XML 48 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Cash flows from operating activities    
Net income $ 39,604 $ 36,161
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 5,896 4,988
Stock-based compensation expense 6,184 4,997
Deferred taxes 1,958 14,496
Provision for bad debts 409 56
Other 757   
Changes in operating assets and liabilities    
Decrease (increase) in accounts receivable 2,347 (6,232)
(Increase) in prepaid expenses and other assets (82) (6,519)
(Decrease) in accrued employee compensation (3,990) (2,119)
(Decrease) in deferred revenue (262) 466
Increase in accounts payable, accrued expenses and other liabilities 449 497
Net cash provided by operating activities 53,270 46,791
Securities available-for-sale:    
Proceeds from sales 13,577   
Proceeds from maturities 15,463 20,845
Purchases (6,376) (27,719)
Securities and cash (provided) received as collateral (37) 3,498
Purchases of furniture, equipment and leasehold improvements (4,955) (2,517)
Capitalization of software development costs (3,873) (2,898)
Net cash provided by (used in) investing activities 13,799 (8,791)
Cash flows from financing activities    
Cash dividend on common stock (12,388) (10,236)
Exercise of stock options 5,997 4,863
Withholding tax payments on restricted stock vesting and stock option exercises (20,003) (4,415)
Excess tax benefits from stock-based compensation 13,639 5,473
Repurchase of common stock (72,603)  
Other (222) (206)
Net cash (used in) financing activities (85,580) (4,521)
Effect of exchange rate changes on cash and cash equivalents (1,008) (851)
Cash and cash equivalents    
Net (decrease) increase for the period (19,519) 32,628
Beginning of year 169,620 124,994
End of period 150,101 157,622
Cash paid during the period:    
Cash paid for income taxes 10,602 9,574
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