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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended
--- | --- | ---
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018
Revenues |  |  |  |
Net revenues | $ 1,426.7 | $ 1,394.6 | $ 4,149.2 | $ 4,067.6
Operating expenses |  |  |  |
Compensation and related costs | 466.3 | 454.3 | 1,441.0 | 1,351.7
Distribution and servicing | 64.5 | 71.4 | 195.3 | 213.3
Advertising and promotion | 17.1 | 20.2 | 58.5 | 63.8
Product-related costs | 38.0 | 37.9 | 115.6 | 117.1
Technology, occupancy, and facility costs | 106.5 | 96.5 | 309.5 | 283.8
General, administrative, and other | 75.2 | 73.7 | 222.6 | 218.8
Total operating expenses | 767.6 | 754.0 | 2,342.5 | 2,248.5
Net operating income | 659.1 | 640.6 | 1,806.7 | 1,819.1
Non-operating income |  |  |  |
Net gains on investments | 32.1 | 116.1 | 194.0 | 147.9
Net gains on consolidated investment products | 11.6 | 8.7 | 176.3 | 28.6
Other income (loss) | (0.7) | 0.1 | 0.0 | (1.4)
Total non-operating income | 43.0 | 124.9 | 370.3 | 175.1
Income before income taxes | 702.1 | 765.5 | 2,177.0 | 1,994.2
Provision for income taxes | 157.0 | 183.9 | 522.0 | 497.5
Net income | 545.1 | 581.6 | 1,655.0 | 1,496.7
Less: net income (loss) attributable to redeemable non-controlling interests | (0.8) | (1.4) | 69.0 | 11.1
Net income attributable to T. Rowe Price Group | $ 545.9 | $ 583.0 | $ 1,586.0 | $ 1,485.6
Earnings per share on common stock of T. Rowe Price Group |  |  |  |
Basic (in dollars per share) | $ 2.26 | $ 2.34 | $ 6.55 | $ 5.97
Diluted (in dollars per share) | $ 2.23 | $ 2.30 | $ 6.47 | $ 5.85
Investment advisory fees [Member] |  |  |  |
Revenues |  |  |  |
Net revenues | $ 1,303.4 | $ 1,263.3 | $ 3,767.8 | $ 3,666.9
Administrative, distribution, and servicing fees [Member] |  |  |  |
Revenues |  |  |  |
Net revenues | $ 123.3 | $ 131.3 | $ 381.4 | $ 400.7

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