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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:    
Net income $ 49,646 $ 42,406
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 8,659 8,447
Stock-based compensation 9,806 8,336
Deferred income taxes 8,465 9,414
Changes in operating assets and liabilities:    
Restricted cash 934 (3,808)
Accounts receivable 8,715 (44,347)
Prepaid insurance (12,029) (19,128)
Other current assets 1,533 (1,419)
Other assets (16,287) 4,156
Accounts payable (1,057) (1,835)
Payroll taxes and other payroll deductions payable (57,826) (64,180)
Accrued worksite employee payroll expense 13,342 115,459
Accrued health insurance costs 219 13,277
Accrued workers’ compensation costs 12,832 15,176
Accrued corporate payroll, commissions and other accrued liabilities (11,974) (11,627)
Income taxes payable/receivable (1,929) (9,661)
Total adjustments (36,597) 18,260
Net cash provided by operating activities 13,049 60,666
Marketable securities:    
Purchases (919) (310)
Proceeds from dispositions 0 7,268
Proceeds from maturities 805 990
Property and equipment:    
Purchases (20,802) (12,647)
Net cash used in investing activities (20,916) (4,699)
Cash flows from financing activities:    
Purchase of treasury stock (25,528) (4,790)
Repurchase of common stock 0 (144,263)
Dividends paid (11,579) (9,997)
Borrowings under long-term debt agreement 0 124,400
Principal repayments 0 (20,000)
Other 830 718
Net cash used in financing activities (36,277) (53,932)
Net increase (decrease) in cash and cash equivalents (44,144) 2,035
Cash and cash equivalents at beginning of period 286,034 269,538
Cash and cash equivalents at end of period $ 241,890 $ 271,573