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
 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
OPERATING ACTIVITIES    
Net Income $ 120,400 $ 107,747
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 33,182 32,259
Provision for deferred income taxes 690 (1,132)
Provision for bad debts 6,966 7,300
Gain on sale disposal of assets (1,504) (564)
Stock based compensation expense 9,374 7,954
Excess tax benefits from share-based payments (1,763) (4,533)
Other, net (188) (694)
Changes in operating assets and liabilities (23,333) 9,090
Net cash provided by operating activities 143,824 157,427
INVESTING ACTIVITIES    
Cash used for acquisitions of companies, net of cash acquired (31,391) (59,660)
Purchases of equipment and property (28,613) (22,694)
Proceeds from sales of franchises 365 271
Other 2,055 1,062
Net cash used in investing activities (57,584) (81,021)
FINANCING ACTIVITIES    
Cash paid for common stock purchased (7,407) (35,497)
Dividends paid (52,436) (45,945)
Excess tax benefits from share-based payments 1,763 4,533
Net cash used in financing activities (58,080) (76,909)
Effect of exchange rate changes on cash (2,222) (3,497)
Net increase/(decrease) in cash and cash equivalents 25,938 (4,000)
Cash and cash equivalents at beginning of period 108,372 118,216
Cash and cash equivalents at end of period $ 134,310 $ 114,216