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STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Operating revenue        
Total operating revenue $ 726,143 $ 680,030 $ 1,398,253 $ 1,310,207
Operating expenses        
Total operating expenses 622,143 594,965 1,209,941 1,149,047
Operating income 104,000 85,065 188,312 161,160
Investment income        
Net investment income 8,268 13,650 18,772 30,747
Net realized and unrealized investment (losses) gains (10,324) 2,769 (17,603) 3,573
Net impairment (losses) recoveries recognized in earnings (38) (1) (254) 86
Total investment (loss) income (2,094) 16,418 915 34,406
Interest expense 895 1,039 1,894 2,048
Other income (expense) 337 (548) 810 (1,067)
Income before income taxes 101,348 99,896 188,143 192,451
Income tax expense 21,201 20,867 39,377 39,856
Net income $ 80,147 $ 79,029 $ 148,766 $ 152,595
Class A common stock        
Earnings per share - Basic and diluted:        
Common stock - basic (in dollars per share) $ 1.72 $ 1.70 $ 3.19 $ 3.28
Common stock - diluted (in dollars per share) $ 1.53 $ 1.51 $ 2.84 $ 2.92
Weighted average shares outstanding – Basic        
Common stock - basic (in shares) 46,188,845 46,188,289 46,188,803 46,188,573
Weighted average shares outstanding – Diluted        
Common stock - diluted (in shares) 52,296,139 52,302,370 52,298,321 52,309,163
Dividends declared per share        
Dividends declared (in dollars per share) $ 1.11 $ 1.035 $ 2.22 $ 2.070
Class B common stock        
Earnings per share - Basic and diluted:        
Common stock - basic (in dollars per share) 258 255 479 491
Common stock - diluted (in dollars per share) $ 258 $ 255 $ 479 $ 491
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        
Dividends declared (in dollars per share) $ 166.50 $ 155.25 $ 333.00 $ 310.50
Management fee revenue - policy issuance and renewal services        
Operating revenue        
Total operating revenue $ 544,555 $ 502,271 $ 1,032,547 $ 957,989
Operating expenses        
Total operating expenses 461,468 437,775 885,939 838,324
Management fee revenue - administrative services        
Operating revenue        
Total operating revenue 14,476 14,667 28,789 29,514
Administrative services reimbursement revenue        
Operating revenue        
Total operating revenue 160,675 157,190 324,002 310,723
Operating expenses        
Total operating expenses 160,675 157,190 324,002 310,723
Service agreement revenue        
Operating revenue        
Total operating revenue $ 6,437 $ 5,902 $ 12,915 $ 11,981