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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Income Statement [Abstract]      
Revenues(1) [1] $ 4,973,070 $ 4,287,004 $ 4,314,804
Payroll taxes, benefits and workers’ compensation costs 4,152,968 3,480,150 3,581,870
Gross profit 820,102 806,854 732,934
Salaries, wages and payroll taxes 379,171 353,273 317,124
Stock-based compensation 40,623 60,145 23,993
Commissions 34,922 32,835 31,420
Advertising 29,097 21,556 21,603
General and administrative expenses 124,413 113,167 123,438
Depreciation and amortization 38,547 31,189 28,723
Total operating expenses 646,773 612,165 546,301
Operating income 173,329 194,689 186,633
Other income (expense):      
Interest income 2,447 2,597 10,657
Interest expense (7,458) (8,016) (7,647)
Income before income tax expense 168,318 189,270 189,643
Income tax expense 44,238 51,033 38,544
Net income 124,080 138,237 151,099
Less distributed and undistributed earnings allocated to participating securities 210 782 1,759
Net income allocated to common shares $ 123,870 $ 137,455 $ 149,340
Basic net income per share of common stock (in dollars per share) $ 3.22 $ 3.57 $ 3.72
Diluted net income per share of common stock (in dollars per share) $ 3.18 $ 3.54 $ 3.70
Gross billings $ 33,318,693 $ 28,168,611 $ 27,212,010
Worksite employee payroll cost $ 28,345,623 $ 23,881,607 $ 22,897,206
[1] Revenues are comprised of gross billings less worksite employee (“WSEE”) payroll costs as follows:
Year ended December 31,
(in thousands)
202120202019
Gross billings
$33,318,693 $28,168,611 $27,212,010 
Less: WSEE payroll cost
28,345,623 23,881,607 22,897,206 
Revenues
$4,973,070 $4,287,004 $4,314,804