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
 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
OPERATING ACTIVITIES    
Net Income $ 93,959 $ 79,711
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 27,317 23,990
Provision for deferred income taxes 7,674 4,295
Provision for bad debts 2,564 3,554
Stock based compensation expense 6,375 6,380
Excess tax benefits from share-based payments (3,108)
Other, net (265) (587)
Changes in operating assets and liabilities (17,716) (17,713)
Net cash provided by operating activities 119,908 96,522
INVESTING ACTIVITIES    
Cash used for acquisitions of companies, net of cash acquired (6,165) (35,038)
Purchases of equipment and property (11,222) (19,989)
Proceeds from sales of franchises 245 102
Other 295 1,081
Net cash used in investing activities (16,847) (53,844)
FINANCING ACTIVITIES    
Cash paid for common stock purchased (7,689) (18,599)
Dividends paid (50,117) (43,688)
Excess tax benefits from share-based payments 3,108
Net cash used in financing activities (57,806) (59,179)
Effect of exchange rate changes on cash 6,797 8,392
Net increase/(decrease) in cash and cash equivalents 52,052 (8,109)
Cash and cash equivalents at beginning of period 142,785 134,574
Cash and cash equivalents at end of period $ 194,837 $ 126,465