Three Months Ended | ||
March 31, | ||
2011 | 2010 | |
Operating revenue | $40,050 | $ 31,603 |
Operating expenses: | ||
Cost of services provided | 7,307 | 7,063 |
Product development | 4,619 | 3,363 |
Sales and marketing | 2,852 | 1,326 |
General and administrative | 7,761 | 5,659 |
Amortization and depreciation | 1,877 | 1,433 |
Total operating expenses | 24,416 | 18,844 |
Operating income | 15,634 | 12,759 |
Interest income | 200 | 88 |
Interest expense | (215) | (268) |
Other non-operating income | (354 | 317 |
Foreign currency exchange gain | 1,468 | 103 |
Income before income taxes | ||
16,733 | 12,999 | |
Income tax expense | (1,569) | (615) |
Net income | $ 15,164 | $ 12,384 |
Basic earnings per common share | $ 0.40 | $ 0.36 |
Diluted earnings per common share | $ 0.37 | $ 0.32 |
Basic weighted average shares outstanding | 38,151 | 34,747 |
Diluted weighted average shares outstanding | 41,517 | 39,335 |