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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating activities:      
Net income $ 42,312 $ 31,334 $ 10,978
Non-cash items included in net income:      
Depreciation and amortization 4,792 3,951 4,487
Net investment (gains) losses (372) 495 (113)
Restricted stock units recognized, net 31,110 31,950 46,382
Allowance for doubtful accounts 359 263 1,197
Deferred taxes, net 13,908 (8) (815)
Loss (gain) on fair value of contingent obligation 0 0 575
Non-cash portion of loss on refinancing 0 0 1,759
Loss (gain) on sales of property and equipment 9 267 0
Changes in operating assets and liabilities:      
Tenant incentive reimbursement from landlord 2,193 9,663 0
Fees receivable 29,021 (3,578) (17,170)
Other receivables and assets (4,420) (2,162) (143)
Payment of contingent obligation due selling unitholders of Cogent 0 0 (5,724)
Compensation payable 6,416 6,412 (30,939)
Accounts payable and accrued expenses (958) 9,042 1,690
Current income taxes payable 6,314 (3,623) 2,168
Net cash provided by operating activities 130,684 84,006 14,332
Investing activities:      
Purchases of investments 0 (2,050) 0
Proceeds from sales of investments 1,190 847 0
Distributions from investments, net 32 81 239
Purchases of property and equipment (4,770) (17,015) (1,648)
Net cash used in investing activities (3,548) (18,137) (1,409)
Financing activities:      
Payment of contingent obligation due selling unitholders of Cogent 0 0 (13,144)
Proceeds from secured term loan, net 0 0 48,248
Repayment of secured term loan (55,000) (38,750) (18,125)
Dividends paid (4,353) (4,108) (4,417)
Purchase of treasury stock (45,121) (23,257) (69,439)
Net cash used in financing activities (104,474) (66,115) (56,877)
Effect of exchange rate changes (741) (1,026) 1,555
Net increase (decrease) in cash and cash equivalents 21,921 (1,272) (42,399)
Cash and cash equivalents, beginning of year 112,703 113,975 156,374
Cash and cash equivalents, end of year 134,624 112,703 113,975
Supplemental disclosure of cash flow information:      
Cash paid for interest 10,417 14,386 21,511
Cash paid for taxes, net of refunds $ 1,424 $ 13,515 $ 6,201