Ebix, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
  Year Ended December 31,
  2020 2019 2018
  (In thousands, except per share amounts)
Operating revenue: $625,609  $580,615  $497,826 
 
Operating expenses:      
Costs of services provided 343,262  205,165  168,415 
Product development 35,267  45,302  39,078 
Sales and marketing 13,835  19,578  17,587 
General and administrative, net 87,537  140,429  108,475 
Amortization and depreciation 13,738  14,468  11,292 
Impairment of intangible asset 6,168  —  — 
Total operating expenses 499,807  424,942  344,847 
 
Operating income 125,802  155,673  152,979 
Interest income 167  629  436 
Interest expense (31,578) (42,332) (27,101)
Non-operating income 153  337  60 
Non-operating expense - litigation settlement (see Note 5) —  (21,140) — 
Foreign currency exchange loss (387) (2,376) (792)
Income before income taxes 94,157  90,791  125,582 
Income tax provision (5,330) (220) (32,501)
Net income including noncontrolling interest $88,827  $90,571  $93,081 
Net loss attributable to noncontrolling interest (see Note 17) (3,550) (6,149) (58)
Net income attributable to Ebix, Inc. $92,377  $96,720  $93,139 
Basic earnings per common share $3.03  $3.17  $2.97 
Diluted earnings per common share $3.02  $3.16  $2.95 
Basic weighted average shares outstanding 30,510  30,511  31,393 
Diluted weighted average shares outstanding 30,571  30,594  31,534