2015 Q3 Form 10-Q Financial Statement

#000128481215000242 Filed on November 06, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q3
Revenue $79.67M $80.85M
YoY Change -1.46% 9.21%
Cost Of Revenue $8.600M $9.000M
YoY Change -4.44% 7.14%
Gross Profit $71.10M $71.80M
YoY Change -0.97% 9.28%
Gross Profit Margin 89.25% 88.81%
Selling, General & Admin $38.10M $38.40M
YoY Change -0.78% 5.21%
% of Gross Profit 53.59% 53.48%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.500M $1.100M
YoY Change 36.36% -21.43%
% of Gross Profit 2.11% 1.53%
Operating Expenses $48.19M $48.52M
YoY Change -0.68% 4.77%
Operating Profit $31.48M $32.33M
YoY Change -2.63% 16.62%
Interest Expense -$2.700M -$2.900M
YoY Change -6.9% -193.55%
% of Operating Profit -8.58% -8.97%
Other Income/Expense, Net -$7.727M -$3.557M
YoY Change 117.23% -207.69%
Pretax Income $23.75M $28.77M
YoY Change -17.45% -7.26%
Income Tax $11.54M $10.73M
% Of Pretax Income 48.59% 37.31%
Net Earnings $12.34M $18.18M
YoY Change -32.15% -0.54%
Net Earnings / Revenue 15.49% 22.49%
Basic Earnings Per Share $0.27 $0.41
Diluted Earnings Per Share $0.27 $0.40
COMMON SHARES
Basic Shares Outstanding 45.50M shares 44.84M shares
Diluted Shares Outstanding 45.83M shares 45.69M shares

Balance Sheet

Concept 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $146.2M $137.8M
YoY Change 6.1% -4.17%
Cash & Equivalents $140.7M $156.7M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $52.20M $51.00M
Other Receivables $4.100M $0.00
Total Short-Term Assets $202.5M $188.8M
YoY Change 7.26% -3.92%
LONG-TERM ASSETS
Property, Plant & Equipment $9.894M $11.32M
YoY Change -12.59% 20.58%
Goodwill $18.25M $19.61M
YoY Change -6.93% -4.09%
Intangibles $1.546M $1.635M
YoY Change -5.44% -5.16%
Long-Term Investments $6.309M $107.0K
YoY Change 5796.26% -99.56%
Other Assets $2.900M $13.40M
YoY Change -78.36% 18.58%
Total Long-Term Assets $93.52M $138.5M
YoY Change -32.49% 37.69%
TOTAL ASSETS
Total Short-Term Assets $202.5M $188.8M
Total Long-Term Assets $93.52M $138.5M
Total Assets $296.0M $327.3M
YoY Change -9.57% 10.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.500M
YoY Change
Accrued Expenses $22.20M $21.10M
YoY Change 5.21% 8.21%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $28.20M $24.40M
YoY Change 15.57% -13.78%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $21.20M $21.10M
YoY Change 0.47% 19.89%
Total Long-Term Liabilities $21.20M $21.10M
YoY Change 0.47% 19.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $28.20M $24.40M
Total Long-Term Liabilities $21.20M $21.10M
Total Liabilities $49.36M $45.57M
YoY Change 8.33% -0.75%
SHAREHOLDERS EQUITY
Retained Earnings -$118.9M -$101.8M
YoY Change 16.83% 5.49%
Common Stock $497.0K $486.0K
YoY Change 2.26% 1.89%
Preferred Stock
YoY Change
Treasury Stock (at cost) $136.6M $117.4M
YoY Change 16.42% 11.07%
Treasury Stock Shares 4.250M shares 3.800M shares
Shareholders Equity $245.9M $262.0M
YoY Change
Total Liabilities & Shareholders Equity $296.0M $327.3M
YoY Change -9.57% 10.17%

