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CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended
--- | ---
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014
REVENUE: |  |  |
Material sales | $ 99,285 | $ 113,066 | $ 126,885
Royalty and license fees | 96,132 | 77,773 | 63,192
Contract research services | 3,469 | 207 | 954
Total revenue | 198,886 | 191,046 | 191,031
COST OF SALES | 26,288 | 62,997 | 41,315
Gross margin | 172,598 | 128,049 | 149,716
OPERATING EXPENSES: |  |  |
Research and development | 42,744 | 44,641 | 41,154
Selling, general and administrative | 32,876 | 29,046 | 28,135
Amortization of acquired technology and other intangible assets | 16,493 | 10,999 | 10,997
Patent costs | 6,249 | 5,717 | 6,291
Royalty and license expenses | 5,823 | 5,370 | 4,519
Total operating expenses | 104,185 | 95,773 | 91,096
OPERATING INCOME | 68,413 | 32,276 | 58,620
Interest income, net | 2,113 | 783 | 707
Other (expense) income, net | (1,928) |  |
Interest and other (expense) income, net | 185 | 783 | 707
INCOME BEFORE INCOME TAXES | 68,598 | 33,059 | 59,327
INCOME TAX EXPENSE | (20,528) | (18,381) | (17,473)
NET INCOME | $ 48,070 | $ 14,678 | $ 41,854
Net income per common share: |  |  |
Basic | $ 1.02 | $ 0.31 | $ 0.90
Diluted | $ 1.02 | $ 0.31 | $ 0.90
Weighted average shares used in computing net income per common share: |  |  |
Basic | 46,408,460 | 46,816,394 | 46,252,960
Diluted | 46,535,980 | 47,494,188 | 46,685,145

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