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Item 6. Selected Financial Data
The following selected consolidated financial data should be read in conjunction with our consolidated financial statements, the related
Notes contained in this Annual Report on Form 10
-K and the information contained herein in Item 7, Management’
s Discussion and Analysis of
Financial Condition and Results of Operations. Historical results are not necessarily indicative of future results.
See Note 3 – Business Acquisitions for discussion related to the acquisition of Protus on December 3, 2010.
Year Ended December 31,
2011
2010
2009
2008
2007
(In thousands except share and per share amounts)
Statement of Operations Data:
Revenues
$
330,159
$
255,394
$
245,571
$
241,513
$
220,697
Cost of revenues
60,613
44,086
44,730
46,250
43,987
Gross profit
269,546
211,308
200,841
195,263
176,710
Operating expenses:
Sales and marketing
59,066
46,332
37,006
41,270
38,768
Research, development and
engineering
16,373
12,827
11,657
12,031
11,833
General and administrative
58,157
48,226
45,275
44,028
39,683
Loss on disposal of long-lived asset
—
—
2,442
—
—
Total operating expenses
133,596
107,385
96,380
97,329
90,284
Operating earnings
135,950
103,923
104,461
97,934
86,426
Other income and expenses:
Other-than-temporary impairment
losses
—
—
(
9,343
)
—
—
Interest and other income
1,313
6,818
3,100
4,778
9,272
Interest and other expense
(147
)
(104
)
(439
)
(559
)
(237
)
Total other income and expenses
1,166
6,714
(6,682
)
4,219
9,035
Earnings before income taxes
137,116
110,637
97,779
102,153
95,461
Income tax expense
22,350
27,590
30,952
29,591
27,000
Net earnings
$
114,766
$
83,047
$
66,827
$
72,562
$
68,461
Net earnings per common share:
Basic
$
2.46
$
1.86
$
1.52
$
1.63
$
1.40
Diluted
$
2.43
$
1.81
$
1.48
$
1.58
$
1.35
Weighted average shares outstanding:
Basic
45,799,615
44,578,036
43,936,194
44,609,174
48,953,483
Diluted
46,384,848
45,941,843
45,138,001
45,937,506
50,762,007
Cash dividends declared per common
share
$
0.41
$
0.00
$
0.00
$
0.00
$
0.00
December 31,
2011
2010
2009
2008
2007
(In thousands)
Balance Sheet Data:
Cash and cash equivalents
$
139,359
$
64,752
$
197,411
$
150,780
$
154,220
Working capital
155,099
57,610
227,538
142,123
193,794
Total assets
651,171
532,623
414,001
322,040
350,409
Other long
-
term liabilities
2,342
3,302
2,094
1,022
59
Total stockholders
’
equity
554,375
431,745
336,172
249,980
282,614
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21
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