The following selected Consolidated Financial Data for each of the five fiscal years in the period ended December 31, have been derived from our Consolidated Financial Statements. Such data should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations in Item 7 of Part II of this Annual Report and with our Consolidated Financial Statements and related Notes thereto in Item 8 of Part II of this Annual Report.
(in thousands, except per share data, number of employees and percentages
Year Ended December 31
2017
2016
2015
2014
2013
REVENUES
Commissions and fees
$
1,857,270
$
1,762,787
$
1,656,951
$
1,567,460
$
1,355,503
Investment income
1,626
1,456
1,004
747
638
Other income, net
22,451
2,386
2,554
7,589
7,138
Total revenues
1,881,347
1,766,629
1,660,509
1,575,796
1,363,279
EXPENSES
Employee compensation and benefits
994,652
925,217
856,952
811,112
705,603
Other operating expenses
283,470
262,872
251,055
235,328
195,677
(Gain)/loss on disposal
(2,157
)
(1,291
)
(619
)
47,425
—
Amortization
85,446
86,663
87,421
82,941
67,932
Depreciation
22,698
21,003
20,890
20,895
17,485
Interest
38,316
39,481
39,248
28,408
16,440
Change in estimated acquisition earn-out payables
9,200
9,185
3,003
9,938
2,533
Total expenses
1,431,625
1,343,130
1,257,950
1,236,047
1,005,670
Income before income taxes
449,722
423,499
402,559
339,749
357,609
Income taxes
50,092
166,008
159,241
132,853
140,497
Net income
$
399,630
$
257,491
$
243,318
$
206,896
$
217,112
EARNINGS PER SHARE INFORMATION
Net income per share - diluted
$
2.81
$
1.82
$
1.70
$
1.41
$
1.48
Weighted-average number of shares outstanding - diluted
138,793
137,804
140,112
142,891
142,624
Dividends declared per share
$
0.56
$
0.50
$
0.45
$
0.41
$
0.37
YEAR-END FINANCIAL POSITION
Total assets(1)
$
5,747,550
$
5,262,734
$
4,979,844
$
4,931,027
$
3,620,232
Long-term debt(2)
$
856,141
$
1,018,372
$
1,071,618
$
1,142,948
$
379,171
Total shareholders’ equity
$
2,582,699
$
2,360,211
$
2,149,776
$
2,113,745
$
2,007,141
Total shares outstanding at year end
138,105
140,104
138,985
143,486
145,419
OTHER INFORMATION
Number of full-time equivalent employees at year end
8,491
8,297
7,807
7,591
6,992
Total revenues per average number of employees(3)
$
224,130
$
219,403
$
215,679
$
216,114
$
203,020
Stock price at year end
$
51.46
$
44.86
$
32.10
$
32.91
$
31.39
Stock price earnings multiple at year-end(4)
18.3
24.6
18.9
23.3
21.2
Return on beginning shareholders’ equity(5)
17
%
12
%
12
%
10
%
12
%
(1)
Years 2016 to 2013 have been restated to reflect the adoption of ASU No. 2015-17, “Income Taxes (Topic 740) - Balance Sheet Classification of Deferred Taxes” (“ASU 2015-17”).
(2)
Please refer to Part I, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Note 8 “Long-Term Debt” for more details.
(3)
Represents total revenues divided by the average of the number of full-time equivalent employees at the beginning of the year and the number of full-time equivalent employees at the end of the year.
(4)
Stock price at year-end divided by net income per share diluted.
(5)
Represents net income divided by total shareholders’ equity as of the beginning of the year.
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