Tyler Technologies : Quarterly Statement of Operations 6.30.21

Tyler Technologies, Inc.
Quarterly Statements of Operations
As of June 30, 2021
(in thousands, except per share data)
Amounts reported under ASC 605
Amounts reported under ASC 606
Revenues:		FY2000		1Q01		2Q01		3Q01		4Q01		FY2001		1Q02		2Q02		3Q02		4Q02		FY2002		1Q03		2Q03		3Q03		4Q03		FY2003
Software licenses and royalties	$	19,312	$	4,000	$	4,634	$	5,010	$	5,847	$	19,491	$	5,314	$	5,264	$	6,469	$	7,231	$	24,278	$	5,460	$	6,157	$	8,400	$	5,897	$	25,914
Software services		19,425		4,751		6,132		5,123		5,532		21,538		4,992		5,832		7,064		7,815		25,703		7,706		9,541		9,191		10,690		37,128
Subscriptions
Maintenance		29,108		8,823		9,065		9,174		9,525		36,587		9,315		10,269		10,204		10,879		40,667		10,935		11,698		11,704		12,820		47,157
Appraisal services		20,909		7,681		9,874		8,148		9,024		34,727		7,783		10,988		9,309		9,239		37,319		6,751		7,356		7,440		8,464		30,011
Hardware and other		5,179		2,203		1,532		1,203		1,535		6,473		1,518		1,252		1,928		1,232		5,930		1,473		1,383		1,139		1,249		5,244
Total revenues		93,933		27,458		31,237		28,658		31,463		118,816		28,922		33,605		34,974		36,396		133,897		32,325		36,135		37,874		39,120		145,454
Cost of revenues:
Software licenses		2,605		684		1,016		1,047		1,383		4,130		1,069		1,394		1,349		1,670		5,482		1,544		1,519		2,041		1,506		6,610
Software services, maintenance and subscriptions		38,355		10,817		12,297		11,351		11,559		46,024		11,510		12,241		13,161		13,263		50,175		13,282		14,565		14,090		14,955		56,892
Acquired software		-		608		608		608		608		2,432		608		608		608		608		2,432		560		503		453		490		2,006
Appraisal services		14,681		5,513		6,667		5,617		6,097		23,894		5,405		7,257		6,637		6,213		25,512		4,748		5,139		5,422		5,966		21,275
Hardware and other		4,017		1,823		1,125		723		1,078		4,749		1,204		1,005		1,515		1,022		4,746		1,107		1,049		851		837		3,844
Total cost of revenues		59,658		19,445		21,713		19,346		20,725		81,229		19,796		22,505		23,270		22,776		88,347		21,241		22,775		22,857		23,754		90,627
Gross profit		34,275		8,013		9,524		9,312		10,738		37,587		9,126		11,100		11,704		13,620		45,550		11,084		13,360		15,017		15,366		54,827
Selling, general and administrative expenses		31,304		7,501		7,442		7,404		8,071		30,418		7,741		8,462		8,022		9,077		33,302		8,823		9,764		9,411		9,249		37,247
Research and development expense		1,501		79		105		104		124		412		154		134		159		165		612		278		297		267		301		1,143
Amortization of customer and trade name intangibles		6,903		1,129		1,111		1,113		1,113		4,466		226		223		224		224		897		225		222		227		251		925
Operating income (loss)		(5,433)		(696)		866		691		1,430		2,291		1,005		2,281		3,299		4,154		10,739		1,758		3,077		5,112		5,565		15,512
Other income (expense), net		(4,884)		(161)		(121)		(77)		(120)		(479)		(88)		(165)		(377)		(68)		(698)		9		137		141		52		339
Income (loss) from continuing operations
