Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
 3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
OPERATING ACTIVITIES:    
Net income $ 541 $ 740
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 3,118 2,399
Deferred rent and lease incentive 20 (11)
Provision for doubtful accounts 60  
Deferred income taxes (570) 12
Stock-based compensation 2,306 795
Excess tax benefits from stock-based compensation (160)  
Interest expense   3
Changes in operating assets and liabilities:    
Fees receivable (1,683) 1,034
Prepaid expenses and other current assets (169) 1,792
Other non-current assets (241) (3)
Accrued expenses 260 (1,733)
Accounts payable (122) 292
Deferred revenue 461 451
Other non-current liabilities (66) 45
Net cash provided by operating activities 3,755 5,816
INVESTING ACTIVITIES:    
Purchase of property and equipment (605) (613)
Capitalization of internally developed software (765) (346)
Net cash used in investing activities (1,370) (959)
FINANCING ACTIVITIES:    
Proceeds from exercise of stock options 56 948
Issuance of common stock - vesting of restricted stock 1  
Excess tax benefits from stock-based compensation 160  
Purchase of treasury stock (367) (78)
Net cash provided by (used in) financing activities (150) 870
INCREASE IN CASH AND CASH EQUIVALENTS 2,235 5,727
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 29,983 64,909
CASH AND CASH EQUIVALENTS, END OF PERIOD 32,218 70,636
Supplemental disclosure of cash flow information - cash paid during the period for income taxes, net of refunds $ 416 $ 341