Year Ended December 31,
(in thousands, except per share data)
2002
2001
2000
Revenues
Commissions and fees
$
452,289
$
359,697
$
258,309
Investment income
2,945
3,686
4,887
Other income, net
508
1,646
2,209
Total revenues
455,742
365,029
265,405
Expenses
Employee compensation and benefits
224,755
187,653
149,836
Non-cash stock grant compensation
3,823
1,984
483
Other operating expenses
66,554
56,815
44,372
Amortization
14,042
15,860
9,226
Depreciation
7,245
6,536
6,158
Interest
4,659
5,703
1,266
Total Expenses
321,078
274,551
211,341
Income before income taxes and minority interest
134,664
90,478
54,064
Income taxes
49,271
34,834
20,146
Minority interest, net of income tax
2,271
1,731
1,125
Net income
$
83,122
$
53,913
$
32,793
Net income per share:
Basic
$
1.24
$
0.86
$
0.53
Diluted
1.22
0.85
0.53
Weighted average number of shares outstanding
Basic
67,283
62,563
61,845
Diluted
68,043
63,222
62,091
See accompanying notes to our consolidated financial statements.
©2003 Brown & Brown Insurance, Inc.