before income taxes		(10,317)		(857)		745		614		1,310		1,812		917		2,116		2,922		4,086		10,041		25,000		3,214		5,253		5,617		39,084
Income tax provision (benefit)		(2,810)		(343)		373		363		1,147		1,540		355		826		1,183		1,505		3,869		7,704		1,233		2,020		2,149		13,106
Income (loss) from continuing operations		(7,507)		(514)		372		251		163		272		562		1,290		1,739		2,581		6,172		17,296		1,981		3,233		3,468		25,978
Net income (loss)
$	(24,597)	$	(528)	$	371	$	228	$	198	$	269	$	562	$	1,290	$	1,739	$	4,398	$	7,989	$	17,296	$	1,981	$	3,233	$	3,892	$	26,402
Basic earnings (loss) per common share:
Net income (loss) per common share	$	(0.54)	$	(0.01)	$	0.01	$	0.00	$	0.01	$	0.01	$	0.01	$	0.03	$	0.04	$	0.10	$	0.17	$	0.38	$	0.05	$	0.08	$	0.10	$	0.62
Diluted earnings (loss) per common share:
Net income (loss) per common share	$	(0.54)	$	(0.01)	$	0.01	$	0.00	$	0.00	$	0.01	$	0.01	$	0.03	$	0.04	$	0.09	$	0.16	$	0.36	$	0.04	$	0.07	$	0.09	$	0.59
Weighted average common shares outstanding:
Basic		45,380		47,179		47,149		47,171		47,224		47,181		47,386		47,647		47,173		46,348		47,136		45,951		42,881		40,464		40,970		42,547
Diluted		45,380		47,179		47,425		48,396		48,915		47,984		49,725		50,405		49,372		48,482		49,493		47,738		44,796		43,181		44,502		45,035
Gross Margin		36.5%		29.2%		30.5%		32.5%		34.1%		31.6%		31.6%		33.0%		33.5%		37.4%		34.0%		34.3%		37.0%		39.6%		39.3%		37.7%
Operating Margin		-5.8%		-2.5%		2.8%		2.4%		4.5%		1.9%		3.5%		6.8%		9.4%		11.4%		8.0%		5.4%		8.5%		13.5%		14.2%		10.7%

Tyler Technologies, Inc.
Quarterly Statements of Operations
As of June 30, 2021
(in thousands, except per share data)
Amounts reported under ASC 605
Amounts reported under ASC 606
Revenues:		1Q04		2Q04		3Q04		4Q04		FY2004		1Q05		2Q05		3Q05		4Q05		FY2005		1Q06		2Q06		3Q06		4Q06		FY2006
Software licenses and royalties	$	6,852	$	7,403	$	6,955	$	9,048	$	30,258	$	6,306	$	7,842	$	7,112	$	8,158	$	29,418	$	7,532	$	9,779	$	10,378	$	9,558	$	37,247
Software services		11,602		13,274		12,256		12,654		49,786		11,207		12,145		11,743		11,138		46,233		11,635		13,538		12,761		12,927		50,861
Subscriptions												1,183		1,454		1,513		1,702		5,852		1,628		1,673		1,882		2,115		7,298
Maintenance		13,581		14,657		14,589		14,933		57,760		15,421		15,806		16,655		16,846		64,728		17,657		17,716		18,847		19,193		73,413
Appraisal services		7,954		7,045		6,406		5,989		27,394		5,149		4,635		4,147		4,443		18,374		4,699		5,108		4,920		5,028		19,755
Hardware and other		1,473		1,884		1,605		2,110		7,072		1,393		1,303		1,136		2,020		5,852		1,707		1,337		1,351		2,334		6,729
Total revenues		41,462		44,263		41,811		44,734		172,270		40,659		43,185		42,306		44,307		170,457		44,858		49,151		50,139		51,155		195,303
Cost of revenues:
Software licenses		2,017		2,229		2,318		2,255		8,819		2,245		2,272		2,155		2,415		9,087		2,672		2,413		2,497		2,386		9,968
