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 ($)
 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash flows from operating activities    
Net income $ 46,401,000 $ 33,101,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 2,389,000 2,399,000
Provision for bad debt expense 127,000 86,000
Stock-based compensation 6,750,000 3,275,000
Deferred taxes, net (3,160,000) 1,481,000
Net realized gains on marketable securities, available for sale (130,000)  
Tax benefit from stock-based award activity 4,844,000  
Excess tax benefit from stock-based award activity (4,844,000)  
Other non-cash items 295,000 155,000
Changes in operating assets and liabilities:    
Commissions receivable (470,000) (386,000)
Prepaid expenses 1,144,000 (267,000)
Prepaid rent (4,538,000) 932,000
Assets held in rabbi trust (1,448,000) (36,000)
Other assets (3,993,000) (1,095,000)
Accounts payable and accrued expenses (2,645,000) 2,908,000
Accounts payable and accrued expenses - related party, net (5,000) (334,000)
Income tax receivable (payable) 4,939,000 (1,543,000)
Commissions payable (5,556,000) (9,068,000)
Accrued bonuses and other employee related expenses (4,885,000) 4,509,000
Deferred compensation and commissions 2,365,000 673,000
Other liabilities 1,002,000 (1,882,000)
Net cash provided by operating activities 38,582,000 34,908,000
Cash flows from investing activities    
Purchases of marketable securities, available for sale (130,500,000)  
Proceeds from sales and maturities of marketable securities, available for sale 10,608,000  
Payments received on employee notes receivable 15,000 68,000
Issuances of employee notes receivable (175,000) (68,000)
Purchase of property and equipment (3,753,000) (1,830,000)
Proceeds from sale of property and equipment   1,000
Net cash used in investing activities (123,805,000) (1,829,000)
Cash flows from financing activities    
Proceeds from issuance of shares pursuant to employee stock purchase plan 502,000  
Taxes paid related to net share settlement of stock-based awards (756,000)  
Excess tax benefit from stock-based award activity 4,844,000  
Realized tax benefit of deductible IPO transaction costs   840,000
Principal payments on notes payable to former stockholders (894,000) (851,000)
Payments on obligations under capital leases   (16,000)
Payments received on stock notes receivable from employees   6,000
Net cash provided by (used in) financing activities 3,696,000 (21,000)
Net (decrease) increase in cash and cash equivalents (81,527,000) 33,058,000
Cash and cash equivalents at beginning of period 149,159,000 100,952,000
Cash and cash equivalents at end of period 67,632,000 134,010,000
Supplemental disclosures of cash flow information    
Interest paid during the period 853,000 619,000
Income taxes paid, net 26,370,000 22,429,000
Supplemental disclosures of noncash investing and financing activities    
Reduction of accrued bonuses and other employee related expenses in settlement of employee notes receivable 208,000  
Net change in accounts payable and accrued expenses related to property and equipment additions 729,000 (86,000)
Settlements of deferred compensation obligation with trust assets $ 28,000  
Distribution related to stock appreciation rights liability for taxes payable included in accrued bonuses and other employee related expenses   $ 412,000