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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018
Revenues |  |  |  |
Net revenues | $ 1,395.2 | $ 1,345.0 | $ 2,722.5 | $ 2,673.0
Operating expenses |  |  |  |
Compensation and related costs | 483.2 | 456.0 | 974.7 | 897.4
Distribution and servicing | 64.4 | 71.6 | 130.8 | 141.9
Advertising and promotion | 19.8 | 19.0 | 41.4 | 43.6
Product-related costs | 33.4 | 37.1 | 77.6 | 79.2
Technology, occupancy, and facility costs | 104.9 | 93.2 | 203.0 | 187.3
General, administrative, and other | 74.4 | 73.4 | 147.4 | 145.1
Total operating expenses | 780.1 | 750.3 | 1,574.9 | 1,494.5
Net operating income | 615.1 | 594.7 | 1,147.6 | 1,178.5
Non-operating income |  |  |  |
Net gains on investments | 61.8 | 17.4 | 161.9 | 31.8
Net gains on consolidated investment products | 62.8 | 19.1 | 164.7 | 19.9
Other income (loss) | (0.1) | (2.4) | 0.7 | (1.5)
Total non-operating income | 124.5 | 34.1 | 327.3 | 50.2
Income before income taxes | 739.6 | 628.8 | 1,474.9 | 1,228.7
Provision for income taxes | 183.7 | 169.2 | 365.0 | 313.6
Net income | 555.9 | 459.6 | 1,109.9 | 915.1
Less: net income attributable to redeemable non-controlling interests | 28.4 | 10.7 | 69.8 | 12.5
Net income attributable to T. Rowe Price Group | $ 527.5 | $ 448.9 | $ 1,040.1 | $ 902.6
Earnings per share on common stock of T. Rowe Price Group |  |  |  |
Basic (in dollars per share) | $ 2.18 | $ 1.81 | $ 4.29 | $ 3.62
Diluted (in dollars per share) | $ 2.15 | $ 1.77 | $ 4.23 | $ 3.55
Investment advisory fees [Member] |  |  |  |
Revenues |  |  |  |
Net revenues | $ 1,270.2 | $ 1,214.4 | $ 2,464.4 | $ 2,403.6
Administrative, distribution, and servicing fees [Member] |  |  |  |
Revenues |  |  |  |
Net revenues | $ 125.0 | $ 130.6 | $ 258.1 | $ 269.4

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