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Summary of Significant Accounting Policies (Tables)
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12 Months Ended |
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Dec. 31, 2013
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| Accounting Policies [Abstract] |
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| Restatement to on the company's consolidated statements |
The following is a summary of the impact of the change on the previously reported amounts in the consolidated statements of cash flows:
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Year Ended December 31, |
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2012 |
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As Reported |
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Adjustment |
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Revised |
Net cash provided by (used in) operating activities |
$ |
87,528,378 |
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|
$ |
(45,318,975 |
) |
|
$ |
42,209,403 |
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Net cash used in investing activities |
$ |
(48,953,040 |
) |
|
$ |
— |
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|
$ |
(48,953,040 |
) |
Net cash (used in) provided by financing activities |
$ |
(1,832,859 |
) |
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$ |
45,318,975 |
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|
$ |
43,486,116 |
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Year Ended December 31, |
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2011 |
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As Reported |
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Adjustment |
|
Revised |
Net cash provided by (used in) operating activities |
$ |
30,146,323 |
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|
$ |
(138,913,415 |
) |
|
$ |
(108,767,092 |
) |
Net cash used in investing activities |
$ |
(105,601,353 |
) |
|
$ |
— |
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|
$ |
(105,601,353 |
) |
Net cash provided by financing activities |
$ |
58,076,011 |
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$ |
138,913,415 |
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$ |
196,989,426 |
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| Changes in Allowance for Doubtful Accounts |
Changes in the allowance for doubtful accounts are as follows:
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Year Ended December 31, |
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2013 |
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2012 |
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2011 |
Balance, beginning of period |
$ |
1,174,458 |
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$ |
1,135,391 |
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$ |
1,677,278 |
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Charges to costs and expenses |
502,067 |
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|
148,773 |
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|
24,374 |
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Account write-offs and other |
(157,437 |
) |
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(109,706 |
) |
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(566,261 |
) |
Balance, end of period |
$ |
1,519,088 |
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|
$ |
1,174,458 |
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$ |
1,135,391 |
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| 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:
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Asset Classification |
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Estimated Useful Life |
Furniture and office equipment |
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Five years |
Computer equipment and software costs |
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Five years |
Leasehold improvements |
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Lesser of term of lease or five years |
Automobiles |
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Five years |
Land |
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Unlimited |
Property and equipment consists of the following:
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December 31, |
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2013 |
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2012 |
Furniture and office equipment |
$ |
5,001,936 |
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$ |
3,899,585 |
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Computer equipment and software costs |
15,969,900 |
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15,289,647 |
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Leasehold improvements |
2,559,688 |
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2,460,314 |
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Automobiles |
1,054,708 |
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952,438 |
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Land |
520,379 |
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|
520,379 |
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Property and equipment, gross |
25,106,611 |
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23,122,363 |
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Less - accumulated depreciation |
(16,407,563 |
) |
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(13,735,145 |
) |
Property and equipment, net |
$ |
8,699,048 |
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$ |
9,387,218 |
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| Basic and Diluted Earnings Per Share Calculation, Numerator and Denominator |
When the effects are not anti-dilutive, diluted earnings per share is calculated using: the weighted-average outstanding common shares; the dilutive effect of convertible preferred stock, under the “if converted” method; and the treasury stock method with regard to warrants and stock options; all as determined under the treasury stock method.
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Year Ended December 31, |
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2013 |
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2012 |
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2011 |
Net income |
$ |
2,414,187 |
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$ |
18,360,133 |
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$ |
33,412,933 |
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Basic weighted-average shares outstanding |
45,560,078 |
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44,649,275 |
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42,587,818 |
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Effect of dilutive securities: |
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Stock options |
859,121 |
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1,346,188 |
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2,119,314 |
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Diluted weighted-average shares outstanding |
46,419,199 |
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45,995,463 |
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44,707,132 |
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