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STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Operating revenue      
Management fee revenue, net $ 1,475,511 $ 1,376,190 $ 1,266,401
Service agreement revenue 29,997 30,929 30,930
Total operating revenue 1,505,508 1,407,119 1,297,331
Operating expenses      
Commissions 847,880 783,017 710,058
Salaries and employee benefits 226,713 206,690 207,559
All other operating expenses 198,374 194,565 170,378
Total operating expenses 1,272,967 1,184,272 1,087,995
Net revenue from operations 232,541 222,847 209,336
Investment income      
Net investment income 17,791 16,536 15,027
Net realized investment gains 492 1,057 945
Net impairment losses recognized in earnings (1,558) (105) (388)
Equity in earnings of limited partnerships 16,983 10,929 21,694
Total investment income 33,708 28,417 37,278
Income before income taxes 266,249 251,264 246,614
Income tax expense 91,571 83,759 84,003
Net income $ 174,678 $ 167,505 $ 162,611
Class A      
Net income per share      
Common stock - basic (in dollars per share) $ 3.75 $ 3.59 $ 3.46
Common stock - diluted (in dollars per share) $ 3.33 $ 3.18 $ 3.08
Weighted average shares outstanding – Basic      
Common stock - basic (in shares) 46,186,671 46,247,876 46,660,651
Weighted average shares outstanding – Diluted      
Common stock - diluted (in shares) 52,498,811 52,616,234 52,855,757
Class B      
Net income per share      
Common stock - basic (in dollars per share) $ 563 $ 539 $ 520
Common stock - diluted (in dollars per share) $ 562 $ 538 $ 519
Weighted average shares outstanding – Basic      
Common stock - basic (in shares) 2,542 2,542 2,542
Weighted average shares outstanding – Diluted      
Common stock - diluted (in shares) 2,542 2,542 2,542