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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended
--- | ---
Sep. 30, 2017 | Sep. 30, 2016
Cash Flows from Operating Activities: |  |
Net income (loss) | $ 34,296 | $ 36,846
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |
Depreciation expense, intangible asset and other amortization | 11,621 | 4,430
Stock-based compensation | 14,970 | 9,064
Excess tax benefit from stock-based compensation | 0 | (192)
Amortization of deferred commissions | 1,666 | 1,900
Payments of deferred commissions | (2,104) | (1,405)
Equity in earnings of equity method investments | (1,150) | (444)
Realized (gain) loss on sale of equity method investment | 0 | (2,883)
Distributions from equity method investments | 911 | 0
Sales (purchases) of trading securities, net | 3,859 | 10,811
Loss on disposal of fixed assets | 345 | 0
Deferred taxes, net | 6,056 | 9,032
Changes in operating assets and liabilities: |  |
Accounts receivable, net and other assets | (9,466) | (297)
Accrued compensation and benefits, accounts payable, accrued liabilities and other liabilities | (2,147) | (12,893)
Operating activities of consolidated investment products (CIP): |  |
Net cash provided by (used in) operating activities | (103,783) | (1,130)
Cash Flows from Investing Activities: |  |
Capital expenditures | (1,243) | (1,461)
Proceeds from sale of equity method investment | 0 | 8,621
Equity method investment contributions | 0 | (2,471)
Acquisition of business (cash paid $471.4 million, less cash acquired $77.6 million) | (393,446) | 0
Purchases of available-for-sale securities | (194) | (183)
Net cash provided by (used in) investing activities | (389,417) | 4,609
Cash Flows from Financing Activities: |  |
Issuance of debt | 260,000 | 0
Repayments on credit facility and other debt | (30,970) | 0
Payment of deferred financing costs | (15,549) | (1,442)
Proceeds from issuance of mandatory convertible preferred stock, net of issuance costs | 111,004 | 0
Proceeds from issuance of common stock, net of issuance costs | 109,487 | 0
Common stock dividends paid | (9,352) | (11,119)
Preferred stock dividends paid | (4,169) | 0
Repurchases of common shares | (7,502) | (72,216)
Proceeds from exercise of stock options | 106 | 428
Taxes paid related to net share settlement of restricted stock units | (3,436) | (1,518)
Excess tax benefits from stock-based compensation | 0 | 192
Contributions of noncontrolling interests, net | 18,448 | 3,959
Net cash provided by (used in) financing activities | 796,576 | 78,410
Net increase (decrease) in cash and cash equivalents | 303,376 | 81,889
Cash and cash equivalents, beginning of period | 82,687 | 97,384
Cash and Cash Equivalents, End of Period | 386,063 | 179,273
Non-Cash Investing Activities: |  |
Change in accrual for capital expenditures | 96 | 140
Non-Cash Financing Activities: |  |
Increase (decrease) to noncontrolling interest due to consolidation (deconsolidation) of consolidated investment products, net | 11,286 | (48,292)
Stock issued for acquisition of business | 21,738 | 0
Contingent consideration for acquisition of business | 51,690 | 0
Common stock dividends payable | 4,234 | 3,424
Preferred stock dividends payable | 2,084 | 0
Accrued stock issuance costs | 332 | 0
Consolidated entity excluding consolidated investment products |  |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |
Realized and unrealized (gains) losses on trading securities, net | (3,117) | (700)
Cash Flows from Financing Activities: |  |
Cash and cash equivalents, beginning of period | 64,588 |
Cash and Cash Equivalents, End of Period | 164,867 |
Consolidated investment products |  |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |
Realized and unrealized (gains) losses on trading securities, net | (16,875) | (10,104)
Operating activities of consolidated investment products (CIP): |  |
Purchases of investments by CIP | (527,214) | (388,272)
Sales of investments by CIP | 377,238 | 325,929
Net purchases of short term investments by CIP | 565 | 5,773
Sales (purchases) of securities sold short by CIP, net | 209 | (4,648)
Change in cash pledged or on deposit of CIP | 262 | 9,644
Change in other assets of CIP | 417 | (893)
Change in liabilities of CIP | 833 | 4,453
Amortization of discount on notes payable of CIP | 5,042 | 3,719
Cash Flows from Investing Activities: |  |
Change in cash and cash equivalents of consolidated investment products due to consolidation, net | 5,466 | 103
Cash Flows from Financing Activities: |  |
Payments on borrowings by CIP | (105,000) | (156,154)
Proceeds from issuance of notes payable by CIP | 474,009 | 316,280
Repayment of notes payable by CIP | (500) | $ 0
Cash and cash equivalents, beginning of period | 18,099 |
Cash and Cash Equivalents, End of Period | $ 221,196 |

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- Definition The sum of the realized and unrealized net gain (loss) on trading securities during the period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=82897076&loc=d3e27476-111563 + Details
