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STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Operating revenue        
Operating revenue $ 647,710 $ 621,458 $ 1,241,816 $ 1,193,618
Operating expenses        
Operating expenses 551,100 526,135 1,059,084 1,020,728
Operating income 96,610 95,323 182,732 172,890
Investment income        
Net investment income 8,030 7,104 16,547 13,924
Net realized investment gains (losses) 1,302 (32) 3,805 (497)
Net impairment losses recognized in earnings (84) (646) (162) (646)
Equity in earnings (losses) of limited partnerships 404 (219) (743) (411)
Total investment income 9,652 6,207 19,447 12,370
Interest expense, net 272 602 721 1,155
Other income 48 58 95 102
Income before income taxes 106,038 100,986 201,553 184,207
Income tax expense 18,284 21,280 38,488 38,743
Net income $ 87,754 $ 79,706 $ 163,065 $ 145,464
Class A common stock        
Net income per share        
Common stock - basic (in dollars per share) $ 1.88 $ 1.71 $ 3.50 $ 3.12
Common stock - diluted (in dollars per share) $ 1.68 $ 1.52 $ 3.12 $ 2.78
Weighted average shares outstanding – Basic        
Common stock - basic (in shares) 46,188,994 46,188,705 46,188,668 46,188,309
Weighted average shares outstanding – Diluted        
Common stock - diluted (in shares) 52,314,700 52,312,849 52,313,371 52,311,741
Dividends declared per share        
Common stock (in dollars per share) $ 0.90 $ 0.84 $ 1.80 $ 1.68
Class B common stock        
Net income per share        
Common stock - basic (in dollars per share) 283 257 525 469
Common stock - diluted (in dollars per share) $ 283 $ 257 $ 525 $ 468
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) $ 135.00 $ 126.00 $ 270.00 $ 252.00
Management fee revenue - policy issuance and renewal services, net        
Operating revenue        
Operating revenue $ 480,513 $ 454,572 $ 911,496 $ 860,550
Operating expenses        
Operating expenses 405,005 379,628 770,509 728,258
Management fee revenue - administrative services, net        
Operating revenue        
Operating revenue 14,195 13,299 28,146 26,373
Administrative services reimbursement revenue        
Operating revenue        
Operating revenue 146,095 146,507 288,575 292,470
Operating expenses        
Operating expenses 146,095 146,507 288,575 292,470
Service agreement revenue        
Operating revenue        
Operating revenue $ 6,907 $ 7,080 $ 13,599 $ 14,225