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.

	As of or For the
	Years Ended
	December 31,			December 31,			December 31,			December 31,			December 31,
		2019		2018 (1)				2017			2016		2015 (2)
	(in thousands, except operating margin and per share data)
Operating revenues	$	1,557,796		$	1,433,984		$	1,274,172		$	1,150,669		$	1,075,013
Total operating expenses		802,095			747,086			694,402			662,565			671,115
Operating income		755,701			686,898			579,770			488,104			403,898
Other expense (income), net		152,383			57,002			112,871			102,166			54,344
Provision for income taxes		39,670			122,011			162,927			125,083			119,516
Income from continuing operations, net of income taxes		563,648			507,885			303,972			260,855			230,038
Income (loss) from discontinued operations, net of income taxes		—			—			—			—			(6,390	)
Net income	$	563,648		$	507,885		$	303,972		$	260,855		$	223,648
Operating margin		48.5	%		47.9	%		45.5	%		42.4	%		37.6	%
Basic earnings per share:
Earnings per basic common share from continuing operations	$	6.66		$	5.83		$	3.36		$	2.72		$	2.11
Earnings per basic common share from discontinued operations		—			—			—			—			(0.06	)
Earnings per basic common share	$	6.66		$	5.83		$	3.36		$	2.72		$	2.05
Diluted earnings per share:
Earnings per diluted common share from continuing operations	$	6.59		$	5.66		$	3.31		$	2.70		$	2.09
Earnings per diluted common share from discontinued operations		—			—			—			—			(0.06	)
Earnings per diluted common share	$	6.59		$	5.66		$	3.31		$	2.70		$	2.03
Weighted average shares outstanding used in computing earnings per share
Basic		84,644			87,179			90,336			95,986			109,124
Diluted		85,536			89,701			91,914			96,540			109,926
Dividends declared per common share	$	2.52		$	1.92		$	1.32		$	1.00		$	0.80

	As of or For the
	Years Ended
	December 31,			December 31,			December 31,		December 31,		December 31,
	2019 (3)			2018 (1)				2017		2016	2015 (2)
	(in thousands)
Cash and cash equivalents	$	1,506,567		$	904,176		$	889,502	$	791,834	$	777,706
Accounts receivable (net of allowances)	$	499,268		$	473,433		$	327,597	$	221,504	$	208,239
Goodwill and intangibles, net of accumulated amortization	$	1,824,355		$	1,826,564		$	1,882,457	$	1,903,490	$	1,957,111
Total assets	$	4,204,439		$	3,387,952		$	3,275,668	$	3,082,578	$	3,146,987
Deferred revenue	$	574,656		$	537,977		$	374,365	$	334,358	$	317,552
Long-term debt, net of current maturities	$	3,071,926		$	2,575,502		$	2,078,093	$	2,075,201	$	1,579,404
Total shareholders' equity (deficit)	$	(76,714	)	$	(166,494	)	$	401,012	$	317,605	$	901,487

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

(2)	Includes the impact of the Insignis business (“Insignis”) from the October 16, 2015 acquisition date, which was not material.

(3)	Reflects the impact of the adoption on January 1, 2019 of Accounting Standards Update 2016-02, "Lease (Topic 842)," the impact of which was the inclusion of $166.4 million of right-of-use assets on the Company's Consolidated Statement of Financial Condition as of December 31, 2019.

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