v3.5.0.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities    
Net income (loss) $ 87,137 $ 81,446
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Bad debt expense 124 668
Depreciation and amortization 2,359 1,954
(Income) loss from equity method investments (3,897) (3,510)
Equity-based compensation 56,313 33,337
Deferred tax provision (1,931) 595
Other 700 484
Changes in assets and liabilities:    
Accounts receivable 2,763 (11,913)
Other receivables 1,234 (1,376)
Prepaid expenses and other assets 1,342 (2,397)
Deferred compensation (841) (2,863)
Compensation payable (53,017) (62,206)
Accounts payable and accrued expenses (7,664) (2,233)
Deferred revenue 6,324 1,925
Dividends received 804 2,473
Other liabilities 2,075 540
Net cash provided by (used in) operating activities 93,825 36,924
Cash flows from investing activities    
Purchase of investments (95,919) (129,984)
Proceeds from sales of investments 101,000 57,000
Return of capital from equity method investments 9 221
Notes issued to employees (852)  
Purchase of equipment and leasehold improvements (2,737) (2,902)
Change in restricted cash (30) (32)
Net cash provided by (used in) investing activities 1,471 (75,697)
Cash flows from financing activities    
Dividends and distributions (135,751) (64,394)
Purchase of treasury stock (2,621) (7,006)
Excess tax benefits from equity-based compensation 90 449
Class A partnership units and other equity purchased   (90)
Net cash provided by (used in) financing activities (138,282) (71,041)
Effect of exchange rate fluctuations on cash and cash equivalents (2,425) (294)
Net increase (decrease) in cash and cash equivalents (45,411) (110,108)
Cash and cash equivalents, beginning of period 248,022 197,944
Cash and cash equivalents, end of period 202,611 87,836
Cash paid during the period for:    
Income taxes 20,609 19,280
Other non-cash activity    
Class A Partnership Units or other equity converted into Class A Common Stock 783 4,478
Dividend equivalents issued $ 10,276 $ 2,732