Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.5.0.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Cash flows from operating activities    
Net income $ 32,339 $ 31,225
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 2,015 1,587
Provision for bad debt expense 3 79
Stock-based compensation 3,100 4,582
Deferred taxes, net 661 1,203
Net realized losses (gains) on marketable securities, available-for-sale 135 (130)
Tax benefit from stock-based award activity 171 4,834
Excess tax benefit from stock-based award activity (171) (4,834)
Other non-cash items 243 (16)
Changes in operating assets and liabilities:    
Commissions receivable (1,207) (1,719)
Prepaid expenses 2,068 1,030
Prepaid rent (2,408) (1,691)
Contributions to rabbi trust (1,263) (1,368)
Other assets (216) (2,244)
Accounts payable and accrued expenses (1,533) (106)
Income tax receivable/payable 9,352 7,097
Commissions payable (10,551) (7,120)
Accrued bonuses and other employee related expenses (15,653) (11,473)
Deferred compensation and commissions (5,286) (152)
Deferred rent obligation and other liabilities 461 1,083
Net cash provided by operating activities 12,260 21,867
Cash flows from investing activities    
Purchases of marketable securities, available-for-sale (60,839) (98,262)
Proceeds from sales and maturities of marketable securities, available-for-sale 50,847 10,023
Payments received on employee notes receivable 2 0
Issuances of employee notes receivable (307) (99)
Purchase of property and equipment (4,252) (2,201)
Proceeds from sale of property and equipment 15 0
Net cash used in investing activities (14,534) (90,539)
Cash flows from financing activities    
Proceeds from issuance of shares pursuant to employee stock purchase plan 402 502
Taxes paid related to net share settlement of stock-based awards (1,109) (731)
Excess tax benefit from stock-based award activity 171 4,834
Principal payments on notes payable to former stockholders (938) (894)
Net cash (used in) provided by financing activities (1,474) 3,711
Net decrease in cash and cash equivalents (3,748) (64,961)
Cash and cash equivalents at beginning of period 96,185 149,159
Cash and cash equivalents at end of period 92,437 84,198
Supplemental disclosures of cash flow information    
Interest paid during the period 563 803
Income taxes paid, net 11,240 8,463
Supplemental disclosures of noncash investing and financing activities    
Reduction of accrued bonuses and other employee related expenses in settlement of employee notes receivable 198 208
Change in property and equipment included in accounts payable and accrued expenses 741 305
Settlements of deferred compensation obligation with trust assets $ 0 $ 19