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UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Agency revenues $ 1,118,128 $ 876,601 $ 2,427,751 $ 1,797,204
Merchant revenues 584,969 573,230 1,632,402 1,558,564
Other revenues 3,213 2,973 10,163 9,071
Total revenues 1,706,310 1,452,804 4,070,316 3,364,839
Cost of revenues 309,809 352,656 926,385 1,009,657
Gross profit 1,396,501 1,100,148 3,143,931 2,355,182
Operating expenses:        
Advertising - Online 375,204 279,926 966,820 701,317
Advertising - Offline 8,441 8,035 29,519 29,463
Sales and marketing 52,961 47,124 145,943 122,931
Personnel, including stock-based compensation of $17,555, $13,298, $51,690, and $40,404, respectively 135,210 94,463 343,916 255,450
General and administrative 42,287 31,717 122,768 87,334
Information technology 10,799 8,548 31,974 23,456
Depreciation and amortization 16,007 13,957 47,513 40,087
Total operating expenses 640,909 483,770 1,688,453 1,260,038
Operating income 755,592 616,378 1,455,478 1,095,144
Other income (expense):        
Interest income 905 2,526 3,004 6,075
Interest expense (17,067) (7,879) (45,208) (23,389)
Foreign currency transactions and other (8,256) 827 (7,427) (8,696)
Total other income (expense) (24,418) (4,526) (49,631) (26,010)
Earnings before income taxes 731,174 611,852 1,405,847 1,069,134
Income tax expense (131,201) (138,966) (271,405) (235,959)
Net income 599,973 472,886 1,134,442 833,175
Less: net income attributable to noncontrolling interests 3,387 3,387 3,539 2,520
Net income applicable to common stockholders $ 596,586 $ 469,499 $ 1,130,903 $ 830,655
Net income applicable to common stockholders per basic common share (in dollars per share) $ 11.97 $ 9.43 $ 22.70 $ 16.74
Weighted average number of basic common shares outstanding (in shares) 49,851 49,779 49,830 49,607
Net income applicable to common stockholders per diluted common share (in dollars per share) $ 11.66 $ 9.17 $ 22.05 $ 16.23
Weighted average number of diluted common shares outstanding (in shares) 51,185 51,184 51,295 51,193