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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash flows from operating activities    
Net income $ 20,609 $ 1,803
Non-cash items included in net income:    
Depreciation and amortization of furniture, equipment and leasehold improvements 4,999 4,185
Deferred income taxes 1,616 4,240
Amortization of notes receivable 9,480 8,658
Amortization of debt issuance costs 194 287
Write-off of debt issuance costs 0 430
Provision for (reversal of) credit losses 90 (12)
Share-based compensation 11,088 3,517
Decrease (increase) in operating assets:    
Deposits with clearing organizations 11,734 6,016
Receivable from brokers, dealers and clearing organizations (17,916) (33,957)
Receivable from customers 50,385 71,796
Income tax receivable (556) 755
Securities purchased under agreements to resell (844) 24,006
Securities owned 31,346 (330,355)
Notes receivable (12,238) (16,800)
Other assets 24,487 (9,585)
Increase (decrease) in operating liabilities:    
Drafts payable (13,170) (12,748)
Payable to brokers, dealers and clearing organizations 7,960 26,090
Payable to customers (34,157) (53,431)
Securities sold under agreements to repurchase 19,532 20,566
Securities sold but not yet purchased 49,260 281,531
Accrued compensation (27,899) (14,238)
Accounts payable and other liabilities 5,747 (5,108)
Cash provided by (used in) operating activities 118,279 (34,386)
Cash flows from investing activities    
Purchase of furniture, equipment and leasehold improvements (6,654) (3,506)
Purchase of tangible assets (400) 0
Proceeds from settlement of company-owned life insurance 284 1,194
Cash used in investing activities (6,770) (2,312)
Cash flows from financing activities    
Cash dividends paid on Class A non-voting and Class B voting common stock (4,373) (4,394)
Cash dividends paid to non-controlling interest 0 (2,448)
Issuance of Class A non-voting common stock 70 0
Repurchase of Class A non-voting common stock for cancellation 0 (7,464)
Payments for employee taxes withheld related to vested share-based awards (2,529) (2,232)
Issuance of senior secured notes 0 200,000
Redemption of senior secured notes 0 150,000
Debt issuance costs 0 (1,183)
Decrease in bank call loans, net (115,300) (15,700)
Cash (used in) provided by financing activities (122,132) 16,579
Net decrease in cash and cash equivalents (10,623) (20,119)
Cash and cash equivalents, beginning of period 48,154 64,913
Cash and cash equivalents, end of period 37,531 44,794
Schedule of non-cash financing activities    
Employee share plan issuance 724 4,225
Supplemental disclosure of cash flow information    
Cash paid during the period for interest 36,500 17,711
Cash paid during the period for income taxes, net $ 7,757 $ 2,354