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Restatement of Previously Issued Condensed Consolidated Financial Statements | 6 Months Ended
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Jun. 30, 2016
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Restatement of Previously Issued Condensed Consolidated Financial Statements | Note 2 - Restatement of Previously Issued Condensed Consolidated Financial Statements On May 25, 2016, the Company filed its Form 10-K for 2015 which included annual consolidated financial statements for the year ended December 31, 2015. Included within the 2015 Form 10-K were the restated consolidated financial statements for the years ended December 31, 2014 and 2013 and related quarters, as well as the quarterly periods ended March 31, 2015 and June 30, 2015. The following schedules reflect the previously reported and restated financial information as of and for the three and six months ended June 30, 2015. Impact on Condensed Consolidated Balance Sheet (Unaudited) (In Thousands, Except Par Value)
|  | June 30, 2015 |
|  | As Previously Reported |  |  | Restatement Adjustments |  |  | As Restated |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 4,439 |  |  | $ | 0 |  |  | $ | 4,439 |
Trade accounts receivable, net |  |  | 137,862 |  |  |  | 0 |  |  |  | 137,862 |
Income taxes receivable |  |  | 8,737 |  |  |  | 457 |  |  |  | 9,194 |
Prepaid expenses and other |  |  | 5,689 |  |  |  | 0 |  |  |  | 5,689 |
Restricted certificates of deposit |  |  | 26,015 |  |  |  | 0 |  |  |  | 26,015 |
Restricted marketable securities and workers’ compensation deposits |  |  | 21,343 |  |  |  | 0 |  |  |  | 21,343 |
Deferred income taxes |  |  | 15,774 |  |  |  | 3,209 |  |  |  | 18,983 |
Total current assets |  |  | 219,859 |  |  |  | 3,666 |  |  |  | 223,525 |
Marketable securities |  |  | 6,048 |  |  |  | 0 |  |  |  | 6,048 |
Property, equipment and software, net |  |  | 22,648 |  |  |  | 0 |  |  |  | 22,648 |
Restricted certificates of deposit |  |  | 88,320 |  |  |  | 0 |  |  |  | 88,320 |
Restricted marketable securities and workers’ compensation deposits |  |  | 101,828 |  |  |  | 0 |  |  |  | 101,828 |
Other assets |  |  | 4,840 |  |  |  | 0 |  |  |  | 4,840 |
Goodwill |  |  | 47,820 |  |  |  | 0 |  |  |  | 47,820 |
|  | $ | 491,363 |  |  | $ | 3,666 |  |  | $ | 495,029 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Line of credit |  | $ | 3,223 |  |  | $ | 0 |  |  | $ | 3,223 |
Current portion of long-term debt |  |  | 27,220 |  |  |  | 0 |  |  |  | 27,220 |
Accounts payable |  |  | 2,419 |  |  |  | 0 |  |  |  | 2,419 |
Accrued payroll, payroll taxes and related benefits |  |  | 141,278 |  |  |  | (522 | ) |  |  | 140,756 |
Other accrued liabilities |  |  | 4,845 |  |  |  | 0 |  |  |  | 4,845 |
Workers’ compensation claims liabilities |  |  | 60,457 |  |  |  | 4,931 |  |  |  | 65,388 |
Safety incentives liability |  |  | 18,147 |  |  |  | 0 |  |  |  | 18,147 |
Total current liabilities |  |  | 257,589 |  |  |  | 4,409 |  |  |  | 261,998 |
Long-term workers’ compensation claims liabilities |  |  | 169,154 |  |  |  | 4,702 |  |  |  | 173,856 |
Long-term debt |  |  | 14,723 |  |  |  | 0 |  |  |  | 14,723 |
Deferred income taxes |  |  | 8,159 |  |  |  | 262 |  |  |  | 8,421 |
Customer deposits and other long-term liabilities |  |  | 1,487 |  |  |  | 0 |  |  |  | 1,487 |
Total liabilities |  |  | 451,112 |  |  |  | 9,373 |  |  |  | 460,485 |
Commitments and contingencies |  |  |  |  |  |  |  |  |  |  |  |
Stockholders’ equity: |  |  |  |  |  |  |  |  |  |  |  |
Common stock, $.01 par value; 20,500 shares authorized, 7,141 shares issued and outstanding |  |  | 72 |  |  |  | 0 |  |  |  | 72 |
Additional paid-in capital |  |  | 6,173 |  |  |  | 0 |  |  |  | 6,173 |
Accumulated other comprehensive income |  |  | 4 |  |  |  | 0 |  |  |  | 4 |
Retained earnings |  |  | 34,002 |  |  |  | (5,707 | ) |  |  | 28,295 |
|  |  | 40,251 |  |  |  | (5,707 | ) |  |  | 34,544 |
|  | $ | 491,363 |  |  | $ | 3,666 |  |  | $ | 495,029 |
Impact on Condensed Consolidated Statement of Operations (Unaudited) (In Thousands, Except Per Share Amounts)
