Quarterly Results of Operations (unaudited)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results of Operations (unaudited)

Quarterly Results of Operations (unaudited)

	Year ended December 31, 2019
(in thousands, except per share data)	First quarter		Second quarter		Third quarter		Fourth quarter			Year
Operating revenue	$	594,106	$	647,710	$	638,742	$	596,740		$	2,477,298
Operating expenses	507,984		551,100		532,835		528,040			2,119,959
Investment income	9,795		9,652		13,606		6,914			39,967
Interest expense and other (income), net	402		224		11		(36		)	601
Income before income taxes	95,515		106,038		119,502		75,650			396,705
Net income	$	75,311	$	87,754	$	94,169	$	59,587		$	316,821
Earnings per share (1)
Net income per share
Class A common stock – basic	$	1.62	$	1.88	$	2.02	$	1.28		$	6.80
Class A common stock – diluted	$	1.44	$	1.68	$	1.80	$	1.14		$	6.06
Class B common stock – basic and diluted	$	243	$	283	$	303	$	192		$	1,020

(1)        The cumulative sum of quarterly basic and diluted net income per share amounts may not equal total basic and diluted net income per share for the year due to differences in weighted average shares and equivalent shares outstanding for each of the periods presented.

	Year ended December 31, 2018
(in thousands, except per share data)	First quarter		Second   quarter		Third  quarter		Fourth  quarter			Year
Operating revenue	$	572,160	$	621,458	$	612,126	$	576,468		$	2,382,212
Operating expenses	494,593		526,135		515,431		501,710			2,037,869
Investment income	6,163		6,207		8,431		4,995			25,796
Interest expense and other (income), net (1)	509		544		655		(2,889		)	(1,181		)
Income before income taxes	83,221		100,986		104,471		82,642			371,320
Net income	$	65,758	$	79,706	$	80,446	$	62,314		$	288,224
Earnings per share (2)
Net income per share
Class A common stock – basic	$	1.41	$	1.71	$	1.73	$	1.34		$	6.19
Class A common stock – diluted	$	1.26	$	1.52	$	1.54	$	1.19		$	5.51
Class B common stock – basic and diluted	$	212	$	257	$	259	$	201		$	928

(1) The decrease in interest expense and other (income), net in the fourth quarter is driven by the $3.4 million gain recognized on the sale of the field offices we owned to Exchange.  See Note 7, "Fixed Assets".

(2)       

The cumulative sum of quarterly basic and diluted net income per share amounts may not equal total basic and diluted net income per share for the year due to differences in weighted average shares and equivalent shares outstanding for each of the periods presented.