XML 59 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Cash flows from operating activities      
Net income (loss) for the year $ 26,153 $ (851) $ 12,617
Adjustments to reconcile net income (loss) to net cash provided by operating activities      
Depreciation and amortization of office facilities and leasehold improvements 9,405 10,466 11,899
Deferred income taxes 23,436 (26,642) (745)
Amortization of notes receivable 18,762 19,515 19,699
Amortization of debt issuance costs 639 639 986
Amortization of intangible assets   3,889 5,390
Amortization of mortgage servicing rights 1,881 3,200 2,444
Provision for (reversal of) credit losses 167 (292) (168)
Share-based compensation 9,249 4,191 1,100
Reduction of excess of fair value of acquired assets over cost   (7,020)  
Decrease (increase) in operating assets:      
Cash and securities segregated for regulatory and other purposes (3,323) (2,914) (165)
Deposits with clearing organizations 2,275 9,862 (12,588)
Receivable from brokers, dealers and clearing organizations 114,826 (191,586) 14,731
Receivable from customers (51,095) 20,173 87,163
Income tax receivable (6,111) 6,292 371
Securities purchased under agreements to resell (184,825) 847,688 (500,618)
Securities owned (96,346) 164,799 (557,522)
Notes receivable (12,189) (12,795) (13,957)
Loans held for sale (53,115) 86,382 (72,393)
Mortgage servicing rights less amortization (3,777) (7,388) (11,662)
Other assets (49,772) (11,980) 39,506
Increase (decrease) in operating liabilities:      
Drafts payable (8,388) 4,738 (9,207)
Payable to brokers, dealers and clearing organizations 19,097 (131,392) (35,765)
Payable to customers (65,814) 212,482 72,980
Securities sold under agreements to repurchase 365,100 (1,116,102) 1,118,037
Securities sold, but not yet purchased (97,136) 104,035 (90,637)
Accrued compensation 25,581 5,566 (31,614)
Accounts payable and other liabilities 11,891 (4,407) 31,655
Cash provided by (used in) continuing operations (3,429) (9,452) 81,537
Cash flows from investing activities      
Purchase of office facilities (14,012) (14,739) (5,192)
Cash used in investing activities (14,012) (14,739) (5,192)
Cash flows from financing activities      
Cash dividends paid on Class A non-voting and Class B voting common stock (5,978) (5,986) (6,010)
Issuance of Class A non-voting common stock 150   337
Repurchase of Class A non-voting common stock for cancellation (3,625) (1,866)  
Tax deficiency from share-based awards (78) (720) (1,629)
Debt issuance costs     (4,565)
Issuance of senior secured notes     200,000
Buy-back of senior secured notes     (5,000)
Repayment of subordinated note     (100,000)
Repayment of senior secured credit note      (22,503)
Acquisition of non-controlling interest   (3,000)  
(Decrease) increase in bank call loans, net (10,100) 100,800 (119,500)
Cash (used in) provided by financing activities (19,631) 89,228 (58,870)
Net (decrease) increase in cash and cash equivalents (37,072) 65,037 17,475
Cash and cash equivalents, beginning of the year 135,366 70,329 52,854
Cash and cash equivalents, end of the year 98,294 135,366 70,329
Schedule of non-cash financing activities      
Employee share plan issuance 1,492 1,321 10,488
Supplemental disclosure of cash flow information      
Cash paid during the year for interest 26,492 38,692 60,394
Cash paid during the year for income taxes, net of refunds $ 4,509 $ 14,254 $ 7,993