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CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating revenue    
Total operating revenue $ 989,399 $ 880,701
Operating expenses    
Total operating expenses 838,023 741,889
Operating income 151,376 138,812
Investment income    
Net investment income 19,948 15,903
Net realized and unrealized investment gains 502 1,853
Net impairment losses recognized in earnings (914) (2,677)
Total investment income 19,536 15,079
Other income 3,834 3,411
Income before income taxes 174,746 157,302
Income tax expense 36,329 32,750
Net income $ 138,417 $ 124,552
Class A common stock    
Earnings per share - Basic and diluted:    
Common stock - basic (in dollars per share) $ 2.97 $ 2.67
Common stock - diluted (in dollars per share) $ 2.65 $ 2.38
Weighted average shares outstanding – Basic    
Common stock - basic (in shares) 46,188,903 46,189,014
Weighted average shares outstanding – Diluted    
Common stock - diluted (in shares) 52,304,384 52,301,803
Dividends declared per share    
Dividends declared (in dollars per share) $ 1.365 $ 1.275
Class B common stock    
Earnings per share - Basic and diluted:    
Common stock - basic (in dollars per share) 446 401
Common stock - diluted (in dollars per share) $ 446 $ 401
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) $ 204.75 $ 191.25
Management fee revenue - policy issuance and renewal services    
Operating revenue    
Total operating revenue $ 755,049 $ 665,686
Operating expenses    
Total operating expenses 627,750 550,322
Management fee revenue - administrative services    
Operating revenue    
Total operating revenue 17,645 16,934
Administrative services reimbursement revenue    
Operating revenue    
Total operating revenue 210,273 191,567
Operating expenses    
Total operating expenses 210,273 191,567
Service agreement revenue    
Operating revenue    
Total operating revenue $ 6,432 $ 6,514