Ebix, Inc. and Subsidiaries
Condensed Consolidated Statements of Income

(In thousands, except per share data)
(Unaudited)
Three Months Ended
March 31,
     
  2012 2011
Operating revenue $ 43,827 $ 40,050
     
Operating expenses:
Cost of services provided 9,029 7,307
Product development 4,272 4,619
Sales and marketing 3,812 2,852
General and administrative 6,444 7,761
Amortization and depreciation 1,941 1,877
Total operating expenses 25,498 24,416
     
Operating income 18,329 15,634
Interest income 167 200
Interest expense (253) (215)
Other non-operating income (loss) -- (354)
Foreign currency exchange gain (loss) (296) 1,468
Income before income taxes 17,947 16,733
Income tax expense (2,262) (1,569)
     
Net income $ 15,685 $ 15,164
     
Basic earnings per common share $ 0.43 $ 0.40
     
Diluted earnings per common share $ 0.40 $ 0.37
     
Basic weighted average shares outstanding 36,450 38,151
     
Diluted weighted average shares outstanding 39,523 41,517