XML 21 R6.htm IDEA: XBRL DOCUMENT v3.5.0.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Cash flows from operating activities:    
Net income $ 15,723 $ 36,234
Non-cash items included in net income:    
Income tax expense 15,490 25,218
Depreciation and amortization 646 443
Stock-based compensation 7,270 4,952
Deferred rent (115) (70)
Accretion to interest income and other (34) 6
Changes in operating assets and liabilities:    
Accounts receivable 9,561 (10,318)
Other assets (1,889) (2,279)
Acquisition payable 3,295 521
Fund management and administration payable 240 3,219
Compensation and benefits payable (20,481) 7,290
Accounts payable and other liabilities (710) 316
Net cash provided by operating activities 28,996 65,532
Cash flows from investing activities:    
Purchase of fixed assets (599) (364)
Purchase of investments   (8,449)
Acquisition less cash acquired (11,818)  
Proceeds from the redemption of investments 5,025 1,187
Net cash used in investing activities (7,392) (7,626)
Cash flows from financing activities:    
Dividends paid (21,833) (21,794)
Shares repurchased (35,654) (15,264)
Proceeds from exercise of stock options 104 3,293
Net cash used in financing activities (57,383) (33,765)
Increase/(decrease) in cash flows due to changes in foreign exchange rate 623 (153)
Net (decrease)/increase in cash and cash equivalents (35,156) 23,988
Cash and cash equivalents-beginning of period 210,070 165,284
Cash and cash equivalents-end of period 174,914 189,272
Supplemental disclosure of cash flow information:    
Cash paid for taxes $ 3,748 $ 356