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v3.4.0.3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended
--- | ---
Mar. 31, 2016 | Mar. 31, 2015
Cash Flows from Operating Activities: |  |
Net income | $ 11,870 | $ 19,725
Adjustments to reconcile net income to net cash used in operating activities: |  |
Depreciation expense, intangible asset and other amortization | 1,573 | 1,671
Stock-based compensation | 3,270 | 3,063
Excess tax benefits from stock-based compensation | (130) | (1,314)
Amortization of deferred commissions | 763 | 3,064
Payments of deferred commissions | (500) | (1,168)
Equity in earnings of equity method investments | (218) | (425)
Realized and unrealized losses (gains) on trading securities, net | 658 | (545)
Sales (purchases) of trading securities, net | 11,197 | 8,710
Deferred taxes, net | 4,900 | 2,368
Changes in operating assets and liabilities: |  |
Accounts receivable, net and other assets | (4,944) | (6,054)
Accrued compensation and benefits, accounts payable, accrued liabilities and other liabilities | (35,710) | (35,020)
Net cash used in operating activities | (38,375) | (24,852)
Cash Flows from Investing Activities: |  |
Capital expenditures | (591) | (1,397)
Purchases of other investments | (759) | 0
Purchases of available-for-sale securities | (60) | (43)
Net cash used in investing activities | (1,307) | (1,440)
Cash Flows from Financing Activities: |  |
Dividends paid | (3,911) | (4,129)
Repurchases of common shares | (15,000) | (14,000)
Proceeds from exercise of stock options | 375 | 54
Taxes paid related to net share settlement of restricted stock units | (1,001) | (4,122)
Excess tax benefits from stock-based compensation | 130 | 1,314
Contributions of noncontrolling interests, net | 19,928 | 11,039
Net cash provided by (used in) financing activities | 1,549 | (8,923)
Net decrease in cash and cash equivalents | (38,133) | (35,215)
Cash and cash equivalents, beginning of period | 97,384 | 203,304
Cash and Cash Equivalents, End of Period | 59,251 | 168,089
Non-Cash Investing Activities: |  |
Change in accrual for capital expenditures | (153) | 458
Non-Cash Financing Activities: |  |
(Decrease) increase to noncontrolling interest due to (deconsolidation) consolidation of consolidated sponsored investment products, net | (52,874) | 450
Dividends payable | 4,173 | 4,095
Consolidated Sponsored Investment Products [Member] |  |
Adjustments to reconcile net income to net cash used in operating activities: |  |
Realized and unrealized losses (gains) on trading securities, net | (683) | (1,659)
Sales (purchases) of trading securities, net | (21,545) | (16,583)
(Purchases) sales of securities sold short by consolidated sponsored investment products, net | (3,655) | 1,533
Changes in operating assets and liabilities: |  |
Cash pledged or on deposit of consolidated sponsored investment products | 1,682 | (2,245)
Other assets of consolidated sponsored investment products | (1,292) | (81)
Liabilities of consolidated sponsored investment products | 618 | 108
Cash Flows from Investing Activities: |  |
Change in cash and cash equivalents of consolidated sponsored investment products due to deconsolidation | 103 | 0
Cash Flows from Financing Activities: |  |
Borrowings of proceeds from short sales by consolidated sponsored investment products | 0 | 921
Payments on borrowings by consolidated sponsored investment products | (1,839) | 0
Consolidated Investment Product [Member] |  |
Adjustments to reconcile net income to net cash used in operating activities: |  |
Realized and unrealized losses (gains) on trading securities, net | (2,235) | 0
Sales (purchases) of trading securities, net | (4,079) | 0
Changes in operating assets and liabilities: |  |
Other assets of consolidated sponsored investment products | (163) | 0
Liabilities of consolidated investment product, net | 248 | 0
Cash Flows from Financing Activities: |  |
Borrowings of debt of consolidated investment product | $ 2,867 | $ 0

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- Definition The cash outflow to acquire debt and equity securities not classified as either held-to-maturity securities or trading securities which would be classified as available-for-sale securities and reported at fair value, with unrealized gains and losses excluded from earnings and reported in a separate component of shareholders' equity. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Investing Activities -URI http://asc.fasb.org/extlink&oid=6516133 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 13 -Subparagraph (a),(b) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3213-108585 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=49167202&loc=d3e26853-111562 + Details
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- Definition The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Investing Activities -URI http://asc.fasb.org/extlink&oid=6516133 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 13 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3213-108585 + Details
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- Definition The cash inflow from a debt initially having maturity due after one year or beyond the operating cycle, if longer. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 14 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3255-108585 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Financing Activities -URI http://asc.fasb.org/extlink&oid=6513228 + Details
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- Definition Amount of cash inflow (outflow) from sales and purchases of trading securities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=49167202&loc=d3e26853-111562 + Details
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- Definition Amount of cash inflow (outflow) from (to) a noncontrolling interest. Excludes dividends paid to the noncontrolling interest. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3291-108585 + Details
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- Definition The net cash inflow or outflow from cash and cash items that are not available for withdrawal or usage. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3255-108585 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Financing Activities -URI http://asc.fasb.org/extlink&oid=6513228 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3291-108585 + Details
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- Definition The cash inflow associated with the amount received from holders exercising their stock options. This item inherently excludes any excess tax benefit, which the entity may have realized and reported separately. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (j) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 14 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3255-108585 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Financing Activities -URI http://asc.fasb.org/extlink&oid=6513228 + Details
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- Definition The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=51664549&loc=SL4569616-111683 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 55 -Paragraph 4K -URI http://asc.fasb.org/extlink&oid=35736750&loc=SL4591552-111686 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (a),(c) -URI http://asc.fasb.org/extlink&oid=18733093&loc=SL4573702-111684 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 55 -Paragraph 4J -URI http://asc.fasb.org/extlink&oid=35736750&loc=SL4591551-111686 + Details
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- Definition The cash outflow for a borrowing having initial term of repayment within one year or the normal operating cycle, if longer. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 15 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3291-108585 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Financing Activities -URI http://asc.fasb.org/extlink&oid=6513228 + Details
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- Definition The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585 + Details
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- Definition Change in accruals or liabilities for capital expenditures. + References No definition available. + Details
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- Definition Dividends accrued but not yet paid. + References No definition available. + Details
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- Definition Non Cash Financing Activities [Abstract] + References No definition available. + Details
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- Definition Payments to acquire assets and other investments. + References No definition available. + Details
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