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STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Operating revenue        
Operating revenue $ 612,126 $ 442,492 $ 1,805,744 $ 1,290,372
Operating expenses        
Operating expenses 515,431 361,253 1,536,159 1,058,745
Operating income 96,695 81,239 269,585 231,627
Investment income        
Net investment income 7,659 5,982 21,583 18,202
Net realized investment gains (losses) 0 899 (497) 1,539
Net impairment losses recognized in earnings 0 0 (646) (182)
Equity in earnings of limited partnerships 772 1,537 361 1,899
Total investment income 8,431 8,418 20,801 21,458
Interest expense, net 709 377 1,864 800
Other income (expense) 54 (415) 156 (1,231)
Income before income taxes 104,471 88,865 288,678 251,054
Income tax expense 24,025 30,322 62,768 86,108
Net income $ 80,446 $ 58,543 $ 225,910 $ 164,946
Class A        
Net income per share        
Common stock - basic (in dollars per share) $ 1.73 $ 1.26 $ 4.85 $ 3.54
Common stock - diluted (in dollars per share) $ 1.54 $ 1.12 $ 4.32 $ 3.15
Weighted average shares outstanding – Basic        
Common stock - basic (in shares) 46,188,941 46,188,949 46,188,522 46,186,109
Weighted average shares outstanding – Diluted        
Common stock - diluted (in shares) 52,317,438 52,316,876 52,313,642 52,342,450
Dividends declared per share        
Common stock (in dollars per share) $ 0.8400 $ 0.7825 $ 2.5200 $ 2.3475
Class B        
Net income per share        
Common stock - basic (in dollars per share) 259 189 728 531
Common stock - diluted (in dollars per share) $ 259 $ 189 $ 727 $ 531
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 $ 378.000 $ 352.125
Management fee revenue, policy issuance and renewal services [Member]        
Operating revenue        
Operating revenue $ 451,361 $ 435,214 $ 1,311,911 $ 1,268,591
Operating expenses        
Operating expenses 375,259 361,253 1,103,517 1,058,745
Management fee revenue, administrative services [Member]        
Operating revenue        
Operating revenue 13,521   39,894  
Administrative services reimbursements [Member]        
Operating revenue        
Operating revenue 140,172   432,642  
Operating expenses        
Operating expenses 140,172   432,642  
Service agreement revenue [Member]        
Operating revenue        
Operating revenue $ 7,072 $ 7,278 $ 21,297 $ 21,781