| |
Year Ended December 31 |
|
 |
|
| |
|
2001 |
|
|
|
2000 |
|
|
1999 |
|
| Revenues: |
| Operating revenues |
$ |
3,662,986,000 |
|
$ |
2,877,528,000 |
|
$ |
2,936,196,000 |
| Investment and other income |
|
87,737,000 |
|
|
56,727,000 |
|
|
51,973,000 |
|
| |
|
3,750,723,000 |
|
|
2,934,255,000 |
|
|
2,988,169,000 |
|
| Expenses: |
| Salaries and other personnel costs |
|
1,263,451,000 |
|
|
1,014,766,000 |
|
|
1,034,772,000 |
| Premiums retained by agents |
|
960,215,000 |
|
|
791,940,000 |
|
|
871,036,000 |
| Other operating expenses |
|
853,604,000 |
|
|
697,672,000 |
|
|
678,856,000 |
| Provision for title losses and other claims |
|
180,646,000 |
|
|
141,632,000 |
|
|
116,218,000 |
| Depreciation and amortization |
|
108,348,000 |
|
|
86,336,000 |
|
|
77,031,000 |
| Premium taxes |
|
24,840,000 |
|
|
22,573,000 |
|
|
22,897,000 |
| Interest |
|
30,079,000 |
|
|
25,460,000 |
|
|
17,387,000 |
|
| |
|
3,421,183,000 |
|
|
2,780,379,000 |
|
|
2,818,197,000 |
|
| Income before income taxes, minority interests and |
| cumulative effect of a change in accounting principle |
|
329,540,000 |
|
|
153,876,000 |
|
|
169,972,000 |
| Income taxes |
|
117,500,000 |
|
|
54,700,000 |
|
|
62,300,000 |
|
| Income before minority interests and cumulative effect of |
| a change in accounting principle |
|
212,040,000 |
|
|
99,176,000 |
|
|
107,672,000 |
| Minority interests |
|
44,772,000 |
|
|
16,953,000 |
|
|
19,029,000 |
|
| Income before cumulative effect of a change in accounting principle |
|
167,268,000 |
|
|
82,223,000 |
|
|
88,643,000 |
| Cumulative effect of a change in accounting for tax service |
| contracts, net of income taxes and minority interests (Note 1) |
|
– |
|
|
– |
|
|
(55,640,000 |
) |
|
| Net income |
|
167,268,000 |
|
|
82,223,000 |
|
|
33,003,000 |
|
| Other comprehensive (loss) income, net of tax (Note 16): |
| Unrealized (loss) gain on securities |
|
(3,852,000 |
) |
|
1,880,000 |
|
|
(4,283,000 |
) |
| Minimum pension liability adjustment |
|
(14,733,000 |
) |
|
(1,129,000 |
) |
|
763,000 |
|
| |
|
(18,585,000 |
) |
|
751,000 |
|
|
(3,520,000 |
) |
|
| Comprehensive income |
$ |
148,683,000 |
|
$ |
82,974,000 |
|
$ |
29,483,000 |
|
| Per share amounts (Note 10): |
| Basic: |
| Income before cumulative effect of a change in accounting |
| for tax service contracts |
$ |
2.51 |
|
$ |
1.29 |
|
$ |
1.37 |
| Cumulative effect of a change in accounting for tax service contracts |
|
– |
|
|
– |
|
|
(.86 |
) |
|
| Net income |
$ |
2.51 |
|
$ |
1.29 |
|
$ |
.51 |
|
| Diluted: |
| Income before cumulative effect of a change in accounting |
| for tax service contracts |
$ |
2.27 |
|
$ |
1.24 |
|
$ |
1.34 |
| Cumulative effect of a change in accounting for tax service contracts |
|
– |
|
|
– |
|
|
(.84 |
) |
| Net income |
$ |
2.27 |
|
$ |
1.24 |
|
$ |
.50 |
|
| Weighted-average common shares outstanding (Note 10): |
|
| Basic |
|
66,568,000 |
|
|
63,680,000 |
|
|
64,669,000 |
| Diluted |
|
75,834,000 |
|
|
66,050,000 |
|
|
66,351,000 |
|
|
CONSOLIDATED STATEMENTS OF INCOME