XML 39 R6.htm IDEA: XBRL DOCUMENT v3.3.0.814
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash flows from operating activities:    
Net income $ 59,522 $ 51,429
Non-cash items included in net income:    
Income tax expense 40,573 5,396
Depreciation and amortization 696 600
Stock-based compensation 7,878 6,122
Deferred rent (26) 1,620
Accretion to interest income and other 9 (76)
Changes in operating assets and liabilities:    
Accounts receivable (7,253) 2,049
Other assets (1,892) (811)
Deferred acquisition contingent payment 693  
Fund management and administration payable 1,216 (1,579)
Compensation and benefits payable 7,402 (7,510)
Accounts payable and other liabilities 1,330 (590)
Net cash provided by operating activities 110,148 56,650
Cash flows from investing activities:    
Purchase of fixed assets (1,606) (4,580)
Purchase of investments (11,353) (1,384)
Cash acquired on acquisition   1,349
Proceeds from the redemption of investments 1,681 868
Net cash used in investing activities (11,278) (3,747)
Cash flows from financing activities:    
Dividends paid (32,867)  
Shares repurchased (23,689) (6,259)
Proceeds from exercise of stock options 4,471 341
Net cash used in financing activities (52,085) (5,918)
Decrease in cash flows due to changes in foreign exchange rate (77) (14)
Net increase in cash and cash equivalents 46,708 46,971
Cash and cash equivalents - beginning of period 165,284 104,316
Cash and cash equivalents - end of period 211,992 151,287
Supplemental disclosure of cash flow information:    
Cash paid for taxes $ 551 $ 66