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STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Operating revenue        
Operating revenue $ 621,458 $ 448,564 $ 1,193,618 $ 847,880
Operating expenses        
Operating expenses 526,135 365,116 1,020,728 697,492
Operating income 95,323 83,448 172,890 150,388
Investment income        
Net investment income 7,104 6,239 13,924 12,220
Net realized investment (losses) gains (32) 124 (497) 640
Net impairment losses recognized in earnings (646) (61) (646) (182)
Equity in (losses) earnings of limited partnerships (219) 149 (411) 362
Total investment income 6,207 6,451 12,370 13,040
Interest expense, net 602 257 1,155 423
Other income (expense) 58 (407) 102 (816)
Income before income taxes 100,986 89,235 184,207 162,189
Income tax expense 21,280 30,708 38,743 55,786
Net income $ 79,706 $ 58,527 $ 145,464 $ 106,403
Class A        
Net income per share        
Common stock - basic (in dollars per share) $ 1.71 $ 1.26 $ 3.12 $ 2.28
Common stock - diluted (in dollars per share) $ 1.52 $ 1.12 $ 2.78 $ 2.03
Weighted average shares outstanding – Basic        
Common stock - basic (in shares) 46,188,705 46,180,852 46,188,309 46,184,666
Weighted average shares outstanding – Diluted        
Common stock - diluted (in shares) 52,312,849 52,299,395 52,311,741 52,355,214
Dividends declared per share        
Common stock (in dollars per share) $ 0.8400 $ 0.7825 $ 1.6800 $ 1.5650
Class B        
Net income per share        
Common stock - basic (in dollars per share) 257 189 469 343
Common stock - diluted (in dollars per share) $ 257 $ 188 $ 468 $ 343
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) $ 126.000 $ 117.375 $ 252.000 $ 234.750
Management fee revenue, policy issuance and renewal services [Member]        
Operating revenue        
Operating revenue $ 454,572 $ 441,319 $ 860,550 $ 833,377
Operating expenses        
Operating expenses 379,628 365,116 728,258 697,492
Management fee revenue, administrative services [Member]        
Operating revenue        
Operating revenue 13,299   26,373  
Administrative services reimbursements [Member]        
Operating revenue        
Operating revenue 146,507   292,470  
Operating expenses        
Operating expenses 146,507   292,470  
Service agreement revenue [Member]        
Operating revenue        
Operating revenue $ 7,080 $ 7,245 $ 14,225 $ 14,503