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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Revenues:                      
Portal revenues $ 78,345 $ 76,434 $ 79,374 $ 77,198 $ 73,291 $ 74,997 $ 75,513 $ 73,197 $ 311,351 $ 296,998 $ 273,502
Software & services revenues 5,127 8,099 5,952 5,979 5,051 5,376 5,297 5,193 25,157 20,917 18,874
Total revenues 83,472 84,533 85,326 83,177 78,342 80,373 80,810 78,390 336,508 317,915 292,376
Operating expenses:                      
Cost of portal revenues, exclusive of depreciation & amortization 48,154 47,377 49,009 47,032 45,409 45,140 46,123 43,615 191,572 180,287 168,166
Cost of software & services revenues, exclusive of depreciation & amortization 2,179 3,169 1,779 1,763 1,605 1,495 1,445 1,413 8,890 5,958 5,432
Selling & administrative 13,898 12,091 13,131 11,660 12,880 11,676 11,165 11,342 50,780 47,063 43,098
Depreciation & amortization 1,818 1,810 1,688 1,613 1,675 1,674 1,736 1,664 6,929 6,749 8,385
Total operating expenses 66,049 64,447 65,607 62,068 61,569 59,985 60,469 58,034 258,171 240,057 225,081
Operating income (loss) before income taxes 17,423 20,086 19,719 21,109 16,773 20,388 20,341 20,356 78,337 77,858 67,295
Income tax provision 6,583 6,066 6,950 7,124 3,130 [1] 4,153 [2] 7,280 7,462 26,723 22,025 25,316
Net income $ 10,840 $ 14,020 $ 12,769 $ 13,985 $ 13,643 $ 16,235 $ 13,061 $ 12,894 $ 51,614 $ 55,833 $ 41,979
Basic net income per share (in usd per share) $ 0.16 $ 0.21 $ 0.19 $ 0.21 $ 0.20 $ 0.24 $ 0.20 $ 0.19 $ 0.77 $ 0.84 $ 0.63
Diluted net income per share (in usd per share) $ 0.16 $ 0.21 $ 0.19 $ 0.21 $ 0.20 $ 0.24 $ 0.20 $ 0.19 $ 0.77 $ 0.84 $ 0.63
Weighted average shares outstanding:                      
Basic (in shares) 66,270 66,267 66,248 66,046 65,981 65,978 65,953 65,739 66,209 65,913 65,555
Diluted (in shares) 66,334 66,267 66,248 66,046 66,041 66,005 65,967 65,739 66,266 65,966 65,640
[1] The Company’s lower effective tax rate in the fourth quarter of 2016 (19%) was primarily attributable to the Company amending its 2014 and 2013 federal income tax returns to recognize favorable benefits related to the domestic production activities deduction, which increased basic and diluted earnings per share by approximately $0.03 during the quarter. (See Note 9)
[2] The Company’s lower effective tax rate in the third quarter of 2016 (20%) was primarily attributable to favorable benefits related to the domestic production activities deduction and federal research and development credit, which increased basic and diluted earnings per share by approximately $0.05 during the quarter. (See Note 9)