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, 2016
Jun. 30, 2015
OPERATING ACTIVITIES    
Net Income $ 79,711 $ 75,354
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 23,990 22,026
Provision for deferred income taxes 4,295 1,889
Provision for bad debts 3,554 3,551
Stock based compensation expense 6,380 6,119
Excess tax benefits from share-based payments (3,108) (1,681)
Other, net (587) (407)
Changes in operating assets and liabilities (17,713) (17,596)
Net cash provided by operating activities 96,522 89,255
INVESTING ACTIVITIES    
Cash used for acquisitions of companies, net of cash acquired (35,038) (30,837)
Purchases of equipment and property (19,989) (17,730)
Proceeds from sales of franchises 102 327
Other 1,081 540
Net cash used in investing activities (53,844) (47,700)
FINANCING ACTIVITIES    
Cash paid for common stock purchased (18,599) (7,407)
Dividends paid (43,688) (34,959)
Excess tax benefits from share-based payments 3,108 1,681
Net cash used in financing activities (59,179) (40,685)
Effect of exchange rate changes on cash 8,392 442
Net decrease in cash and cash equivalents (8,109) 1,312
Cash and cash equivalents at beginning of period 134,574 108,372
Cash and cash equivalents at end of period $ 126,465 $ 109,684