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, 2016
Sep. 30, 2015
OPERATING ACTIVITIES    
Net Income $ 129,362 $ 120,400
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 37,073 33,182
Provision for deferred income taxes 4,954 690
Provision for bad debts 8,320 6,966
Stock based compensation expense 9,429 9,374
Excess tax benefits from share-based payments (3,536) (1,763)
Other, net (700) (1,692)
Changes in operating assets and liabilities (26,743) (23,333)
Net cash provided by operating activities 158,159 143,824
INVESTING ACTIVITIES    
Cash used for acquisitions of companies, net of cash acquired (40,824) (31,391)
Purchases of equipment and property (27,128) (28,613)
Proceeds from sales of franchises 199 365
Other 1,133 2,055
Net cash used in investing activities (66,620) (57,584)
FINANCING ACTIVITIES    
Cash paid for common stock purchased (31,043) (7,407)
Dividends paid (65,506) (52,436)
Excess tax benefits from share-based payments 3,536 1,763
Net cash used in financing activities (93,013) (58,080)
Effect of exchange rate changes on cash 6,163 (2,222)
Net decrease in cash and cash equivalents 4,689 25,938
Cash and cash equivalents at beginning of period 134,574 108,372
Cash and cash equivalents at end of period $ 139,263 $ 134,310