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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, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenues        
Operating revenues $ 717,615 $ 829,787 $ 2,412,062 $ 2,313,178
Investment income 5,158 4,053 15,519 13,127
Net realized and unrealized (losses) gains (6,374) 2,887 (14,194) 17,816
Revenues 716,399 836,727 2,413,387 2,344,121
Expenses        
Amounts retained by agencies 280,517 329,906 951,555 935,861
Employee costs 195,057 197,587 610,286 555,451
Other operating expenses 151,208 152,587 502,966 415,864
Title losses and related claims 25,486 30,345 81,105 92,687
Depreciation and amortization 14,067 9,144 42,103 22,394
Interest 4,553 712 13,471 1,960
Total expenses 670,888 720,281 2,201,486 2,024,217
Income before taxes and noncontrolling interests 45,511 116,446 211,901 319,904
Income tax expense (10,783) (23,051) (48,376) (70,547)
Net income 34,728 93,395 163,525 249,357
Less income attributable to noncontrolling interests 5,294 4,732 14,534 11,639
Net income attributable to Stewart 29,434 88,663 148,991 237,718
Net income attributable to Stewart        
Net income 34,728 93,395 163,525 249,357
Other comprehensive loss, net of taxes:        
Foreign currency translation adjustments (15,300) (4,243) (22,861) (997)
Change in net unrealized gains and losses on investments (8,921) (2,183) (41,513) (10,330)
Reclassification adjustments for realized gains and losses on investments (385) (355) (687) (918)
Other comprehensive loss (24,606) (6,781) (65,061) (12,245)
Comprehensive income 10,122 86,614 98,464 237,112
Less income attributable to noncontrolling interests 5,294 4,732 14,534 11,639
Comprehensive income attributable to Stewart $ 4,828 $ 81,882 $ 83,930 $ 225,473
Basic average shares outstanding (in shares) 27,113 26,873 27,031 26,803
Basic earnings per share attributable to Stewart (in usd per share) $ 1.09 $ 3.30 $ 5.51 $ 8.87
Diluted average shares outstanding (in shares) 27,371 27,238 27,359 27,090
Diluted earnings per share attributable to Stewart (in usd per share) $ 1.08 $ 3.26 $ 5.45 $ 8.78
Direct operations        
Revenues        
Operating revenues $ 307,408 $ 366,091 $ 976,364 $ 999,098
Agency operations        
Revenues        
Operating revenues 340,470 401,762 1,154,546 1,138,023
Real estate solutions and other        
Revenues        
Operating revenues $ 69,737 $ 61,934 $ 281,152 $ 176,057