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, 2018, 2017 and 2016 and the selected consolidated balance sheet data as of December 31, 2018 and 2017 from the audited consolidated financial statements included elsewhere in this report. We derived the selected historical financial data for the years ended December 31, 2015 and 2014 and the selected consolidated balance sheets as of December 31, 2016, 2015 and 2014 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)2018¹2017201620152014
Consolidated statement of income data:
Revenues, net$2,433,492$2,249,538$1,831,546$1,702,865$1,199,390
Expenses:
Merchant commissions—113,133104,345108,25796,254
Processing487,695429,613355,414331,073173,337
Selling182,593170,717131,443109,07575,527
General and administrative389,172387,694283,625297,715205,963
Depreciation and amortization274,609264,560203,256193,453112,361
Other operating expense (income), net8,72561(690)(4,242)(29,501)
Operating income1,090,698883,760754,153667,534565,449
Investment loss7,14753,16436,35657,6688,586
Other (income) expense, net(152,166)(173,436)2,9822,523(700)
Interest expense, net138,494107,14671,89671,33928,856
Loss on extinguishment of debt2,0983,296——15,764
Total other (income) expense(4,427)(9,830)111,234131,53052,506
Income before income taxes1,095,125893,590642,919536,004512,943
Provision for income taxes283,642153,390190,534173,573144,236
Net income$811,483$740,200$452,385$362,431$368,707
Earnings per share:
Basic earnings per share$9.14$8.12$4.89$3.94$4.37
Diluted earnings per share$8.81$7.91$4.75$3.85$4.24
Weighted average shares outstanding:
Basic shares88,75091,12992,59792,02384,317
Diluted shares92,15193,59495,21394,13986,982
As of December 31,
(in thousands)20182017201620152014
Consolidated balance sheet data:
Cash and cash equivalents$1,031,145$913,595$475,018$447,152$477,069
Restricted cash2333,748217,275168,752167,492135,144
Total assets11,202,47711,318,3599,626,7327,889,8068,524,701
Total debt4,819,0474,518,6163,858,2332,935,0003,593,717
Total stockholders’ equity3,340,1803,676,5223,084,0382,830,0472,618,562
1 Reflects the impact of the Company's adoption of Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASC 606") and related cost capitalization guidance, which was adopted by the Company on January 1, 2018 using the modified retrospective transition method. The adoption of ASC 606 resulted in an adjustment to retained earnings in our consolidated balance sheet for the cumulative effect of applying the standard, which included costs incurred to obtain a contract, as well as presentation changes in our statements of income, including the classification of certain amounts previously classified as merchant commissions and processing expense net with revenues. As a result of the application of the modified retrospective transition method, the Company's prior period results within its Form 10-K and quarterly reports on Form 10-Q will not be restated to reflect ASC 606.
2 Restricted cash represents customer deposits repayable, as well as collateral received from customers for cross-currency transactions.

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