Item 6. SELECTED FINANCIAL DATA

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Item 6. SELECTED FINANCIAL DATA

We derived the consolidated statement of income and other financial data for the years ended December 31, 2013, 2012 and 2011 and the selected consolidated balance sheet data as of December 31, 2013 and 2012 from the audited consolidated financial statements included elsewhere in this report. We derived the selected historical financial data for the years ended December 31, 2010 and 2009 and the selected consolidated balance sheets as of December 31, 2011, 2010 and 2009 from our audited consolidated financial statements that are not included in this report.

The selected consolidated financial data set forth below should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our audited consolidated financial statements and notes thereto included elsewhere in this report. Our historical results are not necessarily indicative of the results to be expected in any future period.


(in thousands, except per share data)	2013		2012		2011			2010			2009
Consolidated statement of income data(1):
Revenues, net	$	895,171	$	707,534	$	519,591		$	433,841		$	354,073
Expenses:
Merchant commissions		68,143		58,573		51,199			49,050			39,709
Processing		134,030		115,446		84,516			69,687			57,997
Selling		57,346		46,429		36,606			32,731			30,579
General and administrative		142,283		110,122		84,765			78,135			51,375
Depreciation and amortization		72,737		52,036		36,171			33,745			28,368

Operating income		420,632		324,928		226,334			170,493			146,045

Other expense (income), net		602		1,121		(589	)		(1,319	)		(933	)
Interest expense, net		16,461		13,017		13,377			20,532			17,363
Loss on early extinguishment of debt		—		—		2,669			—			—

Total other expense		17,063		14,138		15,457			19,213			16,430

Income before income taxes		403,569		310,790		210,877			151,280			129,615
Provision for income taxes		119,068		94,591		63,542			43,384			40,563

Net income	$	284,501	$	216,199	$	147,335		$	107,896		$	89,052

Earnings per share:
Earnings per share, basic	$	3.48	$	2.59	$	1.83		$	3.00		$	2.17
Earnings per share, diluted		3.36		2.52		1.76			1.34			1.13
Weighted average shares outstanding, basic		81,793		83,328		80,610			35,434			33,802
Weighted average shares outstanding, diluted		84,655		85,736		83,654			80,751			78,854


	As of December 31,
(in thousands)	2013		2012		2011		2010		2009
Consolidated balance sheet data:
Cash and cash equivalents	$	338,105	$	283,649	$	285,159	$	114,804	$	84,701
Restricted cash(2)		48,244		53,674		55,762		62,341		67,979
Total assets		3,932,235		2,721,870		2,349,169		1,484,118		1,209,545
Total debt		1,486,378		925,092		704,265		469,413		351,551
Total stockholders’ equity		1,243,893		913,822		811,436		625,945		474,049

(1)

In June 2009, the Financial Accounting Standards Board, or FASB, issued authoritative guidance limiting the circumstances in which a financial asset may be derecognized when the transferor has not transferred the entire financial asset or has continuing involvement with the transferred asset. This guidance was effective for us as of January 1, 2010. As a result of the adoption of such guidance, effective January 1, 2010, our statements of income no longer include securitization activities in revenue. Rather, we report interest income, provision for bad debts and interest expense associated with the debt securities issued from our securitization facility.

(2)	Restricted cash represents customer deposits repayable on demand.

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Item 6. SELECTED FINANCIAL DATA

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