XML 37 R2.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE EARNINGS (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Revenues        
Direct operations $ 198,970 $ 190,232 $ 570,516 $ 529,983
Agency operations 306,583 281,587 804,143 729,047
Mortgage services 26,696 42,021 93,779 114,440
Investment income 3,729 3,669 11,657 10,204
Investment and other gains (losses) - net 857 3,232 (2,327) 5,766
Total revenues 536,835 520,741 1,477,768 1,389,440
Expenses        
Amounts retained by agencies 250,035 231,765 656,589 601,327
Employee costs 147,132 138,236 430,360 397,559
Other operating expenses 72,657 71,202 209,878 206,493
Title losses and related claims 32,630 34,541 80,362 104,041
Depreciation and amortization 4,142 4,336 12,721 13,423
Interest 649 1,297 2,259 3,947
Total expenses 507,245 481,377 1,392,169 1,326,790
Earnings before taxes and noncontrolling interests 29,590 39,364 85,599 62,650
Income tax expense 11,573 2,268 32,925 8,266
Net earnings 18,017 37,096 52,674 54,384
Less net earnings attributable to noncontrolling interests 2,608 2,428 7,160 6,962
Net earnings attributable to Stewart 15,409 34,668 45,514 47,422
Net earnings 18,017 37,096 52,674 54,384
Other comprehensive earnings (loss):        
Foreign currency translation 4,587 6,022 (5,247) 5,544
Change in unrealized gains (losses) on investments 1,981 6,753 (10,851) 15,527
Reclassification of adjustment for gains included in net earnings (520) (1,274) (2,421) (2,820)
Other comprehensive earnings (loss), before taxes 6,048 11,501 (18,519) 18,251
Income tax expense (benefit) related to items of other comprehensive earnings (loss) 1,539 3,739 (6,250) 6,031
Other comprehensive earnings (loss), net of taxes 4,509 7,762 (12,269) 12,220
Comprehensive earnings 22,526 44,858 40,405 66,604
Less comprehensive earnings attributable to noncontrolling interests 2,608 2,428 7,160 6,962
Comprehensive earnings attributable to Stewart $ 19,918 $ 42,430 $ 33,245 $ 59,642
Basic average shares outstanding (000) 22,475 19,309 21,962 19,288
Basic earnings per share attributable to Stewart $ 0.69 $ 1.80 $ 2.07 $ 2.46
Dilutive average shares outstanding (000) 24,769 24,399 24,735 24,378
Diluted earnings per share attributable to Stewart $ 0.63 $ 1.45 $ 1.88 $ 2.04