Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v2.4.0.8
Summary of Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2013
Accounting Policies [Abstract]  
Restatement to on the company's consolidated statements of income
The following table sets forth selected restated unaudited condensed consolidated statement of income data for the quarter and year-to-date periods ended June 30, 2012:
 
Three Months Ended June 30, 2012
 
Six Months Ended June 30, 2012
 
As Reported
 
Restatement
 
As Restated
 
As Reported
 
Restatement
 
As Restated
Net revenue
$
164,099,905

 
$

 
$
164,099,905

 
$
310,673,274

 
$

 
$
310,673,274

  Direct expenses
132,942,044

 

 
132,942,044

 
250,291,603

 

 
250,291,603

  Operating expenses
22,899,237

 

 
22,899,237

 
48,698,257

 

 
48,698,257

Total expenses
155,841,281

 

 
155,841,281

 
298,989,860

 

 
298,989,860

Operating income
8,258,624

 

 
8,258,624

 
11,683,414

 

 
11,683,414

  Other expenses, net
1,063,126

 
349,618

 
1,412,744

 
2,400,731

 
119,752

 
2,520,483

Income before provision for income taxes
7,195,498

 
(349,618
)
 
6,845,880

 
9,282,683

 
(119,752
)
 
9,162,931

  Income tax provision
2,026,630

 

 
2,026,630

 
2,608,517

 

 
2,608,517

Net income
$
5,168,868

 
$
(349,618
)
 
$
4,819,250

 
$
6,674,166

 
$
(119,752
)
 
$
6,554,414

Net income per share attributable to common shareholders:
 
 
 
 
 
 
 
 
 
 
 
  Basic
$
0.12

 
(0.01
)
 
0.11

 
0.15

 

 
0.15

  Diluted
$
0.11

 
(0.01
)
 
0.10

 
0.14

 

 
0.14

Weighted average common shares outstanding:
 
 
 
 
 
 
 
 
 
 
 
  Basic
44,541,025

 
44,541,025

 
44,541,025

 
44,343,059

 
44,343,059

 
44,343,059

  Diluted
46,359,323

 
46,359,323

 
46,359,323

 
46,143,932

 
46,143,932

 
46,143,932

Changes in Allowance for Doubtful Accounts
Changes in the allowance for doubtful accounts for the six months ended June 30, 2013 and 2012 are as follows:
 
 
Six Months Ended June 30,
 
 
2013

2012
Allowance for doubtful accounts, beginning of period
 
$
1,174,458

 
$
1,135,391

Charges to costs and expenses
 
371,308

 
77,743

Account write-offs and other
 
(25,134
)
 
(111,721
)
Allowance for doubtful accounts, end of period
 
$
1,520,632

 
$
1,101,413

Estimated Useful Lives of Property and Equipment
Depreciation and amortization of property and equipment are computed on a straight-line basis over the following estimated useful lives:
Asset Classification
 
Estimated Useful Life
Furniture and office equipment
 
Five years
Computer equipment and software costs
 
Five years
Leasehold improvements
 
Lesser of term of lease or five years
Automobiles
 
Five years
Land
 
Unlimited
Basic and Diluted Earnings Per Share Calculation, Numerator and Denominator
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2013
 
2012
 
2013
 
2012
 
 
 
(Restated)
 
 
 
(Restated)
Basic and diluted net (loss) income
$
(1,780,751
)
 
$
4,819,250

 
$
(3,704,823
)
 
$
6,554,414

Basic weighted-average shares outstanding
45,465,529

 
44,541,025

 
45,396,765

 
44,343,059

Effect of dilutive securities:
 

 
 

 
 
 
 
Preferred stock

 

 

 

Stock options

 
1,818,298

 

 
1,800,873

Diluted weighted-average shares outstanding
45,465,529

 
46,359,323

 
45,396,765

 
46,143,932