XML 55 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Consolidated Statements of Cash Flows (unaudited) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Operating activities:    
Net income $ 4,731 $ 3,499
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 276 297
Stock-based compensation expense 1,309 905
Deferred taxes 981 (23)
Purchases of treasury stock in connection with tax withholdings on restricted stock grants (8) (19)
Provisions for doubtful accounts   37
Loss on disposal of property and equipment 46  
Tax benefit related to stock-based compensation expense 888  
Excess tax benefit from stock-based compensation (747)  
Changes in operating assets and liabilities:    
Accounts receivable 1,844 (6,786)
Prepaid expenses and other assets (2,528) (80)
Accounts payable (1,064) 237
Accrued compensation and related benefits (4,832) 810
Accrued and other liabilities (1,055) 77
Deferred revenues 668 379
Billings in excess of recognized revenues (159) (746)
Net cash provided by (used in) operating activities 350 (1,413)
Investing activities:    
Purchases of property and equipment (1,211) (127)
Net cash used in investing activities (1,211) (127)
Financing activities:    
Proceeds from exercise of stock options 1,201 584
Proceeds from employee stock purchase plan 546 468
Excess tax benefit from stock-based compensation 747  
Net cash provided by financing activities 2,494 1,052
Effect of exchange rate changes on cash and cash equivalents (87) (22)
Net change in cash and cash equivalents 1,546 (510)
Cash and cash equivalents, beginning of period 61,637 46,041
Cash and cash equivalents, end of period 63,183 45,531
Cash paid during the period for:    
Income Taxes $ 779 $ 440