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
 3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Statement of Cash Flows [Abstract]    
Net income $ 4,264 $ 123
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Change in fair value of contingent consideration (12) (23)
Adjustment to deferred rent (89) (187)
Amortization of intangible assets 2,821 2,936
Depreciation and other amortization 1,017 971
Loss on extinguishment of debt 314 0
Amortization of debt discount 142 498
Amortization of debt issue cost 100 119
Amortization of retention loans 1,788 1,808
Deferred income taxes 254 262
Benefit attributable to reduction of goodwill 20 19
Non-cash interest expense on forgivable loans 210 467
Non-cash compensation expense 1,927 1,413
Loss on write-off of furniture, fixtures and leasehold improvements, net 3 146
(Increase) decrease in operating assets:    
Securities owned, at fair value (1,928) (988)
Receivables from clearing broker (8,668) (3,535)
Receivables from other broker-dealers (2,698) (483)
Other receivables, net (1,418) (140)
Notes receivable from financial advisors, net (10) (38)
Cash surrender value of life insurance 844 233
Other assets 641 806
Increase (decrease) in operating liabilities:    
Securities sold, but not yet purchased, at fair value 5,927 14
Accrued compensation (6,831) (1,947)
Accrued interest (276) (151)
Commissions and fees payable 3,926 977
Deferred compensation liability (599) (331)
Accounts payable and accrued liabilities (1,705) 171
Net cash (used in) provided by operating activities (36) 3,140
Cash flows from investing activities:    
Purchases of fixed assets (2,037) (912)
Decrease in restricted assets 100 0
Net cash used in investing activities (1,937) (912)
Cash flows from financing activities:    
Issuance of Series A preferred stock 13,690 0
Issuance of common stock 841 325
Series A preferred stock dividends paid (3,225) 0
Repurchases of common stock (904) (157)
Principal payments on notes payable (10,229) (57)
Principal borrowings under revolving credit facility, net 0 460
Third party investment in subsidiary 0 60
Net cash provided by financing activities 173 631
Net (decrease) increase in cash and cash equivalents (1,800) 2,859
Cash and cash equivalents, beginning of period 50,329 35,434
Cash and cash equivalents, end of period 48,529 38,293
Supplemental cash flow information:    
Interest paid 1,717 5,920
Taxes paid $ 1,446 $ 217