Item 6. SELECTED FINANCIAL DATA.

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Item 6. SELECTED FINANCIAL DATA.

(In thousands, except per share data)



	FOR THE YEARS ENDED DECEMBER 31,
	2017 (a)			2016 (b)			2015 (c)			2014			2013
STATEMENT OF OPERATIONS DATA:
Revenues	$	840,662		$	756,043		$	591,022		$	493,101		$	416,643
Cost and expenses:
Cost of revenues	441,522			400,692			313,835			259,730			223,440
Selling, general and administrative expenses	176,974			167,161			133,317			108,260			98,289
Research and development expense	47,324			43,154			29,922			25,743			23,269
Amortization of customer and trade name intangibles	13,912			13,731			5,905			4,546			4,517
Operating income	160,930			131,305			108,043			94,822			67,128
Other income (expense), net	698			(1,998		)	381			(355		)	(1,309		)
Income before income taxes	161,628			129,307			108,424			94,467			65,819
Income tax (benefit) provision (a)	(2,317		)	19,450			43,555			35,527			26,718
Net income	163,945			109,857			64,869			58,940			39,101
Net earnings per diluted share	$	4.18		$	2.82		$	1.77		$	1.66		$	1.13
Weighted average diluted shares (b)	39,246			38,961			36,552			35,401			34,590
STATEMENT OF CASH FLOWS DATA:
Cash flows provided by operating activities (b)	$	195,755		$	191,859		$	134,327		$	142,839		$	94,297
Cash flows used by investing activities	(85,395		)	(50,720		)	(398,459		)	(11,555		)	(25,658		)
Cash flows provided (used) by financing activities (b)	39,415			(138,075		)	91,052			(3,993		)	3,831
BALANCE SHEET DATA:
Total assets	$	1,589,592		$	1,357,945		$	1,356,570		$	569,812		$	444,488
Revolving line of credit	—			10,000			66,000			—			—
Shareholders' equity	1,167,094			915,525			858,857			336,973			246,319

(a) 2017 includes the significant impact of the enactment of the Tax Cuts and Jobs Act ("Tax Act"). The most significant impact of the Tax Act to us is the reduction in the U.S. federal corporate income tax rate from 35% to 21%. The impact of the rate reduction on our 2017 income tax provision is a $21.6 million tax benefit due to the remeasurement of deferred tax assets and liabilities. Refer to Note - 7 "Income Tax" for further discussion on the impact of the Tax Act.

(b) During 2016, we early adopted Accounting Standards Update ("ASU") No. 2016-09 "Improvements to Employee Share-Based Payment Accounting" requiring the recognition of excess tax benefits or tax deficiencies as a component of income tax expense; these benefits or deficiencies were historically recognized in equity. As the standard requires a prospective method of adoption, our net income in 2016 includes a $29.6 million income tax benefit due to the adoption that did not occur in the comparable prior periods presented above. In 2016, ASU No. 2016-09 updated the method of calculating diluted shares resulting in the inclusion of 519,000 additional shares in our diluted earnings per share calculation, which is not comparable to the other prior periods presented. The adoption of ASU No. 2016-09 also required excess tax benefits, previously presented as financing activities, to be classified as operating activities. As retrospective adoption for this component of the standard is allowable, we have adjusted all periods presented above to reflect this change in classification.

(c) On November 16, 2015, we completed the acquisition of New World Systems Corporation ("NWS"). Operating results for the twelve months ended December 31, 2015, include $5.9 million for non-recurring financial advisory, legal, accounting, due diligence, valuation and other expenses necessary to complete the NWS acquisition.

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