Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

v2.4.0.8
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Cash flows from operating activities    
Net income $ 16,922 $ 14,896
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 2,261 2,227
Provision for bad debt expense 8 174
Stock-based compensation, net of taxes 2,655 2,228
Other non-cash items 40 16
Changes in operating assets and liabilities:    
Commissions receivable 1,484 (2,032)
Prepaid expenses and other current assets (709) (267)
Prepaid rent (2,053) 195
Investments in rabbi trust account (927) (442)
Other assets 497 155
Due to (from) affiliates 67,418 9,827
Accounts payable and accrued expenses (8,537) (2,728)
Commissions payable (10,482) (1,488)
Accrued employee expenses (7,303) (441)
Deferred compensation and commissions 309 125
Other liabilities 509 (1,921)
Net cash provided by operating activities 62,092 20,524
Cash flows from investing activities    
Payments on employee notes receivable 1,119 411
Issuances of employee notes receivable (345) (625)
Purchase of property and equipment (3,697) (2,921)
Proceeds from sale of property and equipment 32 25
Net cash used in investing activities (2,891) (3,110)
Cash flows from financing activities    
Payments on obligations under capital leases (32) (155)
Dividends paid to MMC (31,181) (15,654)
Repayment of stock notes receivable from employees 158 86
Net cash used in financing activities (33,629) (15,723)
Net increase in cash and cash equivalents 25,572 1,691
Cash and cash equivalents at beginning of period 3,107 3,158
Cash and cash equivalents at end of period 28,679 4,849
Supplemental disclosures of cash flow information    
Interest paid during the period 1 3
Income taxes paid to MMC 19,694 12,061
Supplemental disclosures of noncash investing and financing activities    
Deferred offering costs included in accounts payable and other accrued expenses 583  
Property and equipment included in accounts payable and accrued expenses 425  
Issuance of restricted stock for notes receivable 21 90
Deemed capital contribution from MMC 2,655 2,228
IPO [Member]
    
Cash flows from financing activities    
Payments of initial public offering costs (2,574)  
Dividend Declared [Member]
    
Supplemental disclosures of noncash investing and financing activities    
Preferred stock dividends $ 6,500 $ 0