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STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Operating revenue        
Total operating revenue $ 741,236 $ 687,839 $ 2,139,489 $ 1,998,046
Operating expenses        
Total operating expenses 634,764 592,736 1,844,705 1,741,783
Operating income 106,472 95,103 294,784 256,263
Investment income        
Net investment income 5,834 18,858 24,606 49,605
Net realized and unrealized investment (losses) gains (6,230) 1,610 (23,833) 5,183
Net impairment (losses) recoveries recognized in earnings (175) 130 (429) 216
Total investment (loss) income (571) 20,598 344 55,004
Interest expense 115 1,034 2,009 3,082
Other income (expense) 562 (541) 1,372 (1,608)
Income before income taxes 106,348 114,126 294,491 306,577
Income tax expense 22,035 23,903 61,412 63,759
Net income $ 84,313 $ 90,223 $ 233,079 $ 242,818
Class A common stock        
Earnings per share - Basic and diluted:        
Common stock - basic (in dollars per share) $ 1.81 $ 1.94 $ 5.00 $ 5.21
Common stock - diluted (in dollars per share) $ 1.61 $ 1.72 $ 4.46 $ 4.64
Weighted average shares outstanding – Basic        
Common stock - basic (in shares) 46,189,025 46,189,035 46,188,878 46,188,729
Weighted average shares outstanding – Diluted        
Common stock - diluted (in shares) 52,296,411 52,305,245 52,297,685 52,307,859
Dividends declared per share        
Dividends declared (in dollars per share) $ 1.11 $ 1.035 $ 3.33 $ 3.105
Class B common stock        
Earnings per share - Basic and diluted:        
Common stock - basic (in dollars per share) 272 291 751 782
Common stock - diluted (in dollars per share) $ 272 $ 291 $ 751 $ 782
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 $ 499.50 $ 465.75
Management fee revenue - policy issuance and renewal services        
Operating revenue        
Total operating revenue $ 551,666 $ 504,891 $ 1,584,213 $ 1,462,880
Operating expenses        
Total operating expenses 466,111 430,326 1,352,050 1,268,650
Management fee revenue - administrative services        
Operating revenue        
Total operating revenue 14,657 14,471 43,446 43,985
Administrative services reimbursement revenue        
Operating revenue        
Total operating revenue 168,653 162,410 492,655 473,133
Operating expenses        
Total operating expenses 168,653 162,410 492,655 473,133
Service agreement revenue        
Operating revenue        
Total operating revenue $ 6,260 $ 6,067 $ 19,175 $ 18,048