Quarterly report pursuant to Section 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, 2014
Sep. 30, 2013
Cash flows from operating activities:    
Net income (loss) $ 19,970 $ (3,034)
Adjustments to reconcile net income (loss) to net cash (used) provided by operating activities:    
Change in fair value of contingent consideration (12) 121
Adjustment to deferred rent (286) 213
Amortization of intangible assets 9,360 8,760
Depreciation and other amortization 3,167 2,793
Loss on extinguishment of debt 314 4,200
Amortization of debt discount 371 1,068
Amortization of debt issue cost 296 334
Amortization of retention loans 5,108 5,339
Deferred income taxes (13,381) 695
Benefit attributable to reduction of goodwill 58 58
Non-cash interest expense on forgivable loans 762 797
Non-cash compensation expense 7,689 4,439
Loss on write-off of furniture, fixtures and leasehold improvements, net 6 55
(Increase) decrease in operating assets, net of effects of acquisition:    
Securities owned, at fair value (1,069) (1,756)
Receivables from clearing broker (36,987) (13,910)
Receivables from other broker-dealers 286 346
Other receivables, net (914) (353)
Notes receivable from financial advisors, net (255) 1,365
Cash surrender value of life insurance 2,230 (413)
Other assets (358) 728
Increase (decrease) in operating liabilities, net of effects of acquisition:    
Securities sold, but not yet purchased, at fair value 3,351 41
Accrued compensation (1,647) 5,756
Accrued interest (491) (3,033)
Commissions and fees payable 5,142 1,831
Deferred compensation liability (2,352) 396
Accounts payable and accrued liabilities (418) (630)
Net cash (used) provided by operating activities (60) 16,206
Cash flows from investing activities:    
Purchases of fixed assets (5,887) (4,606)
Decrease (increase) in restricted assets 100 (250)
Acquisition of Highland, net of cash received (3,353) 0
Net cash used in investing activities (9,140) (4,856)
Cash flows from financing activities:    
Issuance of Series A preferred stock 103,462 140,413
Issuance of common stock 2,252 424
Series A preferred stock dividends paid (11,783) (3,907)
Repurchases of common stock (8,090) (5,935)
Term loan additional borrowing 500 0
Principal repayments on notes payable, including, in 2014, $21,834 of Highland's assumed debt (32,518) (101,525)
Principal repayments under revolving credit facility, net 0 (25,500)
Third party investment in subsidiary 0 120
Net cash provided by financing activities 53,823 4,090
Net increase in cash and cash equivalents 44,623 15,440
Cash and cash equivalents, beginning of period 50,329 35,434
Cash and cash equivalents, end of period 94,952 50,874
Supplemental cash flow information:    
Interest paid 4,246 14,220
Taxes paid $ 2,222 $ 426