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Quarterly Operating Results (Unaudited)
 12 Months Ended
Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Operating Results (Unaudited)

NOTE 16 Quarterly Operating Results (Unaudited)

Quarterly operating results for 2019 and 2018 were as follows:

 

(in thousands, except per share data)

 

First

Quarter

 

 

Second

Quarter

 

 

Third

Quarter

 

 

Fourth

Quarter

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

619,280

 

 

$

575,219

 

 

$

618,683

 

 

$

578,989

 

Total expenses

 

$

470,760

 

 

$

451,697

 

 

$

466,845

 

 

$

476,940

 

Income before income taxes

 

$

148,520

 

 

$

123,522

 

 

$

151,838

 

 

$

102,049

 

Net income

 

$

113,896

 

 

$

92,593

 

 

$

115,506

 

 

$

76,519

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.41

 

 

$

0.33

 

 

$

0.41

 

 

$

0.27

 

Diluted

 

$

0.40

 

 

$

0.33

 

 

$

0.41

 

 

$

0.27

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

501,461

 

 

$

473,187

 

 

$

530,850

 

 

$

508,748

 

Total expenses

 

$

383,020

 

 

$

372,277

 

 

$

388,350

 

 

$

408,137

 

Income before income taxes

 

$

118,441

 

 

$

100,910

 

 

$

142,500

 

 

$

100,611

 

Net income

 

$

90,828

 

 

$

73,922

 

 

$

106,053

 

 

$

73,452

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.33

 

 

$

0.27

 

 

$

0.38

 

 

$

0.26

 

Diluted

 

$

0.32

 

 

$

0.26

 

 

$

0.38

 

 

$

0.26

 

 

Quarterly financial results are affected by seasonal variations. The timing of the insurance policy renewals sold by the Company and acquisitions may cause revenues, expenses and net income to vary significantly between quarters.