v3.22.2.2
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenues:        
Total revenues $ 273,822 $ 246,950 $ 782,376 $ 698,598
Cost of revenues:        
Total cost of revenues 206,921 186,715 608,237 550,025
Gross margin 66,901 60,235 174,139 148,573
Selling, general and administrative expenses 43,001 41,170 125,438 113,939
Depreciation and amortization 1,554 1,342 4,585 3,967
Income from operations 22,346 17,723 44,116 30,667
Other income (expense):        
Investment income, net 1,584 1,825 4,790 5,559
Interest expense (35) (46) (102) (433)
Other, net 19 0 70 (4)
Other income, net 1,568 1,779 4,758 5,122
Income before income taxes 23,914 19,502 48,874 35,789
Provision for income taxes 6,476 4,573 13,134 8,324
Net income $ 17,438 $ 14,929 $ 35,740 $ 27,465
Basic income per common share $ 2.48 $ 1.98 $ 4.96 $ 3.63
Weighted average number of basic common shares outstanding 7,036 7,545 7,201 7,559
Diluted income per common share $ 2.45 $ 1.96 $ 4.91 $ 3.59
Weighted average number of diluted common shares outstanding 7,127 7,607 7,286 7,642
Professional Employer Services [Member]        
Revenues:        
Total revenues $ 244,567 $ 217,972 $ 694,174 $ 620,287
Staffing Services [Member]        
Revenues:        
Total revenues 29,255 28,978 88,202 78,311
Direct Payroll Costs [Member]        
Cost of revenues:        
Total cost of revenues 22,112 21,870 66,491 58,818
Payroll Taxes and Benefits [Member]        
Cost of revenues:        
Total cost of revenues 128,459 115,012 390,677 349,514
Workers' Compensation [Member]        
Cost of revenues:        
Total cost of revenues $ 56,350 $ 49,833 $ 151,069 $ 141,693

Source