Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.4.0.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash flows from operating activities    
Net income $ 14,815 $ 13,669
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization expense 1,006 780
Provision for bad debt expense 16 21
Stock-based compensation 1,325 1,907
Deferred taxes, net 1,393 1,306
Net realized losses (gains) on marketable securities, available-for-sale 155 (74)
Tax benefit from stock-based award activity 167 4,739
Excess tax benefit from stock-based award activity (167) (4,739)
Other non-cash items 130 280
Changes in operating assets and liabilities:    
Commissions receivable 482 (1,179)
Prepaid expenses 2,094 3,349
Prepaid rent (1,101) (68)
Assets held in rabbi trust (1,263) (1,244)
Other assets 349 (1,694)
Accounts payable and accrued expenses (16) 1,026
Income tax receivable (payable) 708 (3,045)
Commissions payable (13,019) (11,292)
Accrued bonuses and other employee related expenses (21,611) (19,042)
Deferred compensation and commissions (4,763) (2,625)
Deferred rent obligation and other liabilities 277 (68)
Net cash used in operating activities (19,023) (17,993)
Cash flows from investing activities    
Purchases of marketable securities, available-for-sale (14,024) (13,849)
Proceeds from sales and maturities of marketable securities, available-for-sale 17,137 3,722
Issuances of employee notes receivable (92) (48)
Purchase of property and equipment (2,332) (954)
Net cash provided by (used in) investing activities 689 (11,129)
Cash flows from financing activities    
Taxes paid related to net share settlement of stock-based awards (1,084) (716)
Excess tax benefit from stock-based award activity 167 4,739
Net cash (used in) provided by financing activities (917) 4,023
Net decrease in cash and cash equivalents (19,251) (25,099)
Cash and cash equivalents at beginning of period 96,185 149,159
Cash and cash equivalents at end of period 76,934 124,060
Supplemental disclosures of cash flow information    
Interest paid during the period 15 15
Income taxes paid, net 7,614 6,648
Supplemental disclosures of noncash investing and financing activities    
Reduction of accrued bonuses and other employee related expenses in settlement of employee notes receivable 199 208
Change in property and equipment included in accounts payable and accrued expenses $ (299) $ 191