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CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions | 12 Months Ended
--- | ---
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015
Revenues |  |  |  |
Investment advisory fees |  | $ 4,287.7 | $ 3,728.7 | $ 3,687.3
Administrative fees |  | 358.3 | 352.5 | 361.8
Distribution and servicing fees |  | 147.0 | 141.7 | 151.5
Net revenues |  | 4,793.0 | 4,222.9 | 4,200.6
Operating expenses |  |  |  |
Compensation and related costs |  | 1,664.9 | 1,494.0 | 1,443.6
Advertising and promotion |  | 92.0 | 79.9 | 79.7
Distribution and servicing costs |  | 147.0 | 141.7 | 151.5
Depreciation and amortization of property and equipment | [1] | 143.6 | 133.4 | 126.3
Occupancy and facility costs |  | 194.9 | 172.8 | 159.2
Other operating expenses |  | 491.8 | 401.5 | 341.4
Nonrecurring charge (insurance recoveries) related to Dell appraisal rights matter |  | (50.0) | 66.2 | 0.0
Total operating expenses |  | 2,684.2 | 2,489.5 | 2,301.7
Net operating income |  | 2,108.8 | 1,733.4 | 1,898.9
Non-operating income |  |  |  |
Net investment income on investments not consolidated |  | 198.3 | 108.0 | 105.3
Net investment income on consolidated T. Rowe Price investment products |  | 193.9 | 121.1 | 1.5
Other income (expense) |  | 4.1 | (2.0) | (3.3)
Total non-operating income |  | 396.3 | 227.1 | 103.5
Income before income taxes |  | 2,505.1 | 1,960.5 | 2,002.4
Provision for income taxes |  | 923.9 | 706.5 | 779.4
Net income | [1] | 1,581.2 | 1,254.0 | 1,223.0
Less: net income attributable to redeemable non-controlling interests |  | 83.4 | 39.0 | 0.0
Net income attributable to T. Rowe Price Group |  | $ 1,497.8 | $ 1,215.0 | $ 1,223.0
Earnings per share on common stock of T. Rowe Price Group |  |  |  |
Basic (in dollars per share) |  | $ 6.07 | $ 4.85 | $ 4.74
Diluted (in dollars per share) |  | $ 5.97 | $ 4.75 | $ 4.63
[1] | See note 15 for a supplementary consolidating cash flow schedule.

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