Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of Calculation of Basic and Diluted Earnings Per Share

The calculations of basic and diluted earnings per share for the three months ended March 31, 2023 and 2022 are:


	Three Months Ended March 31,
	2023		2022
Net income	$	107,015	$	190,308
Shares used to compute basic earnings per common share	134,020,000		137,935,000
Dilutive effect of stock options	1,291,000		1,777,000
Shares used to compute diluted earnings per common share	135,311,000		139,712,000
Basic earnings per common share	$	0.80	$	1.38
Diluted earnings per common share	$	0.79	$	1.36

Schedule of Adjustments To Reconcile Net Income To Net Cash Provided By Operating Activities

The following table provides the details of the adjustments to reconcile net income to net cash provided by operating activities for the three months ended March 31:


	2023		2022
Net income	$	107,015	$	190,308
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	8,531		8,098
Amortization	9,424		16,887
Equity in earnings of unconsolidated affiliate	(28,879)		(32,459)
Distributions received from unconsolidated affiliate	29,219		32,961
Stock-based compensation	8,074		10,566
Provision for losses on receivables	(180)		(214)
Deferred income tax expense	(5,452)		(10,908)
Net (gain) loss from investments	(744)		489

Change in other long-term liabilities	938		1,138
Change in other assets	(783)		(706)
Contract costs capitalized, net of amortization	423		389
Other	123		1,228
Change in current assets and liabilities
(Increase) decrease in
Receivables from investment products	6,270		1,452
Receivables	(962)		3,979
Other current assets	(2,261)		(2,556)
Advances due from unconsolidated affiliate	49,292		54,636
(Decrease) increase in
Accounts payable	877		(2,273)
Accrued liabilities	(65,998)		(18,078)
Deferred revenue	(563)		5,490
Total adjustments	7,349		70,119
Net cash provided by operating activities	$	114,364	$	260,427