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UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Agency revenues $ 771,996 $ 569,181 $ 1,309,623 $ 920,603
Merchant revenues 551,024 530,530 1,047,433 985,334
Other revenues 3,739 3,005 6,950 6,098
Total revenues 1,326,759 1,102,716 2,364,006 1,912,035
Cost of revenues 322,617 353,489 616,576 657,001
Gross profit 1,004,142 749,227 1,747,430 1,255,034
Operating expenses:        
Advertising - Online 314,480 236,282 591,616 421,391
Advertising - Offline 9,922 9,815 21,078 21,429
Sales and marketing 47,445 41,030 92,982 75,807
Personnel, including stock-based compensation of $17,612, $13,113, $34,135, and $27,106, respectively 108,030 85,766 208,706 160,988
General and administrative 39,807 29,736 80,481 55,614
Information technology 10,440 8,239 21,175 14,908
Depreciation and amortization 15,663 13,651 31,505 26,130
Total operating expenses 545,787 424,519 1,047,543 776,267
Operating income 458,355 324,708 699,887 478,767
Other income (expense):        
Interest income 1,001 2,129 2,099 3,550
Interest expense (16,882) (7,795) (28,141) (15,510)
Foreign currency transactions and other 3,205 (2,451) 829 (9,523)
Total other income (expense) (12,676) (8,117) (25,213) (21,483)
Earnings before income taxes 445,679 316,591 674,674 457,284
Income tax expense (93,025) (60,314) (140,204) (96,993)
Net income 352,654 256,277 534,470 360,291
Less: net income (loss) attributable to noncontrolling interests 307 (91) 153 (867)
Net income applicable to common stockholders $ 352,347 $ 256,368 $ 534,317 $ 361,158
Net income applicable to common stockholders per basic common share (in dollars per share) $ 7.07 $ 5.16 $ 10.73 $ 7.29
Weighted average number of basic common shares outstanding (in shares) 49,812 49,718 49,819 49,519
Net income applicable to common stockholders per diluted common share (in dollars per share) $ 6.88 $ 5.02 $ 10.41 $ 7.06
Weighted average number of diluted common shares outstanding (in shares) 51,226 51,105 51,306 51,134