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STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Operating revenue        
Operating revenue $ 638,742,000 $ 612,126,000 $ 1,880,558,000 $ 1,805,744,000
Operating expenses        
Operating expenses 532,835,000 515,431,000 1,591,919,000 1,536,159,000
Operating income 105,907,000 96,695,000 288,639,000 269,585,000
Investment income        
Net investment income 8,652,000 7,659,000 25,199,000 21,583,000
Net realized investment gains (losses) 1,696,000 0 5,501,000 (497,000)
Net impairment losses recognized in earnings (31,000) 0 (193,000) (646,000)
Equity in earnings of limited partnerships 3,289,000 772,000 2,546,000 361,000
Total investment income 13,606,000 8,431,000 33,053,000 20,801,000
Interest expense, net 111,000 709,000 832,000 1,864,000
Other income 100,000 54,000 195,000 156,000
Income before income taxes 119,502,000 104,471,000 321,055,000 288,678,000
Income tax expense 25,333,000 24,025,000 63,821,000 62,768,000
Net income $ 94,169,000 $ 80,446,000 $ 257,234,000 $ 225,910,000
Class A common stock        
Net income per share        
Common stock - basic (in dollars per share) $ 2.02 $ 1.73 $ 5.52 $ 4.85
Common stock - diluted (in dollars per share) $ 1.80 $ 1.54 $ 4.92 $ 4.32
Weighted average shares outstanding – Basic        
Common stock - basic (in shares) 46,189,006 46,188,941 46,188,767 46,188,522
Weighted average shares outstanding – Diluted        
Common stock - diluted (in shares) 52,325,125 52,317,438 52,317,275 52,313,642
Dividends declared per share        
Common stock (in dollars per share) $ 0.90 $ 0.84 $ 2.70 $ 2.52
Class B common stock        
Net income per share        
Common stock - basic (in dollars per share) 303 259 829 728
Common stock - diluted (in dollars per share) $ 303 $ 259 $ 828 $ 727
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 $ 405.00 $ 378.00
Management fee revenue - policy issuance and renewal services, net        
Operating revenue        
Operating revenue $ 474,427,000 $ 451,361,000 $ 1,385,923,000 $ 1,311,911,000
Operating expenses        
Operating expenses 390,105,000 375,259,000 1,160,614,000 1,103,517,000
Management fee revenue - administrative services, net        
Operating revenue        
Operating revenue 14,430,000 13,521,000 42,576,000 39,894,000
Administrative services reimbursement revenue        
Operating revenue        
Operating revenue 142,730,000 140,172,000 431,305,000 432,642,000
Operating expenses        
Operating expenses 142,730,000 140,172,000 431,305,000 432,642,000
Service agreement revenue        
Operating revenue        
Operating revenue $ 7,155,000 $ 7,072,000 $ 20,754,000 $ 21,297,000