Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Cash flows from operating activities:      
Net income $ 20,552 $ 23,687 $ 24,024
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 15,099 8,937 7,622
(Gain) loss on sale of property and equipment (5) 77 (157)
Deferred taxes 1,283 (728) 558
Stock-based compensation 1,033 1,705 1,235
Earn-out obligation adjustment (2,486) 0 0
Excess tax benefits on stock-based compensation 0 0 (497)
Changes in operating assets and liabilities, net of impact of acquisitions:      
Receivables, net 51,323 26,061 31,532
Inventories (4,758) 0 0
Other current assets and noncurrent assets (3,420) (4,396) 949
Accounts payable and deferred compensation (31,596) (35,682) (43,145)
Accrued expenses and other current liabilities (12,782) (1,818) 2,126
Long-term lease obligations (91) (42) 378
Other liabilities 108 (14) (240)
Net cash provided by operating activities 34,260 17,787 24,385
Cash flows from investing activities:      
Purchases of property and equipment (6,635) (4,805) (8,775)
Proceeds from the sale of property and equipment 43 170 141
Cash paid for acquisitions, net of cash acquired (174,945) (30,204) 0
Earn-out obligation payments (1,384) (1,845) (1,646)
Net cash used in investing activities (182,921) (36,684) (10,280)
Cash flows from financing activities:      
Borrowings on loan arrangement 471,303 174,926 204,649
Repayments on loan arrangement (324,848) (157,148) (211,325)
Payment of debt financing costs 1,747 0 0
Dividends paid (1,360) (1,141) (974)
Excess tax benefits on stock-based compensation 0 0 497
Proceeds from the exercise of stock options 0 0 434
Net cash provided by (used in) financing activities 143,348 16,637 (6,719)
Net (decrease) increase in cash and cash equivalents (5,313) (2,260) 7,386
Cash and cash equivalents at beginning of year 5,764    
Cash and cash equivalents at end of year 451 5,764  
Cash paid for:      
Interest 3,149 359 119
Income taxes $ 12,625 $ 15,466 $ 15,729