Sale of FBR Capital Market Shares and Discontinued Operations

12 Months Ended

Dec. 31, 2011

Sale of FBR Capital Market Shares and Discontinued Operations [Abstract]

Sale of FBR Capital Market Shares and Discontinued Operations

Note 9. Sale of FBR Capital Markets Shares and Discontinued Operations:

Prior to May 20, 2009, the Company consolidated the results of its former subsidiary FBR Capital Markets Corporation (FBR Capital Markets) because the Company's then wholly-owned subsidiary, FBR TRS Holdings, Inc., owned 56% of the outstanding shares of FBR Capital Markets' common stock. The Company liquidated 16,667,000, 1,500,000, 411,032 and 14,755,017 shares of FBR Capital Markets common stock on May 20, June 19, July 15, and October 28, 2009, respectively, resulting in no remaining holdings in FBR Capital Markets as of October 28, 2009. As a result, effective May 20, 2009, the Company no longer had majority control of FBR Capital Markets and therefore deconsolidated the results of FBR Capital Markets. Subsequently, with the sale of the remaining interest in FBR Capital Markets on October 28, 2009, the Company presented the results of operations related to FBR Capital Markets as discontinued operations in accordance with the guidance provided for the impairment or disposal of long-lived assets. The Company received $165,048 in net proceeds, recognizing a net gain of $833 from the sale of FBR Capital Markets common stock during 2009.

Summarized financial information for discontinued FBR Capital Markets operations for the year ended December 31, 2009 is shown below.

Revenues
Investment banking	$	12,715
Institutional brokerage		62,544
Asset management		5,069
Net investment loss		(345	)
Interest income		971
Other		121
Total revenues		81,075
Interest expense		252
Revenue, net of interest expense	$	80,823
Total expenses and income tax provision	$	107,203
Net loss	$	(26,380	)
Gain on sale of FBR Capital Markets shares, net		833
Net loss from discontinued operations	$	(25,547	)

There were no results of operations related to discontinued operations during the years ended December 31, 2011 and December 31, 2010 and there were no assets and liabilities related to discontinued operations as of December 31, 2011, 2010 and 2009.