Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Operating activities:
Net income allocated to common stockholders	$ 17,022	$ 8,292
Non-cash items included in net income allocated to common stockholders:
Depreciation and amortization	1,642	1,643
Net investment (gains) losses	122	6,531
Restricted stock units recognized and common stock issued	24,667	15,160
Deferred taxes	(1,038)	5,042
Deferred gain on sale of certain merchant banking assets	(49)	(97)
Changes in operating assets and liabilities:
Advisory fees receivable	12,886	10,630
Other receivables and assets	(1,322)	(5,166)
Compensation payable	(9,651)	(3,815)
Accounts payable and accrued expenses	4,786	664
Current income taxes payable	2,865	(8,540)
Net cash provided by operating activities	51,930	30,344
Investing activities:
Purchases of investments	(21)	(28)
Distributions from investments	768	370
Purchases of property and equipment	(681)	(1,311)
Cogent acquisition	(45,260)	0
Net cash used in investing activities	(45,194)	(969)
Financing activities:
Proceeds from revolving bank loan	46,450	33,851
Repayment of revolving bank loan	(43,300)	(27,250)
Proceeds from Bank Debt	45,000	0
Repayments of Bank Debt	11,250	0
Dividends paid	(29,393)	(28,575)
Purchase of treasury stock	(10,804)	(18,234)
Net tax (cost) from the delivery of restricted stock units and payment of dividend equivalents	(6,470)	(2,708)
Net cash used in financing activities	(9,767)	(42,916)
Effect of exchange rate changes on cash and cash equivalents	(632)	22
Net decrease in cash and cash equivalents	(3,663)	(13,519)
Cash and cash equivalents, beginning of period	50,940	42,679
Cash and cash equivalents, end of period	47,277	29,160
Supplemental disclosure of cash flow information:
Cash paid for interest	1,043	568
Cash paid for taxes, net of refunds	$ 10,142	$ 9,878