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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions | 3 Months Ended
--- | ---
Mar. 31, 2018 | Mar. 31, 2017
Revenues |  |  |
Investment advisory fees |  | $ 1,189.2 | $ 992.7
Administrative, distribution, and servicing fees |  | 138.8 | 139.9
Net revenues |  | 1,328.0 | 1,132.6
Operating expenses |  |  |
Compensation and related costs |  | 441.4 | 397.4
Distribution and servicing |  | 70.3 | 59.8
Advertising and promotion |  | 24.6 | 25.7
Product-related costs |  | 42.1 | 38.6
Technology, occupancy, and facility costs |  | 94.1 | 82.8
General, administrative, and other |  | 71.7 | 56.6
Nonrecurring insurance recoveries related to Dell appraisal rights matter |  | 0.0 | (50.0)
Total operating expenses |  | 744.2 | 610.9
Net operating income |  | 583.8 | 521.7
Non-operating income |  |  |
Net gains on investments |  | 14.4 | 64.8
Net gains on consolidated investment portfolios |  | 0.8 | 48.9
Other income |  | 0.9 | 1.3
Total non-operating income |  | 16.1 | 115.0
Income before income taxes |  | 599.9 | 636.7
Provision for income taxes |  | 144.4 | 236.3
Net income | [1] | 455.5 | 400.4
Less: net income attributable to redeemable non-controlling interests |  | 1.8 | 14.5
Net income attributable to T. Rowe Price Group |  | $ 453.7 | $ 385.9
Earnings per share on common stock of T. Rowe Price Group |  |  |
Basic (in dollars per share) |  | $ 1.81 | $ 1.56
Diluted (in dollars per share) |  | 1.77 | 1.54
Dividends declared per share (in dollars per share) |  | $ 0.7 | $ 0.57
[1] | See note 12 for a supplementary consolidating cash flow schedule.

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