Annual report pursuant to Section 13 and 15(d)

Condensed Consolidated Statements of Cash Flows

v2.4.0.8
Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Operating activities:      
Net income $ 54,467 $ 52,668 $ 47,199
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation and amortization 23,579 21,021 20,993
Gain on change in fair value of earn-out liability (615) 0 0
Share-based compensation 6,178 6,050 5,971
(Gain) loss on disposal of property and equipment (454) 318 (82)
Provision for loss (recovery) on receivables 423 199 (217)
Provision for revenue adjustments 2,531 2,003 1,951
Deferred income taxes 4,856 2,043 5,148
Tax benefit for stock options exercised (3,707) (385) (747)
Changes in operating assets and liabilities, net of acquisition of business      
Accounts receivable 1,447 (6,542) (9,893)
Prepaid expenses and other current assets (215) (1,331) (1,757)
Accounts payable and accrued expenses 2,588 (3,477) 3,825
Income taxes (239) (3,981) 4,568
Net cash provided by operating activities 90,839 68,586 76,959
Investing activities:      
Proceeds from disposal of property and equipment 1,973 911 1,267
Purchases of property and equipment (35,439) (21,353) (21,216)
Acquisition of business, net of cash acquired (45,328) 0 0
Other (129) (263) 278
Net cash used in investing activities (78,923) (20,705) (19,671)
Financing activities:      
Payments of debt and capital lease obligations (20,375) (551) (637)
Payments on line of credit 0 0 (50,000)
Proceeds from exercise of stock options 33,002 15,740 10,946
Payments of cash dividends (12,141) (9,947) (8,194)
Repurchase of common stock (repurchase program) (354) 0 (26,101)
Common stock issued under employee stock purchase plan 296 259 248
Cash settlement of share-based awards for minimum tax withholdings (866) (386) 0
Tax benefit for stock options exercised 3,707 385 747
Net cash provided by (used in) financing activities 3,269 5,500 (72,991)
Net increase (decrease) in cash 15,185 53,381 (15,703)
Cash at beginning of period 112,182 58,801 74,504
Cash at end of period $ 127,367 $ 112,182 $ 58,801