Quarterly report pursuant to sections 13 or 15(d)

Condensed Consolidated Statements Of Cash Flows

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Condensed Consolidated Statements Of Cash Flows (USD $)
In Thousands
 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Cash flows from operating activities:    
Net (loss) income $ (7,962) $ 609
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:    
Change in fair value of contingent consideration (6,202)  
Depreciation and amortization 2,284 522
Adjustment to deferred rent (313) (281)
Amortization of debt discount 998 35
Amortization of intangible assets 5,849 1,266
Amortization of debt issue cost 239 140
Amortization of retention loans 3,583  
Deferred income taxes 372 409
Benefit attributable to reduction of goodwill 33 8
Non-cash interest expense of forgivable loans 645  
Non-cash compensation expense 2,591 [1] 2,084 [1]
Disposal of fixed assets 2  
(Increase) decrease in operating assets:    
Securities owned at fair value 678 145
Receivables from clearing brokers (1,848) (3,254)
Receivables from other broker-dealers (1,304) (1,675)
Other receivables, net (732) (2,063)
Notes receivable, net (2,024)  
Cash surrender value of life insurance 1,384  
Other assets 186 (502)
Increase (decrease) in operating liabilities:    
Securities sold, but not yet purchased, at fair value (14) 1,748
Accrued compensation 1,780 (368)
Accrued interest 1,665 259
Commissions and fees payable 2,165 919
Deferred compensation liability (1,355)  
Accounts payable and accrued liabilities (837) (1,161)
Net cash provided by (used in) operating activities 1,863 (1,160)
Cash flows from investing activities:    
Purchases of fixed assets (2,795) [1] (109) [1]
Decrease in restricted assets   50
Net cash used in investing activities (2,795) (59)
Cash flows from financing activities:    
Issuance of common stock 661 135
Repurchases of common stock (950) (697)
Principal borrowings under revolving credit facility, net 1,000 5,000
Principal payments on other notes payable (109) (956)
Net cash provided by financing activities 602 3,482
Net (decrease) increase in cash and cash equivalents (330) 2,263
Cash and cash equivalents, beginning of period 22,628 6,927
Cash and cash equivalents, end of period 22,298 9,190
Supplemental cash flow information    
Interest paid 8,700 1,205
Taxes paid $ 201 $ 73
[1] Amounts for 2012 include Securities America which was acquired on November 4, 2011.