XML 45 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Cash flows from operating activities    
Net income $ 26,122 $ 22,717
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 3,815 3,189
Stock-based compensation expense 4,028 3,099
Deferred taxes 2,619 9,777
Provision for bad debts 446 (122)
Other 471  
Changes in operating assets and liabilities    
Decrease (increase) in accounts receivable 2,515 (8,690)
(Increase) in prepaid expenses and other assets (5,241) (4,378)
(Decrease) in accrued employee compensation (8,922) (5,860)
(Decrease) in deferred revenue (200) (128)
Increase (decrease) in accounts payable, accrued expenses and other liabilities 242 (195)
Net cash provided by operating activities 25,895 19,409
Securities available-for-sale:    
Proceeds from sales 13,577  
Proceeds from maturities 11,423 9,873
Purchases (6,376) (12,556)
Securities and cash provided as collateral (9) (25)
Purchases of furniture, equipment and leasehold improvements (1,044) (1,516)
Capitalization of software development costs (2,558) (1,790)
Net cash provided by (used in) investing activities 15,013 (6,014)
Cash flows from financing activities    
Cash dividend on common stock (8,282) (6,804)
Exercise of stock options 5,428 6,243
Withholding tax payments on restricted stock vesting and stock option exercises (20,003) (4,320)
Excess tax benefits from stock-based compensation 13,681 2,934
Repurchase of common stock (71,143)  
Other (146) (137)
Net cash (used in) financing activities (80,465) (2,084)
Effect of exchange rate changes on cash and cash equivalents (468) (537)
Cash and cash equivalents    
Net (decrease) for the period (40,025) 10,774
Beginning of year 169,620 124,994
End of period 129,595 135,768
Cash paid during the period:    
Cash paid for income taxes 6,936 5,980
Non-cash activity:    
Conversion of Series B Preferred Stock to common stock    30,315
Conversion of common stock non-voting to common stock voting $ 15,880