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Condensed Consolidated Statements of Income - Unaudited - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenues:        
Direct premiums $ 736,606 $ 692,258 $ 2,156,331 $ 2,056,806
Ceded premiums (393,716) (388,982) (1,183,090) (1,179,364)
Net premiums 342,890 303,276 973,241 877,442
Commissions and fees 185,302 179,719 547,159 525,502
Investment income net of investment expenses 37,657 35,444 103,333 106,867
Interest expense on surplus note (14,704) (12,769) (42,250) (35,212)
Net investment income 22,953 22,675 61,083 71,655
Realized investment gains (losses) 642 285 (7,645) 4,200
Other, net 16,674 14,698 45,375 41,746
Revenues 568,461 520,653 1,619,213 1,520,545
Benefits and expenses:        
Benefits and claims 160,166 128,684 434,625 366,036
Amortization of deferred policy acquisition costs 47,491 63,883 170,979 187,273
Sales commissions 91,950 89,061 274,049 262,960
Insurance expenses 46,109 44,854 138,572 132,825
Insurance commissions 9,694 6,980 22,871 18,427
Interest expense 7,221 7,209 21,614 21,589
Other operating expenses 59,347 54,843 181,413 176,468
Total benefits and expenses 421,978 395,514 1,244,123 1,165,578
Income before income taxes 146,483 125,139 375,090 354,967
Income taxes 34,382 28,916 89,010 82,133
Net income $ 112,101 $ 96,223 $ 286,080 $ 272,834
Earnings per share:        
Basic earnings per share $ 2.82 $ 2.28 $ 7.07 $ 6.40
Diluted earnings per share $ 2.81 $ 2.28 $ 7.05 $ 6.38
Weighted-average shares used in computing earnings per share:        
Basic 39,588 41,964 40,281 42,420
Diluted 39,710 42,100 40,396 42,550
Supplemental disclosures:        
Total impairment losses $ (23) $ (1,064) $ (4,269) $ (1,225)
Net impairment losses recognized in earnings (23) (1,064) (4,269) (1,225)
Other net realized investment gains (losses) 92 536 1,176 733
Net gains (losses) recognized on equity securities 573 813 (4,552) 4,692
Net realized investment gains (losses) $ 642 $ 285 $ (7,645) $ 4,200