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
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities    
Net income $ 47,483 $ 46,401
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 3,164 2,389
Provision for bad debt expense 15 127
Stock-based compensation 4,933 6,750
Deferred taxes, net (894) (3,160)
Net realized losses (gains) on marketable securities, available-for-sale 119 (130)
Tax benefit from stock-based award activity 157 4,844
Excess tax benefit from stock-based award activity (157) (4,844)
Other non-cash items 359 295
Changes in operating assets and liabilities:    
Commissions receivable (1,159) (470)
Prepaid expenses 555 1,144
Prepaid rent (3,553) (4,538)
Contributions to rabbi trust (1,263) (1,448)
Other assets 1,544 (3,993)
Accounts payable and accrued expenses 309 (2,650)
Income tax receivable/payable 8,230 4,939
Accrued bonuses and other employee related expenses (10,495) (4,885)
Deferred compensation and commissions (8,245) (3,191)
Deferred rent obligation and other liabilities 416 1,002
Net cash provided by operating activities 41,518 38,582
Cash flows from investing activities    
Purchases of marketable securities, available-for-sale (97,311) (130,500)
Proceeds from sales and maturities of marketable securities, available-for-sale 90,476 10,608
Payments received on employee notes receivable 3 15
Issuances of employee notes receivable (381) (175)
Purchase of property and equipment (7,049) (3,753)
Proceeds from sale of property and equipment 25 0
Net cash used in investing activities (14,237) (123,805)
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 (1,134) (756)
Excess tax benefit from stock-based award activity 157 4,844
Principal payments on notes payable to former stockholders (938) (894)
Net cash (used in) provided by financing activities (1,513) 3,696
Net increase (decrease) in cash and cash equivalents 25,768 (81,527)
Cash and cash equivalents at beginning of period 96,185 149,159
Cash and cash equivalents at end of period 121,953 67,632
Supplemental disclosures of cash flow information    
Interest paid during the period 613 853
Income taxes paid, net 24,032 26,370
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 421 729
Settlements of deferred compensation obligation with trust assets $ 0 $ 28