Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands |
9 Months Ended |
Sep. 30, 2016 |
Sep. 30, 2015 |
| Cash flows from operating activities: |
|
|
| Net income |
$ 13,402
|
$ 19,818
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation and amortization |
11,724
|
11,950
|
| Deferred income taxes |
8,887
|
12,764
|
| Amortization of debt issue costs |
579
|
595
|
| Amortization of syndication contracts |
289
|
262
|
| Payments on syndication contracts |
(270)
|
(377)
|
| Non-cash stock-based compensation |
2,634
|
2,684
|
| Changes in assets and liabilities: |
|
|
| (Increase) decrease in accounts receivable |
5,804
|
2,845
|
| (Increase) decrease in prepaid expenses and other assets |
(952)
|
(1,078)
|
| Increase (decrease) in accounts payable, accrued expenses and other liabilities |
(3,192)
|
(2,579)
|
| Net cash provided by operating activities |
38,905
|
46,884
|
| Cash flows from investing activities: |
|
|
| Purchases of short-term investments |
(30,000)
|
|
| Proceeds from maturity of short term investments |
30,000
|
|
| Purchases of investments |
(250)
|
|
| Purchases of property and equipment and intangibles |
(6,960)
|
(11,546)
|
| Net cash used in investing activities |
(7,210)
|
(11,546)
|
| Cash flows from financing activities: |
|
|
| Proceeds from stock option exercises |
1,885
|
1,814
|
| Payments on long-term debt |
(2,813)
|
(2,813)
|
| Dividends paid |
(8,371)
|
(6,591)
|
| Payment of contingent consideration |
|
(1,000)
|
| Net cash used in financing activities |
(9,299)
|
(8,590)
|
| Net increase in cash and cash equivalents |
22,396
|
26,748
|
| Cash and cash equivalents: |
|
|
| Beginning |
47,924
|
31,260
|
| Ending |
70,320
|
58,008
|
| Cash payments for: |
|
|
| Interest |
11,040
|
9,173
|
| Income taxes |
$ 534
|
$ 703
|