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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
12 Months Ended
Dec. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
Cash flows from operating activities:      
Net income $ 19,989 $ 22,647 $ 27,105
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 1,044 969 1,050
Amortization of intangible assets 1,872 1,960 1,546
Unrealized losses (gains) on trading investments (617) (510) 613
Stock-based compensation expense 16,430 15,954 17,574
Deferred income taxes 7,542 149 (3,285)
Excess tax benefits from stock-based compensation 0 (165) (1,455)
Other 0 269 (58)
Changes in operating assets and liabilities:      
Net sales of investments – trading securities 5,778 16,345 6,684
Accounts receivable 2,161 (3,493) (5,192)
Other current assets (4,234) 567 (375)
Accounts payable and accrued liabilities 763 (926) 1,174
Compensation and benefits payable 2,262 (2,848) 2,912
Income taxes payable (4,816) (3,655) 6,890
Other liabilities (165) 129 25
Net cash provided by operating activities 48,009 47,392 55,208
Cash flows from investing activities:      
Acquisition of Woodway, net of cash acquired 0 0 (24,133)
Purchases of property, equipment and other (1,167) (1,819) (951)
Proceeds from Sale of Property, Plant, and Equipment 0 9 0
Net cash used in investing activities (1,167) (1,810) (25,084)
Cash flows from financing activities:      
Purchases of treasury stock 0 (5,634) 0
Payment for Repurchases of Stock for Benefit Plan (1,326) (614) (1,327)
Restricted stock returned for payment of taxes (5,328) (3,857) (5,648)
Excess tax benefits from stock-based compensation 0 165 1,455
Other Payments to Acquire Businesses 0 (5,562) 0
Cash dividends paid (21,923) (19,442) (16,619)
Net cash used in financing activities (28,577) (34,944) (22,139)
Effect of currency rate changes on cash 2,305 301 (3,376)
Net increase in cash and cash equivalents 20,570 10,939 4,609
Cash and cash equivalents, beginning of year 33,679 22,740 18,131
Cash and cash equivalents, end of year 54,249 33,679 22,740
Supplemental cash flow information:      
Cash paid during the year for income taxes 10,770 14,860 11,639
Common stock issued for acquisition 0 3,734 5,292
Non-cash accrued contingent consideration 0 0 9,023
Accrued dividends 9,074 8,446 7,448
Noncash Tenant Improvements 0 1,236 0
Non Cash Accrued PP&E $ 69 $ 0 $ 0