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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Income Statement [Abstract]      
Revenues(1) [1] $ 4,314,804 $ 3,828,549 $ 3,300,223
Payroll taxes, benefits and workers’ compensation costs 3,581,870 3,146,640 2,727,492
Gross profit 732,934 681,909 572,731
Salaries, wages and payroll taxes 317,124 301,027 259,531
Stock-based compensation 23,993 20,425 24,345
Commissions 31,420 28,957 22,773
Advertising 21,603 18,554 16,686
General and administrative expenses 123,438 111,068 101,273
Depreciation and amortization 28,723 22,842 18,182
Total operating expenses 546,301 502,873 442,790
Operating income 186,633 179,036 129,941
Other income (expense):      
Interest income 10,657 7,992 3,413
Interest expense (7,647) (4,668) (3,213)
Income before income tax expense 189,643 182,360 130,141
Income tax expense 38,544 46,947 45,739
Net income 151,099 135,413 84,402
Less distributed and undistributed earnings allocated to participating securities 1,759 1,875 1,517
Net income allocated to common shares $ 149,340 $ 133,538 $ 82,885
Basic net income per share of common stock (in dollars per share) $ 3.72 $ 3.24 $ 2.02
Diluted net income per share of common stock (in dollars per share) $ 3.70 $ 3.22 $ 2.01
Gross billings $ 27,212,010 $ 23,830,731 $ 20,173,812
Worksite employee payroll cost $ 22,897,206 $ 20,002,182 $ 16,873,589
[1]
(1) 
Revenues are comprised of gross billings less worksite employee (“WSEE”) payroll costs as follows:
 
Year ended December 31,
(in thousands)
2019
2018
2017
 
 
 
 
Gross billings
$
27,212,010

$
23,830,731

$
20,173,812

Less: WSEE payroll cost
22,897,206

20,002,182

16,873,589

Revenues
$
4,314,804

$
3,828,549

$
3,300,223