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, 2018, 2017 and 2016 and the selected Consolidated Statement of Financial Condition data as of December 31, 2018 and 2017 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, 2018, 2017 and 2016 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, 2015 and 2014 and the selected Consolidated Statement of Financial Condition data as of December 31, 2016, 2015 and 2014 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.

	As of or For the
	Years Ended
	December 31,			December 31,			December 31,			December 31,			December 31,
	2018 (1)			2017 (2)				2016		2015 (3)			2014 (4)
	(in thousands, except operating margin and per share data)
Operating revenues	$	1,433,984		$	1,274,172		$	1,150,669		$	1,075,013		$	996,680
Total operating expenses		747,086			694,402			662,565			671,115			659,514
Operating income		686,898			579,770			488,104			403,898			337,166
Other expense (income), net		57,002			112,871			102,166			54,344			28,828
Provision for income taxes		122,011			162,927			125,083			119,516			109,396
Income from continuing operations, net of income taxes		507,885			303,972			260,855			230,038			198,942
Income (loss) from discontinued operations, net of income taxes		—			—			—			(6,390	)		85,171		(5)
Net income	$	507,885		$	303,972		$	260,855		$	223,648		$	284,113
Operating margin		47.9	%		45.5	%		42.4	%		37.6	%		33.8	%
Basic earnings per share:
Earnings per basic common share from continuing operations	$	5.83		$	3.36		$	2.72		$	2.11		$	1.72
Earnings per basic common share from discontinued operations		—			—			—			(0.06	)		0.73
Earnings per basic common share	$	5.83		$	3.36		$	2.72		$	2.05		$	2.45
Diluted earnings per share:
Earnings per diluted common share from continuing operations	$	5.66		$	3.31		$	2.70		$	2.09		$	1.70
Earnings per diluted common share from discontinued operations		—			—			—			(0.06	)		0.73
Earnings per diluted common share	$	5.66		$	3.31		$	2.70		$	2.03		$	2.43
Weighted average shares outstanding used in computing earnings per share
Basic		87,179			90,336			95,986			109,124			115,737
Diluted		89,701			91,914			96,540			109,926			116,706
Dividends declared per common share	$	1.92		$	1.32		$	1.00		$	0.80		$	0.18

	As of or For the
	Years Ended
	December 31,			December 31,		December 31,		December 31,		December 31,
	2018 (1)			2017			2016	2015 (3)		2014 (4)
	(in thousands)
Cash and cash equivalents	$	904,176		$	889,502	$	791,834	$	777,706	$	508,799
Accounts receivable (net of allowances)	$	473,433		$	327,597	$	221,504	$	208,239	$	178,717
Goodwill and intangibles, net of accumulated amortization	$	1,826,564		$	1,882,457	$	1,903,490	$	1,957,111	$	1,998,532
Total assets	$	3,387,952		$	3,275,668	$	3,082,578	$	3,146,987	$	2,882,533
Deferred revenue	$	537,977		$	374,365	$	334,358	$	317,552	$	310,775
Long-term debt, net of current maturities	$	2,575,502		$	2,078,093	$	2,075,201	$	1,579,404	$	788,358
Total shareholders' equity (deficit)	$	(166,494	)	$	401,012	$	317,605	$	901,487	$	1,432,833

(1)	Includes the impact of the Financial Engineering Associates, Inc. (“FEA”) and Investor Force Holdings, Inc. (“InvestorForce”) divestitures.

(2)	As a result of the adoption of Accounting Standards Update 2017-07, the Company has restated its Consolidated Statements of Income by reclassifying $0.6 million of non-service related pension costs from Operating Expenses to Other expense (income) for the year ended December 31, 2017.

(3)	Includes the impact of the Insignis business (“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.

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

(5)	Includes the net gain resulting from the divestiture of Institutional Shareholder Services Inc. in 2014.

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