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STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Operating revenue    
Operating revenue $ 630,177 $ 616,737
Operating expenses    
Operating expenses 554,082 531,046
Operating income 76,095 85,691
Investment income    
Net investment income 17,097 4,664
Net realized investment gains (losses) 804 (10,806)
Net impairment recoveries (losses) recognized in earnings 87 (3,053)
Total investment income (loss) 17,988 (9,195)
Interest expense, net 1,009 3
Other expense 519 366
Income before income taxes 92,555 76,127
Income tax expense 18,989 16,801
Net income $ 73,566 $ 59,326
Class A common stock    
Earnings per share - Basic and diluted:    
Common stock - basic (in dollars per share) $ 1.58 $ 1.27
Common stock - diluted (in dollars per share) $ 1.41 $ 1.13
Weighted average shares outstanding – Basic    
Common stock - basic (in shares) 46,188,860 46,188,789
Weighted average shares outstanding – Diluted    
Common stock - diluted (in shares) 52,315,958 52,324,350
Dividends declared per share    
Common stock (in dollars per share) $ 1.035 $ 0.965
Class B common stock    
Earnings per share - Basic and diluted:    
Common stock - basic (in dollars per share) 237 191
Common stock - diluted (in dollars per share) $ 237 $ 191
Weighted average shares outstanding – Basic    
Common stock - basic (in shares) 2,542 2,542
Weighted average shares outstanding – Diluted    
Common stock - diluted (in shares) 2,542 2,542
Dividends declared per share    
Common stock (in dollars per share) $ 155.25 $ 144.75
Management fee revenue - policy issuance and renewal services, net    
Operating revenue    
Operating revenue $ 455,718 $ 443,750
Operating expenses    
Operating expenses 400,549 379,492
Management fee revenue - administrative services, net    
Operating revenue    
Operating revenue 14,847 14,771
Administrative services reimbursement revenue    
Operating revenue    
Operating revenue 153,533 151,554
Operating expenses    
Operating expenses 153,533 151,554
Service agreement revenue    
Operating revenue    
Operating revenue $ 6,079 $ 6,662