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Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended
--- | ---
Mar. 31, 2020 | Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES: |  |
Net income | $ 29,106 | $ 24,791
Adjustments to reconcile net income to net cash provided by operating activities: |  |
Asset impairment | 612 |
Depreciation and amortization expense | 2,639 | 2,233
Bad debt expense | 12,862 | 11,709
Compensation expense related to share-based awards | 3,212 | 1,369
Deferred income taxes | 9,468 | 6,778
Changes in operating assets and liabilities | (9,131) | (33,935)
Net cash provided by operating activities | 48,768 | 12,945
CASH FLOWS FROM INVESTING ACTIVITIES: |  |
Purchases of available-for-sale investments | (111,753) | (138,700)
Sales of available-for-sale investments | 52,893 | 135,062
Purchases of property and equipment | (1,015) | (479)
Business acquisition | (38,065) |
Net cash used in investing activities | (97,940) | (4,117)
CASH FLOWS FROM FINANCING ACTIVITIES: |  |
Issuance of common stock | 413 | 109
Purchase of treasury stock | (17,309) |
Payments of employee tax associated with stock compensation | (687) | (2,532)
Net cash used in financing activities | (17,583) | (2,423)
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (66,755) | 6,405
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of the period | 108,687 | 32,731
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of the period | $ 41,932 | $ 39,136

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