Cashflow Statement

Concept 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $12.34M $18.18M
YoY Change -32.15% -0.54%
Depreciation, Depletion And Amortization $1.500M $1.100M
YoY Change 36.36% -21.43%
Cash From Operating Activities $32.20M $16.10M
YoY Change 100.0% -61.2%
INVESTING ACTIVITIES
Capital Expenditures -$800.0K -$2.700M
YoY Change -70.37% 80.0%
Acquisitions
YoY Change
Other Investing Activities $1.200M $10.70M
YoY Change -88.79% 57.35%
Cash From Investing Activities $300.0K $7.900M
YoY Change -96.2% 46.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -11.40M 2.700M
YoY Change -522.22% -124.11%
NET CHANGE
Cash From Operating Activities 32.20M 16.10M
Cash From Investing Activities 300.0K 7.900M
Cash From Financing Activities -11.40M 2.700M
Net Change In Cash 21.10M 26.70M
YoY Change -20.97% -25.21%
FREE CASH FLOW
Cash From Operating Activities $32.20M $16.10M
Capital Expenditures -$800.0K -$2.700M
Free Cash Flow $33.00M $18.80M
YoY Change 75.53% -56.28%

Facts In Submission

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3977000 USD
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1312000 USD
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700000 USD
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573000 USD
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200000 USD
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0 USD
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4974000 USD
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CY2015Q3 us-gaap Investment Advisory Fees
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InvestmentAdvisoryFees
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InvestmentIncomeInterestAndDividend
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CY2014Q3 us-gaap Operating Income Loss
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OperatingIncomeLoss
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CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
31477000 USD
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OperatingIncomeLoss
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NetCashProvidedByUsedInInvestingActivities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
18921000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
68354000 USD
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
18184000 USD
us-gaap Net Income Loss
NetIncomeLoss
59812000 USD
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
17093000 USD
us-gaap Net Income Loss
NetIncomeLoss
58672000 USD
CY2014Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-147000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
749000 USD
CY2015Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-163000 USD
CY2014Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
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us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
4614000 USD
CY2015Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-2972000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-2727000 USD
CY2014Q3 us-gaap Operating Expenses
OperatingExpenses
48518000 USD
us-gaap Operating Expenses
OperatingExpenses
142501000 USD
CY2015Q3 us-gaap Operating Expenses
OperatingExpenses
48190000 USD
us-gaap Operating Expenses
OperatingExpenses
149787000 USD
CY2014Q4 us-gaap Other Assets
OtherAssets
4173000 USD
CY2015Q3 us-gaap Other Assets
OtherAssets
5083000 USD
CY2014Q3 us-gaap Other Comprehensive Income Availableforsale Securities Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesTaxPortionAttributableToParent
0 USD
us-gaap Other Comprehensive Income Availableforsale Securities Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesTaxPortionAttributableToParent
0 USD
CY2015Q3 us-gaap Other Comprehensive Income Availableforsale Securities Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesTaxPortionAttributableToParent
0 USD
us-gaap Other Comprehensive Income Availableforsale Securities Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesTaxPortionAttributableToParent
0 USD
CY2014Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
254000 USD
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
1835000 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
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us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-9122000 USD
CY2014Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-2256000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-2105000 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-748000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-1292000 USD
CY2014Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
0 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
0 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
0 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
0 USD
CY2014Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-2762000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-2158000 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-7138000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-10365000 USD
CY2014Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
760000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
1888000 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
-49000 USD
CY2014Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax
0 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax
0 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax
0 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax
0 USD
CY2014Q4 us-gaap Other Liabilities
OtherLiabilities
13959000 USD
CY2015Q3 us-gaap Other Liabilities
OtherLiabilities
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CY2014Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-666000 USD
us-gaap Profit Loss
ProfitLoss
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CY2015Q3 us-gaap Profit Loss
ProfitLoss
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CY2015Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-270000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-952000 USD
CY2014Q4 us-gaap Payables To Broker Dealers And Clearing Organizations
PayablesToBrokerDealersAndClearingOrganizations
5000 USD
CY2015Q3 us-gaap Payables To Broker Dealers And Clearing Organizations
PayablesToBrokerDealersAndClearingOrganizations
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us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
