revenues 27,957 8,628 44,573 30,708
Operating revenues        
Revenues        
Revenues $ 590,676 $ 507,851 $ 1,543,206 $ 1,364,741