Software services, maintenance and subscriptions		17,193		18,662		18,450		18,304		72,609		19,980		20,029		20,238		20,367		80,614		21,812		23,019		22,718		23,052		90,601
Acquired software		606		353		267		221		1,447		198		199		198		199		794		301		353		353		353		1,360
Appraisal services		6,332		4,895		4,432		4,473		20,132		4,312		3,706		3,027		3,143		14,188		3,406		3,454		3,386		3,317		13,563
Hardware and other		1,095		1,377		1,315		1,638		5,425		1,009		929		866		1,483		4,287		1,205		966		1,028		1,808		5,007
Total cost of revenues		27,243		27,516		26,782		26,891		108,432		27,744		27,135		26,484		27,607		108,970		29,396		30,205		29,982		30,916		120,499
Gross profit		14,219		16,747		15,029		17,843		63,838		12,915		16,050		15,822		16,700		61,487		15,462		18,946		20,157		20,239		74,804
Selling, general and administrative expenses		9,959		10,803		10,679		11,491		42,932		11,214		10,727		10,899		10,981		43,821		10,976		12,181		12,421		12,812		48,390
Research and development expense		568		609		633		709		2,519		730		536		546		609		2,421		902		812		780		827		3,321
Amortization of customer and trade name intangibles		316		317		316		318		1,267		317		316		317		316		1,266		322		325		326		345		1,318
Operating income (loss)		3,376		5,018		3,401		5,325		17,120		654		3,211		4,060		4,794		12,719		3,262		5,628		6,630		6,255		21,775
Other income (expense), net		102		41		138		36		317		146		233		224		303		906		97		200		306		477		1,080
Income (loss) from continuing operations
before income taxes		3,478		5,059		3,539		5,361		17,437		800		3,444		4,284		5,097		13,625		3,359		5,828		6,936		6,732		22,855
Income tax provision (benefit)		1,387		2,084		1,507		2,331		7,309		330		1,423		1,703		1,976		5,432		1,347		2,068		2,523		2,555		8,493
Income (loss) from continuing operations		2,091		2,975		2,032		3,030		10,128		470		2,021		2,581		3,121		8,193		2,012		3,760		4,413		4,177		14,362
Net income (loss)
$	2,091	$	2,975	$	2,032	$	3,030	$	10,128	$	470	$	2,021	$	2,581	$	3,121	$	8,193	$	2,012	$	3,760	$	4,413	$	4,177	$	14,362
Basic earnings (loss) per common share:
Net income (loss) per common share	$	0.05	$	0.07	$	0.05	$	0.07	$	0.25	$	0.01	$	0.05	$	0.07	$	0.08	$	0.21	$	0.05	$	0.10	$	0.11	$	0.11	$	0.37
Diluted earnings (loss) per common share:
Net income (loss) per common share	$	0.05	$	0.07	$	0.05	$	0.07	$	0.23	$	0.01	$	0.05	$	0.06	$	0.07	$	0.19	$	0.05	$	0.09	$	0.11	$	0.10	$	0.34
Weighted average common shares outstanding:
Basic		41,468		41,420		41,307		40,966		41,288		40,229		39,615		39,104		38,829		39,439		39,114		39,026		38,705		38,851		38,817
Diluted		45,062		44,803		44,350		44,056		44,566		42,735		41,943		41,771		41,869		42,075		41,894		41,946		41,898		42,163		41,868
Gross Margin		34.3%		37.8%		35.9%		39.9%		37.1%		31.8%		37.2%		37.4%		37.7%		36.1%		34.5%		38.5%		40.2%		39.6%		38.3%
Operating Margin		8.1%		11.3%		8.1%		11.9%		9.9%		1.6%		7.4%		9.6%		10.8%		7.5%		7.3%		11.5%		13.2%		12.2%		11.1%

Tyler Technologies, Inc.