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- Definition The amount of cash paid for commissions during the current period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 25 -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=98514028&loc=d3e3536-108585 + Details
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- Definition Cash paid to purchase debt and equity securities, classified as operating activities, during the period; includes trading securities and any other investments classified as operating. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 25 -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=98514028&loc=d3e3536-108585 + Details
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- Definition The cash outflow to reacquire common stock during the period. + 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 (a) -URI http://asc.fasb.org/extlink&oid=98514028&loc=d3e3291-108585 + Details
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- Definition Amount of cash outflow in the form of ordinary dividends to common shareholders of the parent entity. + 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 (a) -URI http://asc.fasb.org/extlink&oid=98514028&loc=d3e3291-108585 + Details
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- Definition Amount of cash outflow in the form of ordinary dividends to preferred shareholders of the parent entity. + 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 (a) -URI http://asc.fasb.org/extlink&oid=98514028&loc=d3e3291-108585 + Details
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- Definition The cash outflow for loan and debt issuance costs. + 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=98514028&loc=d3e3291-108585 + Details
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- Definition Amount of cash outflow to satisfy an employee's income tax withholding obligation as part of a net-share settlement of a share-based award. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 25 -Paragraph 19A -URI http://asc.fasb.org/extlink&oid=96949009&loc=SL79513924-113897 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 15 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=98514028&loc=d3e3291-108585 + Details
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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 -Topic 230 -SubTopic 10 -Section 45 -Paragraph 13 -Subparagraph (a),(b) -URI http://asc.fasb.org/extlink&oid=98514028&loc=d3e3213-108585 Reference 2: 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=82896770&loc=d3e26853-111562 + Details
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- Definition The cash outflow associated with the acquisition of a business, net of the cash acquired from the purchase. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 13 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=98514028&loc=d3e3213-108585 + Details
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- Definition The cash outflow associated with the purchase of or advances to an equity method investments, which are investments in joint ventures and entities in which the entity has an equity ownership interest normally of 20 to 50 percent and exercises significant influence. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 13 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=98514028&loc=d3e3213-108585 + 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 -Topic 230 -SubTopic 10 -Section 45 -Paragraph 13 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=98514028&loc=d3e3213-108585 + Details
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- Definition The cash inflow from the additional capital contribution to the entity. + 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 (a) -URI http://asc.fasb.org/extlink&oid=98514028&loc=d3e3255-108585 + 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=98514028&loc=d3e3255-108585 + 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=82896770&loc=d3e26853-111562 + Details
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- Definition The cash inflow associated with the sale of equity method investments, which are investments in joint ventures and entities in which the entity has an equity ownership interest normally of 20 to 50 percent and exercises significant influence. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=98514028&loc=d3e3179-108585 + 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 55 -Paragraph 4K -URI http://asc.fasb.org/extlink&oid=84234705&loc=SL4591552-111686 Reference 2: 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=96868048&loc=SL4569616-111683 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=84161450&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=84234705&loc=SL4591551-111686 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (a)(2) -URI http://asc.fasb.org/extlink&oid=84161450&loc=SL4573702-111684 + Details
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