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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, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Revenues        
Revenues $ 829,787 $ 590,676 $ 2,313,178 $ 1,543,206
Investment income 4,053 5,027 13,127 14,530
Net realized and unrealized gains (losses) 2,887 (7) 17,816 (6,035)
Revenues 836,727 595,696 2,344,121 1,551,701
Expenses        
Amounts retained by agencies 329,906 231,051 935,861 659,138
Employee costs 197,587 155,638 555,451 428,817
Other operating expenses 152,587 98,531 415,864 245,003
Title losses and related claims 30,345 28,427 92,687 68,600
Depreciation and amortization 9,144 5,144 22,394 13,436
Interest 712 562 1,960 2,075
Total expenses 720,281 519,353 2,024,217 1,417,069
Income before taxes and noncontrolling interests 116,446 76,343 319,904 134,632
Income tax expense (23,051) (16,058) (70,547) (29,293)
Net income 93,395 60,285 249,357 105,339
Less net income attributable to noncontrolling interests 4,732 4,376 11,639 10,107
Net income attributable to Stewart 88,663 55,909 237,718 95,232
Net income 93,395 60,285 249,357 105,339
Other comprehensive (loss) income, net of taxes:        
Foreign currency translation adjustments (4,243) 3,844 (997) (3,404)
Change in net unrealized gains and losses on investments (2,183) 920 (10,330) 15,055
Reclassification adjustment for realized gains and losses on investments (355) (175) (918) (276)
Other comprehensive (loss) income, net of taxes: (6,781) 4,589 (12,245) 11,375
Comprehensive income 86,614 64,874 237,112 116,714
Less net income attributable to noncontrolling interests 4,732 4,376 11,639 10,107
Comprehensive income attributable to Stewart $ 81,882 $ 60,498 $ 225,473 $ 106,607
Basic average shares outstanding (in shares) 26,873 25,148 26,803 24,151
Basic earnings per share attributable to Stewart (in usd per share) $ 3.30 $ 2.22 $ 8.87 $ 3.94
Diluted average shares outstanding (in shares) 27,238 25,297 27,090 24,256
Diluted earnings per share attributable to Stewart (in usd per share) $ 3.26 $ 2.21 $ 8.78 $ 3.93
Direct operations        
Revenues        
Revenues $ 366,091 $ 280,114 $ 999,098 $ 696,611
Agency operations        
Revenues        
Revenues 401,762 282,605 1,138,023 802,022
Ancillary services        
Revenues        
Revenues $ 61,934 $ 27,957 $ 176,057 $ 44,573