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STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Operating revenue        
Total operating revenue $ 839,870 $ 726,143 $ 1,592,335 $ 1,398,253
Operating expenses        
Total operating expenses 705,712 622,143 1,347,634 1,209,941
Operating income 134,158 104,000 244,701 188,312
Investment income        
Net investment income 13,535 8,268 15,718 18,772
Net realized and unrealized investment losses (1,737) (10,324) (7,019) (17,603)
Net impairment losses recognized in earnings (171) (38) (1,804) (254)
Total investment income (loss) 11,627 (2,094) 6,895 915
Interest expense 0 895 0 1,894
Other income 3,305 337 6,642 810
Income before income taxes 149,090 101,348 258,238 188,143
Income tax expense 31,238 21,201 54,145 39,377
Net income $ 117,852 $ 80,147 $ 204,093 $ 148,766
Class A common stock        
Earnings per share - Basic and diluted:        
Common stock - basic (in dollars per share) $ 2.53 $ 1.72 $ 4.38 $ 3.19
Common stock - diluted (in dollars per share) $ 2.25 $ 1.53 $ 3.90 $ 2.84
Weighted average shares outstanding – Basic        
Common stock - basic (in shares) 46,189,026 46,188,845 46,188,923 46,188,803
Weighted average shares outstanding – Diluted        
Common stock - diluted (in shares) 52,299,974 52,296,139 52,298,298 52,298,321
Dividends declared per share        
Dividends declared (in dollars per share) $ 1.19 $ 1.11 $ 2.38 $ 2.22
Class B common stock        
Earnings per share - Basic and diluted:        
Common stock - basic (in dollars per share) 380 258 657 479
Common stock - diluted (in dollars per share) $ 380 $ 258 $ 657 $ 479
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) $ 178.50 $ 166.50 $ 357.00 $ 333.00
Management fee revenue - policy issuance and renewal services        
Operating revenue        
Total operating revenue $ 633,339 $ 544,555 $ 1,191,429 $ 1,032,547
Operating expenses        
Total operating expenses 521,246 461,468 990,341 885,939
Management fee revenue - administrative services        
Operating revenue        
Total operating revenue 15,636 14,476 30,825 28,789
Administrative services reimbursement revenue        
Operating revenue        
Total operating revenue 184,466 160,675 357,293 324,002
Operating expenses        
Total operating expenses 184,466 160,675 357,293 324,002
Service agreement revenue        
Operating revenue        
Total operating revenue $ 6,429 $ 6,437 $ 12,788 $ 12,915