XML 57 R5.htm IDEA: XBRL DOCUMENT v3.3.0.814
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash flows from operating activities:    
Net income $ 19,714,979 $ 30,503,403
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 2,800,158 3,576,441
Stock-based compensation expense 1,562,391 $ 1,196,361
Deferred income taxes (15,873)
Provision for inventory 147,560 $ 220,207
Tax benefit from equity awards (876,797) (9,236,708)
Changes in operating assets and liabilities:    
Accounts receivable (6,549,905) (1,840,407)
Inventories 82,360 (2,923,628)
Prepaid expenses, other current and long-term assets 403,211 183,481
Accounts payable 970,373 (992,822)
Accrued expenses (120,334) (989,291)
Deferred revenue (9,135) (2,078,543)
Income taxes payable 5,756,972 7,771,001
Other long-term liabilities (75,777) (167,123)
Net cash provided by operating activities 23,790,183 $ 25,222,372
Cash flows from investing activities:    
Proceeds from maturity of investments 14,750,000
Purchase of investments (30,008,761) $ (19,999,169)
Purchase of property and equipment (2,028,093) (920,132)
Net cash used in investing activities (17,286,854) (20,919,301)
Cash flows from financing activities:    
Proceeds from exercise of equity awards 1,074,814 1,379,294
Tax benefit from equity awards $ 876,797 9,236,708
Minimum tax withholdings on share-based awards (6,348,900)
Net cash provided by financing activities $ 1,951,611 4,267,102
Exchange rate impact on cash (141,783) (131,139)
Increase in cash and cash equivalents 8,313,157 8,439,034
Cash and cash equivalents at beginning of period 100,155,864 63,333,160
Cash and cash equivalents at end of period 108,469,021 71,772,194
Noncash Investing Activities:    
Purchases of property and equipment included in accounts payable and accrued expenses $ 2,197,088 $ 215,783