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STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Operating revenue        
Operating revenue $ 657,019 $ 647,710 $ 1,273,756 $ 1,241,816
Operating expenses        
Operating expenses 565,830 551,100 1,096,876 1,059,084
Operating income 91,189 96,610 176,880 182,732
Investment income        
Net investment income 7,373 8,030 15,742 16,547
Net realized investment gains (losses) 6,526 1,302 (4,280) 3,805
Net impairment losses recognized in earnings (17) (84) (3,070) (162)
Equity in (losses) earnings of limited partnerships (2,329) 404 (6,034) (743)
Total investment income 11,553 9,652 2,358 19,447
Interest expense, net 2 272 5 721
Other (expense) income (258) 48 (624) 95
Income before income taxes 102,482 106,038 178,609 201,553
Income tax expense 20,505 18,284 37,306 38,488
Net income $ 81,977 $ 87,754 $ 141,303 $ 163,065
Class A common stock        
Class B – Basic and diluted EPS:        
Class A common stock - basic (in dollars per share) $ 1.76 $ 1.88 $ 3.03 $ 3.50
Class A common stock - diluted (in dollars per share) $ 1.57 $ 1.68 $ 2.70 $ 3.12
Weighted average shares outstanding – Basic        
Common stock - basic (in shares) 46,187,808 46,188,994 46,188,299 46,188,668
Weighted average shares outstanding – Diluted        
Common stock - diluted (in shares) 52,302,981 52,314,700 52,313,667 52,313,371
Dividends declared per share        
Common stock (in dollars per share) $ 0.965 $ 0.90 $ 1.93 $ 1.80
Class B common stock        
Class B – Basic and diluted EPS:        
Class B common stock – basic and diluted (in dollars per share) $ 264 $ 283 $ 455 $ 525
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) $ 144.75 $ 135.00 $ 289.50 $ 270.00
Management fee revenue - policy issuance and renewal services, net        
Operating revenue        
Operating revenue $ 483,795 $ 480,513 $ 927,545 $ 911,496
Operating expenses        
Operating expenses 413,865 405,005 793,357 770,509
Management fee revenue - administrative services, net        
Operating revenue        
Operating revenue 14,813 14,195 29,584 28,146
Administrative services reimbursement revenue        
Operating revenue        
Operating revenue 151,965 146,095 303,519 288,575
Operating expenses        
Operating expenses 151,965 146,095 303,519 288,575
Service agreement revenue        
Operating revenue        
Operating revenue $ 6,446 $ 6,907 $ 13,108 $ 13,599