Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Operating activities    
Net income $ 29,035 $ 26,930
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 9,193 6,885
Inventory step up of acquired business included in cost of sales 1,956  
Amortization of deferred financing costs and debt discount 502 569
Loss recognized on assets held for sale   67
Stock-based compensation 2,740 2,143
Provision for losses on accounts receivable 170 171
Deferred income taxes 3,219 4,124
Earnout liability 556 810
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable (57,790) (54,397)
Inventories (8,954) (8,441)
Prepaid and other assets (962) 1,866
Accounts payable 3,714 (2,742)
Accrued expenses and other current liabilities 5,607 6,188
Benefit obligations and other long-term liabilities (908) (2,306)
Net cash provided by operating activities (11,922) (18,133)
Investing activities    
Capital expenditures (7,110) (3,310)
Proceeds from sale of assets held for sale   1,018
Acquisition of business (11,818)  
Net cash used in investing activities (18,928) (2,292)
Financing activities    
Shares withheld on restricted stock vesting paid for employees' taxes (27) (97)
Proceeds from exercise of stock options 111  
Dividends paid (15,131) (14,690)
Net revolver borrowings 27,000 20,500
Repayment of long-term debt (1,425) (863)
Net cash provided by financing activities 10,528 4,850
Change in cash and cash equivalents (20,322) (15,575)
Cash and cash equivalents at beginning of period 24,195 19,864
Cash and cash equivalents at end of period $ 3,873 $ 4,289