Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations

v3.20.2
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenues:        
Total revenues $ 227,513 $ 247,962 $ 647,648 $ 697,159
Cost of revenues:        
Total cost of revenues 168,279 177,198 515,720 542,929
Gross margin 59,234 70,764 131,928 154,230
Selling, general and administrative expenses 35,587 41,352 100,957 113,517
Depreciation and amortization 1,341 970 3,512 2,909
Income from operations 22,306 28,442 27,459 37,804
Other income (expense):        
Investment income, net 1,664 2,882 6,431 9,286
Interest expense (366) (394) (907) (1,352)
Other, net (4)   169 12
Other income, net 1,294 2,488 5,693 7,946
Income before income taxes 23,600 30,930 33,152 45,750
Provision for income taxes 5,089 5,959 6,538 9,172
Net income $ 18,511 $ 24,971 $ 26,614 $ 36,578
Basic income per common share $ 2,420 $ 3,340 $ 3,510 $ 4,920
Weighted average number of basic common shares outstanding 7,639 7,483 7,572 7,433
Diluted income per common share $ 2,400 $ 3,240 $ 3,460 $ 4,760
Weighted average number of diluted common shares outstanding 7,709 7,711 7,688 7,686
Professional Employer Service Fees [Member]        
Revenues:        
Total revenues $ 199,082 $ 214,156 $ 573,162 $ 607,840
Staffing Services [Member]        
Revenues:        
Total revenues 28,431 33,806 74,486 89,319
Direct Payroll Costs [Member]        
Cost of revenues:        
Total cost of revenues 21,452 25,464 56,325 67,298
Payroll Taxes and Benefits [Member]        
Cost of revenues:        
Total cost of revenues 100,142 104,847 313,275 321,341
Workers' Compensation [Member]        
Cost of revenues:        
Total cost of revenues $ 46,685 $ 46,887 $ 146,120 $ 154,290