Quarterly Statements of Operations
As of June 30, 2021
(in thousands, except per share data)
Amounts reported under ASC 605
Amounts reported under ASC 606																			AS REPORTED UNDER ASC 605
Revenues:		1Q07		2Q07		3Q07		4Q07		FY2007		1Q08		2Q08		3Q08		4Q08		FY2008		1Q09		2Q09		3Q09		4Q09		FY2009
Software licenses and royalties	$	7,932	$	8,354	$	8,145	$	10,632	$	35,063	$	8,369	$	11,905	$	11,372	$	9,844	$	41,490	$	10,756	$	9,912	$	10,167	$	11,296	$	42,131
Software services		12,949		15,392		15,872		16,070		60,283		16,525		19,848		18,600		20,024		74,997		19,232		21,330		20,383		19,460		80,405
Subscriptions		2,245		2,468		2,559		3,134		10,406		3,265		3,712		3,526		3,871		14,374		3,976		4,160		4,558		4,487		17,181
Maintenance		19,939		20,455		22,132		22,885		85,411		24,849		25,900		28,353		28,356		107,458		29,138		30,224		32,744		32,406		124,512
Appraisal services		5,580		6,007		4,927		4,804		21,318		4,582		4,378		5,289		4,849		19,098		4,892		5,054		4,692		4,102		18,740
Hardware and other		1,687		1,436		1,297		2,895		7,315		1,761		1,826		1,497		2,600		7,684		1,571		1,492		1,788		2,466		7,317
Total revenues		50,332		54,112		54,932		60,420		219,796		59,351		67,569		68,637		69,544		265,101		69,565		72,172		74,332		74,217		290,286
Cost of revenues:
Software licenses		1,958		1,974		1,886		2,135		7,953		2,203		2,564		2,071		2,386		9,224		1,276		1,433		1,366		1,365		5,440
Software services, maintenance and subscriptions		24,643		26,239		26,795		27,316		104,993		30,444		31,123		31,988		32,692		126,247		33,087		34,174		35,259		34,679		137,199
Acquired software		394		427		427		1,031		2,279		436		461		472		430		1,799		315		358		369		369		1,411
Appraisal services		3,996		4,096		3,248		3,127		14,467		3,167		3,004		3,098		2,982		12,251		3,363		2,997		2,851		2,307		11,518
Hardware and other		1,319		1,039		946		2,375		5,679		1,298		1,328		1,058		2,109		5,793		1,232		1,213		1,252		2,258		5,955
Total cost of revenues		32,310		33,775		33,302		35,984		135,371		37,548		38,480		38,687		40,599		155,314		39,273		40,175		41,097		40,978		161,523
Gross profit		18,022		20,337		21,630		24,436		84,425		21,803		29,089		29,950		28,945		109,787		30,292		31,997		33,235		33,239		128,763
Selling, general and administrative expenses		12,976		12,781		12,691		13,276		51,724		14,752		15,418		15,985		16,768		62,923		17,410		17,084		17,114		18,507		70,115
Research and development expense		1,223		1,404		639		1,177		4,443		1,816		2,253		1,416		1,801		7,286		2,235		2,839		2,973		3,112		11,159
Amortization of customer and trade name intangibles		347		356		372		403		1,478		567		591		612		668		2,438		672		677		685		671		2,705
Operating income (loss)		3,476		5,796		7,928		9,580		26,780		4,668		1,782		11,937		9,708		28,095		9,975		11,397		12,463		10,949		44,784
Other income (expense), net		447		364		441		548		1,800		402		244		398		137		1,181		(14)		(63)		(42)		(27)		(146)
Income (loss) from continuing operations
before income taxes		3,923		6,160		8,369		10,128		28,580		5,070		2,026		12,335		9,845		29,276		9,961		11,334		12,421		10,922		44,638
Income tax provision (benefit)		1,522		2,410		3,209		3,938		11,079		1,944		1,780		5,976		4,714		14,414		3,955		4,461		4,946		4,266		17,628
Income (loss) from continuing operations		2,401		3,750		5,160		6,190		17,501		3,126		246		6,359		5,131		14,862		6,006		6,873		7,475		6,656		27,010
Net income (loss)
$	2,401	$	3,750	$	5,160	$	6,190	$	17,501	$	3,126	$	246	$	6,359	$	5,131	$	14,862	$	6,006	$	6,873	$	7,475	$	6,656	$	27,010
Basic earnings (loss) per common share:
Net income (loss) per common share	$	0.06	$	0.10	$	0.13	$	0.16	$	0.45	$	0.08	$	0.01	$	0.17	$	0.14	$	0.39	$	0.17	$	0.19	$	0.21	$	0.19	$	0.77
Diluted earnings (loss) per common share:
Net income (loss) per common share	$	0.06	$	0.09	$	0.12	$	0.15	$	0.42	$	0.08	$	0.01	$	0.16	$	0.14	$	0.38	$	0.16	$	0.19	$	0.20	$	0.18	$	0.74
Weighted average common shares outstanding:
Basic		38,813		38,540		38,688		38,757		38,735		38,020		38,058		38,474		36,323		37,714		35,497		35,343		35,118		35,062		35,240
Diluted		42,066		41,448		41,395		40,358		41,352		39,527		39,603		40,019		37,604		39,184		36,747		36,723		36,487		36,600		36,624
Gross Margin		35.8%		37.6%		39.4%		40.4%		38.4%		36.7%						41.6%		41.4%		43.5%						44.8%		44.4%
							43.1%		43.6%					44.3%		44.7%
Operating Margin		6.9%		10.7%		14.4%		15.9%		12.2%		7.9%		2.6%		17.4%		14.0%		10.6%		14.3%		15.8%		16.8%		14.8%		15.4%

Tyler Technologies, Inc.
