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STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Operating revenue      
Management fee revenue, net $ 1,662,625 $ 1,567,431 $ 1,475,511
Service agreement revenue 29,149 29,200 29,997
Total operating revenue 1,691,774 1,596,631 1,505,508
Operating expenses      
Commissions 947,481 893,800 847,880
Salaries and employee benefits 240,181 213,356 226,713
All other operating expenses 215,740 197,111 198,374
Total operating expenses 1,403,402 1,304,267 1,272,967
Operating income 288,372 292,364 232,541
Investment income      
Net investment income 24,608 20,547 17,791
Net realized investment gains 1,334 672 492
Net impairment losses recognized in earnings (182) (416) (1,558)
Equity in earnings of limited partnerships 2,801 7,025 16,983
Total investment income 28,561 27,828 33,708
Interest expense, net 1,238 101  
Income before income taxes 315,695 320,091 266,249
Income tax expense 118,696 109,725 91,571
Net income $ 196,999 $ 210,366 $ 174,678
Class A      
Net income per share      
Common stock - basic (in dollars per share) $ 4.23 $ 4.52 $ 3.75
Common stock - diluted (in dollars per share) $ 3.76 $ 4.01 $ 3.33
Weighted average shares outstanding – Basic      
Common stock - basic (in shares) 46,186,831 46,188,952 46,186,671
Weighted average shares outstanding – Diluted      
Common stock - diluted (in shares) 52,337,463 52,435,303 52,498,811
Class B      
Net income per share      
Common stock - basic (in dollars per share) $ 635 $ 678 $ 563
Common stock - diluted (in dollars per share) $ 634 $ 677 $ 562
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