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, 2016
Mar. 31, 2015
OPERATING ACTIVITIES    
Net Income $ 31,928 $ 30,281
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 11,640 10,781
Provision for deferred income taxes 4,167 1,479
Provision for bad debts 610 1,502
Stock based compensation expense 3,325 2,865
Excess tax benefits from share-based payments (3,019) (2,281)
Other, net 2 (136)
Changes in operating assets and liabilities (7,309) (437)
Net cash provided by operating activities 41,344 44,054
INVESTING ACTIVITIES    
Cash used for acquisitions of companies, net of cash acquired (21,109) (28,245)
Purchases of equipment and property (8,956) (8,311)
Proceeds from sales of franchises 37 120
Other 93 269
Net cash used in investing activities (29,935) (36,167)
FINANCING ACTIVITIES    
Cash paid for common stock purchased (8,779) (6,491)
Dividends paid (21,855) (17,483)
Excess tax benefits from share-based payments 3,019 2,281
Net cash used in financing activities (27,615) (21,693)
Effect of exchange rate changes on cash 12,870 (1,177)
Net decrease in cash and cash equivalents (3,336) (14,983)
Cash and cash equivalents at beginning of period 134,574 108,372
Cash and cash equivalents at end of period $ 131,238 $ 93,389