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)
 9 Months Ended
Sep. 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 September 30, 2012:
 
Three Months Ended September 30, 2012
 
Nine Months Ended September 30, 2012
 
As Reported
 
Restatement
 
As Restated
 
As Reported
 
Restatement
 
As Restated
Total revenue
$
163,906,205

 
$
—

 
$
163,906,205

 
$
474,579,479

 
$
—

 
$
474,579,479

  Direct expenses
129,103,909

 
—

 
129,103,909

 
379,395,512

 
—

 
379,395,512

  Operating expenses
24,092,961

 
—

 
24,092,961

 
72,791,218

 
—

 
72,791,218

Total expenses
153,196,870

 
—

 
153,196,870

 
452,186,730

 
—

 
452,186,730

Operating income
10,709,335

 
—

 
10,709,335

 
22,392,749

 
—

 
22,392,749

  Other expenses, net
1,254,217

 
59,061

 
1,313,278

 
3,654,948

 
178,813

 
3,833,761

Income before provision for income taxes
9,455,118

 
(59,061
)
 
9,396,057

 
18,737,801

 
(178,813
)
 
18,558,988

  Income tax provision
2,683,936

 
—

 
2,683,936

 
5,292,453

 
—

 
5,292,453

Net income
$
6,771,182

 
$
(59,061
)
 
$
6,712,121

 
$
13,445,348

 
$
(178,813
)
 
$
13,266,535

Net income per share attributable to common shareholders:
 
 
 
 
 
 
 
 
 
 
 
  Basic
$
0.15

 
$
—

 
$
0.15

 
$
0.30

 
$
—

 
$
0.30

  Diluted
$
0.15

 
$
—

 
$
0.15

 
$
0.29

 
$
—

 
$
0.29

Weighted average common shares outstanding:
 
 
 
 
 
 
 
 
 
 
 
  Basic
44,788,160

 
44,788,160

 
44,788,160

 
44,492,509

 
44,492,509

 
44,492,509

  Diluted
46,247,239

 
46,247,239

 
46,247,239

 
46,010,138

 
46,010,138

 
46,010,138

Changes in Allowance for Doubtful Accounts
Changes in the allowance for doubtful accounts for the nine months ended September 30, 2013 and 2012 are as follows:
 
 
Nine Months Ended September 30,
 
 
2013

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

 
$
1,135,391

Charges to costs and expenses
 
508,535

 
83,767

Account write-offs and other
 
(63,476
)
 
(124,634
)
Allowance for doubtful accounts, end of period
 
$
1,619,517

 
$
1,094,524

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 September 30,
 
Nine Months Ended September 30,
 
2013
 
2012
 
2013
 
2012
 
 
 
(Restated)
 
 
 
(Restated)
Basic and diluted net income
$
4,545,117

 
$
6,712,121

 
$
840,294

 
$
13,266,535

Basic weighted-average shares outstanding
45,621,552

 
44,788,160

 
45,472,517

 
44,492,509

Effect of dilutive securities:
 

 
 

 
 
 
 
Preferred stock
—

 
—

 
—

 
—

Stock options
983,808

 
1,459,079

 
917,951

 
1,517,629

Diluted weighted-average shares outstanding
46,605,360

 
46,247,239

 
46,390,468

 
46,010,138