Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

v2.4.0.8
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
In Thousands, unless otherwise specified
Sep. 30, 2013
Dec. 31, 2012
Current assets:    
Cash and cash equivalents $ 28,679 $ 3,107
Commissions receivable, net of allowance for doubtful accounts of $100 and $129 at September 30, 2013 and December 31, 2012, respectively 4,308 5,764
Employee notes receivable 156 807
Prepaid expenses and other current assets 6,769 2,903
Total current assets 39,912 12,581
Prepaid rent 4,909 2,855
Investments held in rabbi trust account 3,832 2,905
Property and equipment, net of accumulated depreciation of $18,370 and $17,917 at September 30, 2013 and December 31, 2012, respectively 8,476 6,688
Due from affiliates   60,389
Employee notes receivable 228 350
Other assets 3,431 3,965
Total assets 60,788 89,733
Current liabilities:    
Accounts payable and accrued expenses 6,821 14,350
Commissions payable 12,103 22,584
Due to affiliates 13,528  
Accrued employee expenses 10,215 17,519
Total current liabilities 42,667 54,453
Deferred compensation and commissions 9,430 9,121
Other liabilities 5,007 4,529
Total liabilities 57,104 68,103
Stockholders' equity:    
Common stock, $1.00 par value: Authorized shares - 1,000,000; issued and outstanding shares - 234,489 and 233,739 at September 30, 2013 and December 31, 2012, respectively 235 234
Additional paid-in capital 2,675 24,718
Stock notes receivable from employees (13) (150)
Retained earnings (accumulated deficit) 777 (3,182)
Total stockholders' equity 3,684 21,630
Total liabilities and stockholders' equity 60,788 89,733
Series A Preferred Stock [Member]
    
Stockholders' equity:    
Series A redeemable preferred stock, $10.00 par value: Authorized shares - 1,000; issued and outstanding shares - 1,000 at September 30, 2013 and December 31, 2012; $10.00 redemption value per share at September 30, 2013 and December 31, 2012 $ 10 $ 10