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STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Operating revenue        
Operating revenue $ 653,481 $ 638,742 $ 1,927,237 $ 1,880,558
Operating expenses        
Operating expenses 557,256 532,835 1,654,132 1,591,919
Operating income 96,225 105,907 273,105 288,639
Investment income        
Net investment income 7,030 8,652 22,772 25,199
Net realized investment gains 5,915 1,696 1,635 5,501
Net impairment losses recognized in earnings (122) (31) (3,192) (193)
Equity in earnings (losses) of limited partnerships 3,615 3,289 (2,419) 2,546
Total investment income 16,438 13,606 18,796 33,053
Interest expense, net 3 111 8 832
Other (expense) income (964) 100 (1,588) 195
Income before income taxes 111,696 119,502 290,305 321,055
Income tax expense 22,480 25,333 59,786 63,821
Net income $ 89,216 $ 94,169 $ 230,519 $ 257,234
Class A common stock        
Earnings per share - Basic and diluted:        
Common stock - basic (in dollars per share) $ 1.92 $ 2.02 $ 4.95 $ 5.52
Common stock - diluted (in dollars per share) $ 1.71 $ 1.80 $ 4.41 $ 4.92
Weighted average shares outstanding – Basic        
Common stock - basic (in shares) 46,189,030 46,189,006 46,188,544 46,188,767
Weighted average shares outstanding – Diluted        
Common stock - diluted (in shares) 52,310,429 52,325,125 52,312,588 52,317,275
Dividends declared per share        
Common stock (in dollars per share) $ 0.965 $ 0.90 $ 2.895 $ 2.70
Class B common stock        
Earnings per share - Basic and diluted:        
Common stock - basic (in dollars per share) 287 303 742 829
Common stock - diluted (in dollars per share) $ 287 $ 303 $ 742 $ 828
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 $ 434.25 $ 405.00
Management fee revenue - policy issuance and renewal services, net        
Operating revenue        
Operating revenue $ 484,551 $ 474,427 $ 1,412,096 $ 1,385,923
Operating expenses        
Operating expenses 409,546 390,105 1,202,903 1,160,614
Management fee revenue - administrative services, net        
Operating revenue        
Operating revenue 14,910 14,430 44,494 42,576
Administrative services reimbursement revenue        
Operating revenue        
Operating revenue 147,710 142,730 451,229 431,305
Operating expenses        
Operating expenses 147,710 142,730 451,229 431,305
Service agreement revenue        
Operating revenue        
Operating revenue $ 6,310 $ 7,155 $ 19,418 $ 20,754