|  | Three months ended June 30, 2015 |
|  | As Previously Reported |  |  | Restatement Adjustments |  |  | As Restated |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Professional employer service fees |  | $ | 140,048 |  |  | $ | (436 | ) |  | $ | 139,612 |
Staffing services |  |  | 42,347 |  |  |  | 0 |  |  |  | 42,347 |
Total revenues |  |  | 182,395 |  |  |  | (436 | ) |  |  | 181,959 |
Cost of revenues: |  |  |  |  |  |  |  |  |  |  |  |
Direct payroll costs |  |  | 32,188 |  |  |  | 0 |  |  |  | 32,188 |
Payroll taxes and benefits |  |  | 72,146 |  |  |  | (338 | ) |  |  | 71,808 |
Workers’ compensation |  |  | 41,897 |  |  |  | (412 | ) |  |  | 41,485 |
Total cost of revenues |  |  | 146,231 |  |  |  | (750 | ) |  |  | 145,481 |
Gross margin |  |  | 36,164 |  |  |  | 314 |  |  |  | 36,478 |
Selling, general and administrative expenses |  |  | 21,278 |  |  |  | 151 |  |  |  | 21,429 |
Depreciation and amortization |  |  | 709 |  |  |  | 0 |  |  |  | 709 |
Income from operations |  |  | 14,177 |  |  |  | 163 |  |  |  | 14,340 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |
Investment income |  |  | 148 |  |  |  | 81 |  |  |  | 229 |
Interest expense |  |  | (562 | ) |  |  | 0 |  |  |  | (562 | )
Other, net |  |  | (65 | ) |  |  | 0 |  |  |  | (65 | )
Other expense, net |  |  | (479 | ) |  |  | 81 |  |  |  | (398 | )
Income before income taxes |  |  | 13,698 |  |  |  | 244 |  |  |  | 13,942 |
Provision for income taxes |  |  | 4,952 |  |  |  | 88 |  |  |  | 5,040 |
Net income |  | $ | 8,746 |  |  | $ | 156 |  |  | $ | 8,902 |
Basic earnings per common share |  | $ | 1.22 |  |  | $ | 0.02 |  |  | $ | 1.24 |
Weighted average number of basic common shares outstanding |  |  | 7,151 |  |  |  | 0 |  |  |  | 7,151 |
Diluted earnings per common share |  | $ | 1.19 |  |  | $ | 0.02 |  |  | $ | 1.21 |
Weighted average number of diluted common shares outstanding |  |  | 7,327 |  |  |  | 0 |  |  |  | 7,327 |
Cash dividends per common share |  | $ | 0.22 |  |  |  |  |  |  | $ | 0.22 |
|  | Six months ended June 30, 2015 |
|  | As Previously Reported |  |  | Restatement Adjustments |  |  | As Restated |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Professional employer service fees |  | $ | 267,799 |  |  | $ | (953 | ) |  | $ | 266,846 |
Staffing services |  |  | 81,513 |  |  |  | 0 |  |  |  | 81,513 |
Total revenues |  |  | 349,312 |  |  |  | (953 | ) |  |  | 348,359 |
Cost of revenues: |  |  |  |  |  |  |  |  |  |  |  |
Direct payroll costs |  |  | 61,952 |  |  |  | 0 |  |  |  | 61,952 |
Payroll taxes and benefits |  |  | 160,440 |  |  |  | (555 | ) |  |  | 159,885 |
Workers’ compensation |  |  | 81,780 |  |  |  | (667 | ) |  |  | 81,113 |
Total cost of revenues |  |  | 304,172 |  |  |  | (1,222 | ) |  |  | 302,950 |
Gross margin |  |  | 45,140 |  |  |  | 269 |  |  |  | 45,409 |
Selling, general and administrative expenses |  |  | 38,253 |  |  |  | 146 |  |  |  | 38,399 |
Depreciation and amortization |  |  | 1,392 |  |  |  | 0 |  |  |  | 1,392 |
Income from operations |  |  | 5,495 |  |  |  | 123 |  |  |  | 5,618 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |
Investment income |  |  | 236 |  |  |  | 80 |  |  |  | 316 |
Interest expense |  |  | (1,082 | ) |  |  | 0 |  |  |  | (1,082 | )
Other, net |  |  | (78 | ) |  |  | (1 | ) |  |  | (79 | )
Other expense, net |  |  | (924 | ) |  |  | 79 |  |  |  | (845 | )
Income before income taxes |  |  | 4,571 |  |  |  | 202 |  |  |  | 4,773 |
Provision for income taxes |  |  | 1,627 |  |  |  | 72 |  |  |  | 1,699 |
Net income |  | $ | 2,944 |  |  | $ | 130 |  |  | $ | 3,074 |
Basic earnings per common share |  | $ | 0.41 |  |  | $ | 0.02 |  |  | $ | 0.43 |
Weighted average number of basic common shares outstanding |  |  | 7,143 |  |  |  | 0 |  |  |  | 7,143 |
Diluted earnings per common share |  | $ | 0.40 |  |  | $ | 0.02 |  |  | $ | 0.42 |
Weighted average number of diluted common shares outstanding |  |  | 7,328 |  |  |  | 0 |  |  |  | 7,328 |
Cash dividends per common share |  | $ | 0.44 |  |  |  |  |  |  | $ | 0.44 |
Impact on Condensed Consolidated Statement of Comprehensive Income (Unaudited) (In Thousands)
