Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Income Tax Disclosure [Abstract]

Provision for Income Taxes

The components of the provision for income taxes reflected on the consolidated statements of earnings are set forth below:

	For The Years Ended December 31,
	2012			2011			2010
	(in thousands)
Current taxes:
U.S. federal	$	34,752		$	13,419		$	15,803
State and local	4,747			2,848			(83		)
Foreign	7,116			13,357			6,795
Total current tax expense	46,615			29,624			22,515
Deferred taxes:
U.S. federal	(15,119		)	(7,501		)	(1,226		)
State and local	(796		)	(617		)	941
Foreign	(2,317		)	2,580			(2,700		)
Total deferred tax (benefit) expense	(18,232		)	(5,538		)	(2,985		)
Total tax expense	$	28,383		$	24,086		$	19,530

Net Deferred Tax Assets and Liabilities

	As of December 31,
	2012			2011
	(in thousands)
Deferred tax assets:
Compensation and benefits	$	38,445		$	38,131
Depreciation and amortization	2,883			2,937
Unrealized loss on investments	2,322			2,168
Operating loss carryforwards	4,310			4,647
Capital loss carryforwards	789			748
Foreign tax credit carryforwards	6,206			4,102
Other financial accruals	168			93
Valuation allowances	(7,611		)	(4,519		)
Total deferred tax assets	47,512			48,307
Deferred tax liabilities:
Unrealized gain on investments	4,302			16,994
Depreciation and amortization	125			190
Cumulative translation adjustment	3,726			1,759
Intangible asset acquired, net of amortization	199			1,042
Repatriation of foreign earnings	545			—
Other financial accruals	348			383
Total deferred tax liabilities	9,245			20,368
Net deferred tax asset	$	38,267		$	27,939

Reconciliation of Statutory U.S. Federal Income Tax Rate to Company's Effective Income Tax Rate

A reconciliation of the statutory U.S. federal income tax rate of 35.0% to the Company’s effective income tax rate is set forth below:

	For the Years Ended December 31,
	2012		2011		2010
U.S. statutory tax rate	35.0	%	35.0	%	35.0	%
Increase related to state and local taxes, net of U.S. income tax benefit	3.6		2.1		1.0
Benefits and taxes related to foreign operations	(1.4	)	(3.3	)	1.4
Valuation allowances	2.7		0.6		—
Sale of merchant banking business	(0.1	)	(0.4	)	(0.7	)
Other	0.5		1.1		(0.6	)
Effective income tax rate before noncontrolling interests	40.3		35.1		36.1
Noncontrolling interests	—		—		(3.0	)
Effective income tax rate after noncontrolling interests	40.3	%	35.1	%	33.1	%