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, 2012
Mar. 31, 2011
OPERATING ACTIVITIES:    
Net income $ 740 $ 1,404
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 2,399 1,548
Amortization of customer inducements   1,206
Deferred rent and lease incentive (11) (69)
Gain on investments   (3)
Deferred income taxes 12 775
Stock-based compensation 795 816
Interest expense 3 211
Changes in operating assets and liabilities:    
Fees receivable 1,034 567
Prepaid expenses and other current assets 903 (480)
Accrued expenses (1,733) (1,212)
Accounts payable 292 349
Deferred revenue 451 (164)
Other non-current liabilities 45 60
Net cash provided by operating activities 4,930 5,008
INVESTING ACTIVITIES:    
Purchase of property and equipment (613) (1,419)
Capitalization of internally developed software (346) (435)
Proceeds from investments (3) 15
Goodwill adjustment 889  
Net cash used in investing activities (73) (1,839)
FINANCING ACTIVITIES:    
Proceeds from exercise of stock options 948 1,072
Purchase of treasury stock (78) (94)
Net cash provided by financing activities 870 978
INCREASE IN CASH AND CASH EQUIVALENTS 5,727 4,147
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 64,909 67,668
CASH AND CASH EQUIVALENTS, END OF PERIOD 70,636 71,815
Supplemental disclosure of cash flow information - cash paid during the period for:    
Income taxes $ 341 $ 109