Quarterly Statements of Operations
As of June 30, 2021
(in thousands, except per share data)
Amounts reported under ASC 605
Amounts reported under ASC 606
Revenues:		1Q10		2Q10		3Q10		4Q10		FY2010		1Q11		2Q11		3Q11		4Q11		FY2011		1Q12			2Q12		3Q12		4Q12		FY2012
Software licenses and royalties	$	8,449	$	8,735	$	9,260	$	8,469	$	34,913	$	6,822	$	8,308	$	7,631	$	9,833	$	32,594	$	7,563	$	8,422	$	8,973	$	8,970	$	33,928
Software services		17,056		18,506		16,718		16,060		68,340		16,764		17,992		17,644		17,217		69,617		18,530			21,737		22,099		21,042		83,408
Subscriptions		5,253		5,807		6,020		6,218		23,298		6,964		7,277		7,989		8,930		31,160		9,968			10,553		11,335		12,762		44,618
Maintenance		33,416		33,212		34,729		34,298		135,655		35,512		35,056		37,011		38,919		146,498		39,850			42,060		44,452		45,489		171,851
Appraisal services		4,275		4,925		5,612		5,742		20,554		6,197		5,987		5,761		5,283		23,228		5,682			5,771		5,594		5,496		22,543
Hardware and other		1,371		1,415		1,430		1,652		5,868		1,134		2,115		1,148		1,897		6,294		1,130			2,825		1,392		1,609		6,956
Total revenues		69,820		72,600		73,769		72,439		288,628		73,393		76,735		77,184		82,079		309,391		82,723			91,368		93,845		95,368		363,304
Cost of revenues:
Software licenses		707		852		912		985		3,456		795		989		536		714		3,034		566			484		458		475		1,983
Software services, maintenance and subscriptions		34,881		34,595		34,708		33,901		138,085		35,180		35,502		35,689		37,405		143,776		39,813			43,118		43,485		45,168		171,584
Acquired software		398		398		398		398		1,592		295		244		243		343		1,125		410			482		478		518		1,888
Appraisal services		2,877		3,131		3,434		3,468		12,910		3,824		3,702		3,776		3,248		14,550		3,796			3,876		3,598		3,619		14,889
Hardware and other		938		1,149		1,110		1,071		4,268		676		2,161		808		1,349		4,994		719			2,709		882		948		5,258
Total cost of revenues		39,801		40,125		40,562		39,823		160,311		40,770		42,598		41,052		43,059		167,479		45,304			50,669		48,901		50,728		195,602
Gross profit		30,019		32,475		33,207		32,616		128,317		32,623		34,137		36,132		39,020		141,912		37,419			40,699		44,944		44,640		167,702
Selling, general and administrative expenses		17,561		17,439		17,337		17,143		69,480		17,288		18,466		18,755		21,141		75,650		21,335			21,699		20,909		22,763		86,706
Research and development expense		3,516		3,744		3,233		3,478		13,971		4,549		5,035		4,196		2,634		16,414		5,094			5,408		4,273		5,365		20,140
Amortization of customer and trade name intangibles		806		807		806		806		3,225		804		803		801		923		3,331		946			1,137		1,103		1,093		4,279
Operating income (loss)		8,136		10,485		11,831		11,189		41,641		9,982		9,833		12,380		14,322		46,517		10,044			12,455		18,659		15,419		56,577
Other income (expense), net		(42)		(102)		(568)		(1,030)		(1,742)		(500)		(524)		(562)		(818)		(2,404)		(703)			(773)		(849)		(384)		(2,709)
Income (loss) from continuing operations
