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STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating revenue    
Total operating revenue $ 672,110 $ 630,177
Operating expenses    
Total operating expenses 587,798 554,082
Operating income 84,312 76,095
Investment income    
Net investment income 10,504 17,097
Net realized and unrealized investment (losses) gains (7,279) 804
Net impairment (losses) recoveries recognized in earnings (216) 87
Total investment income 3,009 17,988
Interest expense 999 1,009
Other income (expense) 473 (519)
Income before income taxes 86,795 92,555
Income tax expense 18,176 18,989
Net income $ 68,619 $ 73,566
Class A common stock    
Earnings per share - Basic and diluted:    
Common stock - basic (in dollars per share) $ 1.47 $ 1.58
Common stock - diluted (in dollars per share) $ 1.31 $ 1.41
Weighted average shares outstanding – Basic    
Common stock - basic (in shares) 46,188,761 46,188,860
Weighted average shares outstanding – Diluted    
Common stock - diluted (in shares) 52,300,501 52,315,958
Dividends declared per share    
Dividends declared (in dollars per share) $ 1.11 $ 1.035
Class B common stock    
Earnings per share - Basic and diluted:    
Common stock - basic (in dollars per share) 221 237
Common stock - diluted (in dollars per share) $ 221 $ 237
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    
Dividends declared (in dollars per share) $ 166.50 $ 155.25
Management fee revenue - policy issuance and renewal services    
Operating revenue    
Total operating revenue $ 487,992 $ 455,718
Operating expenses    
Total operating expenses 424,471 400,549
Management fee revenue - administrative services    
Operating revenue    
Total operating revenue 14,313 14,847
Administrative services reimbursement revenue    
Operating revenue    
Total operating revenue 163,327 153,533
Operating expenses    
Total operating expenses 163,327 153,533
Service agreement revenue    
Operating revenue    
Total operating revenue $ 6,478 $ 6,079