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
 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
OPERATING ACTIVITIES:    
Net income $ 623 $ 5,776
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 9,016 4,676
Amortization of customer inducements    3,620
Deferred rent and lease incentive 1,366 357
Gain on investments   4
Impairment of customer inducement asset   174
Deferred income taxes (562) 2,794
Stock-based compensation 3,125 2,359
Interest expense 3 621
Changes in operating assets and liabilities:    
Fees receivable (487) 544
Prepaid expenses and other current assets 3,084 (872)
Customer inducements   (1,077)
Other non-current assets (194) (1,000)
Accrued expenses 1,791 441
Accounts payable 545 306
Deferred revenue 600 (119)
Other non-current liabilities 179 204
Net cash provided by operating activities 19,089 18,808
INVESTING ACTIVITIES:    
Purchase of property and equipment (4,098) (4,257)
Capitalization of internally developed software (1,698) (1,135)
Repayment of notes payable assumed in acquisition (174) (162)
Proceeds from investments 4 23
Goodwill - working capital settlement 889  
Acquisition of businesses, net (62,352)  
Net cash used in investing activities (67,429) (5,531)
FINANCING ACTIVITIES:    
Proceeds from exercise of stock options 1,927 2,702
Issuance of restricted stock 2,759  
Purchase of treasury stock (122) (94)
Net cash provided by financing activities 4,564 2,608
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (43,776) 15,885
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 64,909 67,668
CASH AND CASH EQUIVALENTS, END OF PERIOD 21,133 83,553
Supplemental disclosure of cash flow information - cash paid during the period for:    
Income taxes 604 732
Supplemental disclosure of non-cash Investing and financing activities:    
Leasehold improvements funded by lease incentive $ 1,054 $ 491