XML 11 R2.htm IDEA: XBRL DOCUMENT v3.23.1
STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating revenue    
Total operating revenue $ 752,465 $ 672,110
Operating expenses    
Total operating expenses 641,922 587,798
Operating income 110,543 84,312
Investment income    
Net investment income 2,183 10,504
Net realized and unrealized investment losses (5,282) (7,279)
Net impairment losses recognized in earnings (1,633) (216)
Total investment (loss) income (4,732) 3,009
Interest expense 0 999
Other income 3,337 473
Income before income taxes 109,148 86,795
Income tax expense 22,907 18,176
Net income $ 86,241 $ 68,619
Class A common stock    
Earnings per share - Basic and diluted:    
Common stock - basic (in dollars per share) $ 1.85 $ 1.47
Common stock - diluted (in dollars per share) $ 1.65 $ 1.31
Weighted average shares outstanding – Basic    
Common stock - basic (in shares) 46,188,819 46,188,761
Weighted average shares outstanding – Diluted    
Common stock - diluted (in shares) 52,296,621 52,300,501
Dividends declared per share    
Dividends declared (in dollars per share) $ 1.19 $ 1.11
Class B common stock    
Earnings per share - Basic and diluted:    
Common stock - basic (in dollars per share) 278 221
Common stock - diluted (in dollars per share) $ 278 $ 221
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) $ 178.50 $ 166.50
Management fee revenue - policy issuance and renewal services    
Operating revenue    
Total operating revenue $ 558,090 $ 487,992
Operating expenses    
Total operating expenses 469,095 424,471
Management fee revenue - administrative services    
Operating revenue    
Total operating revenue 15,189 14,313
Administrative services reimbursement revenue    
Operating revenue    
Total operating revenue 172,827 163,327
Operating expenses    
Total operating expenses 172,827 163,327
Service agreement revenue    
Operating revenue    
Total operating revenue $ 6,359 $ 6,478