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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, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Revenues        
Revenues $ 802,025 $ 506,756 $ 1,483,392 $ 952,529
Investment income 5,130 4,285 9,074 9,503
Net realized and unrealized gains (losses) 11,654 5,064 14,929 (6,027)
Revenues 818,809 516,105 1,507,395 956,005
Expenses        
Amounts retained by agencies 322,020 228,720 605,955 428,086
Employee costs 188,467 137,528 357,864 273,180
Other operating expenses 137,796 74,613 263,279 146,473
Title losses and related claims 33,569 21,541 62,342 40,172
Depreciation and amortization 6,819 4,061 13,249 8,292
Interest 682 622 1,248 1,513
Total expenses 689,353 467,085 1,303,937 897,716
Income before taxes and noncontrolling interests 129,456 49,020 203,458 58,289
Income tax expense (30,616) (11,340) (47,496) (13,235)
Net income 98,840 37,680 155,962 45,054
Less net income attributable to noncontrolling interests 4,021 3,534 6,907 5,731
Net income attributable to Stewart 94,819 34,146 149,055 39,323
Net income 98,840 37,680 155,962 45,054
Other comprehensive income (loss), net of taxes:        
Foreign currency translation adjustments 1,379 4,194 3,246 (7,248)
Change in net unrealized gains and losses on investments 1,009 16,715 (8,147) 14,135
Reclassification adjustment for realized gains and losses on investments (418) (21) (563) (101)
Other comprehensive income (loss), net of taxes: 1,970 20,888 (5,464) 6,786
Comprehensive income 100,810 58,568 150,498 51,840
Less net income attributable to noncontrolling interests 4,021 3,534 6,907 5,731
Comprehensive income attributable to Stewart $ 96,789 $ 55,034 $ 143,591 $ 46,109
Basic average shares outstanding (in shares) 26,798 23,656 26,767 23,647
Basic earnings per share attributable to Stewart (in usd per share) $ 3.54 $ 1.44 $ 5.57 $ 1.66
Diluted average shares outstanding (in shares) 27,123 23,756 27,038 23,757
Diluted earnings per share attributable to Stewart (in usd per share) $ 3.50 $ 1.44 $ 5.51 $ 1.66
Direct operations        
Revenues        
Revenues $ 353,502 $ 218,214 $ 633,007 $ 416,496
Agency operations        
Revenues        
Revenues 390,330 277,387 736,261 519,417
Ancillary services        
Revenues        
Revenues 58,193 11,155 114,124 16,616
Operating revenues        
Revenues        
Revenues $ 802,025 $ 506,756 $ 1,483,392 $ 952,529