XML 44 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income $ 16,930,892 $ 14,352,968 $ 12,402,441
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation on furniture and equipment 305,897 330,971 326,529
Stock-based compensation 5,750,981 4,933,613 3,492,045
(Increase) decrease in accounts receivable (142,875) (1,600,620) 1,448,901
Change in deferred income taxes (368,572) (1,221,328) (382,227)
Investment gain/loss, net (1,135,598) 111,078 167,495
Increase in accrued compensation 5,469,062 8,125,191 9,481,957
Excess income tax benefit from stock-based compensation (34,543) (7,007) (84,375)
Income tax benefit from dividends paid on unvested shares (1,992,298)    
Decrease in accrued liabilities (98,021) (1,205,575) (1,032,143)
Other changes in assets and liabilities (138,232) (1,110,001) 148,913
Net cash provided by operating activities 24,546,693 22,709,290 25,969,536
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of furniture and equipment (221,592) (253,082) (62,529)
Cost of investments purchased and other portfolio activity (7,463,796) (925,507) (1,314,588)
Proceeds from sale of investments 304,152 4,133,000 6,050,000
Net cash provided by (used in) investing activities (7,381,236) 2,954,411 4,672,883
CASH FLOWS FROM FINANCING ACTIVITIES:      
Payment for repurchase of common shares   (1,072,908)  
Payment of taxes withheld on employee stock transactions (1,348,262) (158,988) (146,071)
Excess income tax benefit from stock-based compensation 34,543 7,007 84,375
Income tax benefit from dividends paid on unvested shares 1,992,298    
Payment of dividends (25,215,896) (14,971,570) (36,318,391)
Net cash used in financing activities (24,537,317) (16,196,459) (36,380,087)
CASH AND CASH EQUIVALENTS      
Net change during the year (7,371,860) 9,467,242 (5,737,668)
At beginning of year 15,242,768 5,775,526 11,513,194
At end of year 7,870,908 15,242,768 5,775,526
Supplemental cash flow information:      
Interest paid         
Income taxes paid 9,636,000 10,849,000 7,444,300
Supplemental disclosure of non-cash transactions:      
Common stock issued as incentive compensation $ 5,540,972 $ 7,461,984 $ 5,003,146