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STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Operating revenue        
Total operating revenue $ 990,438 $ 839,870 $ 1,871,139 $ 1,592,335
Operating expenses        
Total operating expenses 800,230 705,712 1,542,119 1,347,634
Operating income 190,208 134,158 329,020 244,701
Investment income        
Net investment income 16,010 13,535 31,913 15,718
Net realized and unrealized investment (losses) gains (1,795) (1,737) 58 (7,019)
Net impairment losses recognized in earnings (388) (171) (3,065) (1,804)
Total investment income 13,827 11,627 28,906 6,895
Other income 3,292 3,305 6,703 6,642
Income before income taxes 207,327 149,090 364,629 258,238
Income tax expense 43,424 31,238 76,174 54,145
Net income $ 163,903 $ 117,852 $ 288,455 $ 204,093
Class A common stock        
Earnings per share - Basic and diluted:        
Common stock - basic (in dollars per share) $ 3.52 $ 2.53 $ 6.19 $ 4.38
Common stock - diluted (in dollars per share) $ 3.13 $ 2.25 $ 5.52 $ 3.90
Weighted average shares outstanding – Basic        
Common stock - basic (in shares) 46,189,042 46,189,026 46,189,028 46,188,923
Weighted average shares outstanding – Diluted        
Common stock - diluted (in shares) 52,305,299 52,299,974 52,303,551 52,298,298
Dividends declared per share        
Dividends declared (in dollars per share) $ 1.275 $ 1.19 $ 2.55 $ 2.38
Class B common stock        
Earnings per share - Basic and diluted:        
Common stock - basic (in dollars per share) 528 380 929 657
Common stock - diluted (in dollars per share) $ 528 $ 380 $ 929 $ 657
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) $ 191.25 $ 178.50 $ 382.50 $ 357.00
Management fee revenue - policy issuance and renewal services        
Operating revenue        
Total operating revenue $ 760,886 $ 633,339 $ 1,426,572 $ 1,191,429
Operating expenses        
Total operating expenses 594,202 521,246 1,144,524 990,341
Management fee revenue - administrative services        
Operating revenue        
Total operating revenue 17,051 15,636 33,985 30,825
Administrative services reimbursement revenue        
Operating revenue        
Total operating revenue 206,028 184,466 397,595 357,293
Operating expenses        
Total operating expenses 206,028 184,466 397,595 357,293
Service agreement revenue        
Operating revenue        
Total operating revenue $ 6,473 $ 6,429 $ 12,987 $ 12,788