CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Operating revenue
Total operating revenue	$ 1,066,739	$ 999,886	$ 3,116,235	$ 2,871,025
Operating expenses
Total operating expenses	857,818	819,761	2,556,765	2,361,880
Operating income	208,921	180,125	559,470	509,145
Investment income
Net investment income	21,033	17,322	61,011	49,235
Net realized and unrealized investment gains	1,331	2,925	2,312	2,983
Net impairment losses recognized in earnings	(810)	(698)	(2,633)	(3,763)
Total investment income	21,554	19,549	60,690	48,455
Other income	2,286	1,168	8,094	7,871
Income before income taxes	232,761	200,842	628,254	565,471
Income tax expense	49,908	41,012	132,299	117,186
Net income	$ 182,853	$ 159,830	$ 495,955	$ 448,285
Class A common stock
Earnings per share - Basic and diluted:
Common stock - basic (in dollars per share)	$ 3.93	$ 3.43	$ 10.65	$ 9.63
Common stock - diluted (in dollars per share)	$ 3.50	$ 3.06	$ 9.48	$ 8.57
Weighted average shares outstanding – Basic
Common stock - Basic (in shares)	46,189,068	46,189,059	46,189,012	46,189,038
Weighted average shares outstanding – Diluted
Common stock - Diluted (in shares)	52,305,599	52,306,514	52,304,797	52,301,001
Dividends declared per share
Dividends declared (in dollars per share)	$ 1.365	$ 1.275	$ 4.095	$ 3.825
Class B common stock
Earnings per share - Basic and diluted:
Common stock - basic (in dollars per share)	589	515	1,597	1,444
Common stock - diluted (in dollars per share)	$ 589	$ 515	$ 1,597	$ 1,444
Weighted average shares outstanding – Basic
Common stock - Basic (in shares)	2,542	2,542	2,542	2,542
Weighted average shares outstanding – Diluted
Common stock - Diluted (in shares)	2,542	2,542	2,542	2,542
Dividends declared per share
Dividends declared (in dollars per share)	$ 204.75	$ 191.25	$ 614.25	$ 573.75
Management fee revenue - policy issuance and renewal services
Operating revenue
Total operating revenue	$ 825,275	$ 769,162	$ 2,404,177	$ 2,195,734
Operating expenses
Total operating expenses	642,124	613,007	1,918,154	1,757,531
Management fee revenue - administrative services
Operating revenue
Total operating revenue	18,831	17,154	54,772	51,139
Administrative services reimbursement revenue
Operating revenue
Total operating revenue	215,694	206,754	638,611	604,349
Operating expenses
Total operating expenses	215,694	206,754	638,611	604,349
Service agreement revenue
Operating revenue
Total operating revenue	$ 6,939	$ 6,816	$ 18,675	$ 19,803

ERIE INDEMNITY CO 10-Q