XML 26 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Interim Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Cash flows from operating activities:    
Net income $ 8,336 $ 8,774
Adjustments required to reconcile net income to net cash provided by operating activities:    
Depreciation 259 253
Equity-based compensation 2,322 2,125
Gain from sale of property and equipment   (10)
Realized gain on sale of available-for-sale marketable securities (127) (7)
Amortization of premiums on available-for-sale marketable securities 709 1,045
Accrued interest on bank deposits (910) (457)
Unrealized foreign exchange loss (gain) (57) 44
Changes in operating assets and liabilities:    
Decrease in trade receivables 414 2,284
Decrease in prepaid expenses and other accounts receivable 600 1,184
Increase in deferred taxes, net (415) (1,693)
Increase in trade payables 444 226
Increase (decrease) in deferred revenues (42) 3,030
Decrease in accrued expenses and other payables (1,849) (1,651)
Increase in income taxes payable 997 445
Excess tax benefit from equity-based compensation (752) (1,779)
Decrease in accrued severance pay, net (78) (11)
Net cash provided by operating activities 9,851 13,802
Cash flows from investing activities:    
Purchase of property and equipment (201) (213)
Proceeds from sale of property and equipment   10
Investment in bank deposits (28,604) (22,500)
Proceeds from bank deposits 29,073 5,065
Investment in available-for-sale marketable securities (20,367) (27,600)
Proceeds from maturity of available-for-sale marketable securities 9,150 16,477
Proceeds from sale of available-for-sale marketable securities 25,845 3,998
Net cash provided by (used in) investing activities 14,896 (24,763)
Cash flows from financing activities:    
Purchase of Treasury Stock (20,793)  
Proceeds from issuance of Common Stock upon exercise of stock options 166 6,046
Proceeds from issuance of Common Stock under employee stock purchase plan 629 590
Proceeds from issuance of Treasury Stock upon exercise of stock options 80  
Excess tax benefit from equity-based compensation 752 1,779
Net cash provided by (used in) financing activities (19,166) 8,415
Effect of exchange rate movements on cash (28) (173)
Increase (decrease) in cash and cash equivalents 5,553 (2,719)
Cash and cash equivalents at the beginning of the period 14,954 17,098
Cash and cash equivalents at the end of the period $ 20,507 $ 14,379