Item 6. Selected Financial Data

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Item 6. Selected Financial Data

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Our selected consolidated financial data for the periods presented should be read in conjunction with “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the consolidated financial statements and notes thereto beginning on page F-1 of this Annual Report on Form 10-K.

The selected Consolidated Statement of Income data for the years ended December 31, 2016, 2015 and 2014 and the selected Consolidated Statement of Financial Condition data as of December 31, 2016 and 2015 are derived from our audited consolidated financial statements beginning on page F-1 of this Annual Report on Form 10-K. Our consolidated financial statements for the years ended December 31, 2016, 2015 and 2014 have been audited and reported upon by an independent registered public accounting firm in each period. The selected Consolidated

Statement of Income data for the years ended December 31, 2013 and 2012 and the selected Consolidated Statement of Financial Condition data as of December 31, 2014, 2013 and 2012 are derived from our audited consolidated financial statements not included in this Annual Report on Form 10-K.

The selected financial information presented below may not be indicative of our future performance.

	Years Ended
	December 31,			December 31,			December 31,			December 31,			December 31,
		2016		2015 (1)			2014 (2)			2013 (4)			2012 (5)
	(in thousands, except operating margin and per share data)
Operating revenues	$	1,150,669		$	1,075,013		$	996,680		$	913,364		$	826,990
Total operating expenses		662,565			671,115			659,514			573,033			508,755
Operating income		488,104			403,898			337,166			340,331			318,235
Other expense (income), net		102,166			54,344			28,828			27,503			57,434
Provision for income taxes		125,083			119,516			109,396			112,918			96,010
Income from continuing operations, net of income taxes		260,855			230,038			198,942			199,910			164,791
Income (loss) from discontinued operations, net of income taxes		—			(6,390	)		85,171	(3)		22,647			19,447
Net income	$	260,855		$	223,648		$	284,113		$	222,557		$	184,238
Operating margin		42.4	%		37.6	%		33.8	%		37.3	%		38.5	%
Basic earnings per share:
Earnings per basic common share from continuing operations	$	2.72		$	2.11		$	1.72		$	1.66		$	1.34
Earnings per basic common share from discontinued operations		—			(0.06	)		0.73			0.19			0.16
Earnings per basic common share	$	2.72		$	2.05		$	2.45		$	1.85		$	1.50
Diluted earnings per share:
Earnings per diluted common share from continuing operations	$	2.70		$	2.09		$	1.70		$	1.64		$	1.32
Earnings per diluted common share from discontinued operations		—			(0.06	)		0.73			0.19			0.16
Earnings per diluted common share	$	2.70		$	2.03		$	2.43		$	1.83		$	1.48
Weighted average shares outstanding used in computing earnings per share
Basic		95,986			109,124			115,737			120,100			122,023
Diluted		96,540			109,926			116,706			121,074			123,204
Dividends declared per common share	$	1.00		$	0.80		$	0.18		$	—		$	—

	As of or For the
	Years Ended
	December 31,		December 31,		December 31,		December 31,		December 31,
	2016		2015 (1)		2014 (2)		2013 (4)		2012 (5)
Cash and cash equivalents	$	791,834	$	777,706	$	508,799	$	358,434	$	183,309
Short-term investments	$	—	$	—	$	—	$	—	$	70,898
Accounts receivable (net of allowances)	$	221,504	$	208,239	$	178,717	$	169,490	$	153,557
Goodwill and intangibles, net of accumulated amortization	$	1,903,490	$	1,957,111	$	1,998,532	$	2,408,871	$	2,438,827
Total assets	$	3,082,578	$	3,146,987	$	2,882,533	$	3,129,286	$	3,013,118
Deferred revenue	$	334,358	$	317,552	$	310,775	$	319,735	$	308,022
Current maturities of long-term debt	$	—	$	—	$	—	$	18,301	$	40,654
Long-term debt, net of current maturities	$	2,075,201	$	1,579,404	$	788,358	$	782,652	$	805,227
Total shareholders' equity	$	317,605	$	901,487	$	1,432,833	$	1,564,347	$	1,413,950

(1)	Includes the impact of Insignis from the October 16, 2015 acquisition date, which was not material. Deferred taxes have been presented in accordance with new accounting guidance prospectively beginning on December 31, 2015. Prior periods have not been retrospectively restated to match this presentation.

(2)	Includes the results of GMI Ratings from the August 11, 2014 acquisition date, the impact of which was not material.

(3)	Includes the net gain resulting from the disposition of ISS, the impact of which was not material.

(4)	Includes the results of InvestorForce from the January 29, 2013 acquisition date, the impact of which was not material.

(5)	Includes the results of IPD from the November 30, 2012 acquisition date, the impact of which was not material.

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