XML 17 R3.htm IDEA: XBRL DOCUMENT v3.24.0.1
STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating revenue      
Total operating revenue $ 3,268,940 $ 2,840,124 $ 2,633,977
Operating expenses      
Total operating expenses 2,748,684 2,463,910 2,315,880
Operating income 520,256 376,214 318,097
Investment income      
Net investment income 44,572 28,585 62,177
Net realized and unrealized investment (losses) gains (5,838) (27,286) 4,946
Net impairment (losses) recoveries recognized in earnings (9,766) (667) 209
Total investment income 28,968 632 67,332
Interest expense, net 0 2,009 4,132
Other income (expense) 12,712 1,615 (4,893)
Income before income taxes 561,936 376,452 376,404
Income tax expense 115,875 77,883 78,544
Net income $ 446,061 $ 298,569 $ 297,860
Class A common stock      
Earnings per share - Basic and diluted:      
Common stock - basic (in dollars per share) $ 9.58 $ 6.41 $ 6.40
Common stock - diluted (in dollars per share) $ 8.53 $ 5.71 $ 5.69
Weighted average shares outstanding – Basic      
Common stock - basic (in shares) 46,188,981 46,188,916 46,188,806
Weighted average shares outstanding – Diluted      
Common stock - diluted (in shares) 52,299,411 52,297,990 52,307,302
Class B common stock      
Earnings per share - Basic and diluted:      
Common stock - basic (in dollars per share) $ 1,437 $ 962 $ 959
Common stock - diluted (in dollars per share) $ 1,437 $ 962 $ 959
Weighted average shares outstanding – Basic      
Common stock - basic (in shares) 2,542 2,542 2,542
Weighted average shares outstanding – Diluted      
Common stock - diluted (in shares) 2,542 2,542 2,542
Management fee revenue - policy issuance and renewal services      
Operating revenue      
Total operating revenue $ 2,442,073 $ 2,087,846 $ 1,913,166
Operating expenses      
Total operating expenses 2,011,545 1,795,642 1,677,397
Management fee revenue - administrative services      
Operating revenue      
Total operating revenue 63,669 58,323 58,286
Administrative services reimbursement revenue      
Operating revenue      
Total operating revenue 737,139 668,268 638,483
Operating expenses      
Total operating expenses 737,139 668,268 638,483
Service agreement revenue      
Operating revenue      
Total operating revenue $ 26,059 $ 25,687 $ 24,042