Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations

v3.8.0.1
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Revenues:        
Professional employer service fees $ 197,388 $ 177,229 $ 557,315 $ 497,682
Staffing services 42,747 47,874 118,391 121,806
Total revenues 240,135 225,103 675,706 619,488
Cost of revenues:        
Direct payroll costs 31,986 37,017 89,182 92,667
Payroll taxes and benefits 94,922 82,888 304,268 269,533
Workers' compensation 58,310 55,639 172,675 155,089
Total cost of revenues 185,218 175,544 566,125 517,289
Gross margin 54,917 49,559 109,581 102,199
Selling, general and administrative expenses 33,925 30,440 88,595 80,834
Depreciation and amortization 1,062 823 2,989 2,341
Income from operations 19,930 18,296 17,997 19,024
Other income (expense):        
Investment income 1,534 194 3,084 702
Interest expense (52) (196) (197) (704)
Loss on litigation   (3,305)   (3,305)
Other, net 32 27 28 26
Other income (expense), net 1,514 (3,280) 2,915 (3,281)
Income before income taxes 21,444 15,016 20,912 15,743
Provision for income taxes 6,659 4,783 6,228 4,991
Net income $ 14,785 $ 10,233 $ 14,684 $ 10,752
Basic income per common share $ 2.03 $ 1.41 $ 2.02 $ 1.49
Weighted average number of basic common shares outstanding 7,296 7,243 7,266 7,220
Diluted income per common share $ 1.96 $ 1.38 $ 1.95 $ 1.46
Weighted average number of diluted common shares outstanding 7,527 7,405 7,539 7,350
Cash dividends per common share $ 0.25 $ 0.22 $ 0.75 $ 0.66