XML 36 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Cash flows from operating activities    
Net income $ 35,666 $ 34,669
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 8,472 5,746
Stock-based compensation expense 4,651 4,178
Deferred taxes 2,546 2,262
Other 852 (944)
Changes in operating assets and liabilities:    
(Increase) in accounts receivable (6,764) (7,427)
(Increase) in prepaid expenses and other assets (1,683) (2,206)
(Decrease) in accrued employee compensation (11,615) (8,066)
Increase (decrease) in deferred revenue 237 (1,002)
Increase in accounts payable, accrued expenses and other liabilities 4,050 3,039
Net cash provided by operating activities 36,412 30,249
Cash flows from investing activities    
Acquisition of business, net of cash acquired   (37,827)
Securities available-for-sale:    
Proceeds from sales   30,900
Proceeds from maturities 5,410 5,185
Purchases (4,181)  
Purchases of furniture, equipment and leasehold improvements (3,754) (7,416)
Capitalization of software development costs (4,971) (3,284)
Other (33) 63
Net cash (used in ) investing activities (7,529) (12,379)
Cash flows from financing activities    
Cash dividend on common stock (12,164) (10,258)
Exercise of stock options 845 1,380
Withholding tax payments on restricted stock vesting and stock option exercises (4,968) (5,001)
Excess tax benefits from stock-based compensation 2,576 2,651
Repurchases of common stock (13,748)  
Other (42) (158)
Net cash (used in) financing activities (27,501) (11,386)
Effect of exchange rate changes on cash and cash equivalents (919) 76
Cash and cash equivalents    
Net increase for the period 463 6,560
Beginning of period 132,691 128,908
End of period 133,154 135,468
Cash paid during the year    
Cash paid for income taxes 15,230 12,612
Liabilities assumed in connection with the Xtrakter acquisition:    
Fair value of assets acquired   44,745
Acquisition of business, net of cash acquired   (37,827)
Liabilities assumed   $ 6,918