before income taxes		8,094		10,383		11,263		10,159		39,899		9,482		9,309		11,818		13,504		44,113		9,341			11,682		17,810		15,035		53,868
Income tax provision (benefit)		3,222		4,134		4,540		2,949		14,845		3,754		3,685		4,312		4,805		16,556		3,660			4,577		6,978		5,659		20,874
Income (loss) from continuing operations		4,872		6,249		6,723		7,210		25,054		5,728		5,624		7,506		8,699		27,557		5,681			7,105		10,832		9,376		32,994
Net income (loss)
$	4,872	$	6,249	$	6,723	$	7,210	$	25,054	$	5,728	$	5,624	$	7,506	$	8,699	$	27,557	$	5,681	$	7,105	$	10,832	$	9,376	$	32,994
Basic earnings (loss) per common share:
Net income (loss) per common share	$	0.14	$	0.18	$	0.20	$	0.22	$	0.74	$	0.18	$	0.18	$	0.24	$	0.29	$	0.88	$	0.19	$	0.24	$	0.36	$	0.30	$	1.09
Diluted earnings (loss) per common share:
Net income (loss) per common share	$	0.13	$	0.17	$	0.19	$	0.21	$	0.71	$	0.17	$	0.17	$	0.23	$	0.27	$	0.83	$	0.17	$	0.22	$	0.33	$	0.28	$	1.00
Weighted average common shares outstanding:
Basic		35,101		34,862		34,103		32,285		34,075		32,086		32,005		31,097		29,823		31,267		30,015			30,171		30,387		30,779		30,327
Diluted		36,655		36,203		35,410		33,895		35,528		33,720		33,848		32,960		32,031		33,154		32,530			32,769		32,986		33,421		32,916
Gross Margin		43.0%						45.0%		44.5%		44.4%						47.5%		45.9%		45.2%							46.8%		46.2%
		44.7%		45.0%					44.5%		46.8%						44.5%		47.9%
Operating Margin		11.7%		14.4%		16.0%		15.4%		14.4%		13.6%		12.8%		16.0%		17.4%		15.0%		12.1%			13.6%		19.9%		16.2%		15.6%

Tyler Technologies, Inc.
Quarterly Statements of Operations
As of June 30, 2021
(in thousands, except per share data)
Amounts reported under ASC 605
Amounts reported under ASC 606
Revenues:		1Q13			2Q13		3Q13		4Q13		FY2013		1Q14		2Q14		3Q14		4Q14		FY2014		1Q15		2Q15		3Q15		4Q15		FY2015
Software licenses and royalties	$	8,830	$	10,090	$	10,495	$	11,426	$	40,841	$	11,232	$	12,083	$	13,226	$	12,524	$	49,065	$	14,300	$	14,586	$	15,690	$	14,432	$	59,008
Software services		20,461			24,085		24,860		23,861		93,267		24,307		30,128		31,159		28,227		113,821		30,804		34,563		36,398		38,087		139,852
Subscriptions		13,473			13,863		15,214		19,314		61,864		20,507		20,934		22,694		23,713		87,848		25,288		26,949		29,036		30,660		111,933
Maintenance		46,050			46,639		49,291		49,740		191,720		50,240		51,951		54,713		55,792		212,696		57,348		59,463		61,018		67,708		245,537
Appraisal services		5,591			5,056		5,207		4,971		20,825		4,851		5,444		5,802		5,705		21,802		6,089		6,691		6,557		5,728		25,065
Hardware and other		1,394			3,355		1,954		1,423		8,126		1,489		3,831		1,070		1,479		7,869		1,137		4,043		2,146		2,301		9,627
Total revenues		95,799			103,088		107,021		110,735		416,643		112,626		124,371		128,664		127,440		493,101		134,966		146,295		150,845		158,916		591,022
Cost of revenues:
Software licenses		426			692		583		676		2,377		531		343		565		461		1,900		553		483		147		449		1,632
Software services, maintenance and subscriptions		46,382			48,833		51,786		52,616		199,617		54,999		58,274		61,428		61,662		236,363		65,377		69,678		72,764		77,521		285,340
