NATIONAL FINANCIAL PARTNERS CORP

CIK:0001183186|SEC Filings

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2013

Computations of Basic and Diluted Earnings Per Share

The computations of basic and diluted earnings per share are as follows:


	Three Months Ended March 31,
	2013		2012
Basic:
Net income (controlling interest)	$	4,151	$	5,618

Weighted average number of shares outstanding		40,002		40,518

Basic earnings per share	$	0.10	$	0.14

Diluted:
Net income (controlling interest)	$	4,151	$	5,618

Weighted average number of shares outstanding		40,002		40,518
Stock-based compensation		315		561
Convertible senior notes		3,209		1,515
Warrants		1,749		—
Other		5		5

Total		45,280		42,599

Diluted earnings per share	$	0.09	$	0.13

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Cash flow from operating activities:
Net income	$ 4,214	$ 5,618
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Stock-based compensation	1,408	1,364
Impairment of goodwill and intangible assets	2,571	3,228
Amortization of intangibles	8,401	8,275
Depreciation	2,982	3,146
Accretion of senior convertible notes discount	1,281	1,157
Loss (Gain) on sale of businesses, net	89	(351)
Change in estimated acquisition earn-out payables	908	4,466
Payments on acquisition earn-outs in excess of original estimated payables	(4,538)
(Increase) decrease in operating assets:
Fiduciary funds-restricted related to premium trust accounts	(4,032)	1,827
Commissions, fees and premiums receivable, net	21,426	18,847
Due from principals and/or certain entities they own	(1,093)	(2,126)
Notes receivable, net-current	(427)	(707)
Other current assets	860	(4,293)
Notes receivable, net-non-current	1,062	(366)
Other non-current assets	(623)	(1,392)
Increase (decrease) in operating liabilities:
Premiums payable to insurance carriers	6,771	(1,454)
Income taxes payable	(8)	(3,045)
Due to principals and/or certain entities they own	(16,676)	(25,206)
Accounts payable	(646)	(7,851)
Accrued liabilities	(3,412)	(13,170)
Other non-current liabilities	656	(2,552)
Total adjustments	16,960	(20,203)
Net cash provided by (used in) operating activities	21,174	(14,585)
Cash flow from investing activities:
Proceeds from disposal of businesses		352
Purchases of property and equipment, net	(1,829)	(1,279)
Payments for acquired firms, net of cash	(8,430)	(27,079)
Payments for contingent consideration		(6,520)
Net cash used in investing activities	(10,259)	(34,526)
Cash flow from financing activities:
Payments on acquisition earn-outs	(3,128)
Borrowings on revolving credit facility	123,750	20,000
Payments on revolving credit facility	(30,000)	(5,000)
Revolving credit facility fees	(2,840)
Repayment of long term debt	(93,750)	(3,125)
(Payments for) proceeds from stock-based awards, including tax benefit	1,272	(804)
Shares cancelled to pay withholding taxes	(2,500)	(3,638)
Repurchase of common stock		(7,963)
Distributions to non-controlling interest	(104)
Net cash used in financing activities	(7,300)	(530)
Effect of exchange rate changes on cash and cash equivalents	(25)
Net increase (decrease) in cash and cash equivalents	3,590	(49,641)
Cash and cash equivalents, beginning of the period	88,500	135,239
Cash and cash equivalents, end of the period	92,090	85,598
Supplemental disclosures of cash flow information:
Cash paid for income taxes	2,312	8,819
Cash paid for interest	$ 1,332	$ 1,034

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (USD $) In Thousands, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Current assets:
Cash and cash equivalents	$ 92,090	$ 88,500
Fiduciary funds-restricted related to premium trust accounts	84,010	79,980
Commissions, fees, and premiums receivable, net	116,335	137,310
Due from principals and/or certain entities they own	5,560	4,440
Notes receivable, net	6,087	5,660
Deferred tax assets	8,554	8,553
Other current assets	26,308	26,590
Total current assets	338,944	351,033
Property and equipment, net	28,865	30,016
Deferred tax assets	9,717	11,104
Intangibles, net	302,015	306,257
Goodwill, net	157,831	151,319
Notes receivable, net	20,518	21,580
Other non-current assets	31,445	28,550
Total assets	889,335	899,859
Current liabilities:
Premiums payable to insurance carriers	84,672	77,904
Current portion of long term debt		12,500
Due to principals and/or certain entities they own	10,291	26,966
Accounts payable	26,982	27,281
Accrued liabilities	61,394	70,868
Total current liabilities	183,339	215,519
Long term debt	123,750	111,250
Deferred tax liabilities	144	123
Convertible senior notes	97,938	96,657
Other non-current liabilities	65,164	64,287
Total liabilities	470,335	487,836
Redeemable non-controlling interest	2,254
Preferred stock, $0.01 par value: Authorized 200,000 shares; none issued
Common stock, $0.10 par value: Authorized 180,000 shares; 47,289 and 47,085 issued and 40,079 and 39,862 outstanding, respectively	4,729	4,709
Additional paid-in capital	901,158	900,946
Accumulated deficit	(360,615)	(364,329)
Treasury stock, 7,210 and 7,223 shares, respectively, at cost	(127,899)	(128,533)
Accumulated other comprehensive loss	(691)	(770)
Total stockholders' equity	416,682	412,023
Non-controlling interest	64
Total equity	416,746	412,023
Total liabilities and equity	$ 889,335	$ 899,859