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.
Year Ended December 31,
(in thousands, except per share data, number of employees and percentages
2019
2018
2017
2016
2015
REVENUES
Commissions and fees
$
2,384,737
$
2,009,857
$
1,857,270
$
1,762,787
$
1,656,951
Investment income
5,780
2,746
1,626
1,456
1,004
Other income, net
1,654
1,643
22,451
2,386
2,554
Total revenues(1)
2,392,171
2,014,246
1,881,347
1,766,629
1,660,509
EXPENSES
Employee compensation and benefits
1,308,165
1,068,914
994,652
925,217
856,952
Other operating expenses
377,089
332,118
283,470
262,872
251,055
(Gain)/loss on disposal
(10,021
)
(2,175
)
(2,157
)
(1,291
)
(619
)
Amortization
105,298
86,544
85,446
86,663
87,421
Depreciation
23,417
22,834
22,698
21,003
20,890
Interest
63,660
40,580
38,316
39,481
39,248
Change in estimated acquisition earn-out payables
(1,366
)
2,969
9,200
9,185
3,003
Total expenses
1,866,242
1,551,784
1,431,625
1,343,130
1,257,950
Income before income taxes
525,929
462,462
449,722
423,499
402,559
Income taxes(2)
127,415
118,207
50,092
166,008
159,241
Net income
$
398,514
$
344,255
$
399,630
$
257,491
$
243,318
EARNINGS PER SHARE INFORMATION
Net income per share - diluted(3)
$
1.40
$
1.22
$
1.40
$
0.91
$
0.85
Weighted average number of shares outstanding - diluted(3)
274,616
275,521
277,586
275,608
280,224
Dividends declared per share(3)
$
0.33
$
0.31
$
0.28
$
0.25
$
0.23
YEAR-END FINANCIAL POSITION
Total assets(4)
$
7,622,821
$
6,688,668
$
5,747,550
$
5,262,734
$
4,979,844
Long-term debt(5)
$
1,500,343
$
1,456,990
$
856,141
$
1,018,372
$
1,071,618
Total shareholders’ equity
$
3,350,279
$
3,000,568
$
2,582,699
$
2,360,211
$
2,149,776
Total shares outstanding at year end(3)
281,655
279,583
276,210
280,208
277,970
OTHER INFORMATION
Number of full-time equivalent employees at year-end
10,083
9,590
8,491
8,297
7,807
Total revenues per average number of employees(6)
$
243,193
$
222,809
$
224,130
$
219,403
$
215,679
Stock price at year-end(3)
$
39.48
$
27.56
$
25.73
$
22.43
$
16.05
Stock price earnings multiple at year-end(7)
28.2
22.6
18.3
24.6
18.9
Return on beginning shareholders’ equity(8)
13
%
13
%
17
%
12
%
12
%
(1)
Years 2017 to 2015 do not reflect the adoption of “Revenue from Contracts with Customers (Topic 606)” (“Topic 606”), ASC Topic 340 - Other Assets and Deferred Cost (“ASC 340”) and ASU 2016-08, “Principal Versus Agent Considerations (Reporting Revenue Gross Versus Net)”, which was adopted under the modified retrospective method.
(2)
Years 2017 to 2015 do not reflect the adoption of ASU 2016-09, “Improvements to Employee Share Based Payment Accounting” (“ASU 2016-09”), which was adopted using the prospective method.
(3)
Years 2017 to 2015 reflect the 2-for-1 stock split that occurred on March 28, 2018.
(4)
All years presented reflect the adoption of ASU No. 2015-17, “Income Taxes (Topic 740) - Balance Sheet Classification of Deferred Taxes” (“ASU 2015-17”).
(5)
Please refer to Part I, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Note 9 “Long-Term Debt” for more details.
(6)
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.
(7)
Stock price at year-end divided by net income per share diluted.
(8)
Represents net income divided by total shareholders’ equity as of the beginning of the year.
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