Acquired software		549			523		513		493		2,078		481		444		448		485		1,858		456		456		552		2,976		4,440
Appraisal services		3,799			3,418		3,360		3,232		13,809		3,311		3,665		3,764		3,544		14,284		4,135		4,278		3,984		3,525		15,922
Hardware and other		798			2,580		1,230		951		5,559		774		3,087		667		797		5,325		566		3,147		1,565		1,223		6,501
Total cost of revenues		51,954			56,046		57,472		57,968		223,440		60,096		65,813		66,872		66,949		259,730		71,087		78,042		79,012		85,694		313,835
Gross profit		43,845			47,042		49,549		52,767		193,203		52,530		58,558		61,792		60,491		233,371		63,879		68,253		71,833		73,222		277,187
Selling, general and administrative expenses		22,646			24,971		24,581		26,091		98,289		25,367		27,419		27,344		28,130		108,260		28,545		30,396		31,869		42,507		133,317
Research and development expense		5,598			5,594		5,982		6,095		23,269		6,172		6,389		6,567		6,615		25,743		7,004		7,110		7,193		8,615		29,922
Amortization of customer and trade name intangibles		1,131			1,128		1,129		1,129		4,517		1,129		1,128		1,136		1,153		4,546		1,152		1,151		1,282		2,320		5,905
Operating income (loss)		14,470			15,349		17,857		19,452		67,128		19,862		23,622		26,745		24,593		94,822		27,178		29,596		31,489		19,780		108,043
Other income (expense), net		(338)			(296)		(285)		(390)		(1,309)		(259)		(216)		(47)		167		(355)		181		185		255		(240)		381
Income (loss) from continuing operations
before income taxes		14,132			15,053		17,572		19,062		65,819		19,603		23,406		26,698		24,760		94,467		27,359		29,781		31,744		19,540		108,424
Income tax provision (benefit)		5,639			6,006		6,523		8,550		26,718		7,720		8,666		9,698		9,443		35,527		10,086		10,945		11,602		10,922		43,555
Income (loss) from continuing operations		8,493			9,047		11,049		10,512		39,101		11,883		14,740		17,000		15,317		58,940		17,273		18,836		20,142		8,618		64,869
Net income (loss)
$	8,493	$	9,047	$	11,049	$	10,512	$	39,101	$	11,883	$	14,740	$	17,000	$	15,317	$	58,940	$	17,273	$	18,836	$	20,142	$	8,618	$	64,869
Basic earnings (loss) per common share:
Net income (loss) per common share	$	0.27	$	0.29	$	0.34	$	0.32	$	1.23	$	0.36	$	0.45	$	0.52	$	0.46	$	1.79	$	0.51	$	0.56	$	0.59	$	0.24	$	1.90
Diluted earnings (loss) per common share:
Net income (loss) per common share	$	0.25	$	0.26	$	0.32	$	0.30	$	1.13	$	0.33	$	0.42	$	0.48	$	0.43	$	1.66	$	0.48	$	0.52	$	0.55	$	0.23	$	1.77
Weighted average common shares outstanding:
Basic		31,403			31,617		32,037		32,498		31,891		32,916		32,918		32,935		33,275		33,011		33,562		33,751		33,900		35,334		34,137
Diluted		33,948			34,290		34,764		35,348		34,590		35,500		35,161		35,284		35,661		35,401		35,895		36,097		36,349		37,864		36,552
Gross Margin		45.8%							47.7%		46.4%		46.6%		47.1%				47.5%		47.3%		47.3%		46.7%				46.1%		46.9%
			45.6%		46.3%						48.0%						47.6%
Operating Margin		15.1%			14.9%		16.7%		17.6%		16.1%		17.6%		19.0%		20.8%		19.3%		19.2%		20.1%		20.2%		20.9%		12.4%		18.3%