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STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Operating revenue    
Service agreement revenue $ 7,145 $ 7,258
Total operating revenue 572,160 399,316
Operating expenses    
Total operating expenses 494,593 332,376
Operating income 77,567 66,940
Investment income    
Net investment income 6,820 5,981
Net realized investment (losses) gains (465) 516
Net impairment losses recognized in earnings 0 (121)
Equity in (losses) earnings of limited partnerships (192) 213
Total investment income 6,163 6,589
Interest expense, net 553 166
Other income (expense) 44 (409)
Income before income taxes 83,221 72,954
Income tax expense 17,463 25,078
Net income $ 65,758 $ 47,876
Class A    
Net income per share    
Common stock - basic (in dollars per share) $ 1.41 $ 1.03
Common stock - diluted (in dollars per share) $ 1.26 $ 0.91
Weighted average shares outstanding – Basic    
Common stock - basic (in shares) 46,187,908 46,188,522
Weighted average shares outstanding – Diluted    
Common stock - diluted (in shares) 52,310,628 52,408,560
Dividends declared per share    
Common stock (in dollars per share) $ 0.8400 $ 0.7825
Class B    
Net income per share    
Common stock - basic (in dollars per share) 212 154
Common stock - diluted (in dollars per share) $ 212 $ 154
Weighted average shares outstanding – Basic    
Common stock - basic (in shares) 2,542 2,542
Weighted average shares outstanding – Diluted    
Common stock - diluted (in shares) 2,542 2,542
Dividends declared per share    
Common stock (in dollars per share) $ 126.000 $ 117.375
Policy issuance and renewal services    
Operating revenue    
Management fee revenue, net $ 405,978 $ 392,058
Operating expenses    
Cost of operations 348,630 $ 332,376
Administrative services    
Operating revenue    
Management fee revenue, net 13,074  
Administrative services reimbursement revenue 145,963  
Operating expenses    
Cost of operations $ 145,963