Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Cash flows from operating activities      
Net income $ 8,206 $ 27,934 $ 13,450
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization expense 3,043 2,981 2,971
Provision for bad debt expense 23 157 311
Stock-based compensation 33,817 4,209 1,610
Deferred taxes, net (9,276)    
Other non-cash items 67 19 35
Changes in operating assets and liabilities:      
Commissions receivable 1,679 (3,614) 738
Prepaid expenses and other current assets (2,301) (644) (460)
Prepaid rent (2,144) 103 668
Investments in rabbi trust account (1,162) (497) 240
Other assets 765 530 (1,694)
Due to (from) affiliates 60,389 (19,884) (1,513)
Accounts payable and accrued expenses (8,043) 6,791 3,239
Accounts payable and accrued expenses - related party 506    
Income tax payable 6,459    
Commissions payable 2,502 9,004 (5,511)
Accrued employee expenses (572) 7,831 686
Deferred compensation and commissions 3,086 2,495 899
Other liabilities (100) (2,061) 2,147
Net cash provided by operating activities 96,944 35,354 17,816
Cash flows from investing activities      
Payments on employee notes receivable 1,173 458 550
Issuances of employee notes receivable (434) (706) (310)
Purchase of property and equipment (4,795) (4,563) (3,083)
Proceeds from sale of property and equipment 32 174 172
Net cash used in investing activities (4,024) (4,637) (2,671)
Cash flows from financing activities      
Proceeds from initial public offering, net of issuance costs 42,506    
Payments on obligations under capital leases (58) (98) (318)
Dividends paid to MMC (37,681) (30,756) (16,526)
Repayment of stock notes receivable from employees 158 86 56
Repurchase of shares     (131)
Net cash provided by (used) in financing activities 4,925 (30,768) (16,919)
Net increase (decrease) in cash and cash equivalents 97,845 (51) (1,774)
Cash and cash equivalents at beginning of period 3,107 3,158 4,932
Cash and cash equivalents at end of period 100,952 3,107 3,158
Supplemental disclosures of cash flow information      
Interest paid during the period 1 4 12
Income taxes paid to MMC 29,702 17,880 9,440
Supplemental disclosures of noncash investing and financing activities      
Deferred offering costs included in accounts payable and other accrued expenses 193    
Property and equipment included in accounts payable and accrued expenses 216    
Issuance of restricted stock for notes receivable 21 90 163
Assets acquired under capital lease     121
Deemed capital (distribution) contribution from MMC $ (3,291) $ 4,209 $ 1,610