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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, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenues        
Operating revenues $ 590,267 $ 717,615 $ 1,647,887 $ 2,412,062
Investment income 13,393 5,158 32,114 15,519
Net realized and unrealized losses (1,946) (6,374) (4,829) (14,194)
Revenues 601,714 716,399 1,675,172 2,413,387
Expenses        
Amounts retained by agencies 218,983 280,517 596,498 951,555
Employee costs 181,493 195,057 534,710 610,286
Other operating expenses 130,455 151,208 380,530 502,966
Title losses and related claims 22,251 25,486 59,727 81,105
Depreciation and amortization 16,414 14,067 46,848 42,103
Interest 5,054 4,553 14,777 13,471
Total expenses 574,650 670,888 1,633,090 2,201,486
Income before taxes and noncontrolling interests 27,064 45,511 42,082 211,901
Income tax expense (9,134) (10,783) (9,588) (48,376)
Net income 17,930 34,728 32,494 163,525
Less net income attributable to noncontrolling interests 3,931 5,294 10,870 14,534
Net income attributable to Stewart 13,999 29,434 21,624 148,991
Net income attributable to Stewart        
Net income 17,930 34,728 32,494 163,525
Other comprehensive loss, net of taxes:        
Foreign currency translation adjustments (5,847) (15,300) (995) (22,861)
Change in net unrealized gains and losses on investments (7,468) (8,921) (6,616) (41,513)
Reclassification adjustments for realized gains and losses on investments 20 (385) 333 (687)
Other comprehensive loss, net of taxes: (13,295) (24,606) (7,278) (65,061)
Comprehensive income 4,635 10,122 25,216 98,464
Less net income attributable to noncontrolling interests 3,931 5,294 10,870 14,534
Comprehensive income attributable to Stewart $ 704 $ 4,828 $ 14,346 $ 83,930
Basic average shares outstanding (in shares) 27,348 27,113 27,269 27,031
Basic earnings per share attributable to Stewart (in usd per share) $ 0.51 $ 1.09 $ 0.79 $ 5.51
Diluted average shares outstanding (in shares) 27,650 27,371 27,445 27,359
Diluted earnings per share attributable to Stewart (in usd per share) $ 0.51 $ 1.08 $ 0.79 $ 5.45
Direct operations        
Revenues        
Operating revenues $ 256,377 $ 307,408 $ 722,242 $ 976,364
Agency operations        
Revenues        
Operating revenues 265,700 340,470 723,476 1,154,546
Real estate solutions and other        
Revenues        
Operating revenues $ 68,190 $ 69,737 $ 202,169 $ 281,152