XML 17 R6.htm IDEA: XBRL DOCUMENT v3.5.0.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities:    
Net income $ 56,471 $ 33,051
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 12,494 14,362
Impairment charges and other 0 11,120
Amortization of marketable securities 71 733
Stock-based compensation 12,527 10,174
Deferred income taxes 7,205 (7,904)
Changes in operating assets and liabilities:    
Restricted cash (4,361) 984
Accounts receivable (40,744) (98,305)
Prepaid insurance (10,179) 1,124
Other current assets (1,291) 2,393
Other assets 47 (6,827)
Accounts payable (1,347) (2,061)
Payroll taxes and other payroll deductions payable (43,317) (60,084)
Accrued worksite employee payroll expense 40,585 59,570
Accrued health insurance costs 7,064 (5,668)
Accrued workers’ compensation costs 16,172 20,246
Accrued corporate payroll, commissions and other accrued liabilities (9,543) 1,169
Income taxes payable/receivable (7,055) 247
Total adjustments (21,672) (58,727)
Net cash provided by (used in) operating activities 34,799 (25,676)
Marketable securities:    
Purchases (946) (9,219)
Proceeds from dispositions 7,269 9,483
Proceeds from maturities 1,665 17,869
Property and equipment:    
Purchases (21,302) (10,039)
Proceeds from sale of aircraft 0 12,159
Net cash provided by (used in) investing activities (13,314) 20,253
Cash flows from financing activities:    
Purchase of treasury stock (13,913) (58,557)
Payments for Repurchase of Common Stock (144,263) 0
Dividends paid (15,324) (15,812)
Proceeds from the exercise of stock options 598 374
Income tax benefit from stock-based compensation 0 3,036
Borrowings under long-term debt agreement 124,400 0
Principal repayments (20,000) 0
Other 1,029 1,011
Net cash used in financing activities (67,473) (69,948)
Net decrease in cash and cash equivalents (45,988) (75,371)
Cash and cash equivalents at beginning of period 269,538 276,456
Cash and cash equivalents at end of period $ 223,550 $ 201,085