|  | Three months ended June 30, 2015 |
|  | As Previously Reported |  |  | Restatement Adjustments |  |  | As Restated |
Net income |  | $ | 8,746 |  |  | $ | 156 |  |  | $ | 8,902 |
Unrealized losses on marketable securities, net of tax of $11 |  |  | (17 | ) |  |  | 0 |  |  |  | (17 | )
Comprehensive income |  | $ | 8,729 |  |  | $ | 156 |  |  | $ | 8,885 |
|  | Six months ended June 30, 2015 |
|  | As Previously Reported |  |  | Restatement Adjustments |  |  | As Restated |
Net income |  | $ | 2,944 |  |  | $ | 130 |  |  | $ | 3,074 |
Unrealized gains on marketable securities, net of tax of $17 |  |  | 27 |  |  |  | 0 |  |  |  | 27 |
Comprehensive income |  | $ | 2,971 |  |  | $ | 130 |  |  | $ | 3,101 |
Impact on Condensed Consolidated Statement of Cash Flows (Unaudited) (In Thousands)
|  | Six months ended June 30, 2015 |
|  | As Previously Reported |  |  | Restatement Adjustments |  |  | As Restated |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 2,944 |  |  | $ | 130 |  |  | $ | 3,074 |
Reconciliations of net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 1,392 |  |  |  | 0 |  |  |  | 1,392 |
Losses recognized on marketable securities |  |  | 1 |  |  |  | 0 |  |  |  | 1 |
Deferred income taxes |  |  | 0 |  |  |  | 72 |  |  |  | 72 |
Share based compensation |  |  | 1,069 |  |  |  | 0 |  |  |  | 1,069 |
Excess tax benefit from share-based compensation |  |  | (70 | ) |  |  | 0 |  |  |  | (70 | )
Changes in certain operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Trade accounts receivable |  |  | (35,235 | ) |  |  | 0 |  |  |  | (35,235 | )
Income taxes receivable |  |  | 2,754 |  |  |  | (1 | ) |  |  | 2,753 |
Prepaid expenses and other |  |  | (1,876 | ) |  |  | 0 |  |  |  | (1,876 | )
Accounts payable |  |  | (300 | ) |  |  | 0 |  |  |  | (300 | )
Accrued payroll, payroll taxes and related benefits |  |  | 24,094 |  |  |  | 825 |  |  |  | 24,919 |
Other accrued liabilities |  |  | (21 | ) |  |  | (1,364 | ) |  |  | (1,385 | )
Workers’ compensation claims liabilities |  |  | 13,629 |  |  |  | 337 |  |  |  | 13,966 |
Safety incentives liability |  |  | 3,915 |  |  |  | 0 |  |  |  | 3,915 |
Customer deposits, long-term liabilities and other assets, net |  |  | 278 |  |  |  | 0 |  |  |  | 278 |
Net cash provided by operating activities |  |  | 12,574 |  |  |  | (1 | ) |  |  | 12,573 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |
Purchase of property and equipment |  |  | (1,365 | ) |  |  | 0 |  |  |  | (1,365 | )
Purchase of marketable securities |  |  | (2,315 | ) |  |  | 0 |  |  |  | (2,315 | )
Proceeds from sales and maturities of marketable securities |  |  | 47,197 |  |  |  | 0 |  |  |  | 47,197 |
Purchase of restricted marketable securities |  |  | (64,483 | ) |  |  | 0 |  |  |  | (64,483 | )
Proceeds from maturities of restricted marketable securities |  |  | 3,621 |  |  |  | 0 |  |  |  | 3,621 |
Net cash used in investing activities |  |  | (17,345 | ) |  |  | 0 |  |  |  | (17,345 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from credit-line borrowings |  |  | 44,934 |  |  |  | 0 |  |  |  | 44,934 |
Payments on credit-line borrowings |  |  | (41,711 | ) |  |  | 0 |  |  |  | (41,711 | )
Payments on long-term debt |  |  | (3,110 | ) |  |  | 0 |  |  |  | (3,110 | )
Common stock repurchased on vesting of restricted stock units |  |  | (65 | ) |  |  | 0 |  |  |  | (65 | )
Dividends paid |  |  | (3,142 | ) |  |  | 1 |  |  |  | (3,141 | )
Proceeds from the exercise of stock options and vesting of restricted stock units |  |  | 690 |  |  |  | 0 |  |  |  | 690 |
Excess tax benefit from share-based compensation |  |  | 70 |  |  |  | 0 |  |  |  | 70 |
Net cash used in financing activities |  |  | (2,334 | ) |  |  | 1 |  |  |  | (2,333 | )
Net decrease in cash and cash equivalents |  |  | (7,105 | ) |  |  | 0 |  |  |  | (7,105 | )
Cash and cash equivalents, beginning of period |  |  | 11,544 |  |  |  | 0 |  |  |  | 11,544 |
Cash and cash equivalents, end of period |  | $ | 4,439 |  |  | $ | 0 |  |  | $ | 4,439 |

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