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STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Operating revenue        
Management fee revenue, net $ 435,214 $ 411,139 $ 1,268,591 $ 1,195,262
Service agreement revenue 7,278 7,267 21,781 21,756
Total operating revenue 442,492 418,406 1,290,372 1,217,018
Operating expenses        
Commissions 248,677 232,455 720,538 676,963
Salaries and employee benefits 60,499 53,265 181,013 161,579
All other operating expenses 52,480 50,431 158,407 142,797
Total operating expenses 361,656 336,151 1,059,958 981,339
Operating income 80,836 82,255 230,414 235,679
Investment income        
Net investment income 5,970 5,331 18,184 14,884
Net realized investment gains 899 718 1,539 29
Net impairment losses recognized in earnings 0 0 (182) (345)
Equity in earnings (losses) of limited partnerships 1,537 (1,723) 1,899 (279)
Total investment income 8,406 4,326 21,440 14,289
Interest expense, net 377   800  
Income before income taxes 88,865 86,581 251,054 249,968
Income tax expense 30,322 29,205 86,108 85,388
Net income $ 58,543 $ 57,376 $ 164,946 $ 164,580
Class A        
Net income per share        
Common stock - basic (in dollars per share) $ 1.26 $ 1.23 $ 3.54 $ 3.53
Common stock - diluted (in dollars per share) $ 1.12 $ 1.09 $ 3.15 $ 3.14
Weighted average shares outstanding – Basic        
Common stock - basic (in shares) 46,188,949 46,188,980 46,186,109 46,188,971
Weighted average shares outstanding – Diluted        
Common stock - diluted (in shares) 52,316,876 52,411,303 52,342,450 52,442,697
Dividends declared per share        
Common stock (in dollars per share) $ 0.7825 $ 0.7300 $ 2.3475 $ 2.1900
Class B        
Net income per share        
Common stock - basic (in dollars per share) 189 185 531 530
Common stock - diluted (in dollars per share) $ 189 $ 185 $ 531 $ 529
Weighted average shares outstanding – Basic        
Common stock - basic (in shares) 2,542 2,542 2,542 2,542
Weighted average shares outstanding – Diluted        
Common stock - diluted (in shares) 2,542 2,542 2,542 2,542
Dividends declared per share        
Common stock (in dollars per share) $ 117.375 $ 109.500 $ 352.125 $ 328.500