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v3.8.0.1

Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended
--- | ---
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015
Revenues |  |  |
Recurring | $ 425,424 | $ 323,548 | $ 219,987
Implementation and other | 7,623 | 5,593 | 4,666
Total revenues | 433,047 | 329,141 | 224,653
Cost of revenues |  |  |
Operating expenses | 62,438 | 48,268 | 31,790
Depreciation and amortization | 9,590 | 5,798 | 3,683
Total cost of revenues | 72,028 | 54,066 | 35,473
Administrative expenses |  |  |
Sales and marketing | 150,512 | 119,258 | 92,554
Research and development | 30,430 | 20,966 | 8,627
General and administrative | 91,647 | 69,046 | 47,826
Depreciation and amortization | 9,805 | 7,834 | 5,738
Total administrative expenses | 282,394 | 217,104 | 154,745
Total operating expenses | 354,422 | 271,170 | 190,218
Operating income | 78,625 | 57,971 | 34,435
Interest expense | (911) | (1,036) | (1,427)
Other income, net | (1,067) | 308 | 517
Income before income taxes | 76,647 | 57,243 | 33,525
Provision for income taxes | 9,840 | 13,403 | 12,580
Net income | $ 66,807 | $ 43,840 | $ 20,945
Earnings per share, basic | $ 1.15 | $ 0.76 | $ 0.37
Earnings per share, diluted | $ 1.13 | $ 0.74 | $ 0.36
Weighted average shares outstanding: |  |  |
Basic | 57,839,155 | 57,550,204 | 56,495,170
Diluted | 58,790,019 | 58,968,099 | 57,919,700

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