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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, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenues        
Operating revenues $ 538,136 $ 849,239 $ 1,057,617 $ 1,694,447
Investment income 12,123 6,739 18,722 10,361
Net realized and unrealized losses (1,105) (11,905) (2,883) (7,820)
Revenues 549,154 844,073 1,073,456 1,696,988
Expenses        
Amounts retained by agencies 171,776 339,847 377,514 671,039
Employee costs 182,666 210,246 353,217 415,228
Other operating expenses 129,333 162,008 250,073 351,756
Title losses and related claims 19,802 26,398 37,476 55,619
Depreciation and amortization 15,528 14,288 30,434 28,037
Interest 4,875 4,507 9,724 8,918
Total expenses 523,980 757,294 1,058,438 1,530,597
Income before taxes and noncontrolling interests 25,174 86,779 15,018 166,391
Income tax expense (5,392) (19,894) (454) (37,594)
Net income 19,782 66,885 14,564 128,797
Less net income attributable to noncontrolling interests 3,967 5,225 6,939 9,240
Net income attributable to Stewart 15,815 61,660 7,625 119,557
Net income attributable to Stewart        
Net income 19,782 66,885 14,564 128,797
Other comprehensive (loss) income, net of taxes:        
Foreign currency translation adjustments 4,254 (8,181) 4,852 (7,561)
Change in net unrealized gains and losses on investments (5,765) (12,694) 852 (32,592)
Reclassification adjustments for realized gains and losses on investments 221 (117) 313 (302)
Other comprehensive loss (1,290) (20,992) 6,017 (40,455)
Comprehensive income 18,492 45,893 20,581 88,342
Less net income attributable to noncontrolling interests 3,967 5,225 6,939 9,240
Comprehensive income attributable to Stewart $ 14,525 $ 40,668 $ 13,642 $ 79,102
Basic average shares outstanding (in shares) 27,255 27,018 27,228 26,989
Basic earnings per share attributable to Stewart (in usd per share) $ 0.58 $ 2.28 $ 0.28 $ 4.43
Diluted average shares outstanding (in shares) 27,444 27,293 27,402 27,377
Diluted earnings per share attributable to Stewart (in usd per share) $ 0.58 $ 2.26 $ 0.28 $ 4.37
Direct operations        
Revenues        
Operating revenues $ 257,994 $ 351,122 $ 465,864 $ 668,956
Agency operations        
Revenues        
Operating revenues 208,755 409,931 457,775 814,076
Real estate solutions and other        
Revenues        
Operating revenues $ 71,387 $ 88,186 $ 133,978 $ 211,415