Click to go to the Excel version of Selected Financial Data
| |
Year Ended December 31 |
 |
|
| (in thousands, except percentages, per share amounts and employee data) |
|
2002 |
|
|
|
|
|
2001 |
|
|
|
|
|
2000 |
|
|
|
|
|
1999 |
|
|
|
|
|
1998 |
|
|
| Revenues |
$ |
4,704,209 |
|
|
$ |
3,750,723 |
|
|
$ |
2,934,255 |
|
|
$ |
2,988,169 |
|
|
$ |
2,943,880 |
|
Income before cumulative effect of a change in
accounting for tax service contracts (Note A) |
$ |
234,367 |
|
$ |
167,268 |
|
$ |
82,223 |
|
$ |
88,643 |
|
$ |
201,527 |
|
Cumulative effect of a change in accounting for
tax service contracts (Note A) |
|
– |
|
|
– |
|
|
– |
|
$ |
(55,640 |
) |
|
– |
|
| Net income |
$ |
234,367 |
|
$ |
167,268 |
|
$ |
82,223 |
|
$ |
33,003 |
|
$ |
201,527 |
|
| Total assets |
$ |
3,398,045 |
|
$ |
2,837,263 |
|
$ |
2,199,737 |
|
$ |
2,116,414 |
|
$ |
1,852,731 |
|
| Notes and contracts payable |
$ |
425,705 |
|
$ |
415,341 |
|
$ |
219,838 |
|
$ |
196,815 |
|
$ |
143,466 |
|
| Mandatorily redeemable preferred securities |
$ |
100,000 |
|
$ |
100,000 |
|
$ |
100,000 |
|
$ |
100,000 |
|
$ |
100,000 |
|
| Stockholders' equity |
$ |
1,364,589 |
|
$ |
1,104,452 |
|
$ |
870,237 |
|
$ |
815,991 |
|
$ |
762,265 |
|
| Return on average stockholders' equity (Note B) |
|
19.0% |
|
|
16.9% |
|
|
9.8% |
|
|
10.9% |
|
|
33.4% |
|
| Cash dividends on common shares |
$ |
24,570 |
|
$ |
18,210 |
|
$ |
15,256 |
|
$ |
15,840 |
|
$ |
13,894 |
|
Per share of common stock (Note C) —
Basic:
Income before cumulative effect of a change
in accounting for tax service contracts |
$ |
3.27 |
|
$ |
2.51 |
|
$ |
1.29 |
|
$ |
1.37 |
|
$ |
3.35 |
|
Cumulative effect of a change in accounting
for tax service contracts |
|
– |
|
|
– |
|
|
– |
|
|
(.86 |
) |
|
– |
|
|
| Net income |
$ |
3.27 |
|
$ |
2.51 |
|
$ |
1.29 |
|
$ |
.51 |
|
$ |
3.35 |
|
|
Diluted:
Income before cumulative effect of a change
in accounting for tax service contracts |
$ |
2.92 |
|
$ |
2.27 |
|
$ |
1.24 |
|
$ |
1.34 |
|
$ |
3.21 |
|
Cumulative effect of a change in accounting
for tax service contracts |
|
– |
|
|
– |
|
|
– |
|
|
(.84 |
) |
|
– |
|
|
| Net income |
$ |
2.92 |
|
$ |
2.27 |
|
$ |
1.24 |
|
$ |
.50 |
|
$ |
3.21 |
|
|
| Stockholders' equity |
$ |
18.53 |
|
$ |
16.08 |
|
$ |
13.62 |
|
$ |
12.54 |
|
$ |
12.08 |
|
| Cash dividends |
$ |
.33 |
|
$ |
.27 |
|
$ |
.24 |
|
$ |
.24 |
|
$ |
.23 |
|
Number of common shares outstanding —
Weighted average during the year:
Basic |
|
71,594 |
|
|
66,568 |
|
|
63,680 |
|
|
64,669 |
|
|
60,194 |
|
| Diluted |
|
82,567 |
|
|
75,834 |
|
|
66,050 |
|
|
66,351 |
|
|
62,720 |
|
| End of year |
|
73,636 |
|
|
68,694 |
|
|
63,887 |
|
|
65,068 |
|
|
63,120 |
|
| Title orders opened (Note D) |
|
2,184 |
|
|
1,930 |
|
|
1,241 |
|
|
1,334 |
|
|
1,585 |
|
| Title orders closed (Note D) |
|
1,696 |
|
|
1,405 |
|
|
975 |
|
|
1,120 |
|
|
1,210 |
|
| Number of employees |
|
24,886 |
|
|
22,597 |
|
|
20,346 |
|
|
20,065 |
|
|
19,669 |
|
| Note A |
— |
Resulted from the adoption of Staff Accounting Bulletin No. 101, "Revenue Recognition in Financial Statements," which became effective
January 1, 1999, and applied to the Company's tax service operations. |
| Note B |
— |
Return on average stockholders' equity for 1999 excludes the cumulative effect of a change in accounting for tax service contracts from
both net income and stockholders' equity. |
| Note C |
— |
Per share information relating to net income is based on weighted-average number of shares outstanding for the years presented.
Per share information relating to stockholders' equity is based on shares outstanding at the end of each year. |
| Note D |
— |
Title order volumes are those processed by the direct title operations of the Company and do not include orders processed by agents. |
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