Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash flows from operating activities    
Net income $ 31,225 $ 19,578
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 1,587 1,586
Provision for bad debt expense 79 42
Stock-based compensation 4,582 1,858
Deferred taxes, net 1,203 1,564
Net realized gains on marketable securities, available for sale (130)  
Tax benefit from stock-based award activity 4,834  
Excess tax benefit from stock-based award activity (4,834)  
Other non-cash items (16) 39
Changes in operating assets and liabilities:    
Commissions receivable (1,719) (755)
Prepaid expenses 1,030 (862)
Prepaid rent (1,691) 763
Assets held in rabbi trust (1,368) (21)
Other assets (2,244) (1,304)
Accounts payable and accrued expenses (97) (581)
Accounts payable and accrued expenses - related party, net (9) (432)
Income tax receivable (payable) 7,097 (682)
Commissions payable (7,120) (10,746)
Accrued bonuses and other employee related expenses (11,473) (3,291)
Deferred compensation and commissions (152) (1,902)
Other liabilities 1,083 994
Net cash provided by operating activities 21,867 5,848
Cash flows from investing activities    
Purchases of marketable securities, available for sale (98,262)  
Proceeds from sales and maturities of marketable securities, available for sale 10,023  
Payments received on employee notes receivable   56
Issuances of employee notes receivable (99) (60)
Purchase of property and equipment (2,201) (1,317)
Proceeds from sale of property and equipment   1
Net cash used in investing activities (90,539) (1,320)
Cash flows from financing activities    
Proceeds from issuance of shares pursuant to employee stock purchase plan 502  
Taxes paid related to net share settlement of stock-based awards (731)  
Excess tax benefit from stock-based award activity 4,834  
Principal payments on notes payable to former stockholders (894) (851)
Payments on obligations under capital leases   (16)
Net cash provided by (used in) financing activities 3,711 (867)
Net (decrease) increase in cash and cash equivalents (64,961) 3,661
Cash and cash equivalents at beginning of period 149,159 100,952
Cash and cash equivalents at end of period 84,198 104,613
Supplemental disclosures of cash flow information    
Interest paid during the period 803 619
Income taxes paid, net 8,463 12,795
Supplemental disclosures of noncash investing and financing activities    
Tax benefit of deductible IPO transaction costs included in income tax payable   840
Reduction of accrued bonuses and other employee related expenses in settlement of employee notes receivable 208  
Net change in accounts payable and accrued expenses related to property and equipment additions 305 (3)
Settlements of deferred compensation obligation with trust assets $ 19 $ 18