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Condensed Consolidated Statements of Earnings (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenues:        
Mortgage fee income $ 30,224,092 $ 24,936,019 $ 81,675,278 $ 77,003,778
Insurance premiums and other considerations 30,011,081 28,906,803 89,823,732 85,687,394
Net investment income 17,799,096 19,248,463 55,790,472 57,195,320
Net mortuary and cemetery sales 6,814,331 7,234,031 21,531,769 20,874,174
Gains (losses) on investments and other assets 1,347,656 (932,414) 2,639,843 (4,676)
Other 2,077,431 848,825 3,792,127 2,832,630
Total revenues 88,273,687 80,241,727 255,253,221 243,588,620
Benefits and expenses:        
Death benefits 13,570,336 14,678,251 43,354,254 46,811,922
Surrenders and other policy benefits 1,194,692 1,467,066 3,453,425 3,550,416
Increase in future policy benefits 8,589,354 9,476,678 27,148,178 26,031,421
Amortization of deferred policy and pre-need acquisition costs and value of business acquired 2,287,003 4,480,457 11,332,305 13,615,359
Selling, general and administrative expenses:        
Commissions 13,204,406 10,467,796 34,638,464 30,877,232
Personnel 21,249,554 20,234,106 61,907,265 62,705,033
Advertising 907,528 994,433 2,381,400 2,863,597
Rent and rent related 1,380,076 1,677,701 4,078,792 5,285,492
Depreciation on property and equipment 611,475 590,168 1,791,823 1,765,797
Costs related to funding mortgage loans 1,694,791 1,563,172 4,677,767 5,246,881
Other 6,191,624 7,124,347 19,476,918 22,308,291
Interest expense 1,060,653 1,151,534 3,161,943 4,019,669
Cost of goods and services sold-mortuaries and cemeteries 1,117,513 1,177,328 3,627,101 3,614,599
Total benefits and expenses 73,059,005 75,083,037 221,029,635 228,695,709
Earnings before income taxes 15,214,682 5,158,690 34,223,586 14,892,911
Income tax expense (3,383,238) (1,117,397) (7,646,071) (3,258,740)
Net earnings $ 11,831,444 $ 4,041,293 $ 26,577,515 $ 11,634,171
Net earnings per Class A Equivalent common share [1] $ 0.51 $ 0.17 $ 1.14 $ 0.50
Net earnings per Class A Equivalent common share-assuming dilution [1] $ 0.49 $ 0.17 $ 1.11 $ 0.49
Weighted-average Class A equivalent common shares outstanding [1] 23,240,725 23,169,141 23,287,707 23,171,889
Weighted-average Class A equivalent common shares outstanding-assuming dilution [1] 24,053,486 23,975,784 23,984,233 23,837,693
[1] Net earnings per share amounts have been adjusted retroactively for the effect of annual stock dividends. The weighted-average shares outstanding includes the weighted-average Class A common shares and the weighted-average Class C common shares determined on an equivalent Class A common stock basis. Net earnings per common share represent net earnings per equivalent Class A common share.