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STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Operating revenue        
Total operating revenue $ 858,938 $ 741,236 $ 2,451,273 $ 2,139,489
Operating expenses        
Total operating expenses 710,467 634,764 2,058,101 1,844,705
Operating income 148,471 106,472 393,172 294,784
Investment income        
Net investment income 14,642 5,834 30,360 24,606
Net realized and unrealized investment losses (2,227) (6,230) (9,246) (23,833)
Net impairment losses recognized in earnings (113) (175) (1,917) (429)
Total investment income (loss) 12,302 (571) 19,197 344
Interest expense 0 115 0 2,009
Other income 3,001 562 9,643 1,372
Income before income taxes 163,774 106,348 422,012 294,491
Income tax expense 32,734 22,035 86,879 61,412
Net income $ 131,040 $ 84,313 $ 335,133 $ 233,079
Class A common stock        
Earnings per share - Basic and diluted:        
Common stock - basic (in dollars per share) $ 2.81 $ 1.81 $ 7.20 $ 5.00
Common stock - diluted (in dollars per share) $ 2.51 $ 1.61 $ 6.41 $ 4.46
Weighted average shares outstanding – Basic        
Common stock - basic (in shares) 46,189,037 46,189,025 46,188,962 46,188,878
Weighted average shares outstanding – Diluted        
Common stock - diluted (in shares) 52,299,369 52,296,411 52,298,655 52,297,685
Dividends declared per share        
Dividends declared (in dollars per share) $ 1.19 $ 1.11 $ 3.57 $ 3.33
Class B common stock        
Earnings per share - Basic and diluted:        
Common stock - basic (in dollars per share) 422 272 1,079 751
Common stock - diluted (in dollars per share) $ 422 $ 272 $ 1,079 $ 751
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 $ 535.50 $ 499.50
Management fee revenue - policy issuance and renewal services        
Operating revenue        
Total operating revenue $ 649,049 $ 551,666 $ 1,840,478 $ 1,584,213
Operating expenses        
Total operating expenses 523,349 466,111 1,513,690 1,352,050
Management fee revenue - administrative services        
Operating revenue        
Total operating revenue 16,151 14,657 46,976 43,446
Administrative services reimbursement revenue        
Operating revenue        
Total operating revenue 187,118 168,653 544,411 492,655
Operating expenses        
Total operating expenses 187,118 168,653 544,411 492,655
Service agreement revenue        
Operating revenue        
Total operating revenue $ 6,620 $ 6,260 $ 19,408 $ 19,175