| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three months ended June 30, | | Six months ended June 30, |
| | 2022 | | 2021 | | 2022 | | 2021 |
| | (Unaudited) | | (Unaudited) |
Operating revenue | | | | | | | | |
Management fee revenue - policy issuance and renewal services | | $ | 544,555 | | | $ | 502,271 | | | $ | 1,032,547 | | | $ | 957,989 | |
Management fee revenue - administrative services | | 14,476 | | | 14,667 | | | 28,789 | | | 29,514 | |
Administrative services reimbursement revenue | | 160,675 | | | 157,190 | | | 324,002 | | | 310,723 | |
Service agreement revenue | | 6,437 | | | 5,902 | | | 12,915 | | | 11,981 | |
Total operating revenue | | 726,143 | | | 680,030 | | | 1,398,253 | | | 1,310,207 | |
| | | | | | | | |
Operating expenses | | | | | | | | |
Cost of operations - policy issuance and renewal services | | 461,468 | | | 437,775 | | | 885,939 | | | 838,324 | |
Cost of operations - administrative services | | 160,675 | | | 157,190 | | | 324,002 | | | 310,723 | |
| | | | | | | | |
Total operating expenses | | 622,143 | | | 594,965 | | | 1,209,941 | | | 1,149,047 | |
Operating income | | 104,000 | | | 85,065 | | | 188,312 | | | 161,160 | |
| | | | | | | | |
Investment income | | | | | | | | |
Net investment income | | 8,268 | | | 13,650 | | | 18,772 | | | 30,747 | |
Net realized and unrealized investment (losses) gains | | (10,324) | | | 2,769 | | | (17,603) | | | 3,573 | |
Net impairment (losses) recoveries recognized in earnings | | (38) | | | (1) | | | (254) | | | 86 | |
| | | | | | | | |
Total investment (loss) income | | (2,094) | | | 16,418 | | | 915 | | | 34,406 | |
| | | | | | | | |
Interest expense | | 895 | | | 1,039 | | | 1,894 | | | 2,048 | |
Other income (expense) | | 337 | | | (548) | | | 810 | | | (1,067) | |
Income before income taxes | | 101,348 | | | 99,896 | | | 188,143 | | | 192,451 | |
Income tax expense | | 21,201 | | | 20,867 | | | 39,377 | | | 39,856 | |
Net income | | $ | 80,147 | | | $ | 79,029 | | | $ | 148,766 | | | $ | 152,595 | |
| | | | | | | | |
| | | | | | | | |
Net income per share | | | | | | | | |
Class A common stock – basic | | $ | 1.72 | | | $ | 1.70 | | | $ | 3.19 | | | $ | 3.28 | |
Class A common stock – diluted | | $ | 1.53 | | | $ | 1.51 | | | $ | 2.84 | | | $ | 2.92 | |
Class B common stock – basic and diluted | | $ | 258 | | | $ | 255 | | | $ | 479 | | | $ | 491 | |
| | | | | | | | |
| | | | | | | | |
Weighted average shares outstanding – Basic | | | | | | | | |
Class A common stock | | 46,188,845 | | | 46,188,289 | | | 46,188,803 | | | 46,188,573 | |
Class B common stock | | 2,542 | | | 2,542 | | | 2,542 | | | 2,542 | |
| | | | | | | | |
Weighted average shares outstanding – Diluted | | | | | | | | |
Class A common stock | | 52,296,139 | | | 52,302,370 | | | 52,298,321 | | | 52,309,163 | |
Class B common stock | | 2,542 | | | 2,542 | | | 2,542 | | | 2,542 | |
| | | | | | | | |
Dividends declared per share | | | | | | | | |
Class A common stock | | $ | 1.11 | | | $ | 1.035 | | | $ | 2.22 | | | $ | 2.070 | |
Class B common stock | | $ | 166.50 | | | $ | 155.25 | | | $ | 333.00 | | | $ | 310.50 | |