Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	3 Months Ended
Mar. 31, 2014	Mar. 31, 2013
Cash flows from operating activities:
Net income	$ 74,864	$ 53,863
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	3,330	3,497
Amortization of deferred sales commissions	16,120	13,668
Share-based compensation	13,086	11,676
Excess tax benefits from share-based payment arrangements	(1,132)	(712)
Gain on sale of available for sale investment securities	(1,182)	(2,426)
Net purchases and sales or maturities of trading securities	479	1,012
Gain on trading securities	(1,961)	(2,166)
Loss on sale and retirement of property and equipment	410	49
Capital gains and dividends reinvested	(4)	(40)
Deferred income taxes	3,809	2,065
Changes in assets and liabilities:
Cash and cash equivalents - restricted	19,258	(61,650)
Other receivables	13,533	40,832
Payable to investment companies for securities and payable to customers	(43,206)	16,516
Receivables from funds and separate accounts	553	(9,233)
Other assets	2,044	(3,721)
Deferred sales commissions	(18,839)	(16,174)
Accounts payable and payable to third party brokers	(2,169)	(925)
Other liabilities	9,942	15,002
Net cash provided by operating activities	88,935	61,133
Cash flows from investing activities:
Purchases of available for sale investment securities	(16,826)	(55,350)
Proceeds from sales and maturities of available for sale investment securities	20,142	62,020
Additions to property and equipment	(13,825)	(3,088)
Disposition of companies		22,000
Net cash provided by (used in) investing activities	(10,509)	25,582
Cash flows from financing activities:
Dividends paid	(28,986)	(23,973)
Repurchase of common stock	(17,675)	(3,422)
Exercise of stock options		135
Excess tax benefits from share-based payment arrangements	1,132	712
Net cash used in financing activities	(45,529)	(26,548)
Net increase in cash and cash equivalents	32,897	60,167
Cash and cash equivalents at beginning of period	487,845	330,330
Cash and cash equivalents at end of period	$ 520,742	$ 390,497

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The amount of expense recognized in the current period for the periodic realization of capitalized fees that were paid to salespeople, distributors, brokers, and agents at the time of the conclusion of the sale. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method.