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, unless otherwise specified
 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Cash flows from operating activities:    
Net loss $ (13,999) $ (2,461)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Change in fair value of contingent consideration (7,111)  
Depreciation and amortization 3,338 750
Adjustment to deferred rent (398) (437)
Amortization of debt discount 1,496 39
Amortization of intangible assets 8,774 1,900
Amortization of debt issue cost 358 (190)
Amortization of retention loans 5,295  
Deferred income taxes 647 636
Gain on forgiveness of principal of note payable under forgivable loan   (1,429)
Non-cash interest expense on forgivable loans 972  
Benefit attributable to reduction of goodwill 52 11
Non-cash compensation expense 3,645 [1] 2,772 [1]
Disposal of fixed assets 5 1
(Increase) decrease in operating assets:    
Securities owned at fair value 882 1,078
Receivables from clearing broker (1,309) (677)
Receivables from other broker-dealers (1,018) 984
Other receivables, net 1,262 1,135
Notes receivable from financial advisors, net (1,320)  
Cash surrender value of life insurance 976  
Other assets 302 (121)
Increase (decrease) in operating liabilities:    
Securities sold, but not yet purchased, at fair value 9  
Accrued compensation 1,326 1,287
Accrued interest 1,664 (86)
Commissions and fees payable 2,923 (2,738)
Deferred compensation liability (898)  
Accounts payable and accrued liabilities (3,162) (1,301)
Net cash provided by operating activities 4,711 1,153
Cash flows from investing activities:    
Purchases of furniture, equipment and leasehold improvements (3,652) [1] (188) [1]
Decrease in restricted assets   50
Net cash used in investing activities activities (3,652) (138)
Cash flows from financing activities:    
Issuance of common stock 722 345
Repurchases of common stock (1,146) (1,222)
Principal borrowings under revolving credit facility, net 1,100 5,000
Principal payments on other notes payable (164) (1,438)
Net cash provided by financing activities 512 2,685
Net increase in cash and cash equivalents 1,571 3,700
Cash and cash equivalents, beginning of period 22,628 6,927
Cash and cash equivalents, end of period 24,199 10,627
Supplemental cash flow information    
Interest paid 13,901 1,837
Taxes paid $ 194 $ 87
[1] Amounts for 2012 include Securities America which was acquired on November 4, 2011.