2010 10-K: Part II 100 See notes to consolidated financial statements. Morningstar, Inc. and Subsidiaries  Consolidated Statements of Income Year ended December 31 (in thousands except per share amounts) 2010 2009  2008 Revenue $ 555,351 $ 478,996  $ 502,457 Operating expenses: (1) Cost of goods sold  157,068 128,616   130,085 Development  49,244 38,378  40,340 Sales and marketing  95,473 71,772  81,651 General and administrative  92,843 83,596  85,509 Depreciation and amortization  39,664 31,961  25,996 Total operating expense  434,292  354,323   363,581 Operating income 121,059  124,673   138,876 Non-operating income (expense): Interest income, net  2,437 3,016  5,687 Other income (expense), net  4,295 (82)  (1,435) Non-operating income, net  6,732 2,934  4,252 Income before income taxes and equity in net income of unconsolidated entities  127,791  127,607  143,128 Income tax expense  42,756 46,775  54,423 Equity in net income of unconsolidated entities 1,422 1,165  1,321 Consolidated net income  86,457 81,997  90,026 Net (income) loss attributable to noncontrolling interests  (87) 132  (397) Net income attributable to Morningstar, Inc.  $ 86,370 $  82,129  $ 89,629 Net income per share attributable to Morningstar, Inc.: Basic  $  1.75 $  1.71  $  1.94 Diluted  $  1.70 $  1.65  $  1.82 Dividends declared per common share  $  0.05 —  — Weighted average shares outstanding: Basic  49,249 48,112  46,139 Diluted  50,555 49,793  49,213 2010 2009  2008 (1) Includes stock-based compensation expense of: Cost of goods sold  $  3,473 $  2,666  $  2,058 Development  1,840 1,570  1,402 Sales and marketing  1,786 1,587  1,449 General and administrative  6,694 5,770  6,372 Total stock-based compensation expense $ 13,793 $  11,593  $  11,281