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us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
19234000 USD
us-gaap Payments For Repurchase Of Redeemable Noncontrolling Interest
PaymentsForRepurchaseOfRedeemableNoncontrollingInterest
4958000 USD
us-gaap Payments For Repurchase Of Redeemable Noncontrolling Interest
PaymentsForRepurchaseOfRedeemableNoncontrollingInterest
7000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
29562000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
34078000 USD
us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
6051000 USD
us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
4106000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4889000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1640000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
405000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
450000 USD
us-gaap Proceeds From Payments To Minority Shareholders
ProceedsFromPaymentsToMinorityShareholders
23977000 USD
us-gaap Proceeds From Payments To Minority Shareholders
ProceedsFromPaymentsToMinorityShareholders
283000 USD
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
10969000 USD
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
6956000 USD
us-gaap Proceeds From Sale Of Equity Method Investments
ProceedsFromSaleOfEquityMethodInvestments
10894000 USD
us-gaap Proceeds From Sale Of Equity Method Investments
ProceedsFromSaleOfEquityMethodInvestments
4000 USD
CY2014Q3 us-gaap Profit Loss
ProfitLoss
18037000 USD
us-gaap Profit Loss
ProfitLoss
58509000 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
11189000 USD
CY2015Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
9894000 USD
CY2014Q4 us-gaap Receivables From Brokers Dealers And Clearing Organizations
ReceivablesFromBrokersDealersAndClearingOrganizations
1805000 USD
CY2015Q3 us-gaap Receivables From Brokers Dealers And Clearing Organizations
ReceivablesFromBrokersDealersAndClearingOrganizations
6111000 USD
CY2014Q4 us-gaap Redeemable Noncontrolling Interest Equity Common Fair Value
RedeemableNoncontrollingInterestEquityCommonFairValue
607000 USD
CY2015Q3 us-gaap Redeemable Noncontrolling Interest Equity Common Fair Value
RedeemableNoncontrollingInterestEquityCommonFairValue
720000 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-142786000 USD
CY2015Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-118914000 USD
CY2014Q3 us-gaap Revenue Other Financial Services
RevenueOtherFinancialServices
1897000 USD
us-gaap Revenue Other Financial Services
RevenueOtherFinancialServices
5459000 USD
CY2015Q3 us-gaap Revenue Other Financial Services
RevenueOtherFinancialServices
2219000 USD
us-gaap Revenue Other Financial Services
RevenueOtherFinancialServices
6643000 USD
CY2014Q3 us-gaap Revenues
Revenues
80845000 USD
us-gaap Revenues
Revenues
232092000 USD
CY2015Q3 us-gaap Revenues
Revenues
79667000 USD
us-gaap Revenues
Revenues
246984000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
18535000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
17123000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue
252000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue
325000 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
227981000 USD
CY2015Q3 us-gaap Stockholders Equity
StockholdersEquity
245942000 USD
us-gaap Straight Line Rent
StraightLineRent
-1434000 USD
us-gaap Straight Line Rent
StraightLineRent
-361000 USD
CY2015Q3 us-gaap Substantial Doubt About Going Concern Conditions Or Events
SubstantialDoubtAboutGoingConcernConditionsOrEvents
P1Y
CY2014Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
4141000 USD
CY2015Q3 us-gaap Taxes Payable Current
TaxesPayableCurrent
1508000 USD
CY2014Q3 us-gaap Trading Gains Losses
TradingGainsLosses
-2690000 USD
us-gaap Trading Gains Losses
TradingGainsLosses
1055000 USD
CY2015Q3 us-gaap Trading Gains Losses
TradingGainsLosses
-1386000 USD
us-gaap Trading Gains Losses
TradingGainsLosses
-1632000 USD
CY2014Q4 us-gaap Trading Securities
TradingSecurities
9509000 USD
CY2015Q3 us-gaap Trading Securities
TradingSecurities
12851000 USD
CY2014Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
3800920 shares
CY2015Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
4250476 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45873000 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44839000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44766000 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45500000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45402000 shares
CY2014Q4 us-gaap Treasury Stock Value
TreasuryStockValue
117403000 USD
CY2015Q3 us-gaap Treasury Stock Value
TreasuryStockValue
136637000 USD
CY2014Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
850000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
802000 shares
CY2015Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
330000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
471000 shares
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45689000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45568000 shares
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45830000 shares
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Reclassifications</font><font style="font-family:inherit;font-size:10pt;">&#8212;Certain prior year amounts have been reclassified to conform to the current year presentation. On the condensed consolidated statements of operations and the condensed consolidated statements of cash flows, the captions &#8220;gain (loss) from trading investments&#8212;net&#8221;, &#8220;gain (loss) from available-for-sale investments&#8212;net&#8221; and &#8220;equity in earnings (losses) of affiliates&#8221; have been combined into a single caption &#8220;gain (loss) from seed investments&#8212;net&#8221;. The breakdown of these amounts is provided in Note 4, Investments.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Accounting Estimates</font><font style="font-family:inherit;font-size:10pt;">&#8212;The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the dates of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Management believes the estimates used in preparing the condensed consolidated financial statements are reasonable and prudent. Actual results could differ from those estimates.</font></div></div>

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