|
Consolidated Statements of Cash Flows (USD $)
|
9 Months Ended |
|
Sep. 30, 2012
|
Sep. 30, 2011
|
| Operating activities |
|
|
| Net income |
$ 10,531,560 |
$ 8,516,214 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Deferred income taxes |
(362,818) |
(142,935) |
| Noncash stock compensation expense |
2,139,513 |
798,860 |
| Reduction in contingent consideration due to seller |
(443,520) |
(246,737) |
| Depreciation and amortization |
6,510,261 |
6,152,762 |
| Change in assets, net of acquisitions: |
|
|
| Accounts receivable |
(11,339,153) |
(20,704,741) |
| Taxes receivable (payable) |
1,386,639 |
(651,686) |
| Prepaid expenses and other assets |
2,293,511 |
2,464,595 |
| Change in liabilities, net of acquisitions: |
|
|
| Accounts payable |
629,156 |
12,729,352 |
| Accrued expenses and other |
1,700,556 |
29,103 |
| Net cash provided by operating activities |
13,045,705 |
8,944,787 |
| Investing activities |
|
|
| Purchases of property and equipment |
(6,833,816) |
(4,898,060) |
| Payments for acquisitions, net of cash acquired |
(3,601,483) |
(2,819,829) |
| Net cash used in investing activities |
(10,435,299) |
(7,717,889) |
| Financing activities |
|
|
| Principal payments on capital lease obligations |
(155,849) |
(197,765) |
| Tax benefit of stock options exercised |
360,443 |
152,897 |
| Payment of contingent consideration |
(2,882,500) |
(1,000,000) |
| Issuance of shares, net of issuance costs |
1,420,560 |
790,189 |
| Employee tax withholdings related to net share settlements of equity-based awards |
(192,736) |
0 |
| Net cash used in financing activities |
(1,450,082) |
(254,679) |
| Increase in cash and cash equivalents |
1,160,324 |
972,219 |
| Cash and cash equivalents, beginning of period |
47,007,309 |
43,218,164 |
| Cash and cash equivalents, end of period |
48,167,633 |
44,190,383 |
| Supplemental disclosure of cash flow information |
|
|
| Cash paid during the period for interest |
8,290 |
18,229 |
| Cash paid during the period for income taxes |
5,092,160 |
5,750,100 |
| Non-cash financing activity |
|
|
| Vesting of restricted shares |
37,850 |
0 |
| Due to seller |
$ 631,914 |
$ 3,869,624 |