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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, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Revenues        
Operating revenues $ 849,239 $ 802,025 $ 1,694,447 $ 1,483,392
Investment income 6,739 5,130 10,361 9,074
Net realized and unrealized (losses) gains (11,905) 11,654 (7,820) 14,929
Revenues 844,073 818,809 1,696,988 1,507,395
Expenses        
Amounts retained by agencies 339,847 322,020 671,039 605,955
Employee costs 210,246 188,467 415,228 357,864
Other operating expenses 162,008 137,796 351,756 263,279
Title losses and related claims 26,398 33,569 55,619 62,342
Depreciation and amortization 14,288 6,819 28,037 13,249
Interest 4,507 682 8,918 1,248
Total expenses 757,294 689,353 1,530,597 1,303,937
Income before taxes and noncontrolling interests 86,779 129,456 166,391 203,458
Income tax expense (19,894) (30,616) (37,594) (47,496)
Net income 66,885 98,840 128,797 155,962
Less net income attributable to noncontrolling interests 5,225 4,021 9,240 6,907
Net income attributable to Stewart 61,660 94,819 119,557 149,055
Net income attributable to Stewart        
Net income 66,885 98,840 128,797 155,962
Other comprehensive loss, net of taxes:        
Foreign currency translation adjustments (8,181) 1,379 (7,561) 3,246
Change in net unrealized gains and losses on investments (12,694) 1,009 (32,592) (8,147)
Reclassification adjustments for realized gains and losses on investments (117) (418) (302) (563)
Other comprehensive (loss) income (20,992) 1,970 (40,455) (5,464)
Comprehensive income 45,893 100,810 88,342 150,498
Less net income attributable to noncontrolling interests 5,225 4,021 9,240 6,907
Comprehensive income attributable to Stewart $ 40,668 $ 96,789 $ 79,102 $ 143,591
Basic average shares outstanding (in shares) 27,018 26,798 26,989 26,767
Basic earnings per share attributable to Stewart (in usd per share) $ 2.28 $ 3.54 $ 4.43 $ 5.57
Diluted average shares outstanding (in shares) 27,293 27,123 27,377 27,038
Diluted earnings per share attributable to Stewart (in usd per share) $ 2.26 $ 3.50 $ 4.37 $ 5.51
Direct operations        
Revenues        
Operating revenues $ 351,122 $ 353,502 $ 668,956 $ 633,007
Agency operations        
Revenues        
Operating revenues 409,931 390,330 814,076 736,261
Real estate solutions and other        
Revenues        
Operating revenues $ 88,186 $ 58,193 $ 211,415 $ 114,124