Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	6 Months Ended
Jun. 30, 2014	Jun. 30, 2013
Cash flows from operating activities:
Net income	$ 157,852	$ 105,820
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	6,906	6,962
Amortization of deferred sales commissions	32,967	27,453
Share-based compensation	27,679	25,006
Excess tax benefits from share-based payment arrangements	(16,861)	(6,285)
Gain on sale of available for sale investment securities	(2,586)	(5,662)
Net purchases and sales or maturities of trading securities	(18,269)	(27,391)
Gain on trading securities	(5,508)	(28)
Loss on sale and retirement of property and equipment	1,058	132
Capital gains and dividends reinvested	(9)	(45)
Deferred income taxes	1,357	(3,452)
Changes in assets and liabilities:
Cash and cash equivalents - restricted	32,457	(15,391)
Other receivables	(63,441)	5,426
Payable to investment companies for securities and payable to customers	18,048	2,300
Receivables from funds and separate accounts	(2,215)	(4,480)
Other assets	(9,743)	(4,099)
Deferred sales commissions	(33,322)	(32,304)
Accounts payable and payable to third party brokers	3,637	(1,439)
Other liabilities	(899)	(884)
Net cash provided by operating activities	129,108	71,639
Cash flows from investing activities:
Purchases of available for sale investment securities	(52,941)	(104,279)
Proceeds from sales and maturities of available for sale investment securities	64,666	117,522
Additions to property and equipment	(18,161)	(7,073)
Disposition of companies		22,000
Net cash provided by (used in) investing activities	(6,436)	28,170
Cash flows from financing activities:
Dividends paid	(57,963)	(48,083)
Repurchase of common stock	(61,722)	(36,843)
Exercise of stock options		135
Excess tax benefits from share-based payment arrangements	16,861	6,285
Net cash used in financing activities	(102,824)	(78,506)
Net increase in cash and cash equivalents	19,848	21,303
Cash and cash equivalents at beginning of period	487,845	330,330
Cash and cash equivalents at end of period	$ 507,693	$ 351,633

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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.