XML 25 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Cash flows from operating activities:    
Net income $ 13,173 $ 13,884
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 5,135 4,212
Amortization of marketable securities 441 657
Stock-based compensation 2,310 2,155
Deferred income taxes 3,252 5,341
Changes in operating assets and liabilities:    
Restricted cash (225) (331)
Accounts receivable (10,814) (5,028)
Prepaid insurance (1,267) (3,362)
Other current assets (4,108) (41)
Other assets (3,109) (3,570)
Accounts payable (1,458) (1,648)
Payroll taxes and other payroll deductions payable 4,977 9,339
Accrued worksite employee payroll expense 18,645 14,523
Accrued health insurance costs (6,458) (227)
Accrued workers' compensation costs 418 547
Accrued corporate payroll, commissions and other accrued liabilities (3,978) (5,362)
Income taxes payable/receivable 538 2,167
Total adjustments 4,299 19,372
Net cash provided by operating activities 17,472 33,256
Marketable securities:    
Purchases (40,046) (1,443)
Proceeds from dispositions 4,138 0
Proceeds from maturities 1,001 850
Investments and acquisitions 0 (1,200)
Property and equipment (2,843) (3,435)
Net cash used in investing activities (37,750) (5,228)
Cash flows from financing activities:    
Purchase of treasury stock (13,498) (3,253)
Dividends paid (4,349) (3,899)
Proceeds from the exercise of stock options 118 803
Income tax benefit from stock-based compensation 665 1,401
Other 230 260
Net cash used in financing activities (16,834) (4,688)
Net increase (decrease) in cash and cash equivalents (37,112) 23,340
Cash and cash equivalents at beginning of year 264,544 211,208
Cash and cash equivalents at end of year $ 227,432 $ 234,548