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
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash flows from operating activities:    
Net income $ 28,585 $ 33,689
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 10,525 11,249
Stock-based compensation expense 5,376 4,657
Amortization of debt issuance costs 444 831
Deferred income taxes (1,415) (1,925)
Bad debt expense 4,588 5,415
Excess tax benefits from stock-based awards (23) (3,905)
Other 178 235
Changes in current assets and liabilities:    
Accounts receivable 84,109 93,717
Inventories (13,953) (37,197)
Prepaid expenses and other assets (9,248) (12,159)
Accounts payable, accrued expenses and other current liabilities (76,725) (58,258)
Net cash provided by operating activities 32,441 36,349
Cash flows from investing activities:    
Capital expenditures (5,145) (13,145)
Net cash used in investing activities (5,145) (13,145)
Cash flows from financing activities:    
Borrowings under term loan 0 500,000
Repayment of term loan (6,250) (228,125)
Borrowings under revolving credit facility 45,000 200,000
Repayment of revolving credit facility (55,000) (25,000)
Repurchase of common stock (8,671) (6,987)
Payments of debt issuance costs 0 (6,584)
Cash dividends paid (18,300) (542,748)
Proceeds from issuance of common stock 586 3,816
Tax withholdings related to stock-based awards (1,825) (3,919)
Excess tax benefits from stock-based awards 23 3,905
Net cash used in financing activities (44,437) (105,642)
Net decrease in cash and cash equivalents (17,141) (82,438)
Cash and cash equivalents at beginning of period 63,926 159,985
Cash and cash equivalents at end of period $ 46,785 $ 77,547