XML 46 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Cash flows from operating activities:      
Net income $ 6,685 $ 13,685 $ 18,562
Adjustments required to reconcile net income to net cash provided by operating activities:      
Depreciation 670 525 506
Equity-based compensation 5,920 5,083 5,158
Gain from sale of property and equipment     (10)
Realized gain, net on sale of available-for-sale marketable securities (379) (184) (54)
Amortization of premiums on available-for-sale marketable securities 1,504 1,267 2,068
Unrealized foreign exchange gain (49) (21) (46)
Accrued interest on bank deposits (245) (1,842) (1,070)
Changes in operating assets and liabilities:      
Decrease (increase) in trade receivables 603 (1,116) 790
Decrease in prepaid expenses and other current assets 146 856 3,338
Increase in deferred tax, net (1,191) (656) (1,443)
Increase (decrease) in trade payables (102) 594 7
Increase (decrease) in deferred revenues (242) (209) 458
Increase (decrease) in accrued expenses and other payables (394) 282 (589)
Increase in accrued payroll and related benefits 568 57 137
Increase in income taxes payable 207 1,081 475
Excess tax benefit from equity-based compensation   (672) (1,290)
Increase (decrease) in accrued severance pay, net 6 (106) 85
Net cash provided by operating activities 13,707 18,624 27,082
Cash flows from investing activities:      
Purchase of property and equipment (894) (682) (393)
Proceeds from sale of property and equipment     10
Investment in bank deposits (40,190) (64,695) (64,709)
Proceeds from bank deposits 51,850 76,921 25,040
Investment in available-for-sale marketable securities (64,760) (60,863) (42,291)
Proceeds from maturity of available-for-sale marketable securities 8,686 14,983 29,173
Proceeds from sale of available-for-sale marketable securities 55,514 45,704 14,813
Investments in other companies (934) (1,533) (900)
Net cash provided by (used in) investing activities 9,272 9,835 (39,257)
Cash flows from financing activities:      
Purchase of Treasury Stock (19,816) (27,168)  
Proceeds from exercise of stock-based awards 2,479 1,615 8,660
Excess tax benefit from equity-based compensation 0 672 1,290
Net cash provided by (used in) financing activities (17,337) (24,881) 9,950
Effect of exchange rate movements on cash 53 (110) 81
Increase (decrease) in cash and cash equivalents 5,695 3,468 (2,144)
Cash and cash equivalents at the beginning of the year 18,422 14,954 17,098
Cash and cash equivalents at the end of the year 24,117 18,422 14,954
Cash paid during the year for:      
Income and withholding taxes, net of refunds $ 1,851 $ 926 $ 528