Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations

v3.19.3
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenues:        
Total revenues $ 247,962 $ 247,287 $ 697,159 $ 702,866
Cost of revenues:        
Total cost of revenues 177,198 187,602 542,929 578,437
Gross margin 70,764 59,685 154,230 124,429
Selling, general and administrative expenses 41,352 36,670 113,517 101,713
Depreciation and amortization 970 949 2,909 3,228
Income from operations 28,442 22,066 37,804 19,488
Other income (expense):        
Investment income, net 2,882 2,235 9,286 6,455
Interest expense (394) (465) (1,352) (574)
Other, net   10 12 15
Other income, net 2,488 1,780 7,946 5,896
Income before income taxes 30,930 23,846 45,750 25,384
Provision for income taxes 5,959 4,759 9,172 4,178
Net income $ 24,971 $ 19,087 $ 36,578 $ 21,206
Basic income per common share $ 3.34 $ 2.59 $ 4.92 $ 2.89
Weighted average number of basic common shares outstanding 7,483 7,369 7,433 7,327
Diluted income per common share $ 3.24 $ 2.50 $ 4.76 $ 2.77
Weighted average number of diluted common shares outstanding 7,711 7,643 7,686 7,652
Professional Employer Service Fees [Member]        
Revenues:        
Total revenues $ 214,156 $ 206,320 $ 607,840 $ 592,559
Staffing Services [Member]        
Revenues:        
Total revenues 33,806 40,967 89,319 110,307
Direct Payroll Costs [Member]        
Cost of revenues:        
Total cost of revenues 25,464 30,842 67,298 83,265
Payroll Taxes and Benefits [Member]        
Cost of revenues:        
Total cost of revenues 104,847 100,348 321,341 322,784
Workers' Compensation [Member]        
Cost of revenues:        
Total cost of revenues $ 46,887 $ 56,412 $ 154,290 $ 172,388