Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating activities:
Net income allocated to common stockholders	$ 17,706	$ 28,165
Non-cash items included in net income allocated to common stockholders:
Depreciation and amortization	2,536	2,447
Net investment (gains) losses	(24)	6,566
Restricted stock units recognized and common stock issued	34,967	30,352
Deferred taxes	(3,351)	1,774
Deferred gain on sale of certain merchant banking assets	0	(146)
Changes in operating assets and liabilities:
Advisory fees receivable	10,332	(3,088)
Other receivables and assets	1,820	(1,436)
Compensation payable	(14,558)	2,277
Accounts payable and accrued expenses	1,246	318
Current income taxes payable	932	(4,362)
Net cash provided by operating activities	51,606	62,867
Investing activities:
Purchases of investments	(21)	(28)
Distributions from investments	768	585
Purchases of property and equipment	(1,954)	(1,807)
Cogent acquisition	(45,260)	0
Net cash used in investing activities	(46,467)	(1,250)
Financing activities:
Proceeds from revolving bank loan	65,020	55,351
Repayment of revolving bank loan	(55,700)	(47,000)
Proceeds from bank term loans	45,000	0
Repayment of bank term loans	(11,250)	0
Dividends paid	(44,295)	(42,191)
Purchase of treasury stock	(11,872)	(29,586)
Net tax (cost) from the delivery of restricted stock units and payment of dividend equivalents	(6,368)	(2,612)
Net cash used in financing activities	(19,465)	(66,038)
Effect of exchange rate changes on cash and cash equivalents	(1,328)	(1,388)
Net decrease in cash and cash equivalents	(15,654)	(5,809)
Cash and cash equivalents, beginning of period	50,940	42,679
Cash and cash equivalents, end of period	35,286	36,870
Supplemental disclosure of cash flow information:
Cash paid for interest	1,698	940
Cash paid for taxes, net of refunds	$ 14,139	$ 15,495