Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
OPERATING ACTIVITIES    
Net Income $ 40,270 $ 31,928
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 13,771 11,640
Provision for deferred income taxes 5,462 4,167
Provision for bad debts 61 610
Stock based compensation expense 3,267 3,325
Excess tax benefits from share-based payments (3,019)
Other, net (130) 2
Changes in operating assets and liabilities (4,654) (7,309)
Net cash provided by operating activities 58,047 41,344
INVESTING ACTIVITIES    
Cash used for acquisitions of companies, net of cash acquired (3,020) (21,109)
Purchases of equipment and property (5,454) (8,956)
Proceeds from sales of franchises 168 37
Other 61 93
Net cash used in investing activities (8,245) (29,935)
FINANCING ACTIVITIES    
Cash paid for common stock purchased (7,480) (8,779)
Dividends paid (25,058) (21,855)
Excess tax benefits from share-based payments 3,019
Net cash used in financing activities (32,538) (27,615)
Effect of exchange rate changes on cash 2,429 12,870
Net increase/(decrease) in cash and cash equivalents 19,693 (3,336)
Cash and cash equivalents at beginning of period 142,785 134,574
Cash and cash equivalents at end of period $ 162